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Cointelegraph.com News Cointelegraph covers fintech, blockchain and Bitcoin bringing you the latest news and analyses on the future of money.

  • Cointelegraph Store introduces Halloween Crypto Monsters merch
    by Ezra Reguerra on September 28, 2022 at 3:00 pm

    The Cointelegraph Store has launched a new collection of crypto-inspired Halloween wear to keep things spooky this fall. From all-time highs to massive price dips, the crypto market can be tricky to navigate, which is why traders need cool merchandise that can get them all the treats this Halloween. Cointelegraph is here to assist and has dropped a Halloween collection to help hodlers express their belief in the industry’s bright future when it’s time to go trick-or-treating.Inspired by blockchain, proof-of-stake and the crypto community’s popular “to the moon” catchphrase, the Cointelegraph Store created a new collection to celebrate this year’s Halloween. The Crypto Monsters Halloween Collection features t-shirts, hoodies and mugs with various crypto-inspired designs.Crypto Monsters TeesCelebrate the season with Cointelegraph’s new t-shirt designs now available in the store, featuring the Blockchained Frankenstein’s Monster Tee, To the Moon Werewolf Tee and Proof of Stake Vampire Tee. The designs are perfect for making a crypto-themed statement during your next spooky encounter.Give your friends a scare this Halloween with Cointelegraph’s Crypto Monsters Tees!Halloween-themed t-shirts.Crypto Monsters HoodiesKeep warm from the cold winds of crypto winter with Cointelegraph’s Halloween hoodies. We made them extra soft and cozy to comfort hodlers as they experience sadness while looking at their portfolios during the bear market. The sweatshirts are available in three designs: To the Moon Werewolf Hoodie, Proof of Stake Vampire Hoodie and Blockchained Frankenstein’s Monster Hoodie.Halloween-themed hoodies.Crypto Monsters MugsFor crypto community members in the United States, Cointelegraph created mugs to celebrate Halloween. You can drink like a vampire with the Proof of Stake Vampire Mug, howl at the moon with the To the Moon Werewolf Mug, and feel alive as you sip your coffee with the Blockchained Frankenstein’s Monster Mug.Beware: Crypto Monsters Mugs are only available in the United States!Halloween-themed mugs.Enjoy your Halloween with Cointelegraph’s Crypto Monsters merchandise. Get some spooky swag for you or your friends to show your crypto spirit this fall. 

  • Are decentralized digital identities the future or just a niche use case?
    by Francisco Rodrigues on September 28, 2022 at 2:48 pm

