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Tag: Decentralized

  • The State of ApeX: A Decentralized Perpetual Swap Protocol | by Bit Media Buzz | Apr, 2022

    The State of ApeX: A Decentralized Perpetual Swap Protocol | by Bit Media Buzz | Apr, 2022

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    Positioned as a stable ecosystem that prioritizes decentralized governance, disintermediation and provides a self-adjusting interest rate mechanism, ApeX is a revolutionary protocol that has the potential to become the standard for all crypto derivatives platforms.

    In the last few years, the future of finance has been riding the decentralization wave, at speeds which would heretofore been unimaginable. In line with a fundamental rethinking of the way money works, with a focus on open-source code and permissionless networks, ApeX is a decentralized, permissionless and non-custodial platform that allows for the creation of perpetual swap (funding) markets on any token pair. Perpetual swaps are derivative contracts that allow two counterparties to conduct a margin trade, where settlement does not occur until one party terminates the contract.

    The State of ApeX

    It has been an eventful beginning for ApeX, having successfully launched a beta version of the protocol on the Arbitrum mainnet, completed their seed round fundraising and sold out a total of 4,580 unique NFTs to their users. With a pre-mined fixed total supply of 1 billion tokens, $APEX represents value and utilities such as governance, protocol incentives, and staking to its users.

    Across crypto and beyond, the key question being asked by many is: What is more profitable in the long run — holding, or trading? In tandem with this question is another that follows — which investment is more secure, staking or NFTs? ApeX contends that there is no one-size-fits-all investment advice in today’s world of DeFi — ROI depends on the platform used.

    The 3 core pillars of ApeX’s value proposition

    The core of ApeX’s protocol is to create a fully permissionless and globally accessible perpetual contract protocol. The ability to trade on the ApeX protocol without the need for an account or verification opens up the world of trading to anyone with internet access.

    ApeX operates on three pillars:

    Fully Permissionless — No KYC or AML restrictions. Most DeFi platforms require some form of KYC/AML verification before users can use their services. Believing that this creates unnecessary friction for end users and goes against the ethos of a truly permissionless system, ApeX has taken a stance against having KYC/AML restrictions.

    Liquidity in Perpetuity — A protocol designed as a foundation for future applications in multiple financial verticals, ApeX believes it is essential to provide an avenue for users to profit from liquidity provision without any time constraints or limitations.

    Full-spectrum Asset Support — As a way to transact value across borders and economies by leveraging blockchain technology, crypto-assets are more than just tokens. The ultimate goal of ApeX is to become a one-stop shop for every swap need.

    ApeX Protocol is funded and backed by global investors

    More than just providing decentralized solutions, ApeX also prioritizes being able to deliver stable liquidity and support the development of the ApeX protocol. ApeX is backed by global partners that include Dragonfly Capital Partners, Jump Trading and Tiger Global Management, who will support the development of the solutions that will transform the state of DeFi.

    What makes ApeX different from other perpetual swap protocols

    ApeX contends that the most important features of a perpetual swap protocol are the market maker design, pricing formula, and risk management system. All three areas need to work together seamlessly to ensure fair pricing, efficient price discovery, and low risk. Two core features of ApeX protocol make it different from other protocols in the market.

    1. Elastic Automated Market Maker (eAMM)

    Elastic Automated Market Maker (eAMM) is a self-balancing system that enables the creation of on-chain derivatives. It has a pool of liquidity that is used as collateral to back all positions taken by traders. This allows traders to take leveraged long or short positions without the need for counterparties, unlike traditional centralized exchanges that offer spot and futures trading. The eAMMs are elastic because they expand and contract based on the amount of funding needed for the derivative markets at any given time, so more liquid markets will have larger eAMMs than less liquid ones.

    2. Protocol Controlled Value

    ApeX provides a Protocol Controlled Value (PCV) system which means that the protocol keeps track of all open positions for each user and maintains a record of their collateral status. PCV also makes sure that all users have enough collateral to back their positions and also incentivizes traders to under-collateralize their positions to maximize profits. This model works well for ApeX as it does not require any liquidations to be done by an outside party or third party.

    The future of ApeX

    Over the past three months, the ApeX protocol has undergone rapid growth and change to its platform. Each week, new users join the ApeX protocol as token holders, members of the community, and traders on the exchange. Planning for the V1 launch of the ApeX protocol in the first half of 2022, the project’s focus is on creating a bonding program and to launch an advanced trading experience on a multi-chain platform.

