BeInCrypto talked with Ilya Volkov, Crypto Valley Association Board Member and CEO of YouHodler, who is at the forefront of blending traditional banking with digital assets. He shared his insights on how banking is evolving with Web3, discussing the current state, future possibilities, and what this means for customers and institutions.

Not Your Average Crypto Event

Web3 Banking Symposium, held in Geneva in early March, was the first event fully dedicated to the banking industry and the integration of digital assets by traditional financial institutions. Organized by the Crypto Valley Association, it attracted over 300 participants and covered five key topic areas: legal aspects, AML and compliance, tax and accounting, infrastructure, and product development, showcasing examples of crypto-friendly banks and blockchain businesses compliant with traditional banking regulations.

«The event was truly unique as the banking industry, traditionally a very closed one, opened up to discuss innovations, symbolizing a significant turning point, especially after a series of collapses in the US in previous years, highlighting banks’ increased interest in the cryptocurrencies. It’s very difficult to shake up bankers so that they come and openly discuss some innovative topics. In this case, CVA managed to do it, bringing value to all industry».

The symposium also highlighted Switzerland as a global blockchain hub, bringing together representatives from banks, entrepreneurs, and politicians from all linguistic regions of the country, emphasizing the country’s commitment to supporting the sector on a regional level.

«The first cryptocurrency banks appeared in Switzerland in 2019, causing a lot of skepticism among traditional players. However, over time, they felt the FOMO, realizing the possibility of missing out on a promising trend. This led to the fast development of the market, where traditional financial institutions started to actively integrate cryptocurrency services, responding to the demands of their customers. Even the most conservative bankers now understand that banks risk becoming irrelevant without catering to the younger generation and retaining existing clients».

Evolution, Not Revolution

Speaking of the current state of the scene, Volkov notes that cryptocurrencies are not a revolution but rather an evolution in the financial sphere. He defines Web3 bank as a financial institution that combines centralized and decentralized services, investment products from traditional and cryptocurrency areas, and a 360-degree view of payment and merchant services, including blockchain technologies for payment processing. This approach demonstrates the integration of innovation into the financial industry, similar to the evolution of mobile phones and contactless payments, which have quickly gone from novelty to necessity.

«Absolutely every innovation that humanity has invented goes through this process. 30-40 years ago, it was impossible to imagine having mobile phones. Thanks to companies like Nokia, it became possible, and now it’s required. The same things are happening in the payment industry. Apple Pay and Google Pay went through this cycle quickly; now, contactless payments are necessary. If we are talking about retail banks, they are required  to have such things tied to their cards. And what is happening is that crypto is now at the expected level. Traditional bank customers are asking how to buy Bitcoin, whether you can buy a tokenized asset, how to store it, and so on. This suggests that it will be absolutely required soon».

Examples of traditional financial institutions, such as PostFinance working with Signum or Amina (formerly Seba Bank), which provides infrastructure for the St.Galler Kantonalbank, as well as initiatives by large banks and companies, including Societe Generale (Forge), Citibank, and Visa, confirm this trend. They offer services related to digital assets and develop them in partnership with cryptocurrency-oriented companies.

Trending Now in Web3 Banking 

As our conversation unfolds, the CEO names two key trends that stand out in the current landscape of Web3 banking. The first relates to the active buying and selling of established cryptocurrencies like Bitcoin and derivatives. According to Volkov, this is the most obvious trend actively explored by clients of even the most conservative banks.

The second trend is the tokenization of real assets, from securities to art, such as Picasso’s works, giving them a new level of transparency and efficiency via blockchain. These tendencies evolve the idea of trading and holding assets and show the traditional and innovative banks’ adaptation to new market demands.

«Many banks focus on tokenization of classic securities and other assets. Several projects are working with gold, diamonds, and real estate. Signum Bank did a very interesting project a couple of years ago: they tokenized several Picasso works here in Geneva. We have all seen this buzz with NFTs. Sure, it adds some hype to the market, but apart from all that, there are real deals where we talk about real art».

Volkov also points to the development of lending and staking as examples of successful integration of crypto-instruments into financial services, marking the importance of promoting these services to audiences. He underlines that staking is already attracting attention, thanks to regulatory clarifications in Switzerland, and has the potential to compete with traditional financial instruments. However, it currently needs to catch up with the economic situation.

«What is staking for the average bank client? It’s the placement of capital at interest. Currently, Ethereum pays you 4,5% per annum while US Treasury Bonds pay 5%, so choosing between them, many clients naturally go to bonds. Here, we have normal, healthy competition between different instruments. One day, the economic environment will change, money will become cheaper, DeFi will pay more interest than TradFi, and there will be a spillover. But technically, everything is ready — the regulatory framework, at least in Switzerland, is clear here».

Critical Steps to Success

Discussing the processes of launching a cryptocurrency business in banking, YouHodler CEO highlights five key elements:

• Regulatory compliance and accounting. It’s important to consider the nuances of regulatory requirements and accounting specific to crypto transactions
• KYC/AML compliance. Despite appearing similar to traditional requirements, the cryptocurrency sector has unique customer due diligence and money laundering requirements
• Blockchain infrastructure. Having secure storage, wallet systems, managing different blockchains, and the ability to work with smart contracts
• Liquidity. Integration with liquidity providers in cryptocurrency and traditional financial sectors
• Cybersecurity. Blockchain infrastructure can be exposed to attackers and bad actors 24/7, 365 days a year

Based on this list, the CEO identifies four important areas for developers who want to cooperate with traditional banking. First, he emphasizes the importance of custodial services, citing the example of Metaco, which developed a unique solution and was acquired by Ripple. This shows room for new entrants, even in a competitive environment. The second aspect is providing liquidity, where it is important to integrate with various players, including exchanges and OTC desks, with Talos as a successful example.

Volkov also points out the need to develop KYC and AML compliance solutions. Despite the seemingly saturated market, there’s still a space for innovation, given the ever-changing regulatory field. The Travel Rule and Transfer of Fund Regulation need a very non-trivial automation, so talented developers are very welcome to keep up with the entire regulatory environment. Another trend requiring attention is the development of white-label solutions for banks that want to test new technologies without building everything from scratch.

The Inevitable Convergence 

In his closing thoughts, YouHodler CEO touches on the “sore subject” of the transition from centralized to decentralized asset storage and management, noting that this will become a reality in the near future. This change will require banks to be flexible in combining these approaches to meet customer demands for decentralization.

«Money should be decentralized. But at the same time, any customer, whether institutional or retail, should have access to request it from a bank or a financial institution. Then, the standard mechanics will be used, as in traditional finance. The topic of non-custodial wallets for conventional financial institutions is very painful now. But in a few years, this trend will become a reality».

The merger of traditional banking and the crypto industry is imminent. The banks working with cryptocurrencies are already showing their balance sheets and are under the supervision of regulators, which indicates that such a model is functioning. At the same time, challenges exist on both sides, both in adapting exchanges to regulation and in the application of the latest technology by banks moving towards digital assets.

The post Accelerating the Evolution of Money: Key Insights From Web3 Banking Symposium in Geneva appeared first on BeInCrypto.

The founder of a globally recognized trading platform serving millions of users across the world uncovered his entrepreneurial journey and shared some thoughts on why ETH may soon take the lead in the crypto space. 

Inspired by Decentralization

Haipo Yang’s journey began in 2011 during Bitcoin’s first bull market, where he witnessed the potential of blockchain technology. He recalls that one headline, Bitcoin is the most dangerous open-source project ever created, left a strong impression on him, making him realize Satoshi pioneered a supra-sovereign currency outside government control — something radically new.

«Early financial markets were decentralized — no central banks or excessive regulation, just organic growth. Blockchain finance recaptures this freedom: individuals control their assets, unimpeded and able to freely transact. This liberty enables prosperity. This spirit of freedom compelled me to enter the industry. Personal wealth creation motivated me too, but liberating finance through blockchain was way deeper».

Inspired by Bitcoin’s ethos of decentralization, Haipo founded CoinEx, driven by a vision to liberate financial freedom through innovation. Overcoming challenges in team building, security, and compliance, Haipo remained steadfast in his mission to create a user-centric platform for easy trading and investment.

Haipo emphasizes sustainable growth over short-term gains, operating with transparency and responsibility. Placing user interests at the forefront, CoinEx strives to enhance the trading experience and prioritize client satisfaction.