    Are decentralized digital identities the future or are they a niche use case for blockchain technology doomed to solely be used by crypto natives? As users take advantage of online services and explore the internet, they eventually create a digital identity. This type of identity is then tied to central entities like Google and Facebook, which make it easier to share data with new services through simple sign-in buttons.While these digital identity management systems are convenient, they are relying on centralized intermediaries that hold and control user data. Personal identifiers and attestations are in their hands, and they can decide — or be forced — to share this information with other parties.Blockchains offer a solution: decentralized digital identities. These allow individuals to manage information related to their identities, create identifiers, control who they’re shared with and hold attestations without relying on a central authority, like a government agency.A decentralized identifier for a decentralized identity can take the form of an Ethereum account. Users can create as many accounts as they want on the Ethereum network without anyone’s permission and without anything being stored in a central registry. Credentials on the Ethereum blockchain are easily verifiable and tamper-proof, making them extremely trustworthy.Other use cases are out there. In August 2022, Binance catapulted the decentralized identity debate to social media platforms after moving to launch its first soulbound token, BAB, serving as users’ Know Your Customer (KYC) credentials.Whether decentralized identities are the future of online activity remains to be seen.Managing decentralized identitiesSpeaking to Cointelegraph, Witek Radomski, chief technology officer and co-founder of nonfungible token ecosystem Enjin, revealed he sees a future in which the metaverse will see a “blend of social media networks, email, crypto wallet addresses, and decentralized applications,” suggesting there will be a mix of digital and decentralized identities.Per Radomski, the key to identity management will be the “preservation and protection of sensitive information,” as different networks have “distinct technical methods to track digital ownership of data.”Recent: Vietnam’s crypto adoption: Factors driving growth in Southeast AsiaRadomski added that individuals entrusting protocols with their personal data should consider that big business decisions will be made based on an enterprise’s needs and philosophy, adding:“The ownership of digital assets mimics asset possession in the physical world. Assuming that owners are operating within the bounds of the law, blockchain-enabled digital ownership cannot be interfered with by the government.”He added that decentralized identities will play a role in preserving individuality, which will “depend on proving that you’re not a bot” and will have online activity as one of the “most compelling testaments to demonstrate this.”The potential of decentralized identitiesManaging digital identities is a challenge, as one mistake can easily lead to a breach of personal information. Centralized entities have been known targets, with a recent case seeing the personal data of Portugal’s president stolen in a cyberattack. The use of decentralized identities eliminates this risk, as only the users are responsible for their data.Speaking to Cointelegraph, Dmitry Suhamera, co-founder of IDNTTY — a decentralized public infrastructure layer enabling a decentralized identity approach — said that centralized digital identity providers “compete with each other, which actually hinders widespread adoption,” as in the end, “the user needs an ID for government services, an ID to interact with a bank, an ID to work with a cooperation.”Real-world use cases have seen digital identity programs’ adoption slow down shortly after launching, with Suhamera using Gov.UK Verify in the United Kingdom, which saw less than 10% of the population signing up, as an example. Nigeria’s adoption of eID, Suhamera added, stalled in 2017 amid issues with public-private partnerships used to launch the program.Per Suhamera, centralized digital identity solutions tend to “be quite expensive and offer an inconvenient monetization model” as users have to buy and pay for national IDs before using them digitally.Cross-border uses of digital IDs are also complex, Suhamera added, as corporations and regulators have to line up bureaucracy, which can be a slow process. Suhamera added:“Decentralized ID allows for the creation of a distributed ‘cheap,’ easy to integrate repository of personal ID (for which only the user is responsible) with which any service can integrate, from KYC providers and digital signatures to any online or identity services.”While decentralized identity can make identifiable information more portable while keeping it safe, centralized entities managing digital IDs “tend to provide a set of services at once,” boosting user experience.Decentralized identities have a number of use cases, including the potential for universal logins across a number of applications without the use of passwords. Service providers can issue attestation tokens granting users access to their platforms after a single sign-up, for example.Binance’s soulbound token shows that user authentication and KYC is also a possibility on the blockchain through the use of non-transferable tokens. Because these tokens aren’t transferable, voting through the blockchain without manipulation is a real possibility.Security concernsWhile decentralized identity management does appear to have significant advantages, the technology does not come without its drawbacks. For one, self-sovereignty means it may not be the most user-friendly approach.Speaking to Cointelegraph, Charlotte Wells, communications manager at crypto platform Wirex, said digital identities have been around for some time, although blockchain-based digital identities will “be a game-changer in the future web 3 due to their decentralized nature.”Wells pointed out that the amount of user data stored online is steadily growing, creating “huge security concerns over how this data will be stored and who will have access to it.” She pointed to data breaches at Facebook, which exposed the data of millions of its users. Per her words, decentralized digital identities will be “vital in allowing us to have ownership and control over our credentials.” Wells commented:“Self-sovereign identities use blockchain technology and zero-knowledge proofs to store digital identities on non-custodial wallets – the biggest advantage being that users have complete control over this and decide what companies, apps and individuals have access to this data.”She added that there are drawbacks: One important role of centralized entities is “enforcing standards of regulation, giving users and businesses the reassurance they need to work on the web.” Without these central authorities, Wells concluded, there may not be the same level of protection for decentralized identities.Zero-knowledge proofs are a way of proving the validity of a set of data without revealing the data itself. This technology, paired with decentralized identities, could mean users can prove who they are while under pseudonyms, ensuring their security isn’t affected.Recent: Institutional crypto custody: How banks are housing digital assetsTo Fabrice Cheng, co-founder and CEO of Quadrata, blockchain-based digital identities are going to change the concept of digital IDs and create new use cases for the Web3 space. Speaking to Cointelegraph, Cheng noted that it is still important to be mindful of what’s shared, noting that people should “be aware o their behaviors on the blockchain.”With the Ethereum blockchain acting as a global directory for decentralized identities of users who choose what they share and are in control of their data, it’s hard to imagine a scenario in which crypto-native users wouldn’t prefer this alternative. Non-crypto native users, however, may prefer to keep using centralized providers and share their data, at least until the user experience becomes as simple.

