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irinaotero
In Blockchain, Blog, Dapps, Ethereum, Solidity, Web3

The Mighty Block Web3 Glossary

Mighty Block

The blockchain world can be overwhelming at first. Having a deep understanding of the basic concepts will help you better organize your learning process. Here are some definitions we have crafted to help you get started with, we introduce you: “The Mighty Block Web3 Glossary”.

(in alphabetical order)

Airdrop : Describes token distribution methods used for introducing new cryptocurrencies or tokens to specific wallet addresses. Web3 projects can use airdrops as marketing initiatives by facilitating airdrops to users completing tasks such as app downloads or referrals.

Altcoin:  Any of various cryptocurrencies that are regarded as alternatives to established cryptocurrencies and especially to Bitcoin.

Arbitrum: Arbitrum is an Ethereum layer 2 scaling solution that reduces fees and network congestion by computing transactions outside of the Ethereum Mainnet. Arbitrum’s rollups use multi-round fraud proofs to verify contracts were executed correctly. Blocknative currently does not support the Arbitrum L2 blockchain.

Arbitrum

Arbitrage: Arbitrage in the world of web3 is the same as in traditional finance and is a natural mechanism for markets to achieve equilibrium. Whereas arbitrage in the real world is usually possible due to differences in physical realities (the price of a widget is 20% higher in Country A than Country B), arbitrage in web3 is made possible by the value of assets within different web3 ecosystems. Consider a situation where the price of Ethereum is $2000 on Uniswap, but at the same time, it is $1990 on Sushiswap. An arbitrager can take advantage of this gap by buying ETH on Sushi to resell on Uniswap, instantly pocketing $10 per ETH (minus gas fees). Arbitrage is a key factor in MEV.

Blockchain: A blockchain is a distributed database that is shared among the nodes of a computer network. Blockchains store a continuously growing historical ledger of information (e.g. accounts and transactions) into blocks. Blocknative builds APIs for blockchain developers, including mempool monitoring tools, blockchain notification tools, and gas estimation tools.

Bridge: The list of essential terms in web3 would also draw attention toward bridges, which have emerged as promising answers to concerns of interoperability. The bridge is an effective tool tailored for transferring assets from one blockchain network to another. It is also important to note that all bridges do not feature the same design and have different functionalities.

Centralized Exchanges: Centralized exchanges have evolved as one of the popular applications in the web3 ecosystem with promising value advantages. Centralized exchanges are cryptocurrency exchanges run by third-party agencies to sell and buy cryptocurrency. One of the distinctive highlights of centralized exchanges is the fact that they are custodial in nature. Notable examples of centralized exchanges include Gemini, Kraken and Coinbase. 

Decentralized Exchange (DEX). This type of crypto exchange enables users to transact in a direct peer-to-peer manner without any intermediary

ERC: Ethereum Request for Comment is the proposal for modification to the Ethereum ecosystem, which has passed the approval stage. It points out a collection of standards used for a specific operation on the Ethereum network. 

Gas: Gas is a unit of measurement that represents the computational effort required to complete a transaction. How much a user spends to complete a transaction is determined by the total amount of gas multiplied by the gas price.

Gas Estimator: Gas Estimator is an ETH gas fee tracking tool built by Blocknative that inspects every pending transaction in Ethereum’s mempool to probabilistically estimate transaction fees to get included in the next block.

Gas Fees: Gas fees are the fees users must pay in Ethereum’s native currency, Ether (ETH), to complete a transaction. Gas fees are used to compensate miners for providing the computational work required to process and validate transactions.

Gas Price: The gas price is the amount of Ether (ETH) a user is willing to pay for every unit of gas required to complete a transaction (denominated in Gwei).

Layer 1: refers to the main blockchain in a multi-level blockchain network. For example, Ethereum and Bitcoin are layer one blockchains. Many layer two blockchain offload resource-intense transactions to their separate blockchain, while continuing to use Ethereum’s or Bitcoin’s layer one blockchain for security purposes.

Layer 2 (L2) refers to a secondary framework or protocol that is built on top of an existing, layer one blockchain. Layer 2 blockchains typically improve transaction speeds and cost efficiency. As Layer 2s continue to scale, mempool data gives builders looking to migrate or build new Dapps the tools to create the best user experiences.