«First of all, we are an exchange that adheres to long-termism. We formulate and implement strategies on the principle of ensuring the sustainability and steady growth of the company, and will not take short-sighted behavior for short-term benefits. Second, we don’t do evil. We always operate and manage the company with the principles of integrity, transparency, and responsibility, and do not do anything unethical. Finally, we always put the interests of users first, hoping to solve problems and needs for users in a proactive manner. Whether it is technical support, customer service, or product improvement, we always focus on improving the user experience to ensure that our products will not “disturb” users and that users can trade and invest in our platform with confidence».

Reflecting on the qualities essential for blockchain entrepreneurs, Yang highlights resilience, responsibility, and keen observation. The crypto field is still full of uncertainties and variables, so entrepreneurs must navigate a lot of challenges while paying attention to the rapid changes in the market and capturing industry trends and opportunities.

Ethereum’s Rise

CoinEx’s founder shares insights on the Bitcoin halving and Ethereum Dencun upgrade, two hottest topics shaping the cryptocurrency market at the moment. While the halving historically correlates with bullish trends, he emphasizes the broader impact of market sentiment and institutional adoption, particularly citing the recent approval of the BTC ETF as a significant driver of market optimism.

«The passing of the BTC ETF has allowed Bitcoin to enter the mainstream world. On the one hand, we can see a large amount of money pouring into the BTC market. On the other hand, it has changed many people’s views and ideas about the cryptocurrency market, which I think may be the more important one. When the SEC gave a green light to ETF, many people’s concept of Bitcoin changed from “scam” to “valuable” because they believed in authority. We are not saying how much trading volume and capital inflow the ETF has brought, but that it has attracted more people to understand and recognize it. This may be the most fundamental reason for driving this round of bull market».

Although Bitcoin is still the most popular asset and has attracted much attention, its development has stalled almost a long time ago. The core protocol of Bitcoin is relatively stable, and there has been no fundamental change since the release of Satoshi Nakamoto. Despite some soft fork upgrades that have little impact on the network, activities are relatively stagnant.

Contrasting Bitcoin’s stagnation, Haipo points to Ethereum’s vibrant ecosystem and fast development. Its transition to a Proof-of-Stake positions ETH as a frontrunner in blockchain evolution. He predicts its potential to surpass Bitcoin, driven by deflationary model and continuous innovations.

«The evolution from PoW to PoS has greatly reduced network operation costs and reduced energy consumption, enabling deflation. In the future, as costs fall further, the deflation rate may increase. At the same time, Ethereum has actively expanded its capacity to continuously meet the needs and technical challenges of new markets, occupying an important position in the blockchain and cryptocurrency industry».

The CEO believes that in this cycle, the market value of Ethereum is likely to exceed Bitcoin because as more people participate, more funds and applications will pour into the ecosystem. Compared with BTC, the long-term growth of ETH is bound to be higher. The increasing trading volume and possible ETF launch, as well as broader use cases in the real world, are signs that investors have to pay attention to.

Addressing Ethereum competitors, Haipo acknowledges Solana’s centralized approach but underscores Ethereum’s established ecosystem and path dependence. Despite emerging challengers, ETH’s resilience and developer loyalty reinforce its dominance.

«Although there have been some competing projects known as “Ethereum killers”, most of them no longer exist. At present, the only challenging project is Solana, but it’s route is incompatible with Ethereum, which is quite centralized on the whole. This centralization is manifested in two aspects: first, the centralization of the consensus network, which is extremely expensive and relies on super nodes; second, the centralization of the entire ecosystem, which depends on the support and promotion of the project party. To be honest, Solana is a little against the concept of blockchain decentralization, and it can be said that it is fragile».

Adapting to Market Dynamics

In his closing thoughts, Haipo reflects on CoinEx’s responsiveness to traders’ and investors’ needs, localization efforts, and product excellence as key differentiators. With a focus on asset quality, global accessibility, and user experience, CoinEx aims to empower people in their crypto journey. As a cross-chain exchange, the platform serves as a gateway to the crypto world, supporting a diverse range of public chains. With initiatives like CoinEx Wallet and strategic foresight, it envisions facilitating seamless access to digital assets and becoming a trusted infrastructure.

«In terms of assets, we adhere to the principle of “Good, Fast, and Comprehensive” to help users filter risks in advance and screen high-quality and high-potential projects. I think that as a global exchange, we attach great importance to the development of business localization and adopt different strategies for different regions and markets. To better serve diversified global customers, we provide support in 16 languages, and 24-hour customer service, and the system covers more than 200 countries. And finally, it is the product. We focus on the polishing of core products and functions, and apply our expertise to solve users’ problems and give them a relaxed and pleasant trading experience».

In 2024, CoinEx prioritizes enhancing user trading experience and providing valuable content through platforms like CoinEx Research and CoinEx Academy. The CEO encourages investors, both new and seasoned, to accept change, stay informed, and seize opportunities, noting the current market is completely different from a few years ago. 

«The whole industry is constantly changing, as well as the hot spots and stories, but many investors still hold the obsolete ideas. Whether in terms of price or assets, they are relatively conservative. I think everyone should regard themselves as new investors and constantly learn to grab the chances the market gives. CoinEx is committed to provide users with high quality and up to date information to help them make informed investment decisions».

The post CoinEx CEO Haipo Yang: Why do I believe Ethereum will surpass Bitcoin appeared first on BeInCrypto.

All Eyes on Dencun

CoinEx Research was established to align with CoinEx’s overarching slogan — making trading easier. At the core of the team’s vision lies the aspiration to reduce barriers to decentralized finance, ultimately empowering people to engage, learn, and participate in cryptocurrency investment.

With the recent Dencun upgrade, CoinEx’s research team mainly focuses on several key aspects. The Cancun-Deneb, as Bonnie highlights, includes five main EIPs. EIP-4844 is garnering significant market attention since its main purpose is to solve the scalability problem of Ethereum and lower the transaction costs of L2 solutions. This enhancement is poised to attract more capital and users, fostering greater adoption and investment within the whole ecosystem.

Name-wise, the team’s attention is drawn to a few projects. By diving deeper into them, CoinEx aims to gain insights into the potential benefits and innovations introduced by the Dencun upgrade.

«We focus on three directions. Firstly, it’s two leading solutions — Optimism and Arbitrum, and their ecosystems. We also follow up on the progress of the Zk Rollup protocols, such as zkSync, Starknet, Scroll and Linea. Our team recognizes their importance in the future of Ethereum despite higher development complexity. And last but not least, we pay close attention to some L2s that are very popular and have strong technical capabilities, such as Metis, Manta, and Blast».

Arbitrum, as Chan notes, has always been the L2 with the highest number and richest protocols. GameFi and derivatives are the most prosperous sectors in its ecosystem, requiring very high TPS and underlying performance from the blockchain. After the introduction of EIP-4844, project parties and developers can focus on business-level innovation, continue to create better products, and form a virtuous cycle.

The OP Stack created by Optimism has been favored by many well-known project parties since its release as well. These include Coinbase’s Base chain and long-established projects such as Worldcoin, Zora, and DeBank that implement so-called “one-click chain publishing”. The performance improvements brought by EIP-4844 can also benefit Optimism and the SuperChain network.

Layer-2 Risks and Challenges

CoinEx evaluates Layer-2 solutions based on several key criteria, including technical side, team, and community. By focusing on these aspects, the research team ensures that listed projects align with high performance, innovation, and engagement standards.

«The main thing we need to pay attention to is the maturity of the solution. The current Layer-2 development framework is becoming more and more prosperous. So if a project doesn’t use the mainstream framework, we have to determine the feasibility and security of its solution, whether it is just a scam. CoinEx works together through risk control, assets, research and other groups in early warning, real-time detection and other aspects to ensure we minimize the impact when situations occur. Because of the current Layer-2 blowout, identifying a potentially valuable ecosystem among the many emerging solutions is a topic we need to constantly explore».

The same goes for the liquid staking sector. The evaluation of LSD projects involves monitoring Ethereum’s rising liquid staking volume after its conversion to Proof-of-Stake. While Lido holds a prominent position, emerging protocols compete for market share. With the ETH staked amount expected to accelerate after the Dencun upgrade, intensified competition may dilute Lido’s overall share.

