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  • Crypto Airdrops: The Good, The Bad, and The Ugly

    Crypto Airdrops: The Good, The Bad, and The Ugly

    Whether a blockchain project lives or dies depends on its capability to attract and grow its user base, and projects that are unable to gather or maintain their clientele eventually fold. To kickstart or encourage engagement within the community, these projects often find themselves doing token airdrops, using them to raise awareness and value for their products while also incentivizing new and existing customers. 

    Table of contents

    What is a crypto airdrop?

    A crypto airdrop is a method used to distribute cryptocurrencies to a project’s community of users for free, usually in exchange for participating in a campaign or owning other related assets. Airdrops are typically used as a marketing and awareness strategy to draw attention to a product or event. These projects may share tokens to existing users’ crypto wallets or encourage prospective users to register accounts to receive assets.

    Types of Airdrops

    Over the years, the airdrop marketing strategy has taken many different forms. Several projects have used airdrops to create awareness, promote features, and attract users. For instance, gaming metaverse ArcadeLand launched an airdrop in March where 850 participants shared a 2,000 USDT prize pool. Eligibility required simple tasks, including social media activity such as following ArcadeLand’s Twitter and participating in the project’s announcement channel on Telegram.

    There also was a MetaGods airdrop in November for 800 winners, including bonuses for the top 50 referrers. Participants also qualified for a $2,000 prize pool by completing tasks on Twitter and Telegram.

    The Sukhavati Network also launched an airdrop of 10,000 $SKT worth 6000 USDT to celebrate achievements, including an official startup sale on Gate.io and a MEXC listing. The prize pool was for a total of 1050 winners, with 1000 $SKT reserved for the top 50 referrers. Although projects use different types of airdrops depending on their aim for each one, the most common types include:

    Standard Airdrops

    During a standard airdrop, wallet holders receive small amounts of the new cryptocurrency in return for completing tasks, such as signing up for a newsletter or creating an account with the crypto project. Some projects require participants to complete a KYC (Know Your Customer) verification or provide their email and wallet addresses before receiving the tokens.

    Standard airdrops often serve as a good preface for projects to introduce themselves to the public. New projects, such as this recent airdrop hosted by Questian, attempts to pull in more attention by asking their community to complete tasks for USDT.

    Bounty Airdrops

    Projects that use bounty airdrops distribute their tokens among users who help to create awareness – usually across social media platforms. To be eligible for these airdrops, participants must perform simple tasks such as retweeting an official tweet, sharing a Facebook post, or creating Instagram media. Participants may also earn by referring new users. Although this type is similar to standard airdrops, the main difference is that crypto projects usually reserve bounty airdrops for people who help create public awareness. Standard airdrops are simply open to anyone who joins the project’s community via accounts, newsletters, or other similar channels.

    Exclusive Airdrops

    Blockchain projects usually reserve exclusive airdrops for loyal followers. In many cases, these airdrops automatically go to early adopters or users who are frequently active on the platform. Eligible members of the community receive these exclusive airdrops with no strings attached.

    Examples include a recent sudden airdrop hosted by MetaGods, which asks their community to simply drop their wallet address for an exclusive prize. The method was also utilized by AkiralGal, whose tweet asked their followers to screenshot their brand new AkiraGal wallpaper for more rewards.

    Holder Airdrops

    These are airdrops for users who already hold specific cryptocurrencies or tokens. So, to be eligible for these holder airdrops, users need to be holding a specified type and/or amount of a particular token by a specified date.  For instance, a new Ethereum-based project may offer free tokens to the Ethereum blockchain community, or a new exchange may offer its tokens to holders who own the native cryptocurrency of a competing exchange. 

    Hard Fork Airdrops

    This type of airdrop occurs when a permanent blockchain split creates the need for a new token to go with the new chain. While the previous blockchain still exists along with old tokens, users may receive tokens from the new blockchain via an airdrop. However, this does not happen with every fork, only with hard forks. A hard fork occurs when the community cannot decide how to move forward, and a new chain must be created via a split.

    Growth and Popularity of Airdrops

    Since the inception of cryptocurrencies, people have used digital assets to move finance to decentralized platforms. Several decentralized cryptocurrency projects have also emerged to satisfy the global need for decentralized finance, with many of them using airdrops to attract users. These projects usually airdrop a percentage of their total token supply shortly before or after an official launch. A recent example is the Looks Rare airdrop, distributing 12% of the total $LOOKS token supply to anyone in the OpenSea community that spent more than 3 ETH on the NFT exchange. 

    Another example of the popularity of airdrops was the recent MetaWars Alliance Gleam Campaign which features an extensive collaboration between multiple projects. Running from April 17 to April 22, the campaign had a prize pool of more than $20,000 open to 100 winners. The MetaWars Alliance Campaign had 9 partners, including Souls of Meta, MetaLand, Battle Saga, The Three Kingdoms (TTK), Bit Hotel, Age of Tanks, Mouse Hunt, MechaChain, and FitEvo. The initiative was yet another prime example of how multiple projects can use airdrops for cross-promotion that can help all involved projects gain much-needed traction. MetaWars successfully achieved this aim as the campaign saw nearly 232,000 different entries.

    The Dark Side of Crypto Airdrops: Scams and Controversies

    The need for blockchain projects to launch airdrops spurred the creation of several platforms that aggregate airdrops from promising projects. These platforms made airdrops a lot more popular, increasing the number of people who consider the method a channel for passive income and an opportunity to earn new crypto assets.

    (Beware of scams! This recent ApeCoin attack stole $1 million through hacked verified accounts)

    Unfortunately, the airdrop method has suffered its fair share of scams and controversies. As with anything tagged “free,” illicit players exploit community members’ innocence and use deceptive means to obtain funds from unsuspecting people. In March, a Twitter phishing scam pretending to airdrop ApeCoin tokens successfully stole $1 million from unsuspecting users. The Ape Coin scam promised users a rare NFT airdrop which can only be received after paying an ETH gas fee. The scammers then not only made off with the ETH fee, but because users had to approve and sign the transaction with their cryptocurrency wallets, the scammers were able to take the rare and often valuable NFTs contained in those wallets. Some notable NFTs stolen in this scam included Jay Chou’s Phantabears, Bored Ape Yacht Club, Mutant Ape Yacht Club and Doodles. 