Liquidity Pool: Is a smart contract containing large portions of cryptocurrency, digital assets, tokens, or virtual coins locked up and ready to provide essential liquidity for networks that facilitate decentralized trading.

Oracles: Are entities that connect blockchains to external systems, thereby enabling smart contracts to execute based upon inputs and outputs from the real world. Oracles provide a way for the decentralized Web3 ecosystem to access existing data sources, legacy systems, and advanced computations.

POH: Proof of Humanity (or PoH) is a social identity verification system for humans on Ethereum. PoH combines webs of trust, reverse Turing tests, and dispute resolution to create a sybil-proof list of humans.

Smart Contract: The smart contract is written in virtual language and has the power to execute and enforce itself, autonomously and automatically, based on a series of programmed parameters. With blockchain technology, its main value lies in reinforcing security, transparency and trust between signatories, avoiding misunderstandings, falsifications or alterations and dispensing with intermediaries.

Staking: Staking is the locking up of cryptocurrency tokens as collateral to help secure a network or smart contract, or to achieve a specific result. Staking is a term often used to describe the locking up of cryptocurrency as collateral to help secure a particular blockchain network or smart contract protocol

Swapping: An agreement between two parties that exchange different token types (say token 𝐴 and token 𝐵). In a token swap, one party will pay a certain amount of token 𝐴 to the other party and receive the agreed amount of token 𝐵 in return.

Wallet: A Web3 wallet is a software program that stores private keys, which are necessary for accessing blockchain networks and conducting transactions. Unlike traditional wallets, which store physical currency, Web3 wallets store digital assets such as Bitcoin, Algorand, and NFTs.

Zero-Knowledge Proof: A zero-knowledge proof is a method of verification in which a “prover” shows possession of secretive knowledge to a “verifier” without revealing the sensitive information itself. This encryption scheme can ensure data privacy and confidentiality on a public blockchain.

ZK-Rollup: A ZK or “zero-knowledge” rollup is an Ethereum layer 2 scaling solution that bundles transactions off-chain into a single cryptographic proof. This transaction is then submitted back to the main chain for validation. ZK-rollups utilize validity proofs to confirm transaction legitimacy.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
joel saidman
In Blockchain, Blog, Metaverse, NFTs

Soulbound Tokens: The Future of Cryptocurrency

soulbound tokens

As blockchain technology continues to evolve, new concepts and innovations are emerging to revolutionize the world of cryptocurrency.

One of these new concepts are the soulbound tokens ( SBT token), which have the potential to improve use cases of digital assets.

In this article, we will explore what soulbound tokens are, how they work, and different soulbound token implementations.

What are Soulbound Tokens?

Soulbound tokens are a special kind of digital asset linked to a user or wallet and cannot be moved or exchanged. They are unique non-fungible tokens (NFTs) created on a blockchain network and permanently associated with the user that mints this token.

SBT vs NFT
SBT vs NFT –  https://tokensgratis.com/que-son-los-soulbound-tokens-sbt-y-ntst/

You can resold NFTs in secondary markets or transfer them between addresses while these type of tokens will stay in the minted address.

Because of that, soulbound tokens nft are highly secure and immutable.

So, soulbound token meaning refers to something that is permanently connected or linked to a character or account, often in a way that cannot be undone.

How do Soulbound Tokens Work?

You create Soulbound tokens on a blockchain network using smart contracts. These soulbound token contracts contain the logic that determines the ownership and usage rights of the soulbound token.

Once the soulbound token is created, it is linked to a specific user or account and will belong to that user forever.

Soulbound Tokens Use Cases

SBTs are non transferable and have a wide range of potential use cases due to their unique properties. 

Lets see some real examples of their uses:

Gaming

You can find SBT soulbound tokens in the gaming industry as in-game assets or to represent the actual player’s gaming identity.

We are in an early stage but there are platforms developing this concept of gamers identity such as Dequest or Soulbound.

This kind of platform provides you two major benefits.