    ApeX operates on an elastic Automated Market Maker (eAMM) model with the Constant Product Formula being the core of price discovery. The design philosophy of the eAMM is novel and should reduce some of the friction present in creating decentralized liquidity pools. By creating a protocol that supports true decentralized trading with collateralized assets, ApeX offers traders full custody of their funds and protection from market crashes, making it an attractive choice for current and future users.

    In the coming months, ApeX has also prepared different programs to incentivize their users, for example, liquidity mining programs, referral programs, staking programs and others. NFT holders can enjoy an 8% life-time transaction fee discount and are entitled to participate in their NFT game competition to win up to more than 120K $APEX.

    ApeX is positioned to be a stable protocol and ecosystem due to the following reasons: the incentive structure, which rewards $APEX holders for participating in governance; disintermediation — no custodians, no trusted third parties; and a self-adjusting interest rate mechanism. The potential of this protocol can be seen in the numerous use cases, such as tokenized fiat onramps, price arbitrage, synthetic short selling, and hedged wagers. Overall, ApeX is a well-built and revolutionary protocol that has the potential to become the standard for all crypto derivatives platforms.

    ApeX Official Links

    Website: https://app.apex.exchange/trade

    Twitter: https://twitter.com/OfficialApeXdex

    Telegram: https://t.me/ApeXdex



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  • How A Game-Changing Decentralized Synthetic Exchange Aims to Unlock the True Value of Commodities and Digital Assets On-Chain

    How A Game-Changing Decentralized Synthetic Exchange Aims to Unlock the True Value of Commodities and Digital Assets On-Chain

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    The barter system, where you trade your cow for someone else’s grains, for instance, is probably older than you think. It has its roots dating back to 6000 BC when Mesopotamian tribes first made exchanges with other groups.

    Those methods of exchange worked well before things like the Internet or decentralized technology existed. Trading was necessary not because commodities have financial value or even industrial utility, but because they were necessary for survival. Back then, societies weren’t as worried about gold or silver as they were about grains, milk, and beans.

    Today, even though society is living in a time where artificial intelligence, automation, blockchain technology and decentralization are going to make means of exchange far more democratic, and private than ever before, commodities still derive their value from the same things.

    Agricultural goods provide us with a means to nourish ourselves and survive. Energy in the form of oil, natural gas etc. allows us to keep the lights on and keep the economy moving, and precious metals provide us with industrial utility and the ability to hedge against inflation.

    Here’s the thing. The above commodities are non-fungible. They are not so easy to trade. That means no matter how valuable they are, some of that value is sucked away by old-world value chains. Thus, it remains out of the hands of the everyday individual.

    That’s why Comdex is launching a decentralized exchange (DEX) for synthetic assets. So that value can be unlocked and participants all around the world can benefit from such an unlocking event.

    What Are Synthetic Assets?

    In blockchain, a synthetic asset is a tokenized version of another asset, whether the latter is tangible or intangible. In the case of commodities, blockchain can be used to tokenize physical assets as well as their financial representations, be it oil, gold or silver. Comdex operates a DEX listing synthetic assets representing all types of commodities.

    The benefits of synthetic assets are enormous, as they allow users to trade the real-world value of a commodity without the complexities inherent in holding the non-fungible good itself.

    Comdex Alleviates the Pain Points Associated with Nonfungible Commodities Exchanges

    The Comdex Decentralized Synthetics Exchange allows participants to act as:

    • Traders (who engage in buying and selling of cAssets against CMDX using cSwap)
    • Minters (who can create and open collateralized debt positions in order to obtain a newly minted cAsset. They must maintain a minimum collateral ratio of 150% to avoid liquidation.)
    • Liquidity Providers who provide equal amounts of cAssets and CMDX so that users can facilitate trades and providers can benefit from rewards and transaction fees.)
    • Stakers (who can earn CMD tokens using Omniflix and Unagii)

    The interface itself is easy to navigate. The team and the project are mission-driven. The whole point of the launch of this product is to alleviate the pain points that come with commodities and digital assets.

    Participants get the real-world benefit of on-chain diversification of assets. The benefit from the security and transparency a decentralized synthetic asset exchange can provide. They also don’t have to worry about the cumbersome nature of the logistics and storage that typically comes with investing in physical goods and commodities.

    Why Trade Synthetic Assets?