    There was also a fake Azuki NFT airdrop where self-proclaimed Azuki affiliates hijacked verified user handles, got users to connect their Ethereum wallets, and made away with their highly valuable NFTs.

    How to Protect Yourself Against Airdrop Scams

    In light of these scams, members of the crypto community should adhere to certain precautions when participating in airdrops. The most important is the DYOR (Do Your Own Research) rule, which requires people to do extensive research on projects advertising airdrops before buying in. 

    However, scammers are keeping ahead of the game. For example in the ApeCoin airdrop scam, the scammers hacked into and hijacked the Discord servers for Doodle and BAYC, posting the faked website on the server to make it look like a legitimate announcement. The scammers also used faked Twitter accounts (including some from verified Twitter handles) to spread the fake links. 

    The following are other steps that help avoid airdrop scams:

    • Never pay for airdrops;
    • Check multiple sources and social media accounts belonging to the project to see if the airdrop is legitimate. For example, if a projects’ Discord server is being compromised they may make an announcement on their official Twitter or Telegram;
    • Never participate in an airdrop that requires user private keys or mnemonic phrases;
    • Protect personal identity and data as much as possible;
    • Avoid KYC airdrops if possible (although not always the case); and
    • Most airdrops require an email address. Users should create a new ‘burner’ email address to use only for airdrops.

    It might be impossible to create an exhaustive list of steps required to avoid scams because fraudsters get more creative with their illicit activities, but participants should always be on the lookout for airdrops that do not tick security boxes or have little to no information obtainable from research.

    Airdrops have many benefits in the blockchain space, such as marketing, building communities, and providing additional value to loyal users of crypto assets. Authentic airdrops help people earn extra income and provide additional utility with little to no effort. However, airdrops may be harmful to people who do inadequate due diligence or personal research. If an airdrop seems too good to be true, there’s a good chance it is.

  • Colizeum ($ZEUM): Bridging the Earning Gap Between Blockchain and Traditional Gaming

    Colizeum ($ZEUM): Bridging the Earning Gap Between Blockchain and Traditional Gaming

    The gaming market has seen impressive growth over the last few years and is still set for more expansion. According to a 2021 report, the gaming market’s valuation for the year hit $198.4 billion. The same report states that the market will register a compound annual growth rate (CAGR) of 8.94% from 2022 to 2027. By 2027, the valuation could jump 71.3% to $339.95 billion.

    Several factors contribute to the gaming market’s popularity, attracting more people to the sector. Game developers are continually improving options and general gameplay, a factor that keeps existing gamers interested enough to stay. In addition to improved features, there is also increased advancement in technology.

    The introduction of blockchain technology to the gaming sector is easily the market’s most significant advancement. Apart from the immutability and security of the gaming infrastructure and assets stored, blockchain also provides players with an opportunity to earn while enjoying their gameplay. Platforms like Colizeum are taking this further by stretching blockchain gameplay features past earning rewards.

    Table of contents

    What is Colizeum?

    Colizeum is an ecosystem bridging the gap between the blockchain and traditional gaming worlds. It is a play-to-earn platform that connects several games and related applications from multiple developers, providing a shared marketplace for developers and gamers alike. 

    Colizeum continuously closes the traditional and blockchain gaming gap through its Colizeum Software Development Kit (SDK). Conventional game developers can use the Colizeum SDK to effortlessly build blockchain games without the expected technicalities from decentralized applications. The kit also provides a cost-effective way for creators to design and publish games since there is no need for blockchain developer teams.

    Why Colizeum?

    There are several features the Colizeum ecosystem offers the gaming public. In addition to the ease of creating exciting play-to-earn games, here are a few points to note:

    • Earnings for All: The Colizeum ecosystem maintains an equal focus on gamer and developer earnings. As players accumulate rewards by participating in their favorite play-to-earn games, developers also earn from gamers and the entire Colizeum community.
    • In-Game NFTs: Colizeum supports low-cost NFT minting while checking other related boxes, including demand programming and multilayering.
    • Tournaments-as-a-Service: The Colizeum SDK allows developers to create multiplayer games in different modes and designs. Depending on game specifics, players can enjoy tournaments and earn by winning or simply participating.

    Colizeum is a fully-decentralized, anonymous, on-chain, and community-focused ecosystem. The platform also features an Attention Marketplace – a tokenized product that allows the direct monetization of gamers’ attention. Instead of going through Ad Exchanges that charge excessive fees and still keep a large portion of generated revenues, the Attention Marketplace enables transparent user acquisition and monetization via $ZEUM staking. Colizeum already has an exciting list of partners, including the Israeli Blockchain Association, IHODL, and Cex.io.

    Benefits to Game Developers

    • The SDK provides quick and inexpensive game development that can shorten developer timelines by up to 1 year
    • Creators can introduce a play-to-earn feature to any mobile game, attracting more players and allowing gamers to earn during gameplay
    • Colizeum is a cross-chain and cross-platform ecosystem that enables gamers and developers to enjoy the best of multiple games regardless of their host platform
    • In-game assets can be easily converted to NFTs
    • Since there are no middlemen on the platform, all processes are cheaper and faster

    Benefits to Gamers

    • Colizeum allows players to use one token across all games hosted in the ecosystem
    • In-game assets are tradeable as NFTs. This will enable players to earn more in addition to direct gameplay. Trading NFTs also serves as passive income for gamers
    • Enjoy earnings from any of the games hosted by Colizeum

    Tokenomics

    The Colizeum ecosystem has a total supply of 1 billion $ZEUM tokens available for different purposes. The seed round featured 6% or 60 million tokens, while 13% or 130 million tokens were available at the private round – both with 18-month vesting periods. There also is another 19% allocated to the Colizeum team, 5% to the DAO fund, 15% for strategic partnerships, and 8.650% for its in-game reward program. As a community-focused platform, Colizeum also allotted 10% (100 million tokens) to community incentives.

    Colizeum is set to be one of the largest play-to-earn platforms in the blockchain sector as it leverages flexibility and interoperability. Creators will be able to develop games that easily interact with each other, thereby adding to Colizeum’s credibility as the go-to play-to-earn host platform. Furthermore, the earning opportunities available to players across all games will attract more users and also appeal to game developers.