  • In one hand, it awards you NFTs and levels up your soulbound token while you complete quests in different games.
  • On the other hand, it lets you build a reputation as a gamer across different games.
SBT NFT
https://ntst.dequest.io/
  • Digital Identity Token: They are a form of digital identity too, where each user has a unique token that represents their identity on a blockchain network. This can help prevent identity theft and fraud by providing a secure and verifiable way to prove ownership of digital assets. Binance use this concept for users who finished their KYC process:
Binance soulbound
Read the full article here

There are plenty of more use cases that are still under development, for example:

sbt cases of use

For example; imagine a University degree. A university could provide a graduate with their certificate as an SBT. Currently, if a university was to give out a degree as a standard NFT, the graduate would theoretically be able to sell it due to the nature of the technology. On the other hand, if it was a Soulbound token, they would be unable to sell it or transfer it. This characteristic is specially valuable for an educational institution.

Another great example is using SBTs as event tickets. Event organizers could make sure a person truly went to a conference or event as they would have an SBT to prove it.

The common factor between all these examples is that a user needs legitimate proof of an event or ownership that they have and cannot be transferred.

Conclusion

Soulbound tokens are a groundbreaking innovation in the world of blockchain technology and have the potential to transform various industries by providing unique and secure ways to represent ownership and control over digital assets. 

We mention some real use cases that are in their first stages and many others that still need development.

In my opinion, to see soulbound tokens in our daily lives, we still need time and development for the technology to evolve so it’s more user friendly and the masses can adopt them.

During my recent interaction with the Dequest dApp, I had the opportunity to utilize soulbound tokens and it was really easy to do the account setup process and receive my initial soulbound token.

I did some initial quests but since the app is still in beta I didn’t have the opportunity to play a game, win a quest and see some in-game rewards but for sure, when a first release is available I will give it a try. 

I have high expectations for the integration of this technology with other web3 concepts, such as zero knowledge proof, as I believe they will complement each other exceptionally well.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions

sebaleoperez
In Blockchain, Blog, DeFi, Web3

Different types of cryptocurrency wallets: The one you need

Mighty Block Wallet

In Mighty Block, our purpose is to help onboard the next billion users into Web3. To achieve this, users have to know how to use applications that allow them to connect to the web3, also known as wallets. The problem is that there are different types of cryptocurrency wallets, and even more types of users. Which is the best wallet for each of them? Let’s analyze:

Custodial Wallets

Custodial wallets are those that are managed by a third party. It is the closest thing to a “web2” application (such as a social network) since users will authenticate themselves in the way they do in the applications they use in their daily lives using, for example, their email and a password.

Advantages of Custodial Wallets

  • It is very easy to use.
  • Recovering an account if I lose my password is quite accessible.

Disadvantages of Custodial Wallets

  • You are not the owner of your private keys and therefore do not have full control over your funds.

In resume, it’s a centralized solution for a decentralized world.

custodial-wallet

Regular Self Custody

In these type of wallets, it is the user who must be in charge of storing and securing their private keys. Among these we find: browser wallets, desktop wallets, some apps and hardware wallets.

Advantages of Regular Self Custody Wallets

  • Now we really own our accounts
  • The security of our account depends on ourselves and not on third parties.

Disadvantages of Regular Self Custody Wallets

  • It’s not uncommon to lose access to an account or get hacked.
regular-self-custody-wallet-electrum

MPC Wallets

MPC (for Multi-Party Computation) allows multiple parties to participate in the signing of a transaction. Each part will have a private key and thanks to complex cryptographic algorithms the desired signature is achieved.

Advantages of a MPC Wallet

  • It is a decentralized procedure since it does not store private keys in a third party.
  • Reinforces security thanks to complex cryptographic algorithms.

Disadvantages of a MPC Wallet

  • It can be a bit more complex in its usability
  • Requires more than one physical device which can make it difficult to recover funds.
  • It is not compatible (today) with hardware wallets.
multi-party-computation-wallet

Smart Wallets

These are managed by smart contracts and therefore not only allow to store and transfer but also can execute pieces of code that add functionality such as multisignature.

Advantages of Smart Wallets

  • They have flexibility without losing decentralization.
  • You can even add logic to pay fees with ERC20 tokens.

