Article: Legalization of Cryptocurrency will Kickstart Economic Development in Latin America

Crypto, Governance, Innovation, Money

Legalization of Cryptocurrency will Kickstart Economic Development in Latin America

The popularity of cryptocurrencies around the globe has forced governments to reconsider their initial stances on cryptocurrency acceptance within their specific borders.

In June 2021, El Salvador became the first country in the world to approve Bitcoin as a legal tender. Other Latin American governments including Paraguay, Panama, Brazil, and Mexico, have expressed similar interests in supporting cryptocurrencies as legal tender.

Cryptocurrencies act as a uniquely safe economic instrument in a region plagued by government corruption, interference, and low productivity. In this respect, the adoption of cryptocurrencies as legal tender serves to guarantee some semblance of economic stability for countries in Latin America, allowing for a true launch of economic development initiatives into the digital age.

Read full article

Article: How DeFi Paves the Way for Financial Inclusion

Decentralized Internet, Innovation, Money

How DeFi Paves the Way for Financial Inclusion

According to the World Bank’s report from 2017, approximately 1.7 billion people worldwide don’t have a bank account today.

Not having access to this fundamental financial instrument is the main factor that stops them from realizing certain everyday functions. However, decentralized finance (DeFi) was created to meet all the requirements and demands of traditional banking — security, privacy, and accessibility — in a new way.

By transferring financial operations onto the blockchain, people will only need a smartphone or portable PC and a stable Internet connection to access the global financial system 24/7. How’s that for a step in the right direction?

Read full article

Article: The Lessons of Web 2.0 Teach Us How to Prepare for What Comes Next

Civil Society, Decentralized Internet, Web 3.0

The Lessons of Web 2.0 Teach Us How to Prepare for What Comes Next

While these are problems, they are problems born of the Web 2.0 model. Web 3.0 offers a different proposition – one where revenue models need to be aligned to the incentives of the ecosystem participants. If Web 3.0 is the future of the internet, then we should be preparing for a scenario where broken models aren’t built into the architecture of the ecosystem. Furthermore, decentralization and data sovereignty offer the potential to completely rethink revenue models.

Therefore, the focus is now on launching a solution that’s fit for Web 3.0 – a trustless referral network for the tokenized economy. Many aspects of online marketing are set to change significantly. In the Web 3.0 environment, there are to be no centralized points of control, which means no dependence on intermediaries. A trustless referral network will allow any referral to be rewarded through the use of a decentralized validator network that confirms all successful sales.

Read full article

Article: Social applications are the next big trend in crypto

Crypto, Decentralized Internet, Media, Open Source, Web 3.0

Social applications are the next big trend in crypto

In particular, crypto communities have grown and evolved in various new and exciting ways, with Twitter serving as a dominant space for discourse, followed by Reddit and, more recently, Clubhouse. Discord and Telegram have mainly served as community management tools and outlets for project-specific conversations.

The common denominator? None of these platforms really abide by the crypto principles of decentralization, privacy and user rights. A redesign of social media and community spaces in line with core crypto principles seems inevitable, not just for a safer medium of expression but also for an elevated economic ecosystem focused on thriving.

Read full article

Article: Why DeFi is the Future of Finance

Crypto, Decentralized Internet, Innovation, Money

Why DeFi is the Future of Finance

According to the Harvard Law School Forum on Corporate Governance, DeFi provides a solution to five key problems. These are “centralized control, limited access, inefficiency, lack of interoperability, and opacity.” To address these problems, “DeFi seeks to build and combine open-source financial building blocks into sophisticated products with minimized friction and maximized value to users.”

That maximized value will translate into a wide range of new financial products that aren’t restrained by high fees and other points of friction. These products go far beyond cryptocurrency trading. DeFi customers will be able to acquire loans, invest in interest-bearing accounts, and conduct much cheaper and faster financial transactions without any paperwork or minimum transaction requirements.

Read full article

Article: Use Cases for Combining NFT with DeFi

Crypto, Decentralized Internet, Digital Content

Use Cases for Combining NFT with DeFi

In turn, NFTs become an excellent add-on for DeFi tools that expands the variety of use cases.

One of the earliest ideas for combining NFTs and DeFi was to use new unique tokens for DeFi lending. In this case, NFTs can act as collateral. For example, nftfi allows a borrower to apply for a loan using the NFT as collateral.

If the lender considers the NFT to be valuable, the loan is issued. NFTs are often valued based on their value in secondary markets. The fulfillment of the condition is ensured, of course, by smart contracts.

This case demonstrates the potential of the DeFi and NFT combination outside of gaming and other entertainment industries. NFT is also an opportunity to incorporate unique digital and real-world assets into the digital economy and get profit.

Read full article

Article: Government should recognize cryptocurrency for what it is: Critical infrastructure

Crypto, Governance, Web 3.0

Government should recognize cryptocurrency for what it is: Critical infrastructure

Eventually, we’ll likely see that cryptocurrency’s critical infrastructure status goes beyond financial services. Many see cryptocurrency as the driving force behind Web 3.0, which they view as an upcoming shift towards a more decentralized internet with greater privacy and power for individual users. In this new paradigm, cryptocurrency and its related technologies will power businesses that overlap with other critical infrastructure sectors. So, while cryptocurrency is currently having its greatest impact in financial services, it’s easy to see how it could soon play a role in other pieces of critical infrastructure, which is all the more reason to include it now.

Read full article

Article: Could DeFi-powered banks become an unstoppable force in finance?

Crypto, Decentralized Internet, Money

Could DeFi-powered banks become an unstoppable force in finance?

A collaboration means that banks get much-needed support when it comes to modernizing antiquated systems and updating the suite of services that they offer. Meanwhile, DeFi protocols benefit from a usability perspective — accessing the interfaces that most consumers are already accustomed to. Combining the best of both worlds also gives decentralized finance protocols a chance to reach a broader cross-section of customers, including those who may have felt shut out beforehand.

DeFi platforms that partner with a licensed bank can support fiat currencies and digital assets alike — spanning USD, GBP, EUR, CAD, CHF and ETH, Wrapped Bitcoin and stablecoins. Fees can be dramatically reduced, and a more seamless on-ramp from fiat to crypto serves as a much-needed boost for adoption.

Read full article

Article: How blockchain is providing the foundation for the next generation in cybersecurity

Blockchain, Cyber-Security

How blockchain is providing the foundation for the next generation in cybersecurity

Blockchain as a means of securing data is being used by Barclays to secure fund transfers. Lockheed Martin, a massive US defense contractor, uses blockchain to implement cybersecurity protocol measures in engineering systems, supply chain risk management and software development. It speaks volumes that the security of some of the most dangerous weapons in the world can be trusted to blockchain.

Even the US government itself, recently conducted a report to analyze how blockchain could be used to better secure their network, having concluded 84% of all government agencies fail basic encryption standards.

Read full article

Article: Interoperability: The Next Blockchain Frontier

Blockchain, Crypto, Decentralized Internet

Interoperability: The Next Blockchain Frontier

Blockchains currently lack a similar universal communication system, but an army of developers are working on the problem — and for good reason. The first truly blockchain agnostic interoperability solution stands to unite the $2 trillion cryptocurrency industry, and potentially pool together tens of millions of users into a single unified interface for all things crypto.

This poses not only a massive economic incentive — after all, widely adopted interoperability solutions could be an incredibly lucrative endeavor for investors — but also helps to move the needle forward in the crypto space, making it more competitive with legacy financial technologies. In turn, this could help catalyze the next wave of adoption, further benefiting early players.

Read full article