    Comdex anticipates that demand on its platform will expand at an accelerated pace given the benefits of synthetics over trading the physical assets themselves. Synthetic assets address multiple risks, including:

    • Confiscation or ban risk – the recent decision of US President Joe Biden to ban oil and gas imports from Russia shows that the commodity market may be unpredictable and struggle with uncertainty. Sometimes governments can go even further by confiscating commodities altogether. Synthetics cannot be confiscated and trading cannot be banned as they reside on a decentralized infrastructure.
    • Theft risk – storing gold coins under your bed can make you happier, but this is not the safest approach for sure. The risk of theft is considerable, and the problem is that your home insurance policy might cover any sizable investment as most insurance packages stipulate clauses preventing cover on high-value items like gold bars. Elsewhere, synthetics can’t be stolen if you keep your private key safely.
    • Third-party risk – even if you give up storing physical items and decide to invest in futures contracts, you will most likely end up storing them with a third-party custodian like a bank or broker. Unfortunately, there is always an insolvency risk associated with any centralized organization, including banks, shipping companies, or brokers. In the case of bankruptcy, you can own your investments partially or entirely. Since synthetics are stored on the blockchain, there is no third-party risk.

    On top of that, synths come with great benefits that can help traders have peace of mind about their commodity investments:

    • Easy access – with synthetics, you can get exposure to any commodity market without any obstacle. All you need to have is an internet connection and an account with Comdex.
    • Costs – if you trade physical commodities or their futures, you have to be ready to pay broker fees, as well as storage, conversion, transportation, withdrawal, and other fees. Trading commodity synthetics reduce the costs to a minimum thanks to the efficient use of resources.
    • No Expiry of futures contracts – trading commodity futures may be problematic for investors, as in theory, they are obligated to take delivery of the physical goods once the contract expires. Synthetics function 24/7 with no expiry.

    Comdex is striving to revolutionize how people engage in commerce with commodities by merging decentralized technologies with real-world assets. The hybrid approach to this new robust decentralized synthetic asset exchange is going to change the game for good.

    The question is, are you ready for it?

     

    Image: Pixabay

     

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  • WEFUZZ, a fully decentralized, crowdsourced security audit and bug bounty solution | by Coinbase | Feb, 2022

    WEFUZZ, a fully decentralized, crowdsourced security audit and bug bounty solution | by Coinbase | Feb, 2022

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    Coinbase

    This report updates on what WEFUZZ, Coinbase Crypto Community Fund grant recipient, has been working on over the first part of their year-long Crypto development grant. This specifically covers their work on a decentralized, crowdsourced security audit and bug bounty solution.

    By WEFUZZ, Coinbase Crypto Community Fund grant recipient

    WEFUZZ implements a fully decentralized, crowdsourced security audit and bug bounty solution: a set of smart contracts that allow developers and companies to get their smart contracts, blockchains, websites, etc., audited by the auditors and hackers community. With this work, WEFUZZ aims to become the *Hacker DAO*.

    Crowdsourcing is a sourcing model in which individuals or organizations obtain goods or services — including ideas, voting, micro-tasks etc., from a large, relatively open, and rapidly evolving group of participants. Companies like Uber, Gitcoin and GoJek already use this model. Crowdsourcing model offers improved costs, speed, quality, flexibility, scalability, and diversity.

    The traditional crowdsourcing system consists mainly of three roles: requesters, workers (auditors in our case), and a centralized system. Requesters submit tasks to be completed through the crowdsourcing system. A set of auditors complete this task and submit solutions to the crowdsourcing system. Requesters will then select a proper solution (usually the first or the best one that solves the task) and reward the corresponding worker

    This makes centralized systems vulnerable. User’s sensitive information (e.g. name, email address etc.,) and vulnerability reports are saved in the database of these centralized systems, which has the inherent risk of privacy disclosure and data loss. Centralized choke points are not only attack vectors for leaks and hacks, but also for outages.

    Crowdsourcing companies are keen on maximizing their benefits and require requesters paying for services, which in turn increase user’s costs. Most crowdsourcing systems demand a 10–25% service fee.

    All these issues add up to the already existing concerns of smart contract and multi-chains owners and developers (the audit requesters), freelance auditors’ and ethical hackers’ concerns. Some of these concerns are:

    • Ensuring their assets are safe from cyber theft, data hacks or any other risk that can result in a loss of funds and compromised data
    • Being able to get audits done in a cost-effective way — be it private or public security audits
    • Making sure the smart contracts are audited by multiple auditors
    • Hackers do not want to share sensitive personal data
    • Hackers and auditors and developers need complete transparency

    WEFUZZ is a fully decentralized, crowdsourced audit and bug bounty platform aiming to be the Hacker DAO. WEFUZZ aims to provide reliability, fairness, security and low service fees by design.

