Crypto Guides, Knowledge & Insights

Samsung Unveils New Metaverse World ‘My House,’ Attracts Over 4 Million Visits In Less Than 1 Month

After Samsungs official release of its own metaverse service My House on Jan. 6, the company has exemplified huge success on the platform, attracting more than 4 million visitors in less than a month.　　A collaboration with Navers 3D avatar platform Zepeto, My House was launched at CES 2022, an annual tech show, where the South Korean multinational electronics corporation elaborated on its plans to innovate on some of their technology products and also draw in more younger consumers.　　Soon, Samsung users will be able to decorate and personalize virtual homes from furniture, appliances, and other electronic products. 　　The metaverse is an online, 3D universe that comprises multiple different virtual spaces. Technology experts deem this as the “future of the internet,” with a total market value of nearly $15 trillion as of November 2021.Samsung My World: A Very, Very Fine House　　In collaboration with Zepeto, My House targets the younger counterparts of their customer base, specifically Generation Z and millennial youth. 　　Samsung defines the platform as “a space-decorating experience” wherein users are allowed to collect, arrange, and decorate their houses using various products represented in virtual format.　　Since it was launched in the Zepeto mobile app via Google Play Store, the number of people

2022-02-07Deep Dive

What is Interchain Security and why is it so important to the Cosmos (ATOM) ecosystem?

Informal Systems, a development company building on Cosmos, published the first preview of the newest shared security model to be added to the Cosmos ecosystem. Aside from providing security to Cosmos blockchains, this model will also make the process of launching a blockchain much easier and more accessible.　　We dive deeper into the model Informal Systems dubbed the “Interchain Security” and the impact it will have on the Cosmos ecosystem.Sharing security on Cosmos, one blockchain at a time　　The introduction of Proof-of-Stake (PoS) networks has revolutionized the blockchain space, making it possible for users to secure the network with their token stake, rather than hash rate. The bigger the network and the more valuable its token is, the more secure it gets—as more value gets staked, it becomes harder for bad actors to carry out attacks.　　However, small and emerging PoS blockchains struggle with a low market cap and a low amount of resources. A low number of stakers and a small amount of value staked makes the network more vulnerable to attackers, affecting its position on the market.　　The Cosmos ecosystem was built to be the “internet of blockchains” and facilitate a network of interconnected and interoperable networks built on the same infrastructure.

2022-02-07Deep Dive

Epic has filed a trademark for the ‘Epic Games Megaverse’

Filed at the end of 2021, the trademark covers a wide range of goods and services and is presumably an umbrella term for Epics vision for the metaverse.　　While theres no universally accepted definition, the metaverse is a network of 3D virtual spaces where users can socialise, play, and work, and some envision it as a successor to the mobile internet.　　Last April, Epic announced the completion of a $1 billion funding round to support its metaverse plans.　　It included an additional $200 million investment from PlayStation maker Sony, which also invested $250 million in the Fortnite and Unreal Engine firm in 2020.　　“Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store,” Epic CEO Tim Sweeney said at the time.　　On Tuesday, Los Angeles-based Spire Animation Studios announced that Epic had invested in the company. The pair are collaborating to integrate Unreal Engine into Spires feature animation pipeline to build metaverse experiences.　　“The talented team at Spire has decades of experience and their work has captivated audiences around the world with heartfelt storytelling and inspiring characters,” said Epic CTO

2022-02-07Deep Dive

Upcoming Season 20 & Economic Balancing Adjustments

Key Points　　Adventure mode SLP will be sunset (reduced to 0). This includes rewards for first time completion.　　Daily quest SLP will be sunset (reduced to 0).　　Arena reward structure will be changed dramatically (reduced SLP rewards and AXS leaderboard massively expanded). 　　Sub 800 MMR players will now earn 1 SLP per win. We want to be considerate for players with weaker Axies so were adding this back in (for now).　　We are considering reworking the energy system to scale more linearly, making additional energy more accessible and boosting demand for weaker Axies.　　Season 20 is close and when its released, a variety of important economic balancing changes will be implemented.The State Of Our Digital Nation　　From the onset, our mission within Axie Infinity has been to create engaging, fun, and rewarding game experiences for everyone. We believe this is best enabled on top of open, decentralized foundations that allows everyone to collectively contribute, work together, and prosper as a community.　　That said, finding balance amongst all of these above dynamics is an ongoing process. While we‘ve all experienced the euphoria that comes with incredible growth and prosperity, we’ve also more recently entered into a period of economic uncertainty. We all feel this pinch, which has made

2022-02-07Deep Dive

How blockchain technology can help solve Asia’s need for green finance

As the climate crisis worsens, governments and organisations are increasingly looking to green finance as a way to raise funds for sustainable projects and infrastructure.　　Yet despite growing investment in the sector, green finance is stifled by inefficiencies and irregularities, preventing it from bridging the substantial gap in finance needed to address the environmental challenges facing the world. A new blockchain-based infrastructure has the potential to transform the system.　　The urgency to channel more investment into green projects is particularly acute in Asia. Within Southeast Asia, the investment gap for sustainable infrastructure projects is estimated at US$200 billion annually until 2030. Mobilising capital investment is critical if the region is to meet its development goals.　　In response, leaders in Asia are prioritising green finance in the hopes it can support their sustainable goals while at the same time helping them capitalise on a growing, innovative sector. Hong Kong is moving to leverage its international capital flows to grow into a regional carbon trading centre, while Chinas central bank has made green finance a priority for its latest five-year plan.　　However, after more than a decade of government-backed support and public attention, green finance is still not delivering the seismic changes needed to alter the