  • What is necessary for Web3 to fully replace Web2?
    by Chris Jones on September 28, 2022 at 2:00 pm

    Can Web3 replace Web2… and what stands in the way of this happening? We look at some of the biggest challenges facing this burgeoning sector right now. Web3 is the buzzword that’s on everyone’s lips — but when you put the mania aside for a moment, there’s a burning question that needs to be asked: Can these projects fully replace Web2… and what stands in the way of this happening? The likes of Google and Facebook have made a killing during the Web2 era, amassing billions of dollars in profits and a profound influence over the shape of the internet. But their continued influence is far from guaranteed. The 30-year history of the web is littered with the collapses of once-indestructible companies… MySpace being a notable example.Amid countless concerns over how the data of users is harvested and used, plus fears that content creators aren’t being properly compensated for their hard work, Web3 is positioning itself as a democratizing force that puts power back in the hands of the public. Even the Web2 giants themselves see the potential of this new approach — it’s been almost a year since Facebook changed its name to Meta and declared plans to focus on the Metaverse. While the vision and ambition of Web3 startups is to be applauded, there are challenges that must be tackled. Critics rightly point to the vast energy consumption of some blockchains — especially those based on a Proof-of-Work consensus mechanism. They argue that creating a level playing field online can’t be at the expense of the environment. And with a dizzying number of DeFi protocols and cross-chain bridges falling victim to eye-watering hacks, with billions of dollars lost, there are safety issues to take into account as well. For Web3 projects to achieve their full potential, the infrastructure they rely on needs to have fully decentralized data management — and that means eliminating a reliance on centralized cloud providers such as Amazon Web Services. Owners need to be in the driving seat too, and blockchains have to be immutable, affordable and more eco aware. Ticking all of these factors is no mean feat.Big ideas, worrying teething troublesThe Metaverse has been touted as a $1 trillion opportunity by JPMorgan — a silver bullet that could revitalize the music industry and reinvent the way we work and play. But before virtual worlds truly go mainstream, tricky security and privacy challenges must be overcome. A lack of interoperability risks standing in the way of adoption, too. And while the internet was pretty clunky in the early days, Metaverses have a long way to come before they’re usable and intuitive. The aspiration of people using blockchain technology without even realizing is some way off yet.And that brings us to some of the other use cases that have been proposed for blockchains. A number of entrepreneurs firmly believe these immutable ledgers could drag the healthcare sector into the 21st century — ensuring medical records are properly digitized and easily transferred between facilities. Here’s the problem: this is an industry that has copious amounts of data, and patient confidentiality is sacrosanct. Big opportunities lie ahead for networks that can achieve interoperability, immutability, security, transaction transparency, and medical data sovereignty. Blockchain could also be nothing short of revolutionary if it tackles the sheer volume of fake medication that’s in this space — with some estimates suggesting 10% of the drugs in circulation are counterfeit.So… what’s the answer?Inery is a Layer 1 blockchain that aims to tackle some of these burning issues — seamlessly connecting systems, applications and a plethora of networks. Its database management solution, IneryDB, champions high throughput, low latency and complex query search — all while ensuring data assets remain fully controlled by their owners.The team behind this Proof-of-Stake network say it’s scalable, resistant to Sybil attacks, energy efficient, tamperproof and speedy — capable of achieving 5,000 transactions per second, with new blocks created every half a second. All of this is achieved without compromising on security.Dr Naveen Singh, the CEO of Inery, told Cointelegraph: “With Inery, our efforts are focused on envisioning a decentralized, secure and environmentally sustainable architecture for database management. Inery enables an affordable and scalable solution that allows people to issue and control data assets to activate a new paradigm for data accessibility.”Inery says it’s already achieved a number of big milestones, and has been listed on Huobi. The network’s testnet has now been launched, and it has secured a $50 million investment commitment from GEM — as well as other contributions from the likes of Metavest and Truth Ventures. It’s also attracted some big-name talent. The founder of Orange Telecom now serves as chairman, and the ex-VP of global marketing at Apple is joining as a principal advisor.Looking ahead, the project wants to enter into strategic partnerships that will unlock compelling use cases for its systems in more industries. It’s hoped that the mainnet will launch in the first quarter of 2023 — paving the way for developers and users alike to properly discover what the future of Web3 should look like.Learn more about IneryDisclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

  • Bank of Ghana to foster financial inclusion through CBDC project
    by Ezra Reguerra on September 28, 2022 at 1:25 pm