  • The 2.0 of Step.App – FitEvo: Advancing from Play-to-Earn to Move-to-Earn

    The 2.0 of Step.App – FitEvo: Advancing from Play-to-Earn to Move-to-Earn

    Play-to-Earn experienced a massive wave of adoption during 2021, as crypto-friendly gamers jumped on the opportunity to earn money while playing games. P2E games such as Axie Infinity, Star Atlas, and others saw a dramatic increase in user and revenue growth. However, after the initial hype wave over P2E games settled, what was left was a realization that many of these games lacked truly engaging gameplay, social features, and sustainable tokenomics.

    Fast forward to late 2021/early 2022, we witnessed a significant pivot in the blockchain gaming space: Move-to-Earn. M2E has taken the world by storm, with numerous projects popping up and their valuations skyrocketing. Among the younger generations, there is a trend towards self-care and maintaining a more healthy lifestyle as we continuously get reminded of just how much time we end up spending indoors. Covid lockdowns took this lifestyle to the extreme and forced everyone to spend time at home longer than many felt comfortable. Now there is a thirst for a more active, healthier life.

    P2E games have had (and continue to have) a good run, but M2E has managed to capture the interest of not only gamers, but also those blockchain enthusiasts who might not be fully on board with just spending time tapping away at their phone screen to earn their P2E tokens. However, every project comes with its own shortcomings. Let’s take a look at these shortcomings and how an emerging project – FitEvo has transformed its platform amidst this trend with a new edge.

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    Finding An Edge in the M2E World

    With popular M2E games such as STEPN, Genopets, and STEP, you’ll find that they share a common gameplay model in which the user acquires an in-game asset, be it a sneaker or a pet animal, and upgrades it further as they keep on exercising.

    But these features on their own are not enough to make an M2E game successful. The focus should be just as much on the social aspects and community engagement opportunities around a user’s physical activities, as it is on the earning and NFT upgrading experiences. And many of the games in this space seem to have forgotten what the most popular traditional social fitness apps such as Strava, FitBit, and MyFitnessPal have already done in order to expand their user base, and keep it engaged. 

    Strava, one of the pioneers in the social fitness app space, has achieved an enormous global user adoption, boasting nearly 100 million users. Much of this growth can be attributed to the app offering not only a feed of activities of their friends, but also other social features that are geography-centric and community engagement focused.

    This precedent for a successful M2E game is exactly the reason why FitEvo is so appealing in terms of fundamentals. FitEvo, an M2E dragon breeding NFT game, has the makings of an incredibly successful blockchain-based game, as they have incorporated many of the social features that people know and love.

    FitEvo: Focusing on the Interaction Between Individuals

    FitEvo aims to engage the masses through a powerful combination of NFT dragon breeding (evolving together with a dragon companion), and social features that gamify physical activity and human competitiveness, and bring friends and communities closer together.

    An engaging and fun dragon breeding game, FitEvo has been inspired by the greats, like Tamagotchi and Pokemon, taking it to the next level by syncing the user’s movements with the development of their very own dragon. In FitEvo, the dragon co-evolves with the user, creating a bond between the two. The hatching of eggs, breeding and evolving of dragons, will be intimately linked to the physical movements of their masters.

    And here is where FitEvo will really shine – the social and gamification features. For those familiar with the M2E STEP game, FitEvo will be like a new and improved Step 2.0, incorporating all the crucial engagement mechanisms that have made traditional social fitness apps so popular. If you’re one of those who didn’t manage to get in on STEP early on, it might be worth your while to pay close attention to FitEvo.

    The multiplayer feature alone will offer an enormous amount of value to the users, FitEvo allows FITamins(as the FitEvo community calls itself) to meet other like-minded and even geographically adjacent individuals by organizing group runs or other group exercises. Anyone who has ever tried getting back in shape with their friends cheering them up or even being right next to them, sweating off their own dietary sins, knows how much it helps to have someone give you motivation and some peer pressure at your lowest moments. This type of community support will be possible, with FITamins helping each other become their better selves.

    Of course, what would a fitness app be without some healthy competition? FitEvo will offer many opportunities to challenge others and stimulate their competitive neurons through classical challenges, as well as user-created routes with leaderboards.

    In addition to earning $FIVO tokens through movement, FitEvo has made sure that attention is paid to incentivizing more extensive user engagement beyond exercising and dragon breeding. Users will be able to collect Active Points through interactions, referral count, daily sign-ins, missions completed, community contributions, and more. The Points will significantly influence users’ earnings to the upside, so it will be in everyone’s best interest if they try to make the best of their experiences on the FitEvo app – and why shouldn’t they?

    Another interesting feature that we are yet to hear more about is the training programme, which will offer inexperienced users the opportunity to learn from the community and follow pre-planned exercise curricula without having to design them themselves.

    Incorporating all of these features will be no small feat for FitEvo, and it will be interesting to see how the project progresses forward. With such a clear edge over their competitors defined, it’s now up to the FitEvo team to deliver on these ambitions and rise through the ranks of the M2E space.

    To learn more about FitEvo, see: https://linktr.ee/FitEvoNFT

  • 5 Reasons Why Move-to-Earn NFT Games will be the Hottest Trend of 2022

    5 Reasons Why Move-to-Earn NFT Games will be the Hottest Trend of 2022

    A recent uptick in projects combining the concepts of move-to-play and play-to-earn into what is known as move-to-earn have started gaining traction, with more and more people trying out this new play-to-earn paradigm. Players are rewarded proportional to their physical activity, incentivizing an active lifestyle all the while generating a passive income. This article looks at 5 reasons why move-to-earn might become the hottest crypto trend of 2022.

    Table of contents

    And check out our predictions and analysis on whether move to earn has potential to become a BILLION dollar industry:

    Move to Earn: BILLION dollar potential in 2022? Predictions and Analysis (StepN $GMT)

    What Is Move-To-Earn?

    Move-to-earn is a fast developing component of Web3, enabling individuals to own and monetize their personal data. M2E’s mission is to scale the blockchain-based incentives system for healthy lifestyle promotion. The increased use of fitness trackers and employer-sponsored wellness programs that reward employees for boosting their physical activity might result in the global fitness tracker market growing from $36.34 billion in 2020 to $114.36 billion in 2028. Employee absenteeism due to illness can be reduced with fitness-based M2E. In this aspect, M2E applications have a far wider audience reach than P2E applications.

