The internet is one of the most interesting and incredible tech advancements of all time. Its inception enabled a global connection and literally placed the world at the click of a mouse, tap of a button, or swipe of a finger. But its evolution didnt stop and has continually changed to cater to the growing demands and preferences in the market. Tech experts keep are always innovating new ways to advance it and the latest evolution is the Web3.

Web3 relies on the key blockchain trait of being a decentralized technology. This involves working with blockchain development services to build a more trustless, secure, and transparent environment for users online. This article will discuss the fundamental driving factors of Web3 and how they are changing how people view and use the internet.

This is the third-generation internet that enables users to operate in a decentralized and trustless environment. As previously mentioned, its built on blockchain technology providing an immutable and secure internet space. Because of these features, it offers more autonomy to you as an internet user. Some of the benefits that Web3 offers include:

As a result, Web3 could be the turning point of the internet as you know it as it could potentially and significantly overhaul cyberspace. However, while it may not entirely eliminate the internet as you know it today, it may be the safer alternative to the other generations of the internet. This is especially true when there are reliable Web3 security solutions.

Some of them like security and privacy concepts like zero-knowledge proofs and homomorphic encryption provide better security guarantees in Web3 applications. As the popularity and shift towards Web3 continue to grow, you can also expect to see higher growth in its use cases. Have a look at the main concepts that Web3 relies on:

Web3 is based on decentralized systems built on blockchain and they operate without the reliance or interference of intermediaries. According to reports, the decentralized applications (dApps) user market continues to surge despite the volatility in the crypto world. The key ideas of a decentralized network that Web3 draws benefits from include the following:

Decentralization is an important aspect of Web3. It enhances trust by giving users more control over what they can and cant share on the internet. Instead of users having to ask for permission from governing parties as is the case with the other generations of the internet, they have full control of their info and data and how its used. Popular decentralized Web3 platforms, include Ethereum, Filecoin, and Polkadot.

This is the ability of blockchain networks ability to connect, communicate and interrelate with each other. It plays a critical role in the growth of Web3 as it enables users to seamlessly access and move data and assets between networks. In return, this allows for proper communication and collaboration.

Apart from the aforesaid benefits of interoperability in Web3, it plays specific roles in individual industries. For example, the healthcare industry can significantly reduce processing time for patient information by easily communicating with other networks and consolidating data. This is particularly helpful when the transfer of care is taking place. The new medical institution or caregivers will have access to full patient history and information without delay.

The simple definition of smart contracts is they are self-executing agreements whose terms are written in code. They operate on decentralized networks and automatically execute when parties meet the pre-set conditions and abort if they arent met. This means they provide a safer space for transactions to take place without the risk of entering into a fraudulent deal.

In the Web3 network, smart contracts are the engine that drives trust and credibility in transactions. They remove the gray areas and facilitate the smooth running of transactions between parties unknown to each other. Ethereum is the most popular smart contract network but others such as Binance Smart Chain and Cardano are also popular with developers.

These are essentially a form of digital democracy, where members can propose, and vote on changes, and decisions in a trustless decentralized space. Just like smart contracts, DAOs are governed by their own sets of terms and rules. The rules in DAOs are encoded in smart contracts as the place for execution and enforced by the network itself.

DAOs also operate independently of governing bodies like banks or governments. For instance, you can create venture capital funds or an online community that is run by members. You can also use them to create dApps and services or use them to handle your digital assets portfolio and other forms of value.

With that in mind, you can see why DAOs represent an exciting frontier for Web3. Their role in creating dApps cant be overstated.

NFTs are digital assets created on blockchain to represent ownership of a digital item or piece of content. They have become a key component of Web3, as they fit right into the decentralized spaces.

NFTs allow the creation of unique digital assets whose value is mainly pegged on their rarity, uniqueness, community, and utility. Theyre verified, and transferred on a blockchain and can represent anything from artwork and music to virtual real estate, moments, and even tweets. NFTs have gained significant attention in recent times, with high-profile sales fetching millions of dollars.