    The decentralized platform has many advantages such as higher user security, service availability, and lower costs. Smart contracts running on a chosen blockchain are used to perform the whole process of crowdsourcing tasks which contains posting audit and bounty campaigns, submitting audit and bug reports, bounty assignment, etc.

    WEFUZZ solution offers numerous added benefits to users:

    • Data Security: Reports are encrypted with auditors’ and target developers’ public key, so that the bug reports only gets read by who it is intended for. Files are encrypted and stored on the decentralized network storage. No more data breaches, hacks, password leaks or any other risk affecting existing cloud based audit and bug bounty platforms.
    • Cost Effectiveness: Allowing smart contract developers, multi-chain developers, and companies to get audits performed in a cost-effective way directly by the auditors and hacker crowd on the WEFUZZ platform. This helps the developers and companies avoid huge fees and congestion issues affecting the traditional bug bounty platforms.
    • Flexible anonymity: Auditors and hackers can choose to remain anonymous while submitting reports, protecting their privacy, and still getting paid.
    • Communication Security: No centralized data storage, complete anonymity, no data transfers, no moderators and complete end-to-end encryption. All the data resides encrypted on the Solana blockchain and all the files reside on the IPFS blockchain.

    Audit Requestors: Developers, companies or any individual can request audits or start a private/public bug bounty campaign.

    Auditors: Auditors can be anyone from ethical hackers to audit firms who can perform the requested audits or participate in bug bounty campaigns.

    Judges: Judges are community members who are either elected by the community or have been raised to the Judge category through reputation.

    Currently, we are working on the conceptualization, technical architecture, and system design of WEFUZZ, besides building our MVP on Solana and Polygon blockchains, and testing the optimal chain for our project.

    Please join our Discord and follow us on our Twitter and Medium to keep track of the progress. We are going to release the code and other tools we build as part of the research and development in this Github account.



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  • Autonomy Network Introduces AutoSwap That Offers Stop Losses and Limit Orders on Decentralized Exchanges

    Autonomy Network Introduces AutoSwap That Offers Stop Losses and Limit Orders on Decentralized Exchanges

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    On January 7, Autonomy Network, a DeFi protocol, announced the launch of a unique decentralized application (DApp) known as ‘AutoSwap’ on Binance Smart Chain (BSC)
     
     blockchain      network. The AutoSwap is considered as the first-ever DApp that stops losses, provides limit orders, prevents impermanent losses, executes arbitrary orders, and provides recurring payments for decentralized exchanges like PancakeSwap that run on BSC blockchain.

    The AutoSwap is not just available on the Binance Smart Chain blockchain network. The
     
     DApp      is also available on major blockchains such as Solana, Polygon, Avalanche, and Ethereum that support decentralized application development. The launch of AutoSwap therefore marks a significant development within the DeFi ecosystem. This is the first time when the DApp is becoming available for decentralized exchanges. Loss protection, stop loss, and limit orders features were only available on centralized exchanges. The introduction of such features on decentralized exchanges therefore enables DEX traders to boost returns and better manage risks without having to look at the screen 24/7. Autonomy Network is an off-the-shelf decentralized automation protocol that enables crypto users to automate their orders to stay active even when the traders go to sleep.

    Lack of automation solutions such as recurring payment, loss protection, stop losses, and limit orders was a real problem especially with the rapidly growing trading volumes in decentralized exchanges. As a result, many decentralized exchanges have partnered with Autonomy Network to allow their users experience the same features available in centralized exchanges. For instance, SokuSwap decentralized exchange has successfully integrated Autonomy Network on its Binance Smart Chain network. Pangolin decentralized exchange is integrating Autonomy‘s impermanent loss prevention, stop losses, and limit orders features on its Avalanche network. Pangolin wants to improve its overall usability and to offer better risk management to users and liquidity provider tokens by integrating the Autonomy Network. ApeSwap will soon integrate Autonomy-powered limit orders on its Binance Smart Chain network.

    Autonomy Network is not just automating trading. It can also be integrated into DAO management tools, lending protocols, NFT projects, and metaverse projects to create arbitrary actions to be triggered under arbitrary conditions. A perfect example is SushiSwap’s lending and margin trading platform Kashi, which has integrated the Autonomy Network to automate self-liquidations.