    5 Reasons Move-To-Earn NFT Games Will Be the Hottest Trend of 2022

    1. Investors are Flocking towards Move to Earn Projects

    Investors make it their job to identify trends, and seeing the amount of investments in play-to-earn gaming projects, it’s easy to see how the recent influx of cash into projects (such as STEPN and Genopets) in the past months foreshadow the upcoming success of move-to-earn. In their January seed round, STEPN raised $5 million, and, back in October 2021, Genopets raised a whopping $8.3 million in their seed round.

    We’re likely to see more projects and investments by way of SAFTs, and retail-focused IGOs (Initial Game Offerings) to pop up this year, each attempting their own take on monetizing the intersection of blockchain and physical activity.

    2. People want to be Active Post-lockdown (Whilst Earning Passive Income)!

    With Covid lockdowns mostly fading away and warm weather (in the Northern hemisphere) knocking on the door, life will return from the drab cold days of the winter, forcing everyone outdoors. The pandemic showed us that better physical health can keep us from experiencing severe effects of disease, as is the case with Covid-19, and many will try to improve their health as a result. 

    Combined with a desire to socialize and finding the next thing to get addicted to (aside from social media and binging Netflix), an app that aligns an active lifestyle, passive income, collectibles, and mobile video games in a fun and engaging way can be a very powerful combo that launches some move-to-earn projects into our daily lives this year.

    Looks like move-to-earn gaming will contribute to a planet-wide increase in human health by combining the two things people love to do, whether they admit it or not, making money and playing games!

    3. Move-to-Earn Gets People Earning Faster and Easier than Play-to-Earn Games

    With play-to-earn games having laid the practical and conceptual foundations of NFT-based gaming, move-to-earn NFT games are set to see a rapid rise in popularity this year. Games like Axie Infinity, The Sandbox, and many more, have exploded in the past years, amassing a large user base and catalyzing the creation of gaming guilds that bring like-minded gamers together. Now, the crypto community is ready for a new evolution of Play-to-Earn.

    The biggest advantage of move-to-earn games is the low barrier of entry. Contrary to traditional character-based games with narratives and gameplay that require time, dedication and effort to understand, move-to-earn games leverage actions that every human is very familiar with – movement! This means that a player has practically no learning curve before they can start playing and earning, completely eliminating barriers to entry for anyone. Simply open the app and start earning!

    4. Move-to-Earn Builds on the Proven success of Social Fitness Apps 

    Anyone who’s actively used fitness apps like Strava, Fitbit, or PlayFitt will know how addictive their gamification aspects can be, be it trying to set a route record, trying to keep up with the physical activity of your friends (and get more likes), or even competing against yourself as you see your progress in the app.

    These social fitness apps do something magical – they bring out our competitive side, forcing us to push further than we’ve ever pushed, either against ourselves or others. And the amazing thing is that, aside from improved physical health, there is no additional reward that would merit such dedication. If peer pressure and social clout is enough to cause us to do things we normally wouldn’t happily do – exercise – what will the promise of earning a buck or two as you exercise do to us?

    Move-to-earn games seek to answer the question: “What if you added a financial layer and further gamification to a social fitness app, and built it on robust decentralized technologies to ensure fairness and true ownership?”

    5. Move-to-earn Might be the NFT Play Many Retail Investors are Waiting for

    Though some metaverse coins like Axie Infinity’s $AXS have gone parabolic since last year, the bigger Metaverse & GameFi narrative plays are yet to fully take off. This leaves plenty of options to choose from from an investment/bag holding perspective, with many potential “up-only” plays looming around the corner.

    In addition, many retail investors missed the insane gains of last summer’s NFT craze, either due to not fully understanding how to take advantage of the NFT hype train, or simply not wanting to be bothered with having to immerse themselves into the culture of the NFTs to anticipate the highest ROI plays. Flipping NFTs is more difficult than simply buying a coin that goes up.

    Luckily for these people, move-to-earn projects might offer just the solution. In addition to having NFTs, which can be traded as normal, these games also incorporate in-game utility and governance tokens, which can be easily purchased on exchanges, and grow as the value and popularity of the game grows.

    STEPN and Dotmoovs have both made a very smart decision by integrating an NFT marketplace with its own Rental System, allowing players to borrow sneakers/ footballs and start earning quickly and seamlessly, without having to join a gaming guild and apply for a scholarship. Click here to learn more about the controversial practice of NFT Scholarships.

    Not only is this more beneficial for players, but also for NFT owners who don’t want to earn by moving, but through lending them to someone else and collecting a percentage of the fruits of their labor. 

    By reducing the friction of lending their sneaker NFTs to scholars, all owners need to do is to simply place their NFTs on the in-game marketplace, and reap the rewards. This approach to NFT staking will likely gain popularity due to the ease of use and low barriers of entry for hobbyist NFT owners.

    Conclusion

    2022 is looking ripe for move-to-earn games, as GameFi, active lifestyle, and SocialFi narratives take root, eventually culminating in a hype train that might even overshadow previous parabolic narrative-driven runs!

  • Saito ($SAITO): Providing Scalability and Decentralization Towards Web3 Development

    Saito ($SAITO): Providing Scalability and Decentralization Towards Web3 Development

    Blockchain technology is often considered the best solution to problems caused by centralization. Through blockchain, people get to exercise authority over their personal affairs and enjoy more security and sovereignty, especially with financial transactions. Yet despite all the advantages of blockchain adoption, the technology also has a few current drawbacks.

    Many people complain about unstable and sometimes relatively high transaction fees. For some people, the main problem with blockchain is a lack of interoperability between several different systems while others worry about response time or latency. However, a bigger issue lurks around the corner – scalability.

    Compared to traditional systems, blockchain technology might be a long way from tackling the scalability problem. Saito Network helps to solve these issues by providing unique solutions for the general growth of the sector.

    What is Saito ($SAITO)?

    Saito ($SAITO) is a layer-1 blockchain that provides a permissionless and scalable network for decentralized applications. The open network also supports in-browser crypto applications without private APIs or plugins. 

    Saito aims to tackle problems caused by centralization, as well as scalability issues that are commonplace with both Proof-of-Work (PoW) and Proof-of-Stake (PoW) blockchains. Instead of paying stakers and miners for block production, the network directly pays internet service providers, allowing easy use of regular browsers for decentralized projects. This method helps new and existing Web3 projects run cost-effective operations instead of paying node operators like Infura.

