NFTs are one of the attractive portions of virtual decentralized platforms. Social media platforms like Facebook Messenger, and Telegram is also a cloud-based instant messaging platform that allows users to multimedia messages, and phone and video conversations. Nikolai and Pavel Durov launched the platform in 2013. They are the same brothers who developed the Russian social networking platform VK.
The founder of messaging application Telegram, Pavel Durov, is focusing on the planning of a marketplace that could take advantage of 'NFT-like smart contracts' to auction highly-anticipated usernames as the posterior of the success of domain name that is auctioned by The Open Network (TON).
The Ideation Of The Project :
The project was launched in mid-July. It supports the users employing human-readable names to crypto wallets, smart contracts, and websites by the TON DNS service.
The founder explained this idea in his Telegram group, named Durvov’s Channel. He shared that he is overwhelmed by the success of the TON auction that was recently conducted for their domain/wallet names. He joyfully stated that he imagined how successful Telegram with its 700 million members could be if they offer reserved usernames, groups, and channel links for auction.
According to him, Telegram could follow the same technology to explore a new marketplace that might be used to trade popular commodities like catchy addresses such as @storm or @royal, and it will follow all four-letter usernames.
Durov has been connecting with the project for a long time. He expected a huge potential in it. According to him, this project is going to develop a new platform where username holders can change them by interested parties with protected deals. That would be with ownership secured on the blockchain through NFT-like smart contracts. Other elements like the Telegram ecosystem along with channels, stickers, or emojis are expected to be a part of this marketplace later.
The auctions on TON DNS came live on 30 July. Users can access decentralized applications or app through the ".ton'' variant most simply. It has no complicated typing of strings of numbers and letters from the user's wallet addresses.
The TON network follows the FunC programming language. It aims to empower the TON Virtual machine along with launching specific smart contracts. Telegram might follow suit if they were to enter this space and launch NFTs.
Background Information :
Apart from '.ton' Durov and his team, initially formed TON (formerly known as Telegram Open Network). It functioned as a digital payments platform related to Telegram. Though a sale of $1.7 billion of Gram tokens which is unregistered preliminary, meant that it ran into severe situations with the United States Securities and Exchange Commission (SEC).
A wide court conflict caused Durov to step away in 2020. Though the project was revived again when open source developers brought it back related to The Open Network.
The fact that he was the crucial personality behind the initial project. He said that their team can develop bullet-proof smart contracts for TON. So they are tending toward TON as the underlying blockchain for their future marketplace.
It was reported that the rate of the native token ‘Toncoin’ behind The Open Network also grew since Durov's discussion. It rose to 14.70% and now sits at $1.33.
The Prediction About NFT Market :
Between the years 2021 and 2026, the market for NFTs is anticipated to grow by an additional $148 billion. It is expected to rise at an approximately 36% growth rate.
The growing demand for digital artworks is anticipated to be a primary factor in the NFT market’s rapid growth.
There has been a remarkable rise in the demand for digital artworks on all kinds of online media over the past months.
Rachel Wolfson, a senior reporter of a renowned online media, sits down with the CEO and co-founder of Point Labs Serge Var in a recent AMA. Point Labs is a company that is related to developing the Point Network. The team of the network explains it as the world's first real full Web3 implementation. Everything is decentralized on that platform. Not only in financial aspects, but also in other user fields.
In the context of the historical market, Serge shared that many projects are forwarding for decentralization of one thing or another and that is working very well. For instance, he explained file sharing. He said that there was Napster and Mega by Kim Dotcom. That stopped when the government ended these platforms. After that, BitTorrent was created. Then ultimately, file sharing changed to decentralized. According to him, several personalities wanted to stop it, but they unsucceeded.
But it was just one example. Serge told viewers that this is just the introduction. According to him, everyone wished once that maybe they could decentralize the whole internet. It can start with domains and storage and extend to everything. He further added that the users can be set free from censorship and mass surveillance and all that kind of guard and that's the planning of Web3.
He didn't hesitate to say that they have been observing other projects and trying to do that. But they had not found anything close which is why they started working on Point Network!
The Web3 Foundation :
Currently, Serge points to the number of hacks. That is a significant indicator of the lack of decentralization in the current ecosystem. Focusing on the Point Network roadmap, Serge explained that their solution gives priority to both the infrastructure. All the projects could be done when the original Web3 is done. That will include a decentralized social network along with end-to-end encrypted email and a virtual file storage space that will be similar to Google Drive. It will work like that space.
He stated that presently, all the Web3 projects are identifying themselves as Web3. But the only decentralized portion is the smart contract. The projects are open to hackers as the rest is centralized. He humorously added that these platforms will often claim that they are sorry for the hacking of the name servers with a 100 in reasons.
Point Network explained that total decentralization is the only way that performs as domains on the blockchain that point to normal browsers aren't fixed in a way that can protect users.