    Lastly, crypto users need to understand such developments are occurring before Autonomy Network launches its native token. The protocol is preparing for its Initial DEX Offering (IDO) that would enable the launch of its token next month.

    How DeFi Is Transforming Business Financial Services

    The development by the Autonomy Network protocol comes at a time when DeFi is significantly automating the financial industry sector. The use of blockchain technology is removing the need of counterparties and addressing risks through technology advancement. Currently $2 trillion USD in digital currency exists under management. Cryptocurrencies such as Bitcoin and Ether are becoming more widely accepted for payments. DeFi firm Compound Labs released USDC-based loans that guarantee at least a 4% yield, which is much higher than traditional products. Besides that, many DeFi platforms are providing cross-border access to capital with rates that are far better, which would have been otherwise unavailable. As a result, the transaction in banking industry is starting to see Defi’s potential to overhaul the inflexibility of current processes. The adoption of DeFi in transaction banking is opening up new capital opportunities for larger firms and increasing liquidity for small-and-medium size businesses. For instance, US Bank and Morgan Stanley are now providing crypto products for their wealth management clients.

    On January 7, Autonomy Network, a DeFi protocol, announced the launch of a unique decentralized application (DApp) known as ‘AutoSwap’ on Binance Smart Chain (BSC)
     
     blockchain      network. The AutoSwap is considered as the first-ever DApp that stops losses, provides limit orders, prevents impermanent losses, executes arbitrary orders, and provides recurring payments for decentralized exchanges like PancakeSwap that run on BSC blockchain.

    The AutoSwap is not just available on the Binance Smart Chain blockchain network. The
     
     DApp      is also available on major blockchains such as Solana, Polygon, Avalanche, and Ethereum that support decentralized application development. The launch of AutoSwap therefore marks a significant development within the DeFi ecosystem. This is the first time when the DApp is becoming available for decentralized exchanges. Loss protection, stop loss, and limit orders features were only available on centralized exchanges. The introduction of such features on decentralized exchanges therefore enables DEX traders to boost returns and better manage risks without having to look at the screen 24/7. Autonomy Network is an off-the-shelf decentralized automation protocol that enables crypto users to automate their orders to stay active even when the traders go to sleep.

    Lack of automation solutions such as recurring payment, loss protection, stop losses, and limit orders was a real problem especially with the rapidly growing trading volumes in decentralized exchanges. As a result, many decentralized exchanges have partnered with Autonomy Network to allow their users experience the same features available in centralized exchanges. For instance, SokuSwap decentralized exchange has successfully integrated Autonomy Network on its Binance Smart Chain network. Pangolin decentralized exchange is integrating Autonomy‘s impermanent loss prevention, stop losses, and limit orders features on its Avalanche network. Pangolin wants to improve its overall usability and to offer better risk management to users and liquidity provider tokens by integrating the Autonomy Network. ApeSwap will soon integrate Autonomy-powered limit orders on its Binance Smart Chain network.

    Autonomy Network is not just automating trading. It can also be integrated into DAO management tools, lending protocols, NFT projects, and metaverse projects to create arbitrary actions to be triggered under arbitrary conditions. A perfect example is SushiSwap’s lending and margin trading platform Kashi, which has integrated the Autonomy Network to automate self-liquidations.

    Lastly, crypto users need to understand such developments are occurring before Autonomy Network launches its native token. The protocol is preparing for its Initial DEX Offering (IDO) that would enable the launch of its token next month.

    How DeFi Is Transforming Business Financial Services

    The development by the Autonomy Network protocol comes at a time when DeFi is significantly automating the financial industry sector. The use of blockchain technology is removing the need of counterparties and addressing risks through technology advancement. Currently $2 trillion USD in digital currency exists under management. Cryptocurrencies such as Bitcoin and Ether are becoming more widely accepted for payments. DeFi firm Compound Labs released USDC-based loans that guarantee at least a 4% yield, which is much higher than traditional products. Besides that, many DeFi platforms are providing cross-border access to capital with rates that are far better, which would have been otherwise unavailable. As a result, the transaction in banking industry is starting to see Defi’s potential to overhaul the inflexibility of current processes. The adoption of DeFi in transaction banking is opening up new capital opportunities for larger firms and increasing liquidity for small-and-medium size businesses. For instance, US Bank and Morgan Stanley are now providing crypto products for their wealth management clients.

