As anyone who has dealt with decentralized apps or cryptocurrency knows, joining the blockchain space can be overwhelming. Crypto wallets, tokens, cryptocurrency, blockchain networks, gas, addresses, protocols, and exchanges, are only some of the terms a beginner will find. There is no going around it and denying it, blockchain is not the most user-friendly technology out there.

If understanding these terms and navigating them is hard as a user, understanding how they work on the backend and the complex infrastructure that supports it can be even harder. In fact, ease of development is considered by many as one of the biggest issues preventing corporations from actively using blockchain. Not only are blockchain developers in limited supply but the work required to transform existing infrastructure into its decentralized version can also result in high costs.

With blockchain still being a young technology, there are also many uncertainties that need to be dealt with. For example, the blockchain trilemma is pretty much still a thing, the bad implementation of blockchain can result in millionaire hacks, and regulatory uncertainty means more risks. While new and crowd-funded projects can afford to risk building on the blockchain, big corporations do not.

It is not surprising that many projects were born over the past few years with the aim to ease these concerns. Some projects promise to bring the best of the centralized and decentralized world to deal with the trilemma, while others claim to be invulnerable or highly resistant to attacks. However, few projects seem to be focusing on the topic of easing concerns around regulation.

While President Biden’s executive order on crypto was received as good news by the crypto community, it is uncertain what the results will be. In the past, the Securities and Exchange Commission has taken hostile actions against crypto companies like Coinschedule, Ripple, WisdomTree, and LBRY.  These actions have relied primarily on the claims that some cryptocurrencies and NFTs should be considered a security and as such, are under their jurisdiction.

To deal with this issue, Pocketful of Quarters came up with a unique “‘no Action’ ERC-20 Token” which can be used by projects in the gaming industry while remaining compliant with SEC regulations. This is possible due to the company being the only one to get a no-action letter from the SEC, granting its token “consumer product” status. While unique in its kind so far, the company’s approach has proven to be not only innovative but impactful in the space.

Pocketful of Quarters’ COO Tim Tello joined  CryptoOracle’s Co-Founder Lou Kerner in a fireside chat during Grit Daily House. The chat, which took place during Consensus 2022, provided attendees with unique insights on how this unique token could not only change the gaming industry but also the blockchain space.

If you missed the chance to attend Grit Daily House in person and to hear what Joseph had to say, worry not. You will be able to watch the fireside chat in the video below and find our other panels on Grit Daily’s official YouTube Channel.

The post Struggling to Adopt Blockchain? Meet the Token That Could Change That! appeared first on Grit Daily News.

According to the Blockchain Game Alliance and DappRadar’s Q1 of 2022 report, $2.5 billion were raised by blockchain games during the first quarter. If this trend was to continue, investments would increase by 150% when compared to last year, with activity having grown already by 2,000%.

This growth is not fortuitous but the result of technologies like NFTs, Web3, and the metaverse gaining relevance in the blockchain and mainstream tech spaces. In fact, blockchain gaming’s impact on the blockchain space has been so strong that its activity accounts for 52% of all blockchain activity.

Games like Axie Infinity, Splinterlands, Alien Worlds, Crazy Defense Heroes, Sky Mavis, and The Sandbox are some of the games leading to the rise of blockchain gaming. Not only have these games allowed players all around the world to generate economic gains but they have also introduced innovative mechanics and partnerships.  An example of this is The Sandbox’s recent partnership with Time Magazine to develop “Time Square”, a metaverse version of NYC’s iconic intersection.

“The Sandbox is often viewed as a ‘virtual Manhattan’, a vibrant space alive with culture, entertainment, and brands, where anyone can discover, learn, work, meet new people, play, dance, and find amazing new opportunities,” said The Sandbox’s Co-Founder and COO Sebastien Borget in the announcement. “By partnering with TIME, we’re adding TIMEPieces as the beating heart and soul of this virtual Manhattan, where a design call for virtual architects will be held in TIME Square, a place in our creative metaverse for brands and creators.”

But what is the reason behind gamers’ captivation with blockchain gaming? The reason is simple: The play-to-earn model. Historically, gamers have been unable to profit from playing their favorite games as most developers don’t allow real money transactions. While the reasons for this decision vary, they are often related to an attempt to prevent botting, account hacking/sharing, and legal issues.

The result is that most players don’t truly own their in-game assets as they can’t sell them nor take them out of the game ecosystem. Blockchain changed this by introducing NFTs and crypto, facilitating the creation of open marketplaces for gamers to trade their assets. This, in addition to being able to move assets out of the game ecosystem, result in true ownership.