The outcome has been an increased interest in using NFTs in many ways, such as digital identity, voting, gaming, and product tracking in the supply chain process. The use of NFTs fits well within the broader Web3 ecosystem. They enable new types of dApps and economic models. For this reason, they are a key concept in the Web3 environment.

The concepts discussed here are all integral parts that will continue to influence the development and uptake of the decentralized web. Web3 will change the way people utilize and engage with the internet. With its emphasis on security, community-driven power, and transparency, Web3 is likely to empower everyone by creating a more equitable and decentralized web. Dont allow your business to be left behind. Research and find ways you can utilize the decentralized web for personal and business growth.

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5 Fundamental Technologies In Web3 And What They Mean - Net Newsledger

In a significant development for the blockchain industry, IoTeX's community has overwhelmingly voted in favor of Improvement Protocol 21 (IIP-21), paving the way for bridging IOTX, the native coin of the IoTeX network, to Ethereum.

The proposal received overwhelming support from the IoTeX community, with a final tally of 306 million IOTX (73.77%) voting in favor of the bridge, while 109 million IOTX (26.23%) opposed the proposal.

A total of 334 wallets participated in the vote, whose successful outcome reflects the community's enthusiasm for expanding the utility and reach of IOTX through cross-chain interoperability.

Enormous potential for Ethereum and IoTeX

Blockchain bridges have gained increasing attention as they offer numerous benefits to the blockchain ecosystem. By enabling tokens to move seamlessly between different blockchains, bridges address scalability challenges, reduce network congestion, and enhance user experiences.

One of the primary motivations behind IIP-21 is to leverage Ethereum's robust DeFi ecosystem, increase IoTeX token liquidity within Ethereum, and build a vibrant developer and user community, said IoTeX CEO and Co-Founder Raullen Chai. The proposed bridge between IoTeX and Ethereum holds immense potential for both platforms and the broader blockchain community, he added.

Presently, IOTX exists on the IoTeX network and is bridged to Binance Smart Chain and Polygon.

Addressing limitations

However, the legacy ERC-20 version of IOTX on Ethereum, known as IOTX-E, has limited supply and circulation, restricting its usage in DeFi protocols and availability on major centralized exchanges.

The proposal aims to address these limitations by implementing CIOTX (Cross Chain IOTX), a wrapped version of IOTX on the Ethereum blockchain. CIOTX will be fully backed by the circulating IOTX on IoTeX, ensuring a sufficient supply for utilization in any Ethereum-based DeFi application and circulation on centralized exchanges.

This strategic move enables IoTeX to tap into the thriving DeFi ecosystem on Ethereum, including on popular protocols like Uniswap, Curve, Aave, and Compound.

Seamless token swapping

Introducing CIOTX on Ethereum will facilitate the seamless swapping of tokens between CIOTX and IOTX-E. By listing CIOTX alongside IOTX-E on decentralized exchanges like Uniswap and Curve, users can exchange the two tokens at market prices, with the market determining their respective values based on demand. This feature enhances liquidity and provides greater flexibility for users in managing their IOTX assets.

The benefits of blockchain bridges extend beyond IoTeX and Ethereum. With IoTeX diverting some network traffic away from Ethereum, the bridge helps alleviate congestion and scalability challenges the Ethereum network faces. By dispersing transactions to other less congested blockchains, bridges contribute to the overall improvement of blockchain scalability and user experience.

A fantastic step forward

The successful passage of IIP-21 signifies a significant step forward for IoTeX and the broader blockchain community. With the bridging of IOTX to Ethereum and the introduction of CIOTX, IoTeX aims to create a comprehensive ecosystem of IOTX-backed tokens that can be utilized across multiple blockchains.

This integration of IoTeX and Ethereum opens new possibilities for DeFi applications, enhancing the utility and value of IOTX while promoting interoperability within the blockchain landscape.

As the blockchain industry continues to evolve, bridges like the one proposed in IIP-21 play a crucial role in unlocking the full potential of different blockchain platforms. By enabling seamless token transfers, bridges enhance scalability, reduce congestion, and foster collaboration between blockchain ecosystems, ultimately driving innovation and adoption in the decentralized finance space.