    Learn more about Proof of Stake (PoS) vs Proof of Work (PoW) with our article: Proof of Stake Explained

    Saito’s open infrastructure provides better security for projects looking to host on a blockchain without intermediaries. A problem with employing the services of a middleman is the apparent centralization of a supposedly decentralized product. Another issue is that projects connected to the blockchain through node operators are open to several risks if the operator becomes compromised or otherwise unavailable. For example, in 2020, Infura suffered an outage that caused Binance and other exchanges to disable ERC-20 transactions. By connecting projects directly to the blockchain through the browser, Saito Network allows decentralized apps or other infrastructure to host their own nodes without an intermediary.

    Features of Saito

    Saito’s decentralized framework is essential to the ongoing shift to Web3. Since a major tenet of Web3 is decentralization, the platform’s basic structure is the critical tool developers and various projects need to compete in the new iteration of the internet. The following Saito features place the network at the forefront of Web3 development:

    • Truly Peer-To-Peer: Saito ensures that projects and all their transactions are truly peer-to-peer. No go-between is required.
    • Scalable Onchain Data: Saito solves scalability problems by providing easy dApp support through browsers instead of relying on a node operator.
    • Browser Applications: All projects will quickly onboard and operate decentralized applications directly through a browser, without the need for a plugin like MetaMask.

    What makes Saito special?

    In addition to the advantages Web3 projects enjoy through Saito, the platform also offers the following:

    • Dynamic App Support: Saito’s network provides a valuable framework for several applications regardless of data or bandwidth requirements. Developers can build anything from games to social media apps and communication tools.
    • Open Infrastructure: Other networks can take advantage of Saito’s infrastructure to tackle interoperability problems. 
    • Web3 Blockchains: All applications built on Saito support Polkadot and many other major Web3 blockchains, with many more coming down the line.
    • Enterprise PKI Support: Saito’s scalable PKI network layer tackles network security head-on. The layer’s basic design satisfies enterprise-level and encryption requirements.
    • App Deployment: Developers can easily create and publish apps on Saito’s platform. App creators can do everything from start to finish without any third-party infrastructure.
    • Vibrant Community: Joining the Saito community exposes projects and developers to an active and growing community of like-minded people excited about Web3 development.

    Saito has already processed more than 10 million transactions and averages over 30,000 transactions per day. With more than 30 popular applications and modules already in the works, Saito has positioned itself as the best chance for the ongoing evolution of Web3.

    SAITO Token: What is it?

    SAITO token is the network’s native asset, a utility token that powers activities on the platform. The platform offers two types of SAITO on different networks, an ERC-20 variation and the Layer One SAITO. The ERC-20 tokens are wrapped tokens in ERC-20 form and are available to public sale participants over vesting periods. Wrapped SAITO asupports purchases and permissionless integration in off-chain applications. Users who hold ERC-20 SAITO also enjoy token withdrawals to any public Saito fork.

    Layer-One SAITO tokens have on-chain utility and represent 75% of all tokens minted. As the network expands, on-chain SAITO holders will enjoy increased liquidity and convertibility. However, holders cannot directly convert Layer-One SAITO to ERC-20 SAITO. Of the allocated 75%, the Saito Foundation retains 20%, while strategic partners share a 10% pool. Rewards, contributors/developers, and the Saito core team all receive 15% each of the SAITO token supply.

    Visit Saito’s latest developments here:

    Website | Twitter | Telegram | Discord

  • China’s Blockchain Network (BSN) Splits over a dispute about Public Blockchains

    China’s Blockchain Network (BSN) Splits over a dispute about Public Blockchains

    China’s hotly-anticipated nationwide effort to integrate blockchains – the Blockchain Service Network (BSN) – has split into two entities over a disagreement to integrate public blockchains. BSN will now be split into two separate entities:

    • BSN-China: a private consortium led by the State Information Center. This chain will be China’s core chain with support from the Government. BSN-China will consist of nodes that fully comply with local Chinese laws and regulations
    • BSN-International: A public consortium led by Red Date Technologies. This chain will allow international co-operation and integration of crypto protocols such as Ethereum (ETH), EOS (EOS), Nervos (CKB), NEO (NEO), Chainlink (LINK) and Tezos (XTZ)

    BSN was originally envisioned as a project that would allow any blockchain, be it public chains (eg. Ethereum (ETH)) or corporate private chains to communicate with each other. Following the original plan, any public blockchain can integrate itself into the BSN, a network that will help cross-chain communication and value transfer.

    Centralized Control & Governance

    Xi Jinping
    President Xi personally addressed the nation on Blockchain Development in 2019

    Recently there has been pushback against the use of Public blockchains in China, as it would mean the State would not be able to control these Chains. As a result, the incorporation of public chains into BSN has been a hotly contested subject as the state would not be able to ensure that all aspects of the chain will comply with local laws. In fact, public blockchains are decentralized meaning that they are immune to centralized control and governance. This has lead to the State declining to allow any public blockchains into BSN-China.

    It is expected that BSN-China will receive most of the state’s attention and funding. Private projects developed by major tech giants in China, such as Tencent and Baidu are expected to be integrated into BSN-China. This will be the major spearhead develop for China’s nationwide push for blockchain development.

    Will Decentralized Protocols be left out?

    International efforts to develop and integrate into BSN-International will be expected to continue ahead as planned. Original creators of BSN, Red Date Technologies, will spearhead the development and continue to push the international effort to create a communication network for the entire blockchain ecosystem.

    Sources: https://cointelegraph.com/news/chinas-blockchain-network-splits-over-disagreement-about-public-chains

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Walmart China brings VeChain’s Food Traceability Platform to Sam’s Club China

    Walmart China brings VeChain’s Food Traceability Platform to Sam’s Club China

    Around a year ago Walmart China, PwC China dn VeChain jointly announced they were setting up the Walmart China Blockchain Traceability Platform. This Platform would allow Walmart China to make use of blockchain technology to trace its products. Consumers would be able to scan the products on the shelf and have access to detailed information on the product, for example, its source, product inspection reports, and logistics process. Their expectation was that by the end of 2020, 50% of sales of fresh meat, 40% of sales of packaged vegetables, and 12.5% of sales of seafood would be traceable.