«EigenLayer remains dominant in the restaking sector, with its anticipated token issuance and continuous protocol development poised to stimulate the growth. However, emerging liquid staking and restaking derivative protocols, although amplifying returns, introduce heightened risk. Future issues could potentially harm user assets, emphasizing the need for careful consideration and risk mitigation in these evolving sectors. As the Dencun upgrade unfolds, ongoing vigilance and strategic evaluation remain crucial for navigating the liquid staking and restaking market».

Looking ahead, the Research Lead reflects on the impact of the evolution of L2 solutions. CoinEx’s listing strategies, she says, align with transformative developments. Anticipating increased adoption in the Ethereum ecosystem, the exchange will strategically assess and integrate more ETH and USDT deposit and withdrawal options on various L2 networks. This ensures the users can seamlessly navigate and capitalize on the evolving market, enjoying a user-friendly and innovative trading experience.

CoinEx’s Educational Approach

CoinEx employs a multifaceted approach to educate users and the wider crypto community on the Ethereum Dencun upgrade. Through tutorials, articles, reports, and TwitterSpace sessions, the exchange aims to provide accessible learning resources and facilitate user engagement.

«Over the past two months, we released a series of educational articles and reports covering technical principles, impact analysis on users, developers, and enterprises, as well as insights into how various sectors, like LSD, can capitalize on the upgrade. The Layer-2 solutions’ scaling advancements and potential benefits for specific cryptocurrencies have also been explored. During CoinEx’s brand day in February, a 50% discount on ETH trading fees subtly highlighted the upcoming upgrade. Moreover, we plan plans numerous operational activities for tokens benefitting from the Dencun upgrade».

In her closing remarks, Bonnie underlines the current market condition. The trend leans towards a bullish sentiment, especially with the approval of Bitcoin spot ETFs and the halving event. Ethereum’s optimization efforts and promising Solana ecosystem performance will contribute to the rapidly recovering scene. Hence, CoinEx Research Lead suggests investors focus on key players like Bitcoin, Ethereum, and Solana and the related projects for potential growth opportunities amidst the current market environment.

The post L2 Revolution: CoinEx Research’s Take on Ethereum’s Dencun Upgrade appeared first on BeInCrypto.

Market Resilience Amidst Shocks

We begin with Jason’s reflections on the past year. He names the factors that he believes helped the market to recover after the brutal 2022, such as regulatory clarity, technological innovations like the Ordinals protocol, and gradually returning trust in exchanges.

“In my view, this was helped by an improving macro situation but primarily due to several other factors: flushing out of bad actors, increasing regulatory clarity, innovations like the Ordinal token standard that’s driving renewed interest for building on Bitcoin. I’d also mention growing user trust in centralized exchanges due to more transparency in the form of Proof-of-Reserves and regular audits, anticipation of the Bitcoin ETFs, BTC halving, and the ‘Dencun’ upgrade for Ethereum.”

Fast forward to today, and we’re in a different situation altogether. While Lau notes that short-term volatility can still be a thing, he remains optimistic in the medium to long term. According to him, the expanding network activity and use cases, improving underlying technology, and increasing awareness and acceptance can be interpreted as clear signals of sustained market recovery.

Regarding the role of centralized exchanges in the current ecosystem structure, the Chief Innovation Officer underscores their importance as the primary entry point for newcomers. Jason highlights OKX’s commitment to regulatory compliance and its provision of decentralized solutions, offering users flexibility and control over their assets.

“At OKX we take that responsibility very seriously and work closely with local regulators and communities to ensure we build products that are appropriate for each jurisdiction. At the same time we understand how important is it to recognize that some people seek different ways of interacting with the crypto space. This is why we also have a decentralized Web3 Wallet and marketplace that empowers users to hold custody of their own funds while discovering and interacting with the wider world of Web3.”

As crypto matures, he asserts, we’ll see significant progress towards a model where users, depending on their needs, are given a choice between using centralized or decentralized tools.

Innovative Approach and User-Centric Solutions

Lau elaborates on OKX’s approach to innovation, emphasizing user-centricity. It means all new products and services are always built with users’ needs in mind. The exchange aims to be hyper-aware of what’s developing on the leading edge of the space, actively communicates, and works with communities to provide the best solutions so users can discover, learn, and access what they want.

“We regularly engage with users online, in-person, and via our team on the ground. Their feedback is vital, so we encourage our users to interact with OKX through many different channels. We also have a sophisticated and responsive customer service that is dedicated to solving any issues while conveying user feedback and preferences back to our product and business teams.”

The OKX’s support of the inscriptions ecosystem, including Bitcoin ordinals and BRC-20 tokens, will be an excellent example. Over the summer, the exchange’s team noticed strong grassroots developer and user enthusiasm around it and sought to deliver a market-leading experience via OKX Wallet and Marketplace.

“While it’s still early stages for the Inscriptions ecosystem, we’re excited about Ordinals and other tools as they open up a new design space for developers and new use cases. We believe inscriptions have the potential to be powerful digital collectibles as they store data and art on-chain, and allow for new types of NFTs to be created. We will continue to develop and recently announced support for emerging standards like Atomicals, Stamps, Runes, and Doginals.”

OKX also puts a lot of effort into users’ education. Jason believes it’s fundamental to the growth of the space: today, the platform has a robust library of content, including written articles, trading guides, videos on specific products, etc. The exchange also hosts in-person meetups and online Ask-Me-Anything (AMA) sessions on X to engage with the community and answer questions.

Global Expansion, Localized Presence

In discussing global expansion, Lau shared OKX’s dedication to local market presence and adaptation. While the exchange serves users globally, it invests significantly in multiple local markets, builds local teams, works closely with stakeholders, and ultimately designs product offerings that cater to the preferences and languages of users while complying with applicable local regulations. Last year, OKX announced the expansion to Turkey, Australia, Brazil, Argentina, and the UAE, and most recently added Arabic support to its products, bringing the total number of supported languages to 22.

Jason notes that regulators in many markets recognize the potential of digital assets and design regulatory frameworks that safeguard users and encourage innovation and investment from Web3 firms. OKX’s mission is to comply with applicable laws and regulatory requirements no matter where they offer services. 

“This is a baseline requirement and one that we take very seriously. Our product roadmap is closely aligned to this imperative, and we’ve been able to innovate and create a great user experience within existing frameworks. In addition, we are always keen to collaborate with local regulators alongside other stakeholders to help ensure frameworks are fit-for-purpose, sustainable for market participants, and help promote good user experiences.”

Looking ahead, Lau envisions a future where Web3 technology is seamlessly integrated into everyday life. The continued progress in regulatory frameworks, broader acceptance by traditional industries, and improved understanding of technology through education will make this moment closer. OKX aims to contribute to it by creating the best technology and tools that give users simplicity and choice when it comes to interacting with the ecosystem.

The post Driving Change: OKX Chief Innovation Officer Jason Lau on Market Trends and Regulatory Challenges appeared first on BeInCrypto.

Even though the blockchain industry is still in its nascent stages, plenty of sub-niches and narratives have come to the fore. These technologies are reshaping the blockchain landscape, and in this article, we will delve into this subject, taking you through some of the niches that are revolutionizing their respective areas and how interconnected they are. 

Privacy in blockchain 

This sector has seen consistent growth because of its importance to the entire industry. Data privacy and security are vital in today’s blockchain world for obvious reasons. The risks associated with data breaches and cyber-attacks have increased as personal, financial, and confidential information gets increasingly stored and transferred digitally. In 2023, the global average cost of a data breach reached a record high of $4.45 million.

This rise in these attacks can be attributed to how the blockchain is structured. It is a ledger containing a record of all transactions taking place on a network. A key feature of blockchain technology is its immutability. Once a block (containing a unique code known as a hash) gets added to the chain, it can neither be altered nor deleted. This provides data stored on the blockchain with tamper-proof security.

However, despite what seems to be an airtight layer to the blockchain, some bad actors have succeeded in exploiting the system. In the fight to counter these blockchain exploitations and hackings, privacy-focused protocols have become popular. Think of them as installing a sophisticated alarm system for your digital assets, utilizing clever incentives and independent reputation systems to deter unwanted intrusions.

Because we operate in an industry where data breaches cost projects millions, the importance of privacy-focused companies cannot be overstated. COIIN Network Protocol—the parent company of Raiinmaker—is a good example of a company playing in the privacy landscape.  

Scalability in the blockchain 

Scalability in blockchain refers to the speed of transactions. The ability to support high transaction throughput is both critical and a significant challenge for the blockchain and cryptocurrency industry. And this makes it a very essential aspect in the future growth of blockchain. Achieving an improved level of scalability comes at the cost of reduced decentralization and to a large extent, security.