Overview Of Point Network :
In a complete decentralized infrastructure, the domains on the Point Network will be set on the blockchain along with storage in Arweave. Arweave is a decentralized peer-to-peer storage solution. In that context, Serge shared that Point Network will act just like another application that users download. Hence, inside the Point browser ecosystem, users only can use Point domains and decentralized storage to separate it from Web2.
An Upcoming web3 Space :
This web3 network is about to launch. After all, the infrastructure is done. Serge shared it as an experimental project. It means it will still take some time before the platform and API is ready.
It was shared that it is not like the other projects which are competing with each other. Serge wishes that Point network can simply mix all different apps into the browser. It can be done instead of imposing isolationism. The aim is towards a clear path to Web3. Point Network can be the beginning space for taking together every user in a true decentralization platform.
As the leadership is changed, President Yoon Seok-Yeol, the South Korean government is focusing on developing legislation to provide the growing crypto industry with an updated regulation framework. This legislative regulatory framework is known as the Virtual Currency Business Rights Act. Now, multiple primary securities agencies like Samsung in the country are waiting for its approval.
Activities Of The Large Firms :
Nearly the top seven financial services firms in South Korea are deciding to roll out crypto exchange platforms by next year. One of these big firms is Samsung Securities. That is the financial support of the Samsung Group and Mirae Asset Securities. Also, it is the largest investment banking firm as per the market cap in South Korea.
As per the reports, Samsung Securities is working on the groundwork to provide a trading platform to South Korean users. The platform will deal with cryptocurrencies, and non-fungible tokens (NFTs), and if possible, it will also work on tokenized securities. The organization has been focusing on exploring blockchain-based security tokens since last year. Though, it remained unable to provide the required workforce to develop the security token trading platform.
Strict Regulatory :
After the failure of South Korea-based Terraform labs, the authorities of the country became very conscious of digital assets. They quickly started to focus on regulatory frameworks and work of investigation on crypto platforms. So, it is clear that the situation around cryptocurrencies was fully skeptical.
Though, for the election of Yoon Seok-Yeol as President, the circumstances seem less confusing.
The Presidential campaign of Seok-Yeol has promised to implement pro-crypto and Bitcoin policies along with financial stability for all social classes.
Additionally, the new government is also developing legislation to provide the improved crypto industry with a fair regulatory framework.
Here Is The 'Why' :
This shift could be the reason for South Korean financial firms that are pushing to get a license to launch crypto exchange platforms. According to various reports, these related firms could get their permissions between Q3 and Q4 of 2022. That is anticipating several activities.
Through this activity, Samsung Securities participates in a long list of financial giants and multinational conglomerates leaping into crypto waters.
A month ago, the world's largest asset manager, BlackRock, launched a private Bitcoin trust. The trust offers direct disclosure to spot BTC's price activity. As per the company, the tool is a reply to growing interest from large clients who want to access cryptocurrencies.
Recently, Blockdata, the market intelligence firm also exposed that Google's parent company Alphabet Inc provided $1.5 billion to four blockchain companies. It happened between September 2021 and June 2022. These companies include Dapper Labs, Fire Blocks, Voltage, and the Digital Currency Group. Also, the companies like Morgan Stanley, BNY Mellon, Goldman Sachs, and PayPal invested in blockchain startups as well.
Alongside, on August 16, Brazil's largest brokerage firm by market value, XP Inc, also came with its crypto trading platform. Presently, the platform provides services to users to trade Bitcoin and Ether. It has plans to add ten more digital currencies by the end of 2022. Notably, XP Inc acquired 3.6 million users and anticipates hitting the milestone of 200,000 active crypto users by the end of the year.
Even during the current crypto winter after the crash, the rising institutional adoption of crypto and blockchain technology aims tremendous promise for the virtual digital asset industry. As fast as large companies participate in these rising platforms, retail investors are expected to feel more comfortable investing their capital in this potential asset class. It is expected that over time, this might lead to mainstream adoption and acceptance of crypto products, tools, and services.
Data integration is now decentralized with none other than MOBULA!
Known as the first completely decentralized data aggregator, MOBULA enables dApps to integrate trustable and on-chain data APIs. The Mobula dApp allows any user to participate in the data aggregation process simply by joining the Protocol DAO. It simply enables everyone to query reliable data about any crypto-token. Data is the backbone of any ecosystem and Mobula’s Protocol enables the implementation of a new kind of data aggregator, accessible on-chain on almost all EVM-compatible blockchains which makes the data integration completely decentralized.