Disadvantages of Smart Wallets

  • The code can expose vulnerabilities and make transaction costs more expensive.
castle-smart-crypto-wallet

So, which one should I use?

I believe that there is no silver bullet wallet, but I can give you some clues as to which one is best for you. 

  • You are not a technical user and you want the easiest to use? Custodial wallet.
  • I’m a technical user but I’m not careful with my keys. I prefer to have an easy way to recover my account => Custodial wallet
  • I am a technical user and I want a simple way to manage my account, and I am also very careful with my keys => Self custodial
  • I am a technical user who doesn’t take good care of his keys, but who thinks that multi-factor authentication would work for him => MPC
  • I am a technical user who would like to customize the use of his wallet to even adapt it to decentralized applications => Smart Wallet

Why do I recommend a centralized wallet in some scenarios? Because I think it’s the easiest way to start. And if what we are looking for is adoption, it is important first that everyone can use a wallet, and then become experts and choose the most suitable one.

I hope that with this article you now have a clearer idea about the different types of cryptocurrency wallets that exist.

Which wallet do you think is the most appropriate for you? Let me know in the comments !

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
irinaotero
In News

Brazil’s Rio de Janeiro will accept crypto payments for property taxes

rio de janeiro crypto payments

The city will allow taxpayers to make crypto payments through third-party service providers.

The city of Rio de Janeiro is seeking crypto firms to operate its tax property seasoning in 2023, according to a decree published on Oct. 11, allowing taxpayers to use crypto alongside fiat currency to pay tributes. The move makes Rio the first Brazilian city to accept digital assets as payment for taxes.

It is expected that taxpayers will be able to pay with more than one crypto asset and that other types of taxes will be enabled in the future, the city stated. The decree also states that companies willing to provide the services must be registered with the city and comply with the Brazilian Securities and Exchange Commission (SEC) requirements.

The hired companies will provide cryptocurrency payment services and convert crypto into fiat currency. Funds will be transferred to the city in local fiat currency without any additional cost to taxpayers. Mayor Eduardo Paes said in a statement:

“Rio de Janeiro is a global city. Therefore, we are following  technology and economic advances in the universe of digital financial assets. We have a look to the future and we want to become the country’s capital of innovation and technology. Our city is the first in Brazil to offer the taxpayer this type of crypto payments.”

Similar actions have been taken around the world. In September, the United States state of Colorado started accepting crypto payments for any taxes owed. The legislatures of Arizona, Wyoming and Utah have all introduced bills to accept tax payments in the form of digital currencies to varying degrees.

Rio de Janeiro’s initiative is another example of the efforts being made in the country to broaden adoption. Recently, the number of companies holding cryptocurrency in Brazil has reached record highs as of August, as the local taxation authority, Receita Federal do Brasil, recorded 12,053 unique organizations declaring crypto on their balance sheets in August, up 6.1% over July.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
irinaotero
In Blockchain, Blockchain Games, Blog, Dapps, NFTs

Blockchain gamers surge as users attempt ‘stacking crypto’ — DappRadar

Mighty Block

Despite the FUD, blockchain games surged in active users in September, while God’s Unchained cracked the top 10 in terms of total NFT sales volume of all projects (Cointelgarph).

User activity on blockchain gaming decentralized applications (DApps) surged in September, with a host of games posting significant increases in the number of active users.

According to data from DappRadar, seven out of the top 10 games in terms of the number of “unique wallet addresses interacting with dapp’s smart contracts” increased over the past 30 days, with all of the top five games being in the green during that time frame.

At the time of writing, the DApps registering growth in the period include Web3 gaming platform Gameta, and blockchain-based games Alien Worlds, Solitaire Blitz, Benji Bananas and Splinterlands, Farmers World and Arc8 by GAMEE. 

In a Sept. 27 blog post, DappRadar noted that eight of the current top 10 blockchain games are mobile-first, which could eventually “bring millions of users to the blockchain,” noting: 

“Dapp games like Gameta, Benji Bananas, Upland, and Trickshot Blitz let anyone with a mobile device earn crypto with little prior knowledge, investment, or risk.”