As you note these, it is also important to note that scalability is vital in helping blockchain networks compete effectively with conventional platforms. The question here should now be: how possible is it to provide effective blockchain scalability solutions that do not affect the core tenets of blockchain which are decentralization and security?

I present to you layer-1 solutions. Also known as the “first layer,” it requires changes in the code base of the blockchain network. One reason they’re dubbed on-chain scaling solutions. They focus on improving the main features and characteristics of the blockchain network like increasing the block size limit or reducing the block verification time.

Ethereum has a transaction speed of around 15 Transactions Per Second (TPS), and Bitcoin is around 7TPS. Both blockchains now have scalability solutions in Sharding and Lightening network respectively, but other solutions are popping up. A popular one is the layer-1 platform Self Chain. It is a Modular Intent-Centric Access Layer-1 blockchain and keyless wallet infrastructure service using MPC-TSS/AA for multi-chain Web3 access.

Play-to-Earn (P2E)

This sector has changed the way the world sees gaming forever. I say this because it is our reality now. Play-to-earn games are a set of blockchain-powered games that allow players to earn in-game rewards represented by Non-Fungible Tokens (NFTs) and tokens.

These rewards have real-world value and players can earn them by progressing through the different levels of a game. The in-game assets earned can be weapons, tokens, lands, and skins. Players can trade or transfer these assets on open marketplaces in exchange for real fiat currencies. 

The gaming industry is huge and boasts an impressive number of people actively participating in it. There were over 3 billion gamers in the industry in 2021. This number of people actively engaged in games helped the industry generate hundreds of billions of dollars in revenue.

That revenue has been projected to reach $533 billion by 2027. In 2022, the P2E market size was valued at $32.9 billion, and it is expected to grow to $88.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.93%. Some of the best P2E platforms in the industry include Axie Infinity, Creo Engine, The Sandbox, Splinterlands, Decentraland, etc.

Bridges: The language of web3

How we carry out transactions and store data has changed since the advent of blockchain technology. Blockchains have their own standards and set of rules that govern them. In most cases, these are rarely compatible with other chains and have led to an ecosystem where blockchains cannot interact due to their silo-styled operation. A solution to this issue is blockchain bridges. These are known as cross-chain bridges because they allow the transfer of tokens and data from blockchain to blockchain.

A benefit of bridging in blockchain is being able to expand the functionality of a chain. This is an important tool for communication among different blockchains. A good example of this would be Dechat Protocol, which prides itself as an open, secure web3 communications protocol that powers decentralized user interactions.

Real estate on the blockchain

The largest asset class in the world, the Real Estate sector is another industry where blockchain technology is having a significant impact. A large portion of the world’s economic assets and transactions is constituted by commercial real estate. According to the Boston Consulting Group (BCG), the total size of tokenized illiquid assets, including real estate and natural resources could reach $16.1 trillion by 2030.

This proves how big the real estate market is. While traditional real estate investment can be a daunting maze, with high entry barriers and limited accessibility, blockchain technology is slowly demystifying it. Blockchain protocols are now being used to process securities, documents, and accounting, and manage liability.

With blockchain technology, you can also own a fraction of a property, which reduces the barrier of entry massively, thereby giving small-scale investors a chance to get into the real estate market. Fractionet is a good example of a protocol currently doing this.

The interconnectedness of it all

While these various niches might seem very distinct, they are all part of the same vibrant ecosystem that’s the blockchain. The privacy-focused protocol can be used to protect sensitive data used in DeFi transactions—a technology that backs the entire play-to-earn gaming economy.

The scalable blockchain facilitates seamless communication that the bridge encourages. And think of the fractional ownership platform offering investment opportunities fueled by DeFi liquidity. My point is that these projects intertwine, and they create a synergistic ecosystem where innovation thrives.

The post How Protocols Are Interconnected on the Blockchain appeared first on BeInCrypto.

Gone are the days of passive scrolling and consuming digital content. Instead, we are entering an era of active engagement and community-driven experiences. A world where attention has become valuable, and actively engaging with your favorite creators, shows, or games isn’t just a leisure activity anymore, but a path to earning rewards and fostering deeper connections.

This is the world Watch2Earn is promising. In this article, we’ll delve into this narrative, dissecting its value proposition for creators and consumers, its potential to onboard new users into the crypto space, and its broader imitations for the content creation industry.

Revolutionizing content creation

The days when you passively binged content while the platforms they are hosted on reap the financial rewards are fast fading out. Times when even the creators struggle to make money for their works except if they actively sell something on their channels.

Watch2Earn is disrupting this dynamic by transforming viewers from passive consumers into active participants in the content ecosystem. The trend rewards viewers with tokens or other crypto-based incentives for engaging content. 

This incentivized economy improves active participation and engagement and promotes a sense of community. Instead of just clicking ‘play,’ engaging with your favorite creator’s content has become even more valuable.

Whether you leave insightful comments, participate in live discussions, or complete interactive challenges, you are rewarded with tokens or other crypto-based incentives. This creates a sense of ownership and belonging within the community. 

Watch2Earn gamifies the viewing experience and transforms passive consumption into an active and rewarding pursuit. Imagine cheering on your favorite streamer on a platform like XCAD Network, knowing your engagement directly contributes to their success and earns you valuable tokens at the same time.

By exploring diverse content in pursuit of rewards, viewers stumble upon hidden gems and connect with like-minded individuals, enriching their overall content experience. 

Benefits for viewers

Some of the benefits for viewers in this incentivized economy include:

• Attention monetization: The time spent by viewers becomes valuable, allowing them to earn rewards for engaging with their favorite creators, shows, or games. 

• Early access and exclusive content: Watch2Earn platforms offer exclusive content, airdrops, or early access opportunities to token holders, fostering a sense of exclusivity and community. 

• New content discovery: The reward system can incentivize viewers to explore diverse content, promoting discovery and fostering a broader appreciation for different creators and formats. 

Empowering creators with a new revenue stream 

For creators, Watch2Earn represents a novel avenue for monetization of their content, and it offers several advantages:

• Direct contention with their audience: With this model, creators bypass the traditional revenue models, by establishing a direct financial connection with their audience, thus, aligning their success with viewer engagement.

• Global reach: Blockchain technology removes geographical barriers, allowing creators to tap into a wider audience and unlock new revenue streams through crowdfunding, tokenized ownership, and direct fan engagements.

• Community building: Tokenized incentives promote a stronger Creator-fan relationship, and they encourage community building and loyalty. 

• Data ownership and transparency: Blockchain-based platforms can provide creators with ownership and transparency over their content and audience data. 

Bridging the gap

One of the most impressive aspects of Watch2Earn is its potential to onboard new users into the crypto space. As of January 2024, about 5.35 billion people are using the internet. Out of this number,  5.04 billion people use social media globally, of which an estimated 420 million were crypto users in 2023.

Of these, 263 million are in Asia, 57 million in North America, and 38 million in Africa. This demonstrates the vastness of the combined markets, indicating further potential for user onboarding into the crypto sphere.

To further buttress this point, some estimates suggest that about 94% of crypto buyers are within the age range of 18-40, with Gen Z and Millennials making up the majority.

These are the same demography of people who spend the most time on video streaming platforms like YouTube — a platform with over 2.1 billion active users. As of 2023, 94% of Millennials use digital video services worldwide. Followed closely by Gen Z respondents, with a score of 93%. 

By integrating crypto rewards into a familiar and engaging activity like watching content, Watch2Earn creates a low-barrier entry point for individuals curious about blockchain technology, bridging the gap for curious individuals and driving mainstream adoption.

Users experience the benefits of crypto (ownership and rewards) without significant technical or investment hurdles, and this improves adoption and understanding of the technology. 

The broader implications and resources of Watch2Earn 

The Watch2Earn narrative extends beyond pure entertainment and holds the potential to impact various sectors like:

• Social media: It incentivizes active participation on social media platforms, creating more engaging and dynamic communities. 

• Education and learning: The narrative rewards learners for consuming educational content and this can gamify the learning process and incentivize knowledge acquisition. 

• Esports and gaming: Viewers and players can directly contribute to the growth of esports and gaming ecosystems through participation-based rewards. 