As part of Grit Daily House during Consensus 2022, attendees had the opportunity to hear directly from one of the pioneers shaping the future of blockchain gaming. PixelSmarter’s Founder & DashLeague Creator Joseph Lazukin sat with Entrepreneur Magazine’s Jeff Hunter to talk about the opportunities and challenges in the blockchain gaming industry.

If you missed the chance to attend Grit Daily House in person and to hear what Joseph had to say, worry not. You will be able to watch the fireside chat in the video below and find our other panels on Grit Daily’s official YouTube Channel.

The post The Future of Web3 Gaming and How It Is Driving Blockchain Activity appeared first on Grit Daily News.

Less than one month ago, Austin hosted for the first time what has been one of the most important conferences in the crypto space since 2015: Consensus 2022. The city is also known for hosting South by Southwest “SXSW”, the Enterprise Digital Asset Summit, DCentral, ETH Austin, BitBlockBoom,  and many more. In addition to this, Austin is also home to companies like Gemini, Core Scientific, Talos Digital, and Scala.

When keeping in mind these events and companies, it is easy to understand the reasons behind Musk’s prediction. Austin is a vibrant city in which disruptive tech is not only welcome but has been encouraged over the past years. Back in 2018, Wanchain’s president Dustin Byington was already telling Crunchbase:

“Austin is a natural—and currently budding—hub for cryptocurrency. It has a strong tech and startup community, a big Libertarian influence which the crypto ethos is built off of, and the macro trend of companies moving to Texas because of the lack of state income tax—which could really benefit this new industry.”

Well, Austin has only gotten more relevant in the tech industry since these comments and now, it seems to be only a matter of sustaining organic growth. While the bay area still is the biggest tech hub in the US after having captivated top talent for years, this might be changing. The region’s inability to deal with spiking housing/living prices meant that, over time, the influx of workers and companies shifted directions, with remote working being a major factor.

But what are the reasons that make Austin so attractive to the FinTech, Crypto, and blockchain industries? This was one of the topics discussed in the “Meet Austin’s FinTech Scene” panel, which took place during Grit Daily House at Consensus 2022. Axios’ Reporter Asher Price sat with Henry Collective’s Founder & General Partner Tyler Knight and Silverton Partners’ Managing Partner Morgan Flager to talk all about the city’s vibrant FinTech scene.

If you missed the chance to attend Grit Daily House in person and to hear what these experts have to say on the future of Austin as a FinTech hub, worry not. You will be able to watch the panel in the video below and find our other panels on Grit Daily’s official YouTube Channel.

The post Meet Austin’s FinTech Scene: Why Texas’ Capital Might Become the Next FinTech Hub appeared first on Grit Daily News.

Web3 is a loosely defined term that most tech, gaming, and crypto enthusiasts might have heard of or be familiar with. At its core, Web3 is the idea of a new web that doesn’t rely on centralized architecture to fulfill its purpose. By achieving this, users would have full control over their data, censorship would be impossible, single points of failure would be removed, and information would be more accessible.

Over the past decade, the internet has become increasingly centralized as companies like Meta, Google, Amazon, Microsoft, and YouTube. The power these companies have over specific industries and parts of the internet is difficult to measure. Not only do they have full control over platforms used by millions, which is not necessarily a problem, but their services are also so ingrained into the web that they are essential.

By shifting to Web3, advocates hope that a new internet can be built around the principle the web was based on: A network available to everyone. While Web3 is still pretty undeveloped and in the early stages, blockchain technology is the most probable technology when it comes to being the backbone. As such, components like NFT, Cryptocurrencies, nodes, and decentralized governance are also playing an important role at the time.

The relevance of blockchain in Web3 means that users will require a crypto wallet to surf it in an effective manner. This is also the case due to the role that self-sovereign identity will play in this new web. The use of a crypto wallet as a means of proving identity offers huge benefits over traditional methods like usernames, not only in terms of security but also versatility.

If you have been part of the crypto, NFT, or blockchain community for some time, you probably have already interacted with a few wallets. Choosing between wallets has become an increasingly difficult task, with each of them offering different features and standards. So, what conditions should a wallet fulfill in order to become a viable passport to the Web3 ecosystem?

Few people know more about crypto wallets and their role on Web3 than Zengo’s VP of Business and Strategy Ido Sofer. Ido joined Blockchain Analyst & Cointelegraph reporter Rachel Wolfson during Grit Daily House to discuss the role of crypto wallets on Web3. 

If you missed the chance to attend Grit Daily House in person and want to hear what Ido has to say about this topic, worry not. You will be able to watch the panel in the video below and find our other panels on Grit Daily’s official YouTube Channel.