“Using daily activities like hyper-casual mobile games as a hook ensures users find fun once they interact, while solid tokenomics can encourage everyday use and retention,” it added. 

DappRadar said one of the possible reasons for a rise in popularity of blockchain games despite the bear market, is the idea of “bleed in the bear and run in the bull:”

The biggest uptick in users came from Animoca Brands’ Benji Bananas (Polygon), which saw a 2016.54% increase over the past 30 days. Notably, this game was a Web2 mobile app until March this year. Animoca then introduced play-to-earn (P2E) elements via the Bored Ape Yacht Club-affiliated Ape Coin (APE).

While it is unclear what specifically saw the number of Benji Bananas users increase by so much, it did host a P2E gaming event this month that offered a series of valuable in-game NFTs to the winners.

Blockchain gamers surge as users attempt ‘stacking crypto

Out of the top 10 games, only Axie Infinity, Trickshot Blitz and Upland saw decreases over the past 30-days.

The increase of blockchain gamers this month comes as publications such as Bloomberg note in a Sept. 28 article that the highly correlated NFT market trading “frenzy is almost dead.” It points to overall NFT trading volumes dropping 97% since January as evidence of such.

As Animoca Brands co-founder Yat Siu pointed out via Twitter on Sept. 30, purely looking at the metric of NFT sales volume doesn’t necessarily paint the whole picture in NFTs or gaming.

Siu highlighted that NFT prices have generally declined in accordance with the price of their paired assets such as Ether (ETH), while many games — that don’t often grab the headlines — require NFTs that are relatively cheap. He instead emphasized that user activity and the number of people entering Web3 is where the focus should be.

Gods Unchained breaks 10 top NFT sales

Meanwhile, NFT-based card battle game Gods Unchained has seen its NFT sales volume creep into the top 10 in NFT sales volume over the past 30 days, according to Cryptoslam.

Gods Unchained has seen a 373.25% increase over the past 30 days to sit at $10.8 million at the time of writing. This marks the first time the game has seen NFT sales top $10 million since January, and after a very slow February to August period.

Reasons behind this could be due to discussions of a “Season 2” upgrade to improve the game and lore in the works and GameStop offering free NFT packs to Pro members this month. Meanwhile, an esports tournament with a $70,000 prize pool was also announced at the start of this week.

Gods Unchained has also seen a significant increase in active users over the past 30 days, gaining 28.50% to sit at around 14,180 according to DappRadar. The game still has a long way to catch up to the top 10, however, as its user count places it at twenty-eighth.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
irinaotero
In News

Iconic brands including Nike, Gucci have made $260M off NFT sales

NTF Mighty Block

Nonfungible tokens give major and iconic brands new ways of interacting with their consumers spanning art, fashion and gaming.

The hype surrounding nonfungible tokens (NFTs) has allowed some of the world’s most iconic brands to rake in hundreds of millions of dollars in additional revenue, underscoring the mass consumer appeal of digital collectibles. 

Leading brands including Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany have amassed a combined $260 million worth of sales from NFTs, according to data from Dune Analytics that was first reported by NFTGators. Nike’s NFT drops have amassed $185.3 million in revenue, with volumes in secondary markets approaching $1.3 billion.

Dolce & Gabbana has generated $25.6 million worth of NFT revenue. Tiffany, which only recently launched its NFTiff token allowing CryptoPunk holders to mint customized pendants, has amassed $12.6 million in NFT-related sales. Total NFT revenue for Gucci and Adidas was $11.6 million
and $10.9 million, respectively.

NFTs burst onto the mainstream in 2021, with collections such as the Bored Ape Yacht Club and CryptoPunks generating billions in lifetime sales. The hype surrounding digital collectibles eventually garnered the attention of major brands, which began experimenting with the technology to better connect with their customers. Although the NFT craze has died off in recent months, the impact of the new technology is expected to leave a lasting mark. Companies like Nike and Addidas plan to take their NFT ambitions into the Metaverse — moves designed to extend the ubiquity of their brands into the virtual worlds.