Conclusion

The Watch2Earn narrative represents a captivating development in the digital content creation industry. By aligning viewer’s attention with creator rewards and community building, it offers a valuable proposition for both consumers and creators. Added to this, its potential to onboard new users into the crypto space and impact various sectors makes it a significant narrative to watch.

As this field continues to evolve, it holds the potential to redefine how we engage with content, empower creators, and shape the future of online interactions.

The post Taking Content Creation and Consumption to the Blockchain With Watch2Earn appeared first on BeInCrypto.

Blockchain goes beyond financial incentives, enabling ownership, interoperability, trust, transparency, and impactful community-driven development. It is no longer fancy to own cartridges and controllers because the future of gaming is being built on the blockchain, and this is an adventure beyond what any pixelated screen could ever offer you.

It isn’t about grinding for gaming assets, it’s about owning them, wielding them across gaming worlds, and reshaping the way gameplay is experienced. In this article, we’ll delve into the diverse ways blockchain technology is revolutionizing the gaming industry, unlocking captivating possibilities for players, developers, and the industry.

Ownership and scarcity

Remember the days when you played games dedicatedly and meticulously upgraded your avatar only to see it disappear when the game servers shut down? That feeling of fleeting ownership is something blockchain-powered gaming has erased. Blockchain’s immutable ledger empowers players with verifiable ownership of virtual items.

Imagine wielding a legendary sword in a game that you can transform from just pixels and excitement into a prized possession, imbued with digital ownership and tradable on decentralized marketplaces. Just like that, your virtual possessions hold real value, fostering a sense of pride and investment in your digital identity. This shift towards true ownership is transforming the industry, with the market for utility-driven Non-Fungible Tokens (NFTs) estimated to grow by 35% to $13.6 billion by 2027. 

Blockchain technology also enables a true sense of scarcity via the creation of scarce assets represented as NFTs. The limited supply of NFTs ensures their rarity and value, just like limited editions of comic books or games. Imagine owning a unique spaceship in a space exploration game, knowing only a handful of others —or none — exist in the entire game’s ecosystem. This scarcity adds a layer of excitement and exclusivity, fueling a thriving digital economy where players can truly own and monetize their in-game achievements.

Games like Citizen Conflict are a good example of such NFT-based game model. This model allows players to interact with unique digital assets, which demonstrates the broader trend of integrating blockchain technology into gaming to enhance ownership and value.

Interoperability

Blockchain-based games are shattering boundaries. They are allowing players to move their assets and achievements across different platforms. This was unthinkable some ten years ago. But in an era of interoperability, you can now flourish in a vast interconnected ecosystem of games with the assets you own. Imagine utilizing resources you’ve gathered in a thriving virtual farm to build your dream home in a bustling cyberpunk metropolis.

What used to be a fantasy is now reality. One fueled by blockchain technology. With the help of standardized protocols and tokenized assets, different block-based games can connect and interact, creating a seamless experience for players and unlocking a universe of possibilities. 

Interoperability fosters a richer, more interconnected gaming ecosystem, breaking down barriers and creating exciting possibilities for collaboration and innovation. With the global blockchain gaming market projected to grow from $154.46 billion in 2023 to $614.91 billion in 2030 at a CAGR of 21.8% during 2023-2030, interoperability is poised to play a vital part in this market.  

Democratizing the developer dream

Traditionally, game development has been an exclusive club where wealthy technology companies play. The blockchain has decentralized the field and empowers independent developers and communities with innovative tools and funding mechanisms. Decentralized Autonomous Organizations (DAOs) allow passionate groups to collectively fund and govern game development, fostering greater transparency and shared ownership.

Imagine a community funding and actively participating in the development of a unique game, fueled by collective passion and the blockchain’s inherent transparency. 

In March 2023, the value of DAOs reached a record $25.1 billion. This immense value is paving the way for diverse and innovative experiences driven by the power of community. Beyond funding, this democratization empowers independent minds to bring their visions to life. It creates a future where anyone with a spark of creativity can join the game development revolution and improve on the models already existing like play-to-earn, NFTs, etc. 

Transparency

We are fast moving away from the era of blindly trusting in developers. That era is being replaced by an era of transparency and trust built on the immutable foundation of blockchain technology. The blockchain transparently displays every random number generation algorithm and every governance decision.

It is this transparency that the blockchain is bringing to the gaming industry. With every action and transaction verifiable on the blockchain, players can gain unprecedented insight into the inner workings of the games they play. This eliminates concerns about manipulation and pay-to-win mechanics, fostering a level playing field where skill reigns supreme. 

Players now no longer have to blindly accept hidden mechanics. They can actively participate in shaping the game’s future through on-chain governance proposals and transparent decision-making processes. This collaborative approach proves how the blockchain paves the way for a gaming future built on trust, transparency, and empowered communities. 

New play models

Beyond just grinding and finding excitement, blockchain opens doors to innovative play models beyond just play-to-earn. Guilds are forming and pooling resources to tackle challenging in-game tasks as seen during the period when Axie Infinity was a prominent game in the industry.

Players can get exclusive access to content or early game participation through subscription models. Tokenized economies can reward players for contributing to the game world. These diverse models cater to different player preferences and create exciting new ways to engage with games.

Conclusion

The blockchain, especially its integration into the gaming industry, is still in its early stages. This means that challenges remain, and there are scalability, regulatory uncertainty, and user education hurdles to overcome. Yet, the potential is undeniable. By fostering ownership, interoperability, and community-driven development, blockchain has the power to reshape the gaming landscape, creating a more inclusive, transparent, and exciting experience for players and developers alike.

The post Fostering Ownership and Interoperability in the Blockchain Gaming Ecosystem appeared first on BeInCrypto.

With market liquidity increasing and people tend to invest their money more boldly, it’s critical to focus on asset security. BeInCrypto sat down with Gate.io founder and CEO Dr. Lin Han to discuss the importance of Proof of Reserves (PoR), the industry’s need for transparency, and the exchange’s unique approach to keeping users’ funds safe.

Proof of Reserves as a New Industry Standard

Gate.io is no newcomer to the Proof of Reserves concept. In 2020, it was one of the first exchanges to conduct PoR using the now-standard method of combining Merkle tree with a third-party auditing firm and independent user validation. Two years later, the platform made its implementation open source following FTX’s collapse. In 2023, the method was upgraded to include regular reporting on more than 170 assets and utilizing ZK-SNARKs for enhanced security and privacy.

But the main problem remains. Even though the 100% PoR has become a benchmark for most centralized exchanges (CEX), it still needs to be easier for the average user to understand and complete a Merkle tree verification. Dr. Han simplifies the verification process, likening it to a collaborative game where millions of users identify data defects.

«Understanding the Merkle tree or zero knowledge technology can be complicated for non-technical people. But the verification process itself is quite simple. When we publish all the data, the source codes, the tools, people can work together to find the defects of our data», — the CEO says. «The first time we introduced this method we didn’t have more advanced technology like today. Users needed to trust us and the audit company. But now it’s much easier with ZK — people know we follow all the rules, as we cannot break them because of the open source code. So they don’t have to trust us, they have to trust technology».

The conversation turns to the broader implications of PoR as an industry standard. Dr.Han predicts its integration into traditional financial markets will foster greater transparency and accountability, setting a new benchmark. However, he noted that this success will largely depend on the crypto community — from data aggregators and media outlets to influencers and average users. 

«PoR allows the verification of third-party balances without disclosing sensitive information. This is something that the financial world has never had before. It definitely can and should be industry standard. And it depends on us on how we explain the benefits of this technology to the traditional world. I believe the requirement of having the audited proof of reserve will be a basic requirement for all crypto exchanges. And once it’s done, then, you know, it’s the invisible hand of the markets, when suddenly, all the players will start to pay much more attention to be at the standards and to be transparent».

Balancing Efficiency and Security

Gate.io CEO delves into the debate of centralized exchanges versus decentralized platforms, highlighting the efficiency and user-friendliness of CEX. Despite the allure of decentralized options, he underscores the current reliance on CEX due to low transaction costs and ease of use.

«The CEXes are still very, very efficient. For example, inscriptions are quite hot now, so a lot of people trade BRC-20 tokens. On Bitcoin blockchain, they need to pay a lot for each transaction, for each trade. But on the centralized platform, they pay almost nothing. At the same time, CEXes are very user friendly. Compared to Web3 applications, users only need to log in into their account to have everything. They don’t have to manage the private keys, think about how to keep it safe or synchronize with all the blockchain nodes», — Dr. Han comments.