    Kwame Oppong, an executive at Ghana’s central bank, told Cointelegraph that a CBDC could give their citizens the opportunity to use a “decent form of payment.” As more countries make progress in terms of developing and implementing central bank digital currencies (CBDCs), Ghana’s central bank aims to keep up and complete its research on CBDCs with the goal of financial inclusion, according to Kwame Oppong, the head of fintech and innovation at the Bank of Ghana.In an interview with Cointelegraph’s Elisha Owusu Akyaw at the Africa Money & DeFi Summit, Oppong laid out the reason behind the West African country’s venture into CBDCs. According to the government official, their main goal at the moment is to finish testing and eventually give their citizens the opportunity to use a “decent form of payment.” He explained that: “I think in terms of CBDC, our goal is to be able to finish testing it. We’ve seen the results. We’re going to look at the study each and every time in the future. But our real reason for doing it is more financial inclusion.” The official said that in the offline pilots of their “E-Cedi,” Ghana’s CBDC, at a town called Sefwi Asafo, participants were able to buy products and services from merchants in all kinds of places without any internet connectivity. Oppong believes that another benefit of a CBDC is having the data generated by the participants. The fintech executive explained that this data can help people become eligible for loans if they provide the information to banks. Oppong also highlighted the potential cost savings if a CBDC is implemented in the country. He said that when CBDCs are implemented, there is a lot of potential in terms of cost reduction because of its instant settlement feature. Despite the potential benefits of CBDC, the central bank official reiterated that the world is still at the stage where various entities are trying to determine its pros and cons. “I think as a society, we need to determine whether it’s useful for us or not,” he said.Hello Accra ! Cointelegraph is at the @AfricaMoneyDefi Summit! Say Hi, to our social media specialist @ghcryptoguy when you see someone in a Cointelegraph t-shirt . #AMDSGH #AfricaFintech pic.twitter.com/49pZcezKLx— Cointelegraph (@Cointelegraph) September 27, 2022 During a panel discussion titled “Stablecoin, Crypto & CBDC, Risks and Opportunities for Ghana,” Oppong also discussed the importance of stablecoins. He noted that in terms of cross-border transactions, stablecoins can play a very important role in finance. Apart from this, the executive highlighted that one of the most attractive things in crypto is the simplicity of its user experience. He noted that many entities have started to see the significance of studying the blockchain and implementing its use cases. Related: Russia aims to use CBDC for international settlements with China: ReportWhile there are supporters of CBDCs, there are also those who believe that they are not truly good for the people. The Bitcoin Policy Institute, a think tank based in the United States, recently argued that Bitcoin (BTC) and stablecoins are better alternatives to CBDCs.

  • Crypto.com scores fresh regulatory approval in France
    by Prashant Jha on September 28, 2022 at 1:19 pm

    The digital asset platform was focused primarily on acquisitions and sponsorship deals through the bull market but now seems to have shifted toward expansion, especially in Europe. Singapore-based digital asset platform Crypto.com scored a major regulatory approval in France. The digital asset platform was approved to register as a Digital Asset Service Provider (DASP) by the stock market regulator Autorité des marchés financiers (AMF). The approval was granted after the platform received  clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the financial regulator in the country.The regulatory approval will help the digital asset platform offer a suite of products and services in compliance with local regulations to customers in France. The platform hopes to bank on the latest approval for expanding its services in Europe.The mobile-first digital asset exchange platform has managed to obtain more than half a dozen regulatory approval in 2022, spreading across North America, Asia and Europe. Earlier in July this year, Crypto.com  managed to gain two regulatory approvals in Europe, one in Cyprus and another in Italy. At that time Kris Marszalek, the co-founder and CEO of the platform, had mentioned that the firm was focused on expansion in Europe.An August, the digital asset platform received the green light from United Kingdom regulators for “certain crypto activities.” Apart from Europe, the digital asset platform has also scored major regulatory approvals in Dubai, Ontario Canada, Cayman Islands, Singapore and South Korea.Related: Crypto.com’s Cronos launches $100M accelerator for DeFi and Web3The regulatory approval in France is also special for the digital asset platform as it comes just within a couple of months of the Formula 1 (F1) sponsorship fiasco. Earlier in July, several F1 international racing teams removed or covered the branding and logos of crypto-related sponsors including Crypto.com. This was done in light of the uncertainty around crypto regulations in the country. The Singapore-based digital asset platform focused primarily on sponsorship deals and acquisitions through the bull market, the platform has turned to the expansion of services to new regions during the bear market.