From data collection, its processing and the broadcasting, everything is done in a decentralized and reliable way at Mobula. Since its launch, the team at Mobula is trying hard every day to make the whole thing perfect for its users. Just last month, the beta version of Mobula was released with many changes and a lot of bug fixing in it. With the release of this new version, the Mobula has gained efficiency, flexibility and independence and has extended the user benefits. Now, it has a brand new, more pleasant and powerful interface to interact with DAOs. On the other hand, they have launched the governance system that allows governors (member of the governance DAO) to submit and vote on proposed resolutions. This DAO has given days to $MOBL governance tokens which is possible to have by staking of MOBL. +3,000 MOBL are already staked in the DAO pools, which is 20% of the user-minted supply
The three main and impressive things, according to us, that make Mobula one of the best are as follows:
It is Cross-chain: Mobula is cross-chain, supporting almost all EVM compatible blockchains such as Ethereum, Binance Smart Chain and Polygon.
It is Decentralized: Mobula is fully decentralized by design, from data collection to processing and distribution.
On-chain data accessibility: All the data collected and processed by Mobula is completely accessible on-chain, accessible for users and dApps.
$MOBL:
MOBULA provides earning opportunities to its users with its native token MOBL and in this way it can be considered as a potentially strong project in the market right now. MOBL is the native utility token of MOBULA that is used for the governance of the project (from treasury management to Protocol-related decisions). Currently deployed on the BNB Chain, on Polygon and on Avalanche, the token allows workers to be rewarded, to vote in DAO decisions, to make proposals, and is a way to redistribute the profit generated by the platform to investors directly via staking pools. With total supply 20,000,000 and a well organized vesting schedule, MOBL is a good token to invest in for long term benefits.
To know more about this potentially strong and promising project, you can check out their socials:
Cryptocurrencies have captured the headlines since the Supreme Court removed the ban on that world in early 2020. Though India is a late candidate to enter the market. But now the country has embraced the crypto world with rapid growth. At present, there are as many as 27 million Indians who are holding crypto assets. The number is largely from Tier II and Tier III cities.
The Indian Crypto Market :
The United Nations Trade and Development (UNCTAD) recent report stated that 7.3% of Indians either acquired or had owned digital assets as cryptos in 2021. The considerable thing is if the cryptocurrency will be able to unofficially replace national currencies if allowed to grow unchecked.
Aniket Jindal, co-founder, of Economy, a blockchain developer platform said that the global cryptocurrency market is still highly volatile for several economic and socio-political factors. The only constant thing is the continued growth and invention of the Web3.0 space. Because more institutions invest capital into it. He added that Cryptocurrencies are coming into the mainstream with media outlets and exchanges showing them as an investment and trading asset. Blockchain is present here to stand. According to him, as regulations and government policies are getting into space, the market anticipates that user adoption will increase with the technology.
The notable thing is that the Reserve Bank of India (RBI) has been an unchanged rival of crypto platforms. Mentionable is that recently in a raid the Enforcement Directorate (ED) seized the assets of the crypto exchanges WazirX and Vauld.
Sankhanath Bandyopadhyay, economist, Financial Sector said that the owners of India-based crypto exchanges like WazirX and Vauld were unable to provide valid explanations of transactions and often refused them. Funds from financial technology (fintech) were collected through exchanges and transferred to anonymous foreign wallets. He also added that there should be accurate exposure to the Comptroller and Auditor General (CAG), Securities and Exchange Board of India (SEBI), and RBI by the individual crypto exchange. it can be made during income tax return filing.
Vineet Budki, the CEO of Cypher Capital, said that Blockchain can track the end-to-end movement of goods accurately in any type of error or blind spots.
How can blockchain fix the transaction risk?
TRUST intends to utilize a centralized paper board to track every VASP party on both sides of a transaction, and an encrypted point-to-point (P2P) channel to handle exchange data.
According to the recent Chainalysis report, more than one million dollars was traded in illegal cryptocurrency in 2021.
Furthermore, the UNCTAD report showed that the global use of cryptocurrencies had grown rapidly because of the COVID-19 pandemic. India was positioned sixth in crypto adoption. It is considered that various investors have profited from the high advantage and utilization of crypto.
According to the investors, the evolution of the ‘Crypto bill’ will be advantageous to the Indian government to balance cheques on the transaction.
Gaurav Mehta, founder of Catax – Simple Crypto Taxes, said that centralized acquiring of transactions and framework is expected to be laid due to the bills. The aim of forex transactions, which considers the purchase and sale of foreign currencies above specific limits, is notified to RBI. Similarly, the government will place a cap on crypto transactions and explain the disclosure guidelines.
Community Responses :
However, over 50% of crypto investors seem to not be obstructed by the crash. That group wants to increase its investments in crypto in the upcoming six months.
Additionally, 33% of surveyees were concerned due to the government’s guidelines that can decrease the crypto platforms.
Alongside, 26% of the respondents were also concerned regarding the issues such as hacks and exploits. 23% of surveyees showed concern about losing capital in a security breach.