Nevertheless, he anticipates a gradual shift towards decentralized platforms driven by advancements in infrastructure and UX.

«A lot of things are solving quickly in Web3. Now we have better infrastructure, better wallets, better interfaces. For example, our Web3 Wallet supports more than 40 blockchains, and in the future we’ll merge the other blockchains already supported in Gate.io, so the number will skyrocket to 300. Now users can store and trade the native tokens, like BTC, LTC and DOGE, ERC-20 and BRC-20 tokens. We are also going to add the dApp tokens — at the moment people can get information from Uniswap, but later they’ll be able to check the information straight in our wallet. It means users will manage all the assets, all the tokens, in just one wallet in their mobile phone». 

The CEO once again notes that as long as users are heavily reliant on CEX, it is important for them to pay close attention to the availability of PoR and audits. He says this is a good measure to prove the funds are safe, at least for now.

Secure Environment for All Gate.io Users

As the CEO explores catering to institutional needs, he underscores Gate.io’s commitment to upholding its standards. Dr. Han highlights the strict due diligence process institutional clients undertake and the importance of meeting their requirements for security and compliance. Gate.io’s readiness to cater to institutional demands reflects its dedication to providing all users with a secure and regulated environment.

«Gate.io accepts all kinds of customers. At the moment we serve thousands of institutional clients globally. From our experience, the main difference between institutional and retail customers is that they care more about the safety and the compliance of our platform. So they not only onboard before they start trading, they also do due diligence. They ask how we store the keys and assets, how we do the KYC and KYT, how we prevent market manipulation. Serving institutions is much harder, because we need to keep a very high standard to make them satisfied. But all these steps also benefit the retail users».

Dr.Han also notes that Gate.io spent many years and resources applying for licenses. It was worth it since the exchange’s new customers from traditional finance can’t trade on non-regulated platforms. Now, it’s one of the top cryptocurrency exchanges with licenses and approvals in different jurisdictions: Gate Group already has licenses or approvals in Malta, Lithuania, Italy, Dubai, Gibraltar and so on.

Looking ahead, the CEO offers a glimpse into Gate.io’s strategic roadmap. The focus on enhancing security measures and fostering strategic partnerships underscores the platform’s commitment to staying ahead of the curve. With a keen eye on innovation and user-centric solutions, Gate.io charts a course toward continued growth and success in the dynamic digital assets industry.

«Gate.io aims to have a very strong security system as an ecosystem – not only for CEX, but also for Web3. We want to figure out everything that’s possible to attack you. So in 2024, and also for the future, Gate.io is going to invest more in security. We are going to work with partners to do more tests, audits and other things to enhance our system to provide a safe as possible platform for all the users».

The post Proof of Reserves Should Be The Industry Standard: Gate.io CEO Dr. Lin Han on The Future of Security appeared first on BeInCrypto.

There seems to be an agreement that 2024 is the Year of Bitcoin and a crypto bull run and this is sending shockwaves through the cryptosphere. Galaxy Digital CEO Mike Novogratz is predicting a potential 2x – 5x increase in the price of Bitcoin and for good reasons too. The launch/approvals of spot Bitcoin ETFs are one, and the coming Bitcoin halving event is another. This renewed optimism in the blockchain scene, coupled with a projected Global Blockchain Gaming Market size of $104.5 billion (68.2% CAGR) by 2028, paints a picture of the gaming future brimming with possibilities. 

Blockchain gaming beyond gaming

When blockchain gaming burst onto the scene, Play-to-Earn gaming models were the early pioneers but since then, the ecosystem has rapidly evolved. The narrative has shifted and the focus is now towards creating holistic ecosystems offering players a wide range of value propositions. This includes:

• Play-to-Earn Evolution (P2EE): This narrative leverages play-to-earn mechanics to prioritize engaging gameplay with opportunities to earn rewards through NFTs, in-game assets, and meaningful participation in the game’s economy. According to this report, the Play-to-Earn (P2E) NFT Games market size was valued at $3.2 billion in 2023 and is likely to reach $8.8 billion by 2030 at a CAGR of 17.93%. New revolutionary games such as Bounty Temple are building on the P2E concept to introduce enhanced play-to-earn mechanics. These games are at the forefront of the new P2EE (play-to-earn-evolution) model.

• Social Economies: Building communities where players can play, collaborate, govern their virtual worlds, and forge lasting connections is at the heart of the gaming evolution. A recent study by Worldwide Asset eXchange (WAX) of 500 game developers and 1,000 video gamers in the United States revealed a strong desire among players for true ownership of their in-game virtual items. This explains the increasing interest in games with virtual economies, and titles like Sidus Heroes are prime examples of this trend. Most of these fast-growing games are AAA-level, Play-to-Earn, NFT-oriented, and RPG-based. They allow players to own in-game content, creating a compelling player-driven economy.

• Immersive Experiences: This narrative leverages the unique features of blockchain technology like cross-game interoperability and decentralized storytelling to create truly immersive experiences that blur the lines between reality and virtual worlds. The Sandbox, a leading metaverse platform, boasts over 2 million registered users and is partners with major brands like Warner Music Group, showcasing the potential for Immersive experiences in blockchain gaming. 

Building for the future through infrastructure and innovation

To truly unlock the potential of blockchain gaming, there is a need to build a robust infrastructure. This entails:

• Solutions for Scalability: Building to address the limitations of blockchain scalability is crucial for accommodating a larger influx of players and ensuring seamless gameplay. Layer-2 solutions like Polygon and Immutable X are making significant improvements in these areas, with Polygon boasting nearly 200 million unique addresses from more than 10,000 Decentralized Applications (dApps).  

• Interoperability Standards: By enabling the seamless transfer of digital assets between different games and platforms, a more connected and dynamic ecosystem is created. The emergence of organizations like the Open Metaverse Foundation is fostering collaboration between players in the industry, which in turn is paving the way for standardized protocols and interoperable virtual worlds. 

• User-friendly Interfaces: One of the keys to driving mass adoption is simplifying the onboarding process and making blockchain technology accessible to mainstream audiences. New projects are emerging that merge fast-paced gameplay with eSports intensity for ultimate competitive action (for example – Citizen Conflict). Similarly, there are also promising titles like Outlanders that offer an Open-World MMORPG utilizing blockchain technology to onboard the masses. These games seem to prioritize user experience with their intuitive interfaces and high-quality graphics. This is done to bridge the gap between traditional and blockchain gaming. 

Collaboration

The journey to reach a thriving blockchain gaming future requires collaboration from various stakeholders. Everyone has a part to play. Some of these stakeholders include:

• Traditional Gaming Studios: Bridging the gap between traditional and blockchain gaming requires the invaluable expertise of both Web2 game developers and players. Their established reputation and understanding of large player bases are crucial for attracting established audiences to the potential of blockchain technology. Ubisoft’s Quartz platform and Square Enix’s Symbiogenesis project are demonstrations of this growing interest from established players in exploring blockchain technology.

• Blockchain Developers: Consistent innovation in blockchain technology will be vital for solving scalability and security challenges. Blockchains like Solana and Ethereum are actively working on scaling solutions and improving transaction speeds, paving the way for smoother gaming experiences. 

• Regulators: Open dialogues and proactive collaborations with regulators can pave the way for responsible and compliant innovation. Initiatives like the Blockchain Game Alliance (BGA) are promoting blockchain within the game industry, fostering communication between regulators and industry players, and ensuring sustainable growth within a clear legal framework. 

A plethora of possibilities

As we wait for the potential bull run to kick start properly, blockchain gaming is poised to provide a plethora of possibilities and opportunities:

• Web3 games exceed AAA standards in graphics, storytelling, and gameplay, all while empowering players with digital ownership, community governance, and experiences so immersive they transcend the boundaries of the screen.

• A thriving creator economy where players can monetize their skills, experiences, and creations, fostering a sense of ownership and participation in the development of the game. Night of the Living Dead is a good example. It is an innovative and thrilling Battle Royale game that combines the excitement of PvP combat with the relentless threat of the undead. It boasts an engaging gameplay, unique features, and a commitment to community feedback. 

• Interconnected virtual worlds where players can travel with their unique digital assets seamlessly between different games, as they forge lasting connections with fellow gamers. 