Cointelegraph.com News Cointelegraph covers fintech, blockchain and Bitcoin bringing you the latest news and analyses on the future of money.

  • Cointelegraph Store introduces Halloween Crypto Monsters merch
    by Ezra Reguerra on September 28, 2022 at 3:00 pm

    The Cointelegraph Store has launched a new collection of crypto-inspired Halloween wear to keep things spooky this fall. From all-time highs to massive price dips, the crypto market can be tricky to navigate, which is why traders need cool merchandise that can get them all the treats this Halloween. Cointelegraph is here to assist and has dropped a Halloween collection to help hodlers express their belief in the industry’s bright future when it’s time to go trick-or-treating.Inspired by blockchain, proof-of-stake and the crypto community’s popular “to the moon” catchphrase, the Cointelegraph Store created a new collection to celebrate this year’s Halloween. The Crypto Monsters Halloween Collection features t-shirts, hoodies and mugs with various crypto-inspired designs.Crypto Monsters TeesCelebrate the season with Cointelegraph’s new t-shirt designs now available in the store, featuring the Blockchained Frankenstein’s Monster Tee, To the Moon Werewolf Tee and Proof of Stake Vampire Tee. The designs are perfect for making a crypto-themed statement during your next spooky encounter.Give your friends a scare this Halloween with Cointelegraph’s Crypto Monsters Tees!Halloween-themed t-shirts.Crypto Monsters HoodiesKeep warm from the cold winds of crypto winter with Cointelegraph’s Halloween hoodies. We made them extra soft and cozy to comfort hodlers as they experience sadness while looking at their portfolios during the bear market. The sweatshirts are available in three designs: To the Moon Werewolf Hoodie, Proof of Stake Vampire Hoodie and Blockchained Frankenstein’s Monster Hoodie.Halloween-themed hoodies.Crypto Monsters MugsFor crypto community members in the United States, Cointelegraph created mugs to celebrate Halloween. You can drink like a vampire with the Proof of Stake Vampire Mug, howl at the moon with the To the Moon Werewolf Mug, and feel alive as you sip your coffee with the Blockchained Frankenstein’s Monster Mug.Beware: Crypto Monsters Mugs are only available in the United States!Halloween-themed mugs.Enjoy your Halloween with Cointelegraph’s Crypto Monsters merchandise. Get some spooky swag for you or your friends to show your crypto spirit this fall. 

  • Are decentralized digital identities the future or just a niche use case?
    by Francisco Rodrigues on September 28, 2022 at 2:48 pm