While estimates vary, investors and technologists believe the NFT market has a very bright future. According to a recent survey by market aggregator CoinGecko, respondents believe the NFT market could be worth more than $800 billion over the next two years. More conventional research put the value of the global NFT market at around $230 billion by the end of the decade.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
irinaotero
In Blog, DeFi, Web3

Crypto is much more than DeFi and speculation

Mighty Block

Before writing this article I asked some people what crypto meant to them. I can divide their answers into two groups:

  1. The first one is from the people with knowledge and experience in crypto, they answered: “a decentralized technology able to remove middle-men,”
  2. and the second group has almost zero knowledge about topics like bitcoin, investments, and economy.

Their answers are biased. How much the price of cryptocurrencies falls is the only thing in the news and that is what people who are not related to the crypto world see.

Crypto is about the future and we need to talk about it.

Many people have heard about cryptocurrencies, speculate about them, and try to encourage more people to join the ecosystem. They have bought some cryptocurrency because they heard about it on social media and read the popular title “Buy this coin and you will be a millionaire tomorrow”.

I believe that Crypto is not just the Bitcoin price, finance, or people creating their own cryptocurrencies and convincing others to buy them.

Is not just about prices

There is a group of people who have deep knowledge about crypto, some are advanced users, others work full time on blockchain-related projects (also called web3 projects). Because this group has been building projects since the beginning of crypto and the first use cases were related to finance, there is one topic that most of their conversations are about: Decentralized Finance. DeFi is perhaps the most important topic both in our daily lives and for our future. But we should not stop talking about this, there are other reasons to pay attention to crypto and we need to start talking about those.

There are many industries where crypto (including blockchain and cryptography techniques) can be applied and talking only about one use case (DeFi) will make people focus only on that. It is necessary to show people that crypto is not just about prices, and discuss with them how the technology can be applied in their field. There will be more opportunities to leverage the tech in different fields.

Crypto is the future

Talking about decentralized finance is great, but it is not the future, it is already the present, it needs a lot of improvement, but it is here and helping people.

Crypto is here to help empower the users to have control over their assets, from money to data.

We need to encourage people to understand how to use crypto, and when I say “understand,” I am not talking about understanding how blockchain and cryptography work, because we drive cars and most of us don’t have any idea how they work, but we understand that transporting ourselves quickly is crucial to achieve more in our daily lives.

Many entrepreneurs and developers are building solutions with technologies related to blockchain, but it’s not even close to what is needed to improve our future. All of them (me included) believe that crypto is the future.

It is necessary to talk about technology and DeFi in different conversations. 

It’s essential to spread the seeds and help create conversations in many places. If we want to introduce the next billion users, we need to talk about how we are going to do it.

We need to start thinking and talking about how crypto can impact different fields. Without thinking too much, it is easy to imagine the technology applied in fields like:

  • Healthcare: the medical industry has suffered greatly from the inability to securely share and access sensitive patient data.
  • Security: when users own their assets and information, they will need to store their personal data securely and easily.
  • Law: as Kleros does using blockchain and crowd-sourcing to fairly arbitrate disputes. 
  • Social media: running away from centralized social apps and their censorship power, we will need decentralized social networks, like the ones Lens is helping to build.
  • Data storage: how much information do you save in centralized entities and how do you know what they do with your information?
  • Digital rights: piracy has brought incalculable losses to image creators, which is particularly prominent in areas such as news, design, photography, and e-commerce.

Just by thinking for a few seconds about it we realize that we are talking about years and years of work, but we need to start from somewhere, and speaking about how to implement it is the first step.

A single program is not enough

What makes me happier than ever is knowing that the Ethereum Foundation supports more things rather than just finance.

They launched the Fellowship Program that helps projects to “become a tool of and for the next billion – whether it is a decentralized application, a community-building initiative, or a piece of research”. I think it’s awesome to see one of the most influential foundations helping to improve the future.

But a single program is not enough. More people need to join the Ethereum Foundation and help them to reach the next billion in any way possible.

The first step to the future

We need to see beyond what it’s in front of us now.

We need to talk about other opportunities that crypto brings to the world, how this new technology can improve the lives of the future generations.

The world of crypto moves very fast. There are so many things going on at the same time that it’s hard to keep up. It’s important to understand what we are living through.