Blockchain gaming has immense potential, and a bull run this year could be the catalyst that propels it to the forefront of the interactive entertainment landscape. This isn’t about investing in a token, chasing quick profits, or dreaming about all-time-highs (ATHs); it’s about embracing a paradigm shift in the gaming sphere, one where players are no longer just consumers, but active participants in the creation and evolution of their virtual worlds.

Whether you’re a seasoned gamer, a blockchain enthusiast, or simply someone curious about the future of entertainment, there’s a place for you in this burgeoning ecosystem. So download your favorite blockchain game, and prepare to be swept away by the adventure that awaits.

The post What’s Possible in Blockchain Gaming in a Potential Bull Run appeared first on BeInCrypto.

Estimated to reach an overall size of $455.30 billion in 2024, the gaming industry is undergoing a monumental shift. The effect of blockchain technology is reshaping play and creating immersive universes where every action holds real-world consequences and your skills translate to tangible rewards.

Blockchain games are liberating themselves from the limitations of centralized servers and publishers, offering players ownership and transparent economies. Yet, amidst the excitement of play-to-earn models and decentralized governance, a crucial question emerges: Can we unleash the full potential of blockchain gaming without ensuring the security of our digital privacy?

This article explores the realm of blockchain gaming and its transformative impact on play. It underscores privacy’s pivotal role in realizing its true potential for an unparalleled blockchain experience. Finding the right balance between transparency and anonymity has become essential in a world where every transaction is recorded on a public ledger.

How blockchain redefines digital property rights

Many of us grew up in an era when games were closed systems ruled by iron-fisted publishers. We had no real power or say in matters related to the gameplay and our imaginations were confined to the walls they built, with no freedom to paint our own narratives. In contrast, blockchain games offer a new model of ownership and agency where players can write the rules and build a community-powered future.

Yes, blockchain technology has revolutionized ownership, turning virtual assets into valuable NFTs with real-world value. Imagine slaying a dragon in a game and claiming its scales as an NFT – the more skilled you become, the more valuable your NFT. This essence of “play-to-earn” blurs the line between entertainment and financial opportunity.

Decentralized networks are shifting power to gaming communities, replacing centralized control with player-driven economies. In this model, in-game rules are shaped through collective decisions, fostering vibrant virtual societies where your voice matters. The future of gaming isn’t just about playing; it’s about building, owning, and thriving in collaborative worlds powered by the transformative blockchain.

Token triumph: Navigating the impact of blockchain

Blockchain is reshaping yet another gaming realm: eSports. The global eSports market is projected to grow from $1.72 billion in 2023 to $6.75 billion by 2030. That’s a CAGR of 21.5% during the forecast period. Platforms like Citizen Conflict and many others are trying to democratize this competitive landscape. This could level the playing field by rewarding skill and dedication through transparent in-game economies and accessible NFT assets. This inclusivity allows anyone, regardless of background, to compete and earn real-world rewards. Meanwhile, titles like Rarity Rush adds a blend of fantasy sports and blockchain, enabling ownership, management, and trading of NFT-based player cards tied to real-world performance.

While these narratives offer exciting opportunities, privacy concerns linger. Traditional online games often collect and store players’ data, exposing them to targeted advertising, invasive marketing, and potential security risks. While blockchain brings transparency and immutability, integrating our financial lives through crypto wallets and transactions within virtual worlds raises valid privacy considerations. How does blockchain gaming, designed for transparency, navigate the delicate balance between opportunity and privacy?

The privacy paradox: Balancing gaming thrills with user data security

Amid the blockchain revolution, the crucial matter of privacy comes to the forefront. While blockchain’s transparency promotes trust and fair play, it also exposes a player’s digital actions to the public eye. Every transaction, asset transfer, and competitive match is recorded on the ledger, potentially raising concerns about tracking, profiling, and targeted attacks.

Privacy and transparency can coexist in blockchain gaming. Blockchain gaming can offer limitless opportunities without compromising players’ digital freedom by focusing on smart contract security, thoughtful design, and employing privacy tools like decentralized identity solutions.

Ensuring robust privacy in blockchain gaming requires collaborative efforts from:

• Developers: Prioritizing user trust through solid security measures, minimal data collection, and providing players control over their in-game data.

• Players: Understanding the balance between transparency and anonymity and choosing platforms prioritizing responsible data practices.

• Regulators: Establishing clear frameworks that foster innovation while safeguarding user privacy and preventing potential data misuse.

Blockchain gaming’s promising horizon requires developers’ vigilance

The horizon for blockchain gaming holds immense promise, yet not without hurdles to overcome. In navigating this evolving landscape, developers bear the responsibility of emphasizing robust security measures and integrating privacy-enhancing features. By doing so, they pave the way for players to authentically own their gaming experiences and enjoy the rewards, all while safeguarding their digital freedom.

The post Game On, Stay Private: New Era of Privacy-First Play appeared first on BeInCrypto.

This fusion has given rise to innovative concepts such as Play-to-Earn, Watch2Earn, Walk2Earn, Learn2Earn, and other engaging learning opportunities, effectively bridging the gap between web2 and web3.

This article delves into these niches, exploring how blockchain technology influences them. We’ll examine an industry where your gaming skills and attention become valuable assets on the path to financial freedom. However, we also address the potential downsides of solely pursuing financial rewards, highlighting how this approach may lead to forming non-loyal and weak communities. Understanding the dual nature of engagement with pure financial motivation is essential, considering its benefits and potential drawbacks.

NFT-fueled adventure in blockchain gaming

NFTs are at the forefront of the Play-to-Earn gaming revolution, reshaping the landscape of blockchain gaming. In this dynamic realm, winning in-game assets isn’t just about virtual victories; it translates into real-world assets with tangible value. This marks a significant departure from traditional gaming, where virtual assets can vanish if a server reset occurs.

However, not all games are created equal, and not all assets promise a flourishing future. A select few pioneers in the gaming industry employ true play-to-earn mechanisms, where Non-Fungible Tokens play a pivotal role. NFTs inject ownership, utility, and a thriving economy, contributing to the sustainability of in-game economies. This injection of NFTs has elevated the thrill associated with online gaming.

What sets NFTs apart is their ability to grant players actual ownership of digital assets. This ownership empowers players to move their prized possessions across different blockchains, trade them on open marketplaces within these blockchains, or even rent them out for passive income. Consequently, players feel a heightened sense of investment, attachment, and control over their virtual selves.

The impact of NFTs extends beyond the virtual realm, with players reportedly quitting their day jobs to sustain themselves through earnings from games like Axie Infinity, which has raked in over $4 billion in revenue. However, it’s crucial to note that in many cases, NFTs are required to access and fully participate in these games, making the initial investment potentially out of reach for players, especially those in developing countries. This financial barrier raises essential considerations within the evolving landscape of blockchain gaming.

Once a costly endeavor with expensive consoles and licensed games, gaming now mirrors the financial landscape of NFTs required for entry into Play-to-Earn (P2E) games. However, the beauty of P2E lies in its dismantling traditional entry barriers. It’s a realm where skill and dedication take precedence, offering a level playing field. This accessibility means anyone can participate in in-game economies, potentially earning prizes of real value. The acquired assets, specifically NFTs, go beyond mere trophies; they become tools for community-building.

These NFTs foster collaboration and a sense of belonging, with guilds forming around specific NFT collections. Shared ownership of unique assets creates a space where players unite to pursue common goals, blurring the lines between gaming and socializing. This synergy results in an engaged and passionate player base, propelling the game’s growth and ensuring its long-term viability.

The NFT gaming market has seen significant investment, with a recent report by DappRadar indicating that approximately $2.3 billion was invested in blockchain gaming projects in 2023. The industry’s robust growth is further highlighted by DappRadar, revealing that blockchain gaming constituted a substantial 40% of the entire web3 ecosystem in Q3 of 2023, involving nearly half a million unique wallets interacting with blockchain games. Projections indicate that the industry is poised to reach a staggering $23.2 billion by 2025, underscoring the transformative potential of NFTs in the gaming sector.

Innovative platforms such as Axie Infinity, Aether Game, Sidus Heroes, and Bloodloop lead the charge in the gaming industry. These platforms exemplify the industry’s cutting-edge developments, showcasing the revolutionary impact of NFTs in shaping the future of gaming.

Watch, earn, learn, repeat: Unleashing the power of the attention economy

NFT-based Multiplayer Online Role-Playing Games (MMORPGs) are leading the way in gaming innovation, adeptly integrating blockchain technology to transform player experiences. Many new games aim to serve as a bridge between the traditional web and blockchain. For example, some games enable players to own in-game content while engaging in a player-driven economy.