    Are decentralized digital identities the future or are they a niche use case for blockchain technology doomed to solely be used by crypto natives? As users take advantage of online services and explore the internet, they eventually create a digital identity. This type of identity is then tied to central entities like Google and Facebook, which make it easier to share data with new services through simple sign-in buttons.While these digital identity management systems are convenient, they are relying on centralized intermediaries that hold and control user data. Personal identifiers and attestations are in their hands, and they can decide — or be forced — to share this information with other parties.Blockchains offer a solution: decentralized digital identities. These allow individuals to manage information related to their identities, create identifiers, control who they’re shared with and hold attestations without relying on a central authority, like a government agency.A decentralized identifier for a decentralized identity can take the form of an Ethereum account. Users can create as many accounts as they want on the Ethereum network without anyone’s permission and without anything being stored in a central registry. Credentials on the Ethereum blockchain are easily verifiable and tamper-proof, making them extremely trustworthy.Other use cases are out there. In August 2022, Binance catapulted the decentralized identity debate to social media platforms after moving to launch its first soulbound token, BAB, serving as users’ Know Your Customer (KYC) credentials.Whether decentralized identities are the future of online activity remains to be seen.Managing decentralized identitiesSpeaking to Cointelegraph, Witek Radomski, chief technology officer and co-founder of nonfungible token ecosystem Enjin, revealed he sees a future in which the metaverse will see a “blend of social media networks, email, crypto wallet addresses, and decentralized applications,” suggesting there will be a mix of digital and decentralized identities.Per Radomski, the key to identity management will be the “preservation and protection of sensitive information,” as different networks have “distinct technical methods to track digital ownership of data.”Recent: Vietnam’s crypto adoption: Factors driving growth in Southeast AsiaRadomski added that individuals entrusting protocols with their personal data should consider that big business decisions will be made based on an enterprise’s needs and philosophy, adding:“The ownership of digital assets mimics asset possession in the physical world. Assuming that owners are operating within the bounds of the law, blockchain-enabled digital ownership cannot be interfered with by the government.”He added that decentralized identities will play a role in preserving individuality, which will “depend on proving that you’re not a bot” and will have online activity as one of the “most compelling testaments to demonstrate this.”The potential of decentralized identitiesManaging digital identities is a challenge, as one mistake can easily lead to a breach of personal information. Centralized entities have been known targets, with a recent case seeing the personal data of Portugal’s president stolen in a cyberattack. The use of decentralized identities eliminates this risk, as only the users are responsible for their data.Speaking to Cointelegraph, Dmitry Suhamera, co-founder of IDNTTY — a decentralized public infrastructure layer enabling a decentralized identity approach — said that centralized digital identity providers “compete with each other, which actually hinders widespread adoption,” as in the end, “the user needs an ID for government services, an ID to interact with a bank, an ID to work with a cooperation.”Real-world use cases have seen digital identity programs’ adoption slow down shortly after launching, with Suhamera using Gov.UK Verify in the United Kingdom, which saw less than 10% of the population signing up, as an example. Nigeria’s adoption of eID, Suhamera added, stalled in 2017 amid issues with public-private partnerships used to launch the program.Per Suhamera, centralized digital identity solutions tend to “be quite expensive and offer an inconvenient monetization model” as users have to buy and pay for national IDs before using them digitally.Cross-border uses of digital IDs are also complex, Suhamera added, as corporations and regulators have to line up bureaucracy, which can be a slow process. Suhamera added:“Decentralized ID allows for the creation of a distributed ‘cheap,’ easy to integrate repository of personal ID (for which only the user is responsible) with which any service can integrate, from KYC providers and digital signatures to any online or identity services.”While decentralized identity can make identifiable information more portable while keeping it safe, centralized entities managing digital IDs “tend to provide a set of services at once,” boosting user experience.Decentralized identities have a number of use cases, including the potential for universal logins across a number of applications without the use of passwords. Service providers can issue attestation tokens granting users access to their platforms after a single sign-up, for example.Binance’s soulbound token shows that user authentication and KYC is also a possibility on the blockchain through the use of non-transferable tokens. Because these tokens aren’t transferable, voting through the blockchain without manipulation is a real possibility.Security concernsWhile decentralized identity management does appear to have significant advantages, the technology does not come without its drawbacks. For one, self-sovereignty means it may not be the most user-friendly approach.Speaking to Cointelegraph, Charlotte Wells, communications manager at crypto platform Wirex, said digital identities have been around for some time, although blockchain-based digital identities will “be a game-changer in the future web 3 due to their decentralized nature.”Wells pointed out that the amount of user data stored online is steadily growing, creating “huge security concerns over how this data will be stored and who will have access to it.” She pointed to data breaches at Facebook, which exposed the data of millions of its users. Per her words, decentralized digital identities will be “vital in allowing us to have ownership and control over our credentials.” Wells commented:“Self-sovereign identities use blockchain technology and zero-knowledge proofs to store digital identities on non-custodial wallets – the biggest advantage being that users have complete control over this and decide what companies, apps and individuals have access to this data.”She added that there are drawbacks: One important role of centralized entities is “enforcing standards of regulation, giving users and businesses the reassurance they need to work on the web.” Without these central authorities, Wells concluded, there may not be the same level of protection for decentralized identities.Zero-knowledge proofs are a way of proving the validity of a set of data without revealing the data itself. This technology, paired with decentralized identities, could mean users can prove who they are while under pseudonyms, ensuring their security isn’t affected.Recent: Institutional crypto custody: How banks are housing digital assetsTo Fabrice Cheng, co-founder and CEO of Quadrata, blockchain-based digital identities are going to change the concept of digital IDs and create new use cases for the Web3 space. Speaking to Cointelegraph, Cheng noted that it is still important to be mindful of what’s shared, noting that people should “be aware o their behaviors on the blockchain.”With the Ethereum blockchain acting as a global directory for decentralized identities of users who choose what they share and are in control of their data, it’s hard to imagine a scenario in which crypto-native users wouldn’t prefer this alternative. Non-crypto native users, however, may prefer to keep using centralized providers and share their data, at least until the user experience becomes as simple.