Leveraging IoTeXs speed and efficiency

With the bridging of IOTX to Ethereum, businesses can now explore the possibility of enabling instant payments using IOTX or CIOTX tokens, leveraging the speed and efficiency of the IoTeX network while benefiting from Ethereum's vast user base and DeFi infrastructure.

The successful implementation of IIP-21 and bridging IOTX to Ethereum represent a significant milestone in the blockchain industry. As blockchain bridges continue to gain prominence, we expect to witness the emergence of new use cases and innovative applications across various sectors, ultimately driving the widespread adoption of blockchain technology and fostering a more interconnected and efficient decentralized ecosystem.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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IoTeX community votes massively in favor of bridging its token... - Crypto Daily

Bitcoin BRC-20 and Ethereum ERC-20 are two separate token standards, though the former is said to be inspired by the latter.

But how do these two token standards compare, and are they really that different? What features do BRC-20 and ERC-20 share, and could one be better?

ERC-20 is the Ethereum blockchain's primary token standard. First put forward in 2015 by Fabian Fogelsteller in the 20th comment of a GitHub post, the standard's name aptly became "Ethereum Request for Comment-20", or, as it is usually known, ERC-20.

The core focus of ERC-20 is to give tokens the ability to use smart contracts, a key attribute of the Ethereum blockchain as a whole. Smart contracts can automatically execute agreements when a set of specific conditions are met, eliminating the need for a middleman or third party.

ERC-20 is an incredibly popular token standard, as it is the standard used by all fungible tokens created on the Ethereum blockchain. To be fungible, each token must have the same value. For instance, each Shiba Inu token must be worth the same amount so that one can be directly exchanged for another.

There is a standard on Ethereum for non-fungible tokens (NFTs), ERC-721, but we won't discuss that in detail today. Instead, check out our piece comparing ERC-20 and ERC-721 to learn more.

Some of the biggest tokens in the crypto world use the ERC-20 standard, including:

At the time of writing, almost half a million different ERC-20 tokens are built on the Ethereum blockchain. In fact, ERC-20 is the most popular standard used by token developers across the entire crypto realm. However, other standards have gained a solid foothold among crypto users, such as the BNB Smart Chain's BEP-20.

On top of enabling smart contracts, ERC-20 enables a range of other features, including transferring tokens, using tokens on other platforms, and finding out the token balance of a given account or wallet.

Because of their popularity, many ERC-20 tokens are now available to trade on big exchanges like Binance, Coinbase, and Kraken. You can even pay for products using certain ERC-20 tokens, such as Shiba Inu. Various vendors now accept Shiba Inu payments, which speaks to the wide adoption of ERC-20 tokens.

Until 2023, only one asset existed on the Bitcoin blockchain: Bitcoin. While many people love Bitcoin, the blockchain's hosting of just one asset is often considered limiting, especially with other blockchains constantly diversifying with new tokens and projects.

Ethereum has always stood as Bitcoin's competition. Though Bitcoin is more valuable than Ethereum, the price is not all that matters. Ethereum supports thousands of tokens on its blockchain and supports smart contracts, DeFi projects, and decentralized exchanges like UniSwap.

Because of Ethereum's greater range of capabilities, it is preferred by many over Bitcoin. But now, Bitcoin might be able to meet Ethereum at its own level with the introduction of the BRC-20 token standard.

The BRC-20 token standard was launched in March 2023. The standard, proposed by an anonymous user known as "Domo," essentially allows developers to create tokens on top of the Bitcoin blockchain. The tokens created through this standard are known as BRC-20 tokens.

BRC-20 uses the Ordinals protocol to function. Ordinals is a Bitcoin protocol that launched in January 2023two months before BRC-20. The Ordinals protocol addresses another limitation experienced by the Bitcoin blockchain: its inability to host NFTs. NFTs (non-fungible tokens) are still crypto-assets but, as the name states, are not fungible. One NFT cannot be directly exchanged with another to make an even trade.