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  • As Interest in Decentralized Finance Peaks, This Project May Have the Full DeFi 2.0 Package

    As Interest in Decentralized Finance Peaks, This Project May Have the Full DeFi 2.0 Package

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    With native cross-chain trading and very attractive Bitcoin APYs, Thorwallet offers a user-friendly UI with all the trimmings this Christmas

    As we near the end of a spectacularly explosive year for the growth of DeFi and blockchain technology in general, both interest and investment in the industry are at an all-time high. Institutions continue to explore the likes of Bitcoin and Ethereum as major investment assets, but decentralized finance solutions have also becoming major forces to be reckoned with; offering financial inclusion to millions of unbanked people around the world, DeFi products are enabling people everywhere to unlock new and independent sources of income as the global economy continues to struggle with the fallout from COVID-19.

    Taking a look into blockchain infrastructure, several popular blockchains have grown both in terms of capabilities and ecosystem size in recent months; THORchain is one such example and, having steadily expanded its reach within the industry, the Cosmos-based blockchain protocol is today the home for an array of exciting projects offering a multitude of crypto and DeFi services.

    THORWallet Pushes the Envelope for DeFi 2.0 Products

    Amongst many innovative solutions being built on THORchain is THORWallet, a non-custodial wallet that looks to pander to both DeFi power users and mainstream consumers with 2 separate mobile applications available to the public. Both THORWallet products offer feature-rich user experiences and exposure to DeFi, with multi-chain savings accounts, liquidity provision capabilities and synthetic asset trading just some of the many things on offer; the retail targeted app strips away some of the more complex attributes of the THORWallet application but continues to extend access to a large majority of the benefits on offer.

    THORWallet has been built to complement THORchain’s cross-chain functionality and users of the THORWallet app are able to swap Layer 1 tokens such as Bitcoin and Ethereum in a completely decentralized manner with no middlemen. This improves massively on swapping options available on many other popular blockchain platforms which offer only wrapped assets, keeping custody of the native assets. By doing this, THORWallet is also able to offer users a way to earn yield on their Bitcoin whilst keeping complete custody of their assets at all times.

    Previous Funding and the Upcoming MISO IDO

    The THORWallet team successfully raised over $3.4 million during private rounds led by THORchain, Fomocraft, Nine Realms, 0x Ventures and several other leading funds in the blockchain investment space. THORWallet’s native TGT multi-utility token serves a variety of purposes within the THORWallet ecosystem such as node operation and as a tool for gamification and community incentives such as airdrops, as well as unlocking premium features for holders.

    Having already concluded the first phase of their public token sale on THORStarter, which sold out in just over one minute, phase 2 of the public token sale will take place on Sushi MISO on December 20th 2021. Token holders are currently able to stake their TGT, with rates for single-sided staking sitting at 800% and 1200% for eth-tgt pooling respectively.

    “We are thankful to have received considerable interest and support from both reputable funds and the public and we are excited to open the doors to future THORWallet users with the upcoming MISO IDO. The THORchain ecosystem continues to grow rapidly and we’re proud to be one of the projects driving that growth.” – Marcel Harmann, THORWallet Co-Founder and CEO.

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  • Decentralized Social (DESO) is launching on Coinbase

    Decentralized Social (DESO) is launching on Coinbase

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    Starting today Decentralized Social (DESO) is available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store DESO in most Coinbase-supported regions, with certain exceptions indicated in each asset page here. Trading for these assets is also supported on Coinbase Pro.

    Decentralized Social (DESO) is the native cryptocurrency powering the Decentralized Social blockchain, a platform designed to support a wide variety of decentralized social media applications. DESO can be used to purchase “social tokens” and NFTs, and to create profiles and posts for Decentralized Social applications.

    One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see DESO ), as well as a new section of the Coinbase website to answer common questions about crypto.

    Customers can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store e Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store DESO today.

    ###

    Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.

    This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

    Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

    All images provided herein are by Coinbase.

    Decentralized Social (DESO) is launching on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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  • Decentralized Social (DESO) is launching on Coinbase Pro

    Decentralized Social (DESO) is launching on Coinbase Pro

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    Starting Today, Monday December 13, transfer DESO into your Coinbase Pro account ahead of trading. Support for DESO will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page here. Trading will begin on or after 9AM Pacific Time (PT), Tuesday December 14, if liquidity conditions are met.