  • What is necessary for Web3 to fully replace Web2?
    by Chris Jones on September 28, 2022 at 2:00 pm

    Can Web3 replace Web2… and what stands in the way of this happening? We look at some of the biggest challenges facing this burgeoning sector right now. Web3 is the buzzword that’s on everyone’s lips — but when you put the mania aside for a moment, there’s a burning question that needs to be asked: Can these projects fully replace Web2… and what stands in the way of this happening? The likes of Google and Facebook have made a killing during the Web2 era, amassing billions of dollars in profits and a profound influence over the shape of the internet. But their continued influence is far from guaranteed. The 30-year history of the web is littered with the collapses of once-indestructible companies… MySpace being a notable example.Amid countless concerns over how the data of users is harvested and used, plus fears that content creators aren’t being properly compensated for their hard work, Web3 is positioning itself as a democratizing force that puts power back in the hands of the public. Even the Web2 giants themselves see the potential of this new approach — it’s been almost a year since Facebook changed its name to Meta and declared plans to focus on the Metaverse. While the vision and ambition of Web3 startups is to be applauded, there are challenges that must be tackled. Critics rightly point to the vast energy consumption of some blockchains — especially those based on a Proof-of-Work consensus mechanism. They argue that creating a level playing field online can’t be at the expense of the environment. And with a dizzying number of DeFi protocols and cross-chain bridges falling victim to eye-watering hacks, with billions of dollars lost, there are safety issues to take into account as well. For Web3 projects to achieve their full potential, the infrastructure they rely on needs to have fully decentralized data management — and that means eliminating a reliance on centralized cloud providers such as Amazon Web Services. Owners need to be in the driving seat too, and blockchains have to be immutable, affordable and more eco aware. Ticking all of these factors is no mean feat.Big ideas, worrying teething troublesThe Metaverse has been touted as a $1 trillion opportunity by JPMorgan — a silver bullet that could revitalize the music industry and reinvent the way we work and play. But before virtual worlds truly go mainstream, tricky security and privacy challenges must be overcome. A lack of interoperability risks standing in the way of adoption, too. And while the internet was pretty clunky in the early days, Metaverses have a long way to come before they’re usable and intuitive. The aspiration of people using blockchain technology without even realizing is some way off yet.And that brings us to some of the other use cases that have been proposed for blockchains. A number of entrepreneurs firmly believe these immutable ledgers could drag the healthcare sector into the 21st century — ensuring medical records are properly digitized and easily transferred between facilities. Here’s the problem: this is an industry that has copious amounts of data, and patient confidentiality is sacrosanct. Big opportunities lie ahead for networks that can achieve interoperability, immutability, security, transaction transparency, and medical data sovereignty. Blockchain could also be nothing short of revolutionary if it tackles the sheer volume of fake medication that’s in this space — with some estimates suggesting 10% of the drugs in circulation are counterfeit.So… what’s the answer?Inery is a Layer 1 blockchain that aims to tackle some of these burning issues — seamlessly connecting systems, applications and a plethora of networks. Its database management solution, IneryDB, champions high throughput, low latency and complex query search — all while ensuring data assets remain fully controlled by their owners.The team behind this Proof-of-Stake network say it’s scalable, resistant to Sybil attacks, energy efficient, tamperproof and speedy — capable of achieving 5,000 transactions per second, with new blocks created every half a second. All of this is achieved without compromising on security.Dr Naveen Singh, the CEO of Inery, told Cointelegraph: “With Inery, our efforts are focused on envisioning a decentralized, secure and environmentally sustainable architecture for database management. Inery enables an affordable and scalable solution that allows people to issue and control data assets to activate a new paradigm for data accessibility.”Inery says it’s already achieved a number of big milestones, and has been listed on Huobi. The network’s testnet has now been launched, and it has secured a $50 million investment commitment from GEM — as well as other contributions from the likes of Metavest and Truth Ventures. It’s also attracted some big-name talent. The founder of Orange Telecom now serves as chairman, and the ex-VP of global marketing at Apple is joining as a principal advisor.Looking ahead, the project wants to enter into strategic partnerships that will unlock compelling use cases for its systems in more industries. It’s hoped that the mainnet will launch in the first quarter of 2023 — paving the way for developers and users alike to properly discover what the future of Web3 should look like.Learn more about IneryDisclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

  • Bank of Ghana to foster financial inclusion through CBDC project
    by Ezra Reguerra on September 28, 2022 at 1:25 pm