These games often extend beyond typical gaming boundaries by incorporating features like Decentralized Autonomous Organizations (DAOs), liquidity pool (LP) farming, and marketplaces. Such integration aims to enhance the utility and investment opportunities within their ecosystems.

In blockchain-backed concepts, Watch2Earn emerges as a groundbreaking venture that rewards users for engaging with content creators. Tailored for platforms like YouTube and TikTok, Watch2Earn transforms viewer engagement into a tangible reward system, allowing fans to earn creator tokens directly on the platform. This innovative approach fosters a more engaged and interactive community.

Meanwhile, games like Mogaland represent a novel category by blending gaming with financial data, giving birth to Play-to-Learn-to-Earn metaverse games. In these games, players are motivated to learn about financial concepts through enjoyable gameplay, earning rewards as they deepen their understanding.

Leveraging blockchain technology, these platforms are revolutionizing viewer engagement, fostering a mutually beneficial relationship between consumers and creators within the dynamic realm of digital entertainment.

Blockchain paradigm: Empowering ownership, community, and value in digital entertainment

The gaming, content creation, and consumption ecosystems are in the midst of a profound blockchain revolution. This transformative wave brings an era defined by ownership, community empowerment, and value creation. Projects such as NFTs, Play-to-Earn, and Watch2Earn lead the charge in this paradigm shift. These initiatives spearhead innovation within the blockchain space and serve as architects shaping a decentralized and inclusive future for these interconnected realms.

The post Building Thriving Communities With Gamified Earnings in the Attention Economy appeared first on BeInCrypto.

This, along with a whole bunch of other big and small problems, was the daily norm of our company when I took on the role of HR Project Manager. The main goal of my position was to bring order and make all HR processes transparent, understandable, and, most importantly, manageable and predictable!

The global task sounded like this: choose a suitable human resources information system (HRIS) and implement it. In reality, there was a lot of work, stages, pitfalls, and unexpected consequences behind the scenes.

I want to share with you the most important experience I gained on this project. If you or your company are facing a similar task, my article will save you from mistakes and help you quickly figure out where to start and in what order to act.

1. Information Gathering and Analysis:

   The first thing I started with was interviews with key stakeholders of the future HRIS. Here is our list of stakeholders:

   – CEO

   – CMO

   – IT Director

   – Head of Sales

   – The entire recruitment department

All company employees will use the system. However, my task at this stage was to explore the key HR processes and identify any existing problems. Because the first stage involves basic detailing and formalization of the process, only when you are sure that it suits everyone who uses it can you automate it.

At this stage, we found that some processes were completely absent. For example, there was no unified policy for vacations. Each manager kept track in their own way, and there was no common calendar to check information on absences.

Another example of a “phantom” process was termination. The need to do it periodically arose, but no one knew how to do it correctly. How do we communicate and justify it? What documents are needed for termination? Who and when will make the final payment? These were basic questions that I had to come up with, describe, and get approved.

2. Setting Priorities:

In our company, there were many gaps and issues. At some point, I even felt overwhelmed and began to think that the task was impossible. Where to start, what to focus on? Is there even a system in the world that will cover all our needs?

I decided to approach the issue with a clear head. I compiled a list of “burning HR issues” and asked each manager to rate them from 1 to 10, where 1 is “I won’t even notice if this is missing in the company,” and 10 is “I can’t work properly without this right now.”

Then, I gathered everything into a single table and calculated the scores. Here’s what I got:

   1. Speed of position closures (Recruitment)

   2. Onboarding

   3. Offboarding

   4. Vacation management

These were the absolute leaders. These areas needed to be fixed as soon as possible and formed the basis of my comparative assessment of HRIS.

3. Process Description:

It is important to note that 2 out of 4 processes did not exist at all. Essentially, they were there (people were somehow trained after hiring and somehow dismissed), but there were no unified rules of the game.

Recruitment and vacations existed in some form, but since there were many questions about them, I decided to analyze them and create an optimal new working model that would address the most common gaps.

Why is it important to focus on theory and documentation at this moment? Because here you will understand the key requirements for HRIS. Thus, it will be easier for you to choose from a variety and reduce the risk of a choice error (when everyone has already bought, set up, and realized that a certain function is needed, but it’s either not there, or it’s too expensive).

4. HRIS Selection

After the previous stages, this one turned out to be simple and enjoyable. I simply compiled a list of must-haves for each category (our top 4) and checked them off during demonstrations of various HRIS.

At the time, we were studying and considering:

– Bamboo HR

– People Force

– HURMA

– SAP

And a couple more, but I can’t recall their names. However, they dropped out of the running as they didn’t meet the top requirements on our list.

Ultimately, with a slight lead, People Force emerged as the winner. The balance between price, implementation complexity, user-friendly interface, and the required modules was optimal.

Important! At this stage, keep in mind not only your top-rated essential HR modules but also the next 3-4 areas. The system should be suitable for your future needs. For instance, we had plans to implement KPI and performance-based culture, and it would be odd to do this in a completely different system. So, I also evaluated the presence of such capabilities when comparing HRIS.

As for the payroll module, it wasn’t relevant for us at that time or in the next 3 years.

Finding a system that perfectly covers EVERYTHING is impossible. Theoretically, such tools exist in the market, but in practice, they tend to be too complex (and expensive) to implement, train users, and use in the long run. This might be feasible for large companies with extensive IT teams, but it wasn’t our case.

5. Configuration

The only thing I want to say in this section is that the more detailed your processes are outlined in the previous stages, the faster and easier it will be to configure the system to fit your needs and ensure that it works and brings results, not suffering.

6. Training Key Users

It’s super important to create user-friendly materials — texts, videos, drawings, and diagrams. Yes, there are manuals from the developers, but they are dull and impersonal.

I created training materials based on examples and processes from OUR company. And it helped our employees get accustomed to the new tool.

Yes, even those who had many problems before HRIS had difficulty accepting it simply because it was NEW, and they needed to get involved, learn, and make an effort. It’s easy to stick to what you’re used to.

7. Implementation of the Test Group

I selected the most conscientious and motivated individuals — the recruiters! The initial operational experience was conducted with them. I identified setup errors, adjusted processes if I saw any issues, and conducted individual interviews with each one to understand the challenging aspects.

This preparation proved valuable when we later extended the HRIS to the entire company, comprising 260 people at that time.

8. Company-Wide Launch

Two important points to note here:

1. Be prepared; it will take time. Implement gradually. People dislike changes, even for the better. Exercise patience and systematically, step by step, guide them from their familiar actions into the new HRIS reality.

2. Involve marketers or become one yourself. “Sell” the idea of working in the new system rather than enforcing it. What does it offer to your colleagues? How does their life become better/easier with HRIS? Motivations vary among different teams. You need to identify and address the interests of each group.

For instance, we started the HRIS presentation by talking about the newly created knowledge base. The first article, inviting everyone to explore the system, had an intriguing title: “Want a Salary Increase? How to Achieve It?”

I also had separate discussions with each manager and team lead. I highlighted the benefits of their entire team using HRIS. Recalling their complaints and mistakes from the first stage, I demonstrated how everything would be different in the new system. With their support, I asked them to remind and promote the use of HRIS within their teams.

Results after 1 year:

– Reduced the number of concurrently open positions by 60% (Recruitment)

– Increased the speed of position closures by 50% (Recruitment)

– Halved the turnover rate within the first 3 months (Onboarding)

– Reduced overall turnover by 15% (Internal HR)

– Improved ratings on major job platforms (Offboarding + HR Brand)

Plus, a whole list of non-digitized but crucial achievements:

– Clear and transparent organizational chart

– Quick access to colleagues for any question, even in different time zones and teams one hasn’t worked with before (we operate fully remotely and decentralized – spanning 60 countries and all time zones)

– Employees are aware of basic rules and policies. If forgotten, there’s one convenient place to easily find everything.

After another year, we transitioned to creating a performance-based culture. Bringing order to basic processes and implementing HRIS provided us with the opportunity to move forward and reach a new level of team management.

Skills that will be useful for you or anyone that you may involve in this significant and interesting task:

Change management, Project management, Psychology, Analytical skills, Strategic thinking, Basics of psychology, Needs assessment, Benefit presentation, Patience, and optimism.

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