    To find out more about Vechain, read our full guide on Vechain (VET).

    Almost a year later, VeChain announced on 2nd June 2020 that Walmart China is committing Sam’s Club China, another of its businesses towards collaboration with VeChain.

    What is Sam’s Club China?

    Owned by Walmart China, Sam’s Club China is branded as a members-only premium supermarket. Currently, Sam’s club has a total of 23 clubs in China. There are plans to expand to have a further 40 to 45 clubs either operational or under construction in China by the end of 2022.

    Its clubs are generally large scale supermarkets averaging around 20,000 square meters and offering groceries in bulk and other goods such as household appliances, home goods, etc. Sam’s Club maintains its premium branding by providing either the best quality product in a particular category or the best-selling brand at its clubs. Sam’s Club also offers its own premium store-brand products called Member’s Mark.

    Launch of Sam’s Club Blockchain Traceability Platform with VeChain

    The launch of the Sam’s Club Blockchain Traceability Platform coincides with Sam’s Club’s “Taste of Sam’s” campaign. This campaign aims at letting customers experience luxury through recipes featuring premium quality foods and products which can be purchased from Sam’s Club.

    The products featured in the campaign include Member’s Mark products which make use of VeChain’s ToolChain technology. Combined with cold-chain IoT and other traditional software and hardware sensors, stakeholders in the supply chain will be able to upload data onto the VeChainThor public blockchain. This data would be contained in a secured QR code which would be tagged onto each product. (https://punandjokes.com/) Hence those involved in the supply chain and even the average consumer would be able to scan the QR code using their smartphones to access information on the product such as its packaging information, its origins, storage requirements, etc. And since this data was stored on the VeChainThor public blockchain, it cannot be tampered with.

    As an example, in the short rib recipe above, customers can pick up a pack of the short-ribs featured in the recipe from Sam’s Club and scan the embedded QR code for more information. The below picture shows the kind of information customers can expect to see. Such as how the product was shipped from its place of origin, the name and location of the manufacturer, best-before times and certification processes.

    Currently there are over 20 product lines, including Member’s Mark products which make use of VeChain’s traceability platform. It is expected that more products will be included in the future.

  • VeChain partners with Bayer China to create CSecure- a clinical trial traceability platform

    VeChain partners with Bayer China to create CSecure- a clinical trial traceability platform

    Bayer China announced its partnership with VeChain during an interview with VCBeat on 28th May 2020- a Chinese news publication focusing on health developments in China. For an in-depth guide to what is Vechain and it’s core features, check out our Vechain Coin Guide

    About Bayer China

    Bayer has links in China since as early as 1882, focusing on the core competencies in the areas of healthcare, nutrition and agriculture. Their aim is to improve quality of life through research and development on preventing, alleviating and treating diseases, as well as ensuring that consumers get healthy, safe and sustainable food. In 2019, Bayer has over 9,000 employees in the Greater China region and sales have well exceeded 3.7 billion Euros.

    VeChain becomes “Partner-for-Life” with Bayer China

    VeChain beat out dozens of competitors and won the Bayer China G4A Partnerships Program in 2019. This Program was created by Bayer to give qualified companies funding, mentorship and networking opportunities to its winners. Most importantly, to become a “partner for life” with Bayer so that the company will become a direct partner and be used with Bayer’s products and services.

    For the purposes of the Program in 2019, Bayer required competitors to solve the issue of Digitised Clinical Trial Traceability. Competitors were required to work directly with Bayer and develop a feasible solution for the issue which would eventually be ready for deployment in line with Bayer’s own milestones and planning. At the end of the competition, VeChain was the only company that was able to satisfy Bayer’s requirements with its solution- CSecure.

    Importance of Digitialised Clinical Trial Traceability

    With still so many unknowns in the medical field and novel yet incurable diseases emerging such as SARS-CoV-2, medical researchers are constantly racing against the clock for the sake of saving lives. Thus it is important to ensure that drug clinical trials are conducted efficiently and when lives are involved, without room for any error. In particular, the data that is collected forms the heart of this process, and is a critical part of the research, development and adoption process for any new medical intervention- including drugs and other forms of treatments. Any issues with this data, such as tampering or errors would hence be very detrimental to the trial process, potentially even ruining it and worse, affecting human lives.

    Hence a solution is needed to ensure that the data collected during the various stages of the trial process is transparent, secure and credible.

    What is VeChain’s CSecure platform?

    CSecure was created by VeChain as a solution to Bayer’s issue of needing digitised clinical trial traceability. The CSecure platform makes use of VeChain’s existing product ToolChain– a kit containing all the necessary hardware, software and service protocols to onboard a business onto the VeChainThor blockchain.

    With CSecure, data obtained from the various stages of clinical trials for drugs are uploaded on the VeChain Thor Blockchain. So that other stakeholders in the process such as researchers, suppliers, distributors, partners and end users can have access to this data. As the data is recorded on the blockchain, the stakeholders accessing the CSecure platform are assured that the data and transactions recorded are traceable, transparent and auditable. (bricks4kidz.com)

    Specifically, each medical product is binded with a QR code with a unique VID (VeChain ID) and recorded on the VeChainThor Blockchain. During the trial process, information that is added to the blockchain is time-stamped, user-identified and cannot be changed. So if there is a discrepancy between the product’s digital profile and real-life attributes, the party responsible can be identified and the situation remedied.

  • Enjincraft Review: Adding Blockchain to Minecraft

    Enjincraft Review: Adding Blockchain to Minecraft

    EnjinCraft Logo
    EnjinCraft – Enjin Brings Blockchain economies to Minecraft

    EnjinCraft breathes new life into Minecraft by bringing the best of digital economies and Non-fungible Token (NFT) collectibles. Whilst Minecraft is the biggest sandbox game in the world, it has always lacked a true economy. Enjin’s new Minecraft integration and SDK allow players to truly own items and move them across servers. With the launch of the Minecraft plugin on the 28th of May 2020, server owners can use a simple plugin to allow blockchain items to be used in their Minecraft worlds.

    With Enjincraft, players can equip ERC-1155 assets directly as Minecraft items. This also allows for the trading of items outside of the game and into the Enjin Wallet. Enjin’s new integration allows for the direct trading of ERC-1155 assets, Ethereum and Enjincoin directly in Minecraft.