    Kwame Oppong, an executive at Ghana’s central bank, told Cointelegraph that a CBDC could give their citizens the opportunity to use a “decent form of payment.” As more countries make progress in terms of developing and implementing central bank digital currencies (CBDCs), Ghana’s central bank aims to keep up and complete its research on CBDCs with the goal of financial inclusion, according to Kwame Oppong, the head of fintech and innovation at the Bank of Ghana.In an interview with Cointelegraph’s Elisha Owusu Akyaw at the Africa Money & DeFi Summit, Oppong laid out the reason behind the West African country’s venture into CBDCs. According to the government official, their main goal at the moment is to finish testing and eventually give their citizens the opportunity to use a “decent form of payment.” He explained that: “I think in terms of CBDC, our goal is to be able to finish testing it. We’ve seen the results. We’re going to look at the study each and every time in the future. But our real reason for doing it is more financial inclusion.” The official said that in the offline pilots of their “E-Cedi,” Ghana’s CBDC, at a town called Sefwi Asafo, participants were able to buy products and services from merchants in all kinds of places without any internet connectivity. Oppong believes that another benefit of a CBDC is having the data generated by the participants. The fintech executive explained that this data can help people become eligible for loans if they provide the information to banks. Oppong also highlighted the potential cost savings if a CBDC is implemented in the country. He said that when CBDCs are implemented, there is a lot of potential in terms of cost reduction because of its instant settlement feature. Despite the potential benefits of CBDC, the central bank official reiterated that the world is still at the stage where various entities are trying to determine its pros and cons. “I think as a society, we need to determine whether it’s useful for us or not,” he said.Hello Accra ! Cointelegraph is at the @AfricaMoneyDefi Summit! Say Hi, to our social media specialist @ghcryptoguy when you see someone in a Cointelegraph t-shirt . #AMDSGH #AfricaFintech pic.twitter.com/49pZcezKLx— Cointelegraph (@Cointelegraph) September 27, 2022 During a panel discussion titled “Stablecoin, Crypto & CBDC, Risks and Opportunities for Ghana,” Oppong also discussed the importance of stablecoins. He noted that in terms of cross-border transactions, stablecoins can play a very important role in finance. Apart from this, the executive highlighted that one of the most attractive things in crypto is the simplicity of its user experience. He noted that many entities have started to see the significance of studying the blockchain and implementing its use cases. Related: Russia aims to use CBDC for international settlements with China: ReportWhile there are supporters of CBDCs, there are also those who believe that they are not truly good for the people. The Bitcoin Policy Institute, a think tank based in the United States, recently argued that Bitcoin (BTC) and stablecoins are better alternatives to CBDCs.

  • Crypto.com scores fresh regulatory approval in France
    by Prashant Jha on September 28, 2022 at 1:19 pm

    The digital asset platform was focused primarily on acquisitions and sponsorship deals through the bull market but now seems to have shifted toward expansion, especially in Europe. Singapore-based digital asset platform Crypto.com scored a major regulatory approval in France. The digital asset platform was approved to register as a Digital Asset Service Provider (DASP) by the stock market regulator Autorité des marchés financiers (AMF). The approval was granted after the platform received  clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the financial regulator in the country.The regulatory approval will help the digital asset platform offer a suite of products and services in compliance with local regulations to customers in France. The platform hopes to bank on the latest approval for expanding its services in Europe.The mobile-first digital asset exchange platform has managed to obtain more than half a dozen regulatory approval in 2022, spreading across North America, Asia and Europe. Earlier in July this year, Crypto.com  managed to gain two regulatory approvals in Europe, one in Cyprus and another in Italy. At that time Kris Marszalek, the co-founder and CEO of the platform, had mentioned that the firm was focused on expansion in Europe.An August, the digital asset platform received the green light from United Kingdom regulators for “certain crypto activities.” Apart from Europe, the digital asset platform has also scored major regulatory approvals in Dubai, Ontario Canada, Cayman Islands, Singapore and South Korea.Related: Crypto.com’s Cronos launches $100M accelerator for DeFi and Web3The regulatory approval in France is also special for the digital asset platform as it comes just within a couple of months of the Formula 1 (F1) sponsorship fiasco. Earlier in July, several F1 international racing teams removed or covered the branding and logos of crypto-related sponsors including Crypto.com. This was done in light of the uncertainty around crypto regulations in the country. The Singapore-based digital asset platform focused primarily on sponsorship deals and acquisitions through the bull market, the platform has turned to the expansion of services to new regions during the bear market.