The post Web3 Promises a New World: Crypto Wallets Will Be the Passport appeared first on Grit Daily News.

Not only is the crypto market far from the only market currently crashing but the space has also survived similar crashes in the past. Back in 2018, many believed that crypto was done as a result of the ICO boom, worries about a regulatory crackdown, exchange hacks, and many other events. However, despite such predictions, cryptocurrency perdured and grew even stronger as more stable and efficient safeguards were put in place.

It is not a surprise that most experts agree that while the current crypto crash is certainly alarming from a financial perspective, it is temporary. Just like stocks, real estate, and gold have crashes and corrections just to recover from them eventually, crypto is also cyclical. Vitalik Buterin shared his opinion about the current state of the market in a recent interview with Fortune:

“Crypto has had ups before, and it has had downs before, and it will have ups and downs again. The down periods are certainly challenging, though they are also often the periods where the most meaningful projects get nurtured and built.”

The outgoing bear market represents an opportunity for crypto projects to gain notoriety based on their technological relevance and innovation. Blockchain networks like Ethereum, Cardano, and Polkadot have already benefited from the lessons taught by recent developments. Charles Hoskinson, Cardano’s founder, offered an update on the impact of Terra’s crash on Cardano’s upcoming Vasil hard fork:

“After the collapse of LUNA, we decided to add an additional test harness to what we’re doing and think really carefully about some things. It’s taking a bit more time but we figured that the abundance of caution is well rewarded these days. We’ll just keep building.”

From an investment perspective, the bubble burst is also more multifaceted than most media and people would make investors think. Bubbles have the potential to drive investment to areas that favor innovation, allowing projects in them to get off the ground. In a similar manner, projects that rely on speculation instead of strong foundations are weeded out more often than not. 

Once you understand the potential positive ramifications of a bubble, it is easy to see why investments opt to get altcoins. The potential profit that can be gained from investing in the right altcoin during a bear market is more than enough to allure investors of all levels. However, this doesn’t mean that investing in any altcoin is the way to go as, in fact, choosing the right altcoin is in fact even more challenging than during a bull run.

Back on June 8th, Grit Daily House saw Linqto’s Chief Strategy Officer Karim Nurani, Journey’s Co-Founder & Chief Metaverse Officer Cathy Hackl, and Contrarian Thinking’s Founder Codie Sanchez, sit with CoinDesk TV’s Jenn Sanasie to talk about the crypto market bubble. Titled “Where Is the (Market) Bubble?”, the panel was full of important insights ranging from the Metaverse’s relationship to the bubble, to how investors can navigate the current bear market.

If you missed the chance to attend Grit Daily House in person and to hear what these experts have to say about the Yin and Yang that a bubble can be, worry not. Not only will you be able to watch the panel in the video below but you can also find other panels on Grit Daily’s official YouTube Channel.

The post The Crypto Bubble Is Bad, Right? Well, It’s Complicated appeared first on Grit Daily News.

Back when Satoshi Nakamoto published Bitcoin’s whitepaper in 2008, he described Bitcoin as a “peer-to-peer electronic cash system”. This definition would define the nature of cryptocurrency for years to come, leaving the potential applications of the network supporting it to play a secondary role. 

While many projects tried to give blockchain technology a primary role, it wouldn’t be until 2015 when Ethereum would achieve such a feat. Sure, the network’s cryptocurrency would become an instant hit but Ethereum would show that blockchain was a transformative technology by itself. Ever since, crypto would be just another aspect of a much larger ecosystem that captivated developers and organizations alike.

Crypto’s history is similar to that of the internet itself as both started as a niche technology that would eventually rise to popularity. Once this happened and investors saw their potential, uncontrolled speculation took place with the acquisition of domains and cryptocurrency. As time passed, the inevitable occurred: a bubble formed and eventually burst. 

Despite many experts predicting that the internet would fail as a result of the bubble, the internet persevered and became one of the most defining technologies of the time. Just like the internet, crypto is more than just the speculation that takes time around it, and, hopefully, its applications will be enough to prove detractors wrong.

The success of blockchain and crypto seems to be a given when taking a look at the current trends in the tech world and other industries. Web3, NFTs, decentralized finance, supply chain management, distributed cloud computing, and many more are just gaining ground by the day. No matter how chilly the crypto winter goes, blockchain technology is one of the hottest things.

The relevance of blockchain technology and crypto in different industries was the topic of conversation of one of the panels at Grit Daily House during Consensus 2022. Titled “Chilly This Winter? Cozy Up to these Crypto Plays and the Tech Behind Them”, this panel saw Forbes’ John Ellett sit with some of the experts shaping the industry.