    Players will be able to enter “Enjincraft” and find treasures such as swords, armor, and tools in the game. After finding these items, players can have true item ownership as they are Non-Fungible Assets (ERC-1155 tokens). Items can be directly stored in the Enjin Wallet, allowing for easy trades or even melting.

    First Enjincraft World

    Enjincraft’s first world is filled with quests, stories and many explorable towns and cities. For those daring to explore, the world is packed with treasure chests and mysteries that can be solved. Treasure chests in the game give out real ERC-1155 items that have value based on Enjin Coin.

    Map of Enjincraft

    For beginners, the world map is very handy as it marks all the main locations in the game. This map could be discovered in Witek’s House in the first city (follow the main road into the town).

    Binding Enjin Wallet

    Players can keep valuable items Enjincraft via the Enjin Wallet. The onboarding process is very simple:

    1. Login to enjincraft.com
    2. Game will give you a 5 character binding code.
    3. Open up Enjin Wallet on your mobile phone
    4. Navigate to “Linked apps”
    5. Select the wallet and enter the binding code
    Enjincraft with linked Wallet

    This process should take around 1 minute and after which the account will be bound and ready to play. The wallet status will display as linked and the Enjin Coin panel will show the ENJ and ETH balance of the wallet. This makes Minecraft very much similar to Massively Multiplayer games like World of Warcraft.

    Enjincraft ERC-1155 Items

    Enjincraft Items are cross server and can move between realms. Currently owners of the items could be explorered using the Enjinx blockchain explorer.

    Check out our Enjin Guide to learn more.

    What is EnjinCraft?

    Enjincraft discussion and interview with Enjin CTO Witek Radomski

    EnjinCraft is Enjin’s newest plugin for Minecraft servers. The EnjinCraft plugin will enable server owners to fully integrate a blockchain economy  into Minecraft.

    This means that Minecraft server owners will be able to provide players with tangible ownership of in-game assets and currencies. The in-game assets can be used in server owners’ chat rooms, websites and the Enjin Multiverse.

    Stormwall is an example of Enjin’s multiverse assets is Stormwall. It is a playable item created by Enjin that can be used in 32 of Enjin’s games.

    DonationCraft was Enjin’s first Minecraft plugin. It allowed MineCraft servers to accept Paypal and credit card payments. According to Enjin, DonationCraft has over 5 million downloads and allowed server owners to make millions of dollars.

    As first reported by Asia Crypto Today, to introduce people to Enjin’s MineCraft plugin, Enjin has launched the closed beta version of EnjinCraft Server One, a Minecraft server built with Enjin’s plugin.

    EnjinCraft Server One has blockchain-based Minecraft weapons, armor, and accessories for players to find and win.

    Search and collect blockchain assets in Minecraft's expansive universe
    Search and collect blockchain assets in Minecraft’s expansive universe

    In-game items are backed with Enjin Coin (ENJ). Players can get Enjin Coin by melting them via the Enjin Wallet. After melting Enjin Coin, it can be transferred into other cryptocurrencies. Enjin Coin can also be used to purchase gift cards from mainstream retailers. For example, Amazon, Apple, and Uber.

    Enjin Blockchain SDK for Java

    The SDK for Java allows Java developers to create and integrate blockchain assets onto their platform.

    For Enjin’s Java SDK, the Company has adopted an open-source codebase. Therefore, Java SDK users can modify and build upon the SDK however they want. Enjin mentions that they encourage the spirit of collaboration and hopes users can use the SDK to build things they could never have imagined.

    Players can convert their in-game assets into real life value.
    Players can convert their in-game assets into real life value.

    Users will be able to use Enjin’s platform to integrate a blockchain economy onto their servers. This will mean users can integrate blockchain economies onto games, web applications and even andriod apps.

    You can start building with the Blockchain SDK by creating an Enjin account here.

    By signing up with the Enjin Spark early adopter program, users will be given various early adopter benefits. This will help them market, fund and monetize their projects.

    You can sign up for the Enjin Spark program here.

    Conclusion

    https://www.youtube.com/watch?v=1EDBs01QvX8&feature=youtu.be
    Introducing EnjinCraft: The World’s First Blockchain-Powered Minecraft Server

    Seeing in-game items as mere pixels is a thing of the past. Enjin is allowing developers to integrate blockchain economies into the online world through with Enjin’s Java SDK.

    And with MineCraft Server One, Enjin is showing how these economies can work in mainstream gaming. We will hopefully finally see a win-win situation for developers and players. Developers are able to generate more profit. Whilst allowing players to earn real life value through in-game items.

    To learn more about check out our Enjin Review.

  • Top 10 Blockchain Security and Smart Contract Audit Companies

    Top 10 Blockchain Security and Smart Contract Audit Companies

    We rank the top 10 performing blockchain security firms offering services such as smart contract audits, blockchain security analysis, penetration testing, formal verification, and security audits. Security audits are extremely important – this year we’re seeing the rise of Decentralized Finance (DeFi)— a new application of decentralized Blockchain technology that is poised to replace the trillion dollars Global Finance industry. However, recent events such as the dForce hack have shown us that hackers can exploit weaknesses in smart contracts and steal money. It’s almost like robbing a bank, except in this case the bank is flush with crypto AND can’t defend itself. In the case with dForce, the hacker stole $25,000,000 USD (talk about a good haul) and with crypto transactions, we know this is not reversible.

    Consequently, security solutions, tailored to the volatile nature of blockchain technology and its components, have started making moves to isolate and neutralize security threats common in the blockchain terrain. In this article, I will highlight and explore the workings of the top companies in the blockchain security niche.

    It is therefore extremely important for security audits of projects, exchanges and blockchains to be done. Users must also know what security tests have been performed and if any red flags were raised.

    Hacken

    Website: https://hacken.io/

    Hacken performs a wide range of security services for its clients. These suites of services include blockchain security consulting, web/mobile penetration testing, coordination of bug bounty programs, crypto exchange ratings, among other things. Although Hacken offers a long list of services targeted at blockchain and crypto firms, its ecosystem, however, encompasses security products ideal for IT companies as a whole. The company has built a commendable reputation as a security risk assessment for companies requiring a digital environment to create or enable services for their consumers.

