Hackers have again targeted the crypto industry, causing a data breach on February 8 resulting in the loss of $21 million in Bitcoin and $15 million in Ether from retirement accounts held by IRA Financial Trust, a FinTech that manages various portfolios consisting of nontraditional assets.
On a daily basis, there is lots of digital development, enhancement and sophistication on the blockchain technology. Zero Knowledge protocol seems to be an age long idea that will create new dimensions, and extra layers of security and privacy to the blockchain through a no authentication system. It’s a landmark process because it will drastically reduce exposure and enhance the privacy of all and sundry.
Unlike now, when you browse through your social media, it reports your data back to a company, say Facebook or Google in the case of YouTube. With Dapps, your data is distributed among different blocks in the blockchain network, keeping you safe from being tracked by a single network.
Google Cloud will be expanding its suite of security capabilities to include detection for cryptocurrency mining in virtual machines, zeroing in on a common but difficult threat to identify.
As noted by the widely popular crypto analyst Lark Davis, crypto exchange Binance has started to allow users to make direct withdrawals to Layer Two Ethereum Networks. Binance first announced plans to integrate the Arbitrum One Network and simultaneously open deposits for ETH on Arbitrum One Layer 2 back in November of 2021. After the most recent developments, users now have the ability to make withdrawals as well as deposit ETH to their Binance accounts using the Arbitrum One Layer 2 solution.
Moonbeam, an Ethereum-compatible smart contract platform built on one of Polkadot’s parachain slots, announced the completion of its launch process, taking home the honors of being the first fully operational parachain on the Polkadot network.
Metaverse had quickly become the buzzword of 2021 in the crypto industry. With Facebook recently rebranding to become “Meta”, their acquisition of Oculus VR, and the recent [failed] move to create their own digital currency called “Libra”, it is becoming evident that big tech companies intend to double-down on digital experiences in the coming years. At the forefront of this new frontier are virtual worlds called “metaverses.” As corporations look to profit from the next big boom in the 2020s and 2030s, let’s explore what a company built entirely around imagination and experience like Disney could do with their metaverse.
The PBOC, the Central Bank of China, has launched pilot versions of its digital yuan wallet application e-CNY for both Android and iOS as the country’s central bank steps up its push to develop its own digital currency.
Global electronics leader Samsung just announced a new series of televisions that will introduce non-fungible tokens (NFTs) to the masses. The company plans on integrating NFT support into a number of this year’s new televisions allowing Samsung TV owners the ability to browse, make purchases, and even display purchased NFTs on their screens, providing a similar service to NFT marketplaces like OpenSea.
A troubling trend has surfaced in El Salvador over the past few weeks as citizens have been posting about the mysterious loss of funds from their Chivo wallets. El Salvador adopted one of the world’s most crypto friendly stances when the government announced in September that Bitcoin would be accepted as a legal tender, along with awarding fractional shares of Bitcoin, approximately worth $30, to all citizens who signed up for the government’s preferred digital wallet, Chivo.