Top 7 Must-Know Blockchain Protocols Today

In 2023, the global blockchain technology market was valued at approximately $10 billion, and it’s expected to grow at a compound annual growth rate (CAGR) of 67.3% from 2023 to 2030. This growth shows the importance of understanding must-know blockchain protocols that are driving adoption in industries ranging from finance to healthcare. Blockchain protocols are the foundational frameworks that define how a blockchain network operates, including its security, scalability and functionality. They dictate the rules for validating transactions, maintaining consensus across nodes and ensuring the overall integrity of the decentralized system. This article explains in-depth the must-know blockchain protocols that are shaping the future of decentralized technology. Key Takeaways What are Blockchain Protocols? Source: Freepik Blockchain protocols are a set of rules and standards that dictate how data is transferred, secured, and validated across a blockchain network. These protocols ensure the integrity, security, and efficiency of transactions while maintaining the decentralized nature of blockchain technology. Each blockchain protocol serves as the backbone of a particular blockchain network, defining its structure, consensus mechanisms, governance, and data-sharing processes. Why Do Blockchain Protocols Matter? Blockchain protocols are critical to the functioning and advancement of blockchain technology for several reasons: Types of Blockchain Networks Source: Freepik Here are some of the types of blockchain networks: Key Terminologies in Blockchain Protocols Source: Freepik Consensus Mechanisms Consensus mechanisms are methods used by blockchain networks to achieve agreement among distributed nodes about the validity of transactions. Nodes These are individual devices or computers that store and validate transactions on a blockchain network. Nodes play a critical role in maintaining decentralization and ensuring network consensus. Smart Contracts Smart contracts are self-executing contracts with predefined conditions encoded into the blockchain. Once the terms are met, the contract executes automatically, reducing the need for intermediaries. Ethereum is the pioneer of smart contract functionality. Tokens Tokens are digital assets created on a blockchain, which can represent various things such as currency, assets or utility within a network. There are two main types of tokens: 7 Must-Know Blockchain Protocols Source: Ledger Academy Here are the top seven must-know blockchain protocols: 1. Proof of Work Bitcoin uses a blockchain protocol known as Proof of Work (PoW). In this system, miners compete to solve complex cryptographic puzzles, with the first to solve the puzzle earning the right to add a new block of transactions to the blockchain. This process requires significant computational power and energy, but it ensures the security and integrity of the network by making it difficult to manipulate. One of Bitcoin’s major challenges is scalability. The network can only process about 7 transactions per second (TPS), which is significantly slower than other blockchain networks. This limitation arises from: Efforts to improve scalability have been made, including the development of the Lightning Network, a second-layer solution that facilitates faster and cheaper transactions off-chain while maintaining the security of the main Bitcoin network. 2. Proof of Stake Initially, Ethereum operated using a Proof of Work (PoW) consensus mechanism, similar to Bitcoin. However, PoW’s high energy consumption and limited scalability prompted a transition to Proof of Stake (PoS) with the launch of Ethereum 2.0. In Ethereum 2.0 (also known as the Merge), PoS replaced PoW to improve efficiency. Validators now secure the network by staking Ether (ETH), significantly reducing energy usage and increasing the network’s scalability. This transition allows Ethereum to support up to 100,000 TPS through future upgrades like sharding. The PoS system encourages more decentralized participation by reducing the hardware requirements for running nodes and offering rewards to validators. Ethereum 2.0 enhances security by making it harder for attackers to compromise the network, as doing so would require controlling a significant portion of staked ETH. 3. Proof of Staked Authority Binance Smart Chain (BSC), designed to run parallel to Binance Chain, uses a unique consensus mechanism known as Proof of Staked Authority (PoSA), which combines elements of Proof of Stake (PoS) and Proof of Authority (PoA). BSC allows users to create decentralized applications (dApps) and smart contracts while benefiting from Binance’s high throughput and fast transaction processing. Here’s how PoSA works: 4. Delegated Proof of Stake (DPoS) Delegated Proof of Stake (DPoS) is a blockchain protocol designed to improve the scalability and performance of blockchain networks. Developed by Dan Larimer, DPoS is used by platforms like EOS, TRON and Steem. In DPoS, users vote for a small group of trusted validators, or block producers, to secure the network, making it more democratic and efficient. Instead of relying on thousands of individual nodes, DPoS networks elect a limited number of validators to produce blocks and validate transactions. This reduces the overall energy consumption and allows for faster transaction speeds. DPoS offers high throughput, with networks like EOS processing up to 4,000 transactions per second (TPS). While DPoS is more efficient, it is sometimes criticized for potential centralization risks, as power is concentrated in the hands of a small number of block producers. DPoS is often used in blockchain networks that prioritize speed and scalability over complete decentralization, offering a balance between efficiency and democratic governance. 5. Proof of Burn (PoB) Proof of Burn (PoB) is a protocol where participants “burn” or destroy a portion of their cryptocurrency to earn the right to mine new blocks. Burning coins reduces the circulating supply, making the remaining tokens more valuable and giving miners an incentive to act honestly. To participate in the network, miners send tokens to an address where they cannot be recovered, essentially removing them from circulation. Unlike Proof of Work (PoW), PoB doesn’t rely on computational power, making it more environmentally friendly. Miners who burn tokens are rewarded with a chance to add a new block to the blockchain and receive rewards in the form of newly minted tokens. PoB is used by networks like Slimcoin and is considered a fairer and more sustainable alternative to PoW, though it has not gained widespread adoption. 6. Proof of History (PoH) Proof of History (PoH) is a mechanism introduced by Solana, designed to solve
Crypto Cards: Trends, Usage, and Market Insights
As the adoption of cryptocurrencies accelerates globally, one of the standout innovations reshaping how users interact with digital assets is the crypto card. These cards, which are either physical or virtual debit/credit cards, have gained significant traction as they offer the convenience of converting crypto assets into fiat currencies for use in daily transactions, from buying coffee to paying for travel. Recommended reading: The Technology that Powers Crypto Cards This innovation bridges the gap between traditional finance and blockchain technology. However, many crypto investors are still in the dark about crypto cards. In this article, we’ll explore the world of crypto cards, analyzing data and trends that reveal their growing influence. We’ll also look into the adoption of crypto cards, their usage statistics, key players, and what the future holds. Key Takeaways What are Crypto Cards A crypto card allows you to use your cryptocurrency for everyday purchases. However, instead of pre-converting your crypto into fiat currency, these cards convert your digital assets at the point of sale, enabling seamless payments for goods and services with crypto. Crypto cards act as a bridge