If you want to know what Laguna’s CEO Stefan Rust,  Veritone’s Product Manager Victoria Dickson, and Jsquare’s Co-Founder & CIO James Wo, have to say about the tech behind crypto, this is the panel for you. You can watch this panel below and find our other panels on Grit Daily’s official YouTube Channel.

The post What Doesn’t Kill You Makes You Stronger: Why Crypto Isn’t Going Anywhere appeared first on Grit Daily News.

If you believe the previous statements were an exaggeration, you might be surprised to hear that the internet’s inventor agrees with them. Sir Tim Berners-Lee, who invented the world wide web back in 1989 while working for CERN, expressed this belief in a blog post:

“I’ve always believed the web is for everyone. That’s why I and others fight fiercely to protect it. The changes we’ve managed to bring have created a better and more connected world. But for all the good we’ve achieved, the web has evolved into an engine of inequity and division; swayed by powerful forces who use it for their own agendas.”

Berners-Lee is now leading Solid, a Web3 project that is looking to change the internet by making it more modular to offer true data ownership to its users. Just like Berners-Lee with Solid, a host of developers are working on projects that could help Web3 become a reality.

But what is Web3 in the first place? Web3 aims to be the next step in the evolution of the internet, bringing decentralization to a technology that has become highly centralized. What this means is that data silos, censorship, tracking, and monopolies will be a thing of the past.

The Web3 movement has gained ground over the past years, especially with the increasing adoption of blockchain technology and cryptocurrency. The synergy between blockchain and Web3 has become so clear that it is now hard to envision one without the other. This is especially true as cryptocurrencies offer a means for Web3 to take advantage of a decentralized economy.

The cryptocurrencies of blockchain projects related to Web3 have seen an increase in value as a result. Polkadot, Chainlink, FileCoin, and BAT, are examples of such success, creating a new Web3 economy for investors to participate in. Now, with Web3 continuing to make headlines, crypto investors are wondering if they should buy the dip.

Cameron Lee, Laguna’s CMO; Leah Peterson, Business Development Manager at Telos; and Anne Ahola Ward, Co-founder & CEO at CircleClick; joined Entrepreneur Magazine’s Eric Christopher to discuss how to invest in the Web3 economy. The panel took place as part of Grit Daily House’s schedule during Consensus 2022, allowing attendees to learn insights directly from those shaping the future of Web3.

If you missed the chance to attend Grit Daily House in person and to hear what these experts had to say about the future of Web3 and how to invest in it, worry not. Not only will you be able to watch the panel in the video below but you can also find other panels on Grit Daily’s official YouTube Channel.

The post The Internet is Changing: Here is How to Invest in the Web3 Economy appeared first on Grit Daily News.

Probably the greatest example of crypto users overestimating their own knowledge is their understanding of crypto wallets. While Crypto wallets are probably the most important tool when it comes to interacting with crypto and blockchain, most people misunderstand them. Starting with the idea that crypto wallets “store” cryptocurrency, these misunderstandings can prove disastrous in the long term.

There is also a group of crypto enthusiasts that understand that cryptocurrency wallets don’t store crypto but the keys to interact with it. Private and public keys serve different purposes, allowing a range of actions from receiving cryptocurrency to authorizing transactions. To truly understand how these keys allow for such operations, a user would need to have an understanding of cryptography and basic blockchain infrastructure

The understanding of how crypto wallets work gets even more difficult as concepts like custodial, non-custodial, asymmetric cryptography, digital signature, hot/cold wallets, and multisig get thrown around. While it is true that understanding such concepts is not necessary to make use of a cryptocurrency wallet, misunderstanding them must be avoided at all costs. As such, making crypto wallets easy to use without the need to understand the technology is essential.

Making such a wallet might not sound that difficult but in truth, it can be especially complex given the decentralized nature of crypto. Decentralization comes with more freedom of choice at the cost of safeguards, putting developers in a tough spot. With new movements like Web3, NFTs, and GameFi gaining momentum, the importance of these decisions continues to increase.

Dilemmas like these are what Robin Guyard, CTO of Laguna; Blake Commagere, Co-founder and COO of Vault12; and Doug Horn, Chief Architect of Telos, sat to discuss during Grit Daily House at Consensus 2022. Rachel Wolfson, Enterprise Blockchain Analyst at CoinTelegraph, moderated the panel titled “What’s In a Crypto Wallet?” by asking insightful questions on the role wallets are to play in the future of the crypto space.