There are more opportunities in crypto than I talked about earlier and we need to find them and take them. Although, including blockchain in our lives won’t be easy, and it isn’t needed to apply it in everything.

We need to talk about crypto, the first step to the future.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
irinaotero
In News

Uniswap Buys Marketplace Genie to Integrate NFT Trading Into its DEX

Mighty Block NFT

Uniswap Labs is planning to integrate NFTs into the largest decentralized exchange via the acquisition of Genie, an NFT marketplace aggregator, according to a post on the company’s website (from thedefiant.io). 

Genie, founded in 2021, allows users to buy NFTs from across different marketplaces in a single purchase. This acquisition comes less than two months after NFT marketplace OpenSea purchased Genie competitor Gem.

Genie had 18,061 transactions and 8,050 ETH ($14.2M) traded in the last 30 days, according to Dune Analytics. This compares with Uniswap V3’s trading volume of $129.35B over 483,562 transactions in the same time period, according to DappRadar.

The acquisition amount was not disclosed.

Uniswap also plans to integrate NFTs into developer APIs and widgets to build a developer ecosystem around this asset class.  

USDC Airdrop

Uniswap will be airdropping USDC to anyone who used Genie at least once before April 15 or who holds a Genie Genesis NFT. 

This is not Uniswap’s first time working with NFTs. In 2019, the team launched Unisocks, linking physical socks with NFTs, and allowing the tokens to trade via a liquidity pool and bonding curve, just like the fungible assets on their DEX. 

“We see NFTs as another format for value in the growing digital economy—not a separate ecosystem from ERC20s—and they’re already an important gateway to web3,” wrote the team in a June 21 memo.

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Could Quantum Computers Defeat Bitcoin? Not So Fast

Mighty Block web3.0

One of the most overlooked problems of blockchain systems is their ability to resist the fast-evolving machines known as quantum computers.

These powerful computers use quantum physics to solve complex problems that are beyond the reach of traditional devices by using qubits—an evolution of the classic binary bit. Qubits are able to represent the value 1 or 0 at the same time, which promises to deliver an exponential increase of computing power.

The world’s top superpowers are pouring billions of dollars into the development of this technology—and for good reason. The first nation or company to harness quantum computing will be poised to crack the encryption protecting rivals’ sensitive documents.

In the case of blockchain systems, the cryptography protecting their tamper-proof ledgers may be at risk. Researchers at the University of Sussex estimated in February that a quantum computer with 1.9 billion qubits could essentially crack the encryption safeguarding Bitcoin within a mere 10 minutes. Just 13 million qubits could do the job in about a day.

Fortunately, the ability to deploy quantum computers with so many qubits still seems many years away. IBM unveiled its 127-qubit processor just last year, while a unit sporting 1,000 qubits is set to be completed by the end of 2023.

“We’re not there yet,” said Jens Groth, a Danish professor in cryptology and encryption researcher at Dfinity. “Nobody knows what the exact time frame looks like, but blockchain might only be at risk within 10 to 20 years.”

Groth underlines that there’s an important distinction between two types of qubits—physical and logical ones. The latter describes a qubit that achieves a superposition between 1 and 0 via a quantum gate. A logical qubit consists of nine physical qubits. “Company announcements about a novel qubit milestone usually concern physical qubits, not logical ones,” he explains.

Defenders have the upper hand

Although researchers like Groth don’t classify quantum computers as an immediate threat to blockchain technology, experimentation with solutions is nevertheless ongoing. “Cryptographers do reflect on what a suitable countermeasure would look like,” Groth says.

Blockchain developers have a clear advantage in the race to defend against mounting computing power. Specifically, they can increase the number of digits in the cryptographic keys that protect the chain—a process that’s faster to scale than it is for the attackers to catch up. “The defenders are winning this battle in the long run,” Groth claims.

This is evident in the field of symmetric key encryption when examining the popular Advanced Encryption Standard (AES). The most common variation of 128 keys could be cracked by quantum computers and even classic attackers. However the AES 256 variation, featuring twice the amount of keys, appears strong enough to fend off brute force attacks by quantum machines for the foreseeable future.

Visit https://mightyblock.co/mighty-blog/ for more web3 news

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