    One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for API3 (API3), Bluezelle (BLZ), Gods Unchained (GODS), Immutable X (IMX), Measurable Data Token (MDT), Ribbon Finance (RBN), Circuits of Value (COVAL), IDEX (IDEX), Moss Carbon Credit (MCO2), Polkastarter (POLS), ShapeShift FOX Token (FOX), Spell Token (SPELL) and SuperFarm (SUPER).

    Once sufficient supply of DESO is established on the platform, trading on our DESO-USD, DESO-USDT and DESO-EUR order books will launch in phases, post-only or auction mode then limit-only or full trading mode. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

    We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

    Decentralized Social (DESO) is the native cryptocurrency powering the Decentralized Social blockchain, a platform designed to support a wide variety of decentralized social media applications. DESO can be used to purchase “social tokens” and NFTs, and to create profiles and posts for Decentralized Social applications.

    DESO is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

    You can sign up for a Coinbase Pro account here to start trading. For more information on trading DESO on Coinbase Pro, visit our support page.

    ###
    Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
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    Decentralized Social (DESO) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.



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  • Facebook’s centralized metaverse a threat to the decentralized ecosystem?

    Facebook’s centralized metaverse a threat to the decentralized ecosystem?

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    Facebook has been planning its foray into the metaverse for some time now — possibly even several years. But it’s only recently that its ambitious expansion plans have catapulted the concept into mainstream headlines across the globe. Renaming the parent company to Meta was perhaps the biggest, boldest statement of intent the firm could make. Suddenly, major news outlets were awash with explainer articles, while finance websites have been bubbling with excitement about the investment opportunities in this newly emerging sector. 

    However, within the crypto sphere, the response has been understandably more muted. After all, decentralized versions of the metaverse have been in development around these parts for several years now. Even worse, the tech giants’ cavalier attitude to user privacy and data harvesting has informed many of the most cherished principles in the blockchain and crypto sector.

    Nevertheless, metaverse tokens such as Decentraland (MANA) and Sandbox (SAND), enjoyed extensive rallies on the back of the news, and within a few days of Facebook’s announcement, decentralized metaverse project The Sandbox received $93 million in funding from investors, including Softbank.

    But now that the dust has settled, do the company-formerly-known-as-Facebook’s plans represent good news for nonfungible token (NFT) and metaverse projects in crypto? Or does Meta have the potential to sink this still-nascent sector?

    What is known so far?

    Facebook hasn’t released many details about what can be expected from its version of the metaverse. A promotional video featuring the company co-founder and CEO Mark Zuckerberg, himself, along with his metaverse avatar, looked suitably glossy. Even so, it was scant with information about how things will actually work under the hood. However, based on precedent and what is known, some distinctions can be made between what Facebook is likely to be planning and the established decentralized metaverse projects.

    Facebook has some form when it comes to questions over whether it will adopt decentralized infrastructure based on its efforts to launch a cryptocurrency. Diem, formerly Libra, is a currency run by a permissioned network of centralized companies. David Marcus, who heads up Diem, has also confirmed that the project, and by extension Facebook, is also considering NFTs integrated with Novi, the Diem-compatible wallet.

    Based on all this, it’s fair to say that the Facebook metaverse would have an economy centered around the Diem currency, with NFT-based assets issued on the permissioned Diem network.

    The biggest difference between Facebook’s metaverse, and crypto’s metaverse projects, is that the latter operates on open, permissionless, blockchain architecture. Any developer can come and build a metaverse application on an open blockchain, and any user can acquire their own virtual real estate and engage with virtual assets.

    Critically, one of the biggest benefits of a decentralized, open architecture is that users can join and move around barrier-free between different metaverses. Interoperability protocols reduce friction between blockchains, allowing assets, including cryptocurrencies, stablecoins, utility tokens, NFTs, loyalty points, or anything else to be transferable across chains.

    So the most crucial question regarding Facebook’s plans is around the extent to which the company plans for its metaverse to be interoperable, and metaverse assets to be fungible with other, non-Facebook issued assets.

    From the standpoint of the decentralized metaverse, it doesn’t necessarily sound like great news. After all, Meta’s global user base dwarfs crypto’s. But there’s another way of looking at it, according to Robbie Ferguson, co-founder of Immutable, a layer two platform for NFTs:

    “Even if [Meta] decides to pursue a closed ecosystem, it is still a fundamental core admission of the value that digital ownership provides — and the fact that the most valuable battleground of the future will be who owns the infrastructure of digital universes.”