If you missed the chance to attend Grit Daily House in person and to hear what these experts had to say about this topic, worry not. Not only will you be able to watch the panel in the video below but you can also find other panels on Grit Daily’s official YouTube Channel.

The post What’s In a Crypto Wallet?: Understanding the Role of Crypto’s Essential Tool appeared first on Grit Daily News.

The cryptocurrency market is on fire, having dropped below the $900 billion mark on June 17th. The stock market has officially been declared a bear market after the S&P500 and Dow tumbled on Monday. US home prices have increased by 37% over the past 24 months, 8% more than the 24 months prior to the 2008 housing crash.

When it comes to cryptocurrency, speculation by media outlets seems to be the land of the law. “The Crypto Party Is Over”, says The Wall Street Journal. “Yes, Crypto Is Crashing Again. Blockchain Will Survive”, replies The New York Times. “Bitcoin Is Crashing Because Everything Is Crashing”, explains Vice. “Will the Crypto Crash Beget a Better Crypto Future?”, asks Time.

If you are having a hard time deciding what your next crypto investing strategy will be, you are not alone. Not only do crypto winters often prove to be the most difficult times to invest effectively but recent developments have further increased that difficulty. Terra’s crash, Celsius’s decision to freeze withdrawals, and Coinbase’s firing of over 18% of its workforce, are only some of them.

The chaos surrounding the crypto market was one of the topics discussed in the “Here’s Where to Find Alpha in 2022” panel at Grit Daily House earlier this month. Stefan Rust, Founder and CEO of Laguna DeFi; Caitlin Long, Founder & CEO of Custodia Bank; Roger Dooley, Forbes Contributor and Marketing Advisor; and Miles Paschini, Chief Executive Officer at FV Bank, took over the stage to share their insights on the current crypto market status.

Despite having clarified that they were not giving financial advice, the panelists shared their unique insights on the causes behind the current bear market and what to expect in the future. Regulation, adoption and innovation barriers, Central Bank Digital Currencies (CBDCs), and crypto fundamentals are only some of the topics attendees got to hear about.

If you missed the chance to attend Grit Daily House in person and to hear what these experts had to say about seeking Alpha in 2022, worry not. Not only will you be able to watch the panel in the video below but you can also find other panels on Grit Daily’s official YouTube Channel.

The post Markets in Chaos: Here’s Where to Find Alpha in 2022 appeared first on Grit Daily News.

It is often said that the crypto market reflects the behavior of public markets as general data suggest a correlation after accounting for the innate volatility of crypto. However, such an assertion ignores the fact that many cryptocurrencies differ in nature: While some are entirely speculative, many others provide utility. 

This difference is extremely important as the utility of certain coins provides them with innate value. As such, comparing utility coins like SOL or ADA with community-driven coins like DOGE could be a major mistake. While both coins will certainly be affected by global trends in the economy, their behavior will certainly be different.

The technical nature of blockchain and cryptocurrencies have also resulted in comparisons between its bubble and the dot-com bubble. This comparison is not new as it was also used widely back in 2017 when the crypto market crashed. The reason? The continued flood of investors centering their strategies and businesses around cryptocurrency with the hope of massive gains. Those who believe both bubbles are the same compare the investment in a cryptocurrency to the acquisition or dot-com domain in a purely speculative manner. 

While the 2017 crypto bubble was the result of speculative investments resulting from ICOs and other events, the 2022 bubble is entirely different. The crypto ecosystem not only has a bigger community now but it also has a large number of projects focused on creating value. Blockchain technology is being harvested by companies, developers, and individuals, which is reflective of the evolution of the entire space.

Events like Bitcoin Miami and Consensus 2022 show the increasing relevance of decentralized technologies in different industries like Fintech, art, e-commerce, cloud computing, and many more. The adoption of these technologies has been so overwhelming that regulators have failed to keep up with them.

Where exactly is the cause of the bubble the cryptocurrency market is currently experiencing? This is the question that Stefan Rust, Laguna’s Founder & CEO; Karim Nurani, Linqto’s Chief Strategy Officer; and Ido Sofer, ZenGo’s VP of Business & Strategy; tried to answer in the “Where Is the (Market) Bubble?” panel. 

The panel was moderated by Business Insider’s tech reporter Katie Canales during Grit Daily House at Consensus 2022. This and other panels are available to watch on Grit Daily’s official YouTube channel. If you are interested to learn more about the ongoing crypto crash, this is a panel you won’t want to miss!

The post Crypto Winter Is Here. But Where Is the Bubble? appeared first on Grit Daily News.