NFTs were unavailable on the Bitcoin blockchain until the launch of Ordinals. Using the Ordinals protocol, data can be inscribed onto a tiny fraction of Bitcoin, known as a satoshi, during a transaction, effectively creating an NFT. Though Ordinals created hype around Bitcoin, the limitation of a single-asset blockchain still existed. But with the BRC-20 token standard (which works via Ordinals), fungible assets can be created and minted on the Bitcoin blockchain.

BRC-20 is still very much in its infancy at the time of writing, but there are already some notable BRC-20 tokens, including:

Most of the above assets currently have a very low value of under a dollar. PEPE, for example, had a value of around half a dollar on May 9th, 2023. Because things are just starting for BRC-20 right now, there's no way of knowing whether they will continue to be in high demand. This is worth keeping in mind if you're considering investing in BRC-20 tokens.

The most important thing to note here is that the BRC-20 standard is based on ERC-20, so there is definitely a correlation between the two.

At the time of writing, ERC-20 tokens are the more versatile choice for crypto traders. This is because ERC-20 is a well-established token standard that has been around for years, whereas BRC-20 has only been in use for a few months at the time of writing. This isn't to say that BRC-20 doesn't have the same potential as ERC-20, but newer products in the crypto industry should always be looked upon with a degree of skepticism, as trends come and go a lot in the market, with some amounting to nothing at all.

ERC-20 tokens are also more widely accepted by different crypto wallets.

If you're a big fan of smart contracts, you also may not like BRC-20. The BRC-20 standard uses Ordinals inscriptions, not smart contracts, to function.

However, BRC-20 has already gained a large following of passionate enthusiasts who are excited to see where things head. As the BRC-20 market grows, more traders are questioning whether this token standard will soon rise through the ranks to meet ERC-20.

Furthermore, as BRC-20 is a new yet widely popular token standard, many criminals are already looking to capitalize on yet another crypto trend. Because of this, there are heaps of scam BRC-20 tokens, and rug-pulls are a common issue.

It's also important to remember that the Bitcoin blockchain frequently suffers from scalability issues and high transaction fees, largely exacerbated by its use of the proof of work consensus mechanism. Ethereum, on the other hand, uses the proof of stake mechanism, which is generally more efficient.

ERC-20 and BRC-20 tokens exist on hugely popular blockchains, which certainly works to their advantage.

While the Ethereum blockchain is already a popular destination for crypto developers, the Bitcoin blockchain may now also gain even more popularity for its support of token creation and minting. Over the coming months and years, Bitcoin could become a top choice for token development through BRC-20. But, for now, ERC-20 tokens remain the superior choice.

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BRC-20 vs. ERC-20 Tokens: What's the Difference? - MUO - MakeUseOf

There is a new scam aimed at crypto exchanges, where scammers create Shiba Inu (SHIB) on other networks and pose it as an official version.

With its strong community and utility, the Shiba Inu (SHIB) token has continuously made waves in the crypto world. Sadly, some people are capitalizing on its sensationalism to pull underhand tricks.

A prominent figure of the Shiba Inu community and Shibarium Telegram Group Admin has recently taken to social media to forewarn crypto portfolio asset managers about a scam rising in popularity targeted at them and their users.

In a tweet on Thursday, well-known SHIB member Ragnar Shib warned about a new crypto scam targeting crypto exchanges. According to Ragnar, some bad actors created a version of Shiba Inu on the Fantom (FTM) blockchain, presenting it as an official rendition.

However, Ragnar declared that Shiba Inu and its ecosystems tokens, including SHIB, Bone, and Leash, are all based on the ERC20 network, the Ethereum blockchain, and no other. Consequently, Ragnar urged crypto exchange listing managers to be aware of the scam and to take appropriate measures to protect themselves and their users.

Although Ragnar pointed out that a Discord community claimed the SHIB token exists on the Binance Smart Chain (BSC) network, he reiterated that SHIB is only on the Ethereum blockchain, and every other chain claiming otherwise was a scam.

Notably, the fraudulent scheme is a classic example of a phishing scam common in the crypto space. Phishing involves sending messages that appear to be from a legitimate source but are designed to trick users into giving away their private keys or other sensitive information.