    Hence, it comes as no surprise that Hacken has provided security services for non-blockchain giants like Air Asia. Furthermore, it has proven its commitment to blockchain technology by sponsoring and engaging security experts worldwide in security meetups.

    Hacken has also created the HackenAI security platform designed to protect the end user from security risks and account compromises. Key features such as Darknet monitoring immediately alerts users of compromised passwords and possible darknet attacks. HackenAI is available on Android and Iphone devices.

    Quantstamp

    Website: https://quantstamp.com/

    Quantstamp is a blockchain security startup unveiled at YCombinator W18 Batch. The security team of Quantstamp has experience in top IT companies like Google, Facebook, and Apple. And this is evident in the platform’s wide array of blockchain security tools and services. For one, Quantstamp has developed a decentralized security network for smart contract auditing. With this solution, users can perform automated smart contract security review on a “global network of decentralized security nodes.”

    Additionally, the platform provides expert security audits for clients blockchain projects and a 24/7 security monitoring software tool.

    Trail of Bits

    Website: https://www.trailofbits.com/

    Trail of Bits prides itself as a network of developers with the capabilities of identifying and fixing loopholes in software, devices, or codes. In other words, the solution provides an array of software security services that encompass smart contract audits, blockchain security research, software development, and so on. Over the years, Trail of Bits has developed formidable security tools for smart contracts. Some of these blockchain-focused solutions are Crytic, Slither, and Echidna.

    Apart from that, Trail of Bits developed the popular AlgoVPN. As well, it has a lot of security publications on GitHub, including public reports for 0x Protocol, Compound, NuCypher, and MakerDAO, which are some of its clients.

    OpenZeppelin

    Website: https://openzeppelin.com/

    The OpenZeppelin team is mostly known for its development of Solidity libraries known as OpenZeppelin Contracts. These libraries are used in most Solidity projects as a tested and standard template for contracts deployable on decentralized applications. Developers can integrate this solution through OpenZeppelin’s native SDK. Besides development, OpenZeppelin has a strong focus on smart contract security and audit services.

    Also, OpenZeppelin was one of the first teams to reinvent blockchain security by introducing elements of gamification to identify loopholes in smart contracts. Another of its products, Ethernaut, is a Web3/Solidity war game, which entails gamers to hack smart contracts to move to the next level.

    ConsenSys Diligence

    Website: https://diligence.consensys.net/

    US-based ConsenSys is one of the biggest and prominent blockchain incubators in the industry. Unlike other security firms mentioned on this list, ConsenSys dedicates its resources and technological know-how to the development of Ethereum blockchain applications and software, especially financial infrastructures. As such, its product, ConsenSys Diligence, offers security analysis for smart contracts. This audit product is at the cutting edge of sophisticated “cryptography, blockchain technology, and crypto-economic incentive analysis.”

    Another of its products, MythX, is one of the most powerful automated scanners for Ethereum smart contracts. This solution provides a robust API, which developers can use to access security analytics tools.

    Certik

    Website: https://certik.io/

    Certik is a security company looking to utilize topnotch formal verification technology in collaboration with some of the best cybersecurity experts to create end-to-end services. On its website, Certik claims that it has audited over 188,000 lines of codes and secured over $6.32 billion worth of assets. The team offers to mathematically validate the safety of smart contracts

    Therefore, it has developed Certik Chain, a public blockchain focused on leveraging Certik’s Formal Verification platform, to secure decentralized projects. Certik is officially a partner company of Binance, and it is backed by prominent investors, including Binance Labs, Lightspeed, Matrix Partners, and DHVC.

    LeastAuthority

    Website: https://leastauthority.com/

    LeastAuthority is a cybersecurity consulting firm with its main focus on privacy. It classifies itself as an enabler of private and disruptive storage solutions. At the moment, the platform has two major products available to its users. The first, Privatestorage (formerly S4), is a centralized system that provides storage infrastructure to end-users and offers them the autonomy over the collection, processing, and distribution of their private data. On the other hand, its second product, Tahoe LAFS, enables a decentralized, distributed, and fault-tolerant storage facility.

     In addition to providing different storage architectures, LeastAuthority has published security reports for Ethereum, Tezos, and others. It also works with developers throughout their development cycles to ensure that their projects are not susceptible to security threats. 

    PWC Switzerland (former Chainsecurity)

    Website: https://www.pwc.ch/en/services/risk-assurance/smart-contract-assurance.html

    Chainsecurity has joined PWC Switzerland to perform security review projects and create security solutions for the emerging blockchain industry. With this partnership, PWC Switzerland offers consultant services to blockchain projects from the exploration stage to the post-deployment stage. This platform assesses smart contract designs, tests their viability, and monitors metrics detailing their performances after deployment. It excels in its ability to combine automated analysis tools and the expertise of security professionals to identify and eliminate potential threats.

    As Chainsecurity, this blockchain team developed several security tools, including Securify and VerX. It makes sense to expect this team to continue its successful run in the blockchain security sector since it now has access to PWC Switzerland’s vast resources.

    Slowmist

    Website: https://www.slowmist.com/en/

    Slowmist is China’s leading blockchain security company. They perform extensive blockchain security services that include smart contract audits, blockchain security audits, wallet security testing, and much more. Slowmist also has a safe staking project for blockchain ecologies, which delivers real-time data on the growth and security patterns of EOS, Cosmos, Vechain, and other top blockchain projects. Another interesting bit of detail about this platform is its powerful firewall project for EOS smart contracts, named FireWall.X.

    Likewise, Slowmist is constantly tracking and publishing data and stats about security situation on crypto exchanges through their Blockchain Threat Intelligence (BTI) service. 

    Runtime Verification

    Website: https://runtimeverification.com/

    Runtime Verification is a research and development company focused on formal verification. According to the information on its website, this solution designs standard models for high-value applications and uses them as templates to develop security-sensitive products. Runtime Verification has developed two main smart contract security products. On the one hand, it offers smart contract correctness proofs with the help of the K framework to prove the viability of Ethereum and Cardano’s smart contracts. On the other, Firefly is a test coverage analysis tool for Ethereum smart contracts.

    Additionally, Runtime Verification has worked with Ethereum Foundation on building a formal framework for Ethereum 2.0 testing.

    What is the best Smart Contract Auditing Company

    Top tier smart contract auditing companies include Hacken, Trail of Bits and OpenZepplin