2022-02-07Deep Dive

Cryptocurrency Theft Remains Key Revenue Source for North Korea, UN Report Says

Cyberattacks on cryptocurrency exchanges have been a major source of funds for North Korea in the past year, a United Nations report has unveiled. According to the document, the sanctioned nation has also been developing its nuclear and missile programs.　　North Korea Hits Cryptocurrency Exchanges, Sanctions Monitors Say　　Hackers controlled by the Democratic Peoples Republic of Korea (DPRK) have continued to target financial institutions and crypto platforms such as exchanges, Reuters reported citing a confidential U.N. report. Its annual edition, produced by independent sanctions monitors and submitted to the Security Council North Korea sanctions committee on Friday, claims:　　“Cyberattacks, particularly on cryptocurrency assets, remain an important revenue source [for DPRK].”　　The report further details that according to a member state, “DPRK cyberactors stole more than $50 million between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe and Asia.”　　The monitors also quote an estimate by Chainalysis which recently revealed that the regime in Pyongyang has launched no less than seven attacks on crypto companies in 2021 resulting in the theft of almost $400 million in digital assets. “These attacks targeted primarily investment firms and centralized exchanges,” the blockchain analysis firm explained in January.　　Back in 2019, the U.N. sanctions monitors announced

2022-02-07Deep Dive

US Lawmakers Introduce 'Virtual Currency Tax Fairness Act' to Boost Cryptocurrency Use for Payments

Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen “the legitimacy of cryptocurrency in our digital economy.” The bill also aims to expand the use of cryptocurrencies for payments.　　Virtual Currency Tax Fairness Act Introduced in the US　　Representatives Suzan DelBene and David Schweikert introduced the “Virtual Currency Tax Fairness Act of 2022” on Thursday. The bipartisan bill is cosponsored by Congressmen Darren Soto and Tom Emmer.　　The bill “would create a workable structure for taxing purchases made with virtual currency, also known as cryptocurrency,” the lawmakers explained. It will also expand the use of cryptocurrency for payments and further strengthen “the legitimacy of virtual currency in our digital economy.”　　The current legislation states that any crypto gains must be reported as taxable income regardless of the size or purpose of the transaction, the lawmakers stressed, emphasizing that “This includes purchases as small as buying a cup of coffee.”　　Asserting that the existing law “makes the everyday use of virtual currency near impossible, discouraging people from using it, and inhibiting the growth of our digital economy,” the lawmakers detailed:　　“The Virtual Currency Tax Fairness Act would exempt personal transactions made with virtual currency when the gains are $200 or less.”　　Jerry Brito, executive

2022-02-07Deep Dive

FlokiPup Token – The next meme cryptocurrency moonshot

The crypto world is changing every day. We have seen many successful new cryptocurrencies exploding like DOGECOIN s pup as a meme and keeps adopting it as Elon posts pictures of his dog. The aim is to grow naturally alongside with Elons pup as well as developing a P2E Metaverse game and a DEX.　　FlokiPup is all about giving to the world and the community that evolves around it and holders are rewarded with reflections in the form of extra FlokiPup tokens with every Buy/Sell Transaction. With every successful project utility needs to be attached to it. Currently FlokiPup is developing a P2E game - an innovative idea that is used to help people in need where users can take care of their FlokiPup and earn FlokiPup tokens as a reward. The gameplay will be similar to Nintendogs, and idea originating from the Tamagotchi minicomputer.　　FlokiPup has recently been audited by Certik, and initial liquidity is locked on UniSwap for a 60-month term and cannot be withdrawn by any of its team members. Like FLOKI initially, it has been through a turbulent early period but is now settled with version 3 that was created with future large exchange listings in mind. It

2022-02-06Deep Dive

Are NFTs an animal to be regulated? A European approach to decentralization

Nonfungible tokens (NFTs) are constantly in the news. NFT platforms are springing up like mushrooms and champions are emerging, such as OpenSea. It is a real platform economy that is emerging, like those in which YouTube or Booking.com gained a foothold. But it is a very young economy — one that is struggling to understand the legal issues that apply to it.　　Regulators are starting to take an interest in the subject, and there is risk of a backlash if the industry does not regulate itself quickly. And, as always, the first blows are expected east of the Atlantic.　　In this first article devoted to the legal framework of NFTs, we will focus on the application of the digital asset regime and financial law to NFTs in France. In a second article, we will come back to the issues of liability and copyright.A digital asset？　　In France, the definition of digital assets includes two types of tokens. On the one hand are utility tokens, i.e., all intangible assets representing, in digital form, one or more rights, which can be issued, recorded, stored or transferred by means of a shared electronic recording device allowing the owner of the asset in question to be identified,

2022-02-06Deep Dive

All eyes on Asia — Crypto’s new chapter post-China

A fundamental trait of crypto is as an asset class that transcends jurisdictions. Yet, one of the key hubs driving adoption and innovation is Asia. Since the heady days of Korea‘s Kimchi premium and Bitcoin (BTC) arbitrage opportunities, the region is playing a role in defining crypto’s development pathways and anchoring its future.　　According to Chainanalysis‘ report, in the first half of 2021, Asia was already the destination for 28% of the overall global transaction volume — $1.16 trillion worth of cryptocurrency. Central and Southern Asia alone saw crypto transactions grow 706% year-over-year, making it the world’s third-fastest growing region.　　Last year, headlines from Asia were dominated by developments in China. However, the rest of the region was also abuzz, boosted by the halo of perceived legitimacy with regulatory clarity in Singapore around digital assets. The pace of decentralized finance (DeFi) innovation in Southeast Asia was buoyed with a step-up in fundraising and investment in projects. As investors become more comfortable and confident in DeFis yield opportunities, institutional adoption is well-poised to continue on its growth trajectory in 2022.A new chapter, without China　　China‘s stance on crypto is not unexpected, given the country’s long-standing policy of capital control. While the pace of recent

2022-02-06Deep Dive

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