Recently, a scammer posing as Shytoshi Kusama, one of the lead developers of Shiba Inu, scammed community members by creating a fake Twitter account with a very similar handle to the official one.The scammer urged unsuspecting victims to register their wallets for private access to the beta launch of Shibarium and claimed that only those with SHIB, BONE, and LEASH would gain priority access. The tweet included a link to a fake Shibarium Beta Launch Registration Link, and those who connected their wallets through it lost all their virtual assets.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Shiba Inu Admin Warns of Fake SHIB Tokens on Other Chains - The Crypto Basic

The recent launch of the Tradecurve presale has diverted investor attention away from meme coin tokens like Dogecoin (DOGE) and ApeCoin (APE). These alternative cryptocurrencies that were once the darling of the crypto community have lost their appeal in the wake of a new wave of excitement generated by the promising new investment opportunity.

This article explores the reasons behind the declining popularity of meme coins and the factors driving the growing interest in Tradecurves presale.

Dogecoins (DOGE) market experienced a significant drop in price, reaching $0.077, but Dogecoin (DOGE) later increased by 5.19% the next day. Dogecoin (DOGE) has a 24-hour trading volume of $345,154,234, up by 37.60%. However, Dogecoins (DOGE) market sentiment appears bearish, with the Fear & Greed Index showing a score of 27 (Fear).

Market sentiment around meme coins has certainly fallen off, but this wont stop Dogecoin (DOGE) from benefiting from Elon Musks recent announcement that Dogecoin (DOGE) will soon be supported officially by Twitter! However, Dogecoin (DOGE) does not offer any true value other than for peer-to-peer payments and tips, which is a far cry from the feature-dense experience that is Tradecurve (TCRV).

ApeCoin (APE) is a decentralised cryptocurrency that operates on the Binance Smart Chain (BSC) network. It was created as a meme-inspired token with the goal of creating a community-driven project that rewards long-term holders. ApeCoin aims to achieve this by implementing a 10% transaction fee on every buy and sell order, with 5% redistributed to holders and the other 5% burned, reducing the circulating supply over time.

In addition, ApeCoin (APE) has a unique stake and bake feature that incentivizes holders to stake their tokens. By staking APE, holders can earn additional tokens as rewards while also supporting the network and reducing the circulating supply.

Since its launch, ApeCoin (APE) has gained a significant following in the crypto community due to its strong community engagement and unique features. ApeCoin (APE) has also partnered with various organisations and platforms, further increasing its exposure and adoption. While ApeCoins (APE) meme-inspired origins may have initially drawn attention, its innovative features and dedicated community have helped solidify its position in the crypto space.

Tradecurve (TCRV) is a cutting-edge trading platform that offers a unique hybrid trading experience by combining the best aspects of centralised and decentralised exchanges. Tradecurve (TCRV) offers high leverage starting from 500:1, providing traders with significant opportunities to maximise their returns. Additionally, users can employ algorithms and AI to automate their trading activities and increase their profits.

With no need for fiat payments, users can connect their wallets and deposit cryptocurrencies to trade on Tradecurve. VIP account services are also available, providing exclusive deposit bonuses, level-up bonuses, and other perks. Tradecurve also includes the Metaverse Trading Academy, which offers comprehensive educational resources for traders of all levels.

Tradecurve prioritises user protection and offers negative balance protection to prevent traders from incurring losses beyond their account balance. Yield Farming and Liquidity Pools are also available, providing users with additional opportunities to earn passive income.

Tradecurves (TCRV) ecosystem includes a hybrid trading exchange that allows token holders to trade financial markets anonymously, with no KYC requirements. Additionally, users can subscribe to automated trading algorithms and AI trading systems with a proven track record to increase their profitability.

Tradecurves innovative features and user-friendly interface make it an attractive option for both experienced and novice traders looking to maximise their returns in the dynamic cryptocurrency market.

Twitter: https://twitter.com/TradecurveappTelegram: https://t.me/tradecurve_officialInstagram:https://www.instagram.com/tradecurveapp/Medium: https://medium.com/@tradecurve

To find out more about Tradecurve, please visit the Tradecurve site.

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Meme Coin Tokens Like Dogecoin (DOGE) and ApeCoin (APE ... - Blockzeit