    Centralization could be the most limiting factor

    Based on the fact that Diem is already a closed system, it seems likely that the Facebook metaverse will also be a closed ecosystem that won’t necessarily allow direct or easy interaction with decentralized metaverses. Such a “walled garden” approach would suit the company’s monopolistic tendencies but limit the potential for growth or Facebook-issued NFTs to attain any real-world value.

    Furthermore, as Nick Rose Ntertsas CEO and founder of an NFT marketplace Ethernity Chain pointed out, users are becoming weary of Facebook’s centralized dominance. He added in a conversation with Cointelegraph:

    “Amidst [the pandemic-fuelled digital] transition, crypto adoption rose five-fold. At the same time, public opinion polling worldwide shows growing distrust of centralized tech platforms, and more favorable ratings of the very nature of what crypto and blockchain offer in protecting privacy, enabling peer-to-peer transactions, and championing transparency and immutability.”

    This point is even more pertinent when considering that the utility of Diem has been preemptively limited by regulators before it has even launched. Regardless of how Diem could eventually be used in a Facebook metaverse, regulators have made it clear that Diem isn’t welcome in the established financial system.

    So it seems evident that a closed Facebook metaverse will be limited to the point that it will be a completely different value proposition to what the decentralized metaverse projects are trying to achieve.

    Meanwhile, decentralized digital platforms are already building and thriving. Does that mean there’s a risk that blockchain-based platforms could fall prey to the same fate as Instagram and WhatsApp, and get swallowed up as part of a Meta acquisition spree? Sebastien Borget, co-founder and chief operating officer of the Sandbox, believes that decentralized projects can take a different approach:

    “Typically, big tech sits on the sidelines while new entrants fight for relevance and market share — and then swoops in to buy one of the strongest players. But that strategy only works if startups sell. So there has to be a different economic incentive, which is exactly why Web 3.0 is so powerful. It aligns the platform and the users to build a platform that stands on its own, where users have ownership over its governance — and ultimate success.”

    A metaverse operated by tech giants?

    Rather than attempting to dominate, Facebook may decide to integrate with established metaverses, games and crypto financial protocols — a potentially far more disruptive scenario. It could be seriously transformative for the crypto space, given the scale of Facebook’s user base.

    Therefore, could there be a scenario where someone can move NFT assets between a Facebook metaverse and a decentralized network of metaverses? Sell Facebook-issued NFT assets on a DEX? Import a $69 billion Beeple to the Facebook metaverse to exhibit in a virtual gallery?

    This seems to be an unlikely scenario as it would entail substantial changes in mindset from Facebook. While it would create exponentially more economic opportunity, regulatory concerns, risk assessments, and Facebook’s historical attitude to consuming competitors rather than playing alongside them are likely to be significant blockers.

    Related: As Patreon tests the waters, can crypto open doors for content creators?

    The most likely outcome seems to be that Facebook will attempt to play with established centralized tech and finance firms to bring value into its metaverse. Microsoft has already announced its own foray into the metaverse, but perhaps not as a direct competitor to what Facebook is attempting to achieve. Microsoft’s metaverse is focused on enhancing the “Teams” experience in comparison to Facebook’s VR-centric approach.

    But it seems more plausible that the two firms would offer some kind of integration between their metaverse platforms than either of them would rush to partner with decentralized, open-source competitors. After all, Facebook’s original attempt to launch Libra involved other big tech and finance firms.

    Make hay while the sun shines

    Just as Libra created a lot of hype, which ultimately became muted by regulators, it seems likely that the development of a Facebook metaverse can play out in the same way with regards to its impact on the cryptocurrency sector.

    Regulators will limit Facebook’s ability to get involved with money or finance, and the company isn’t likely to develop a sudden desire for open-source, decentralized, solutions.

    However, the one positive boost that Libra brought to crypto was publicity. Ntertsas believes that this, alone, is enough to provide a boost to the decentralized NFT sector, explaining:

    “Meta’s plans will enable a surge in utility for NFT issuers and minters. NFTs can then be used as metaverse goods — from wearables to art, to collectibles, and even status symbols — there is an infinite use case and utility to NFTs and what they can become in the ever-growing NFT ecosystem.”

    In this respect, there are plenty of opportunities for decentralized metaverse projects to muscle into the limelight with their own offerings and showcase how decentralized solutions are already delivering what Facebook is still developing. Borget urges the community to seize the moment:

    “Now is the time for us to double down on building our vision of the open, decentralized and user-driven metaverse. We also have to invest time and money in explaining the benefits of our vision over what the Facebooks of the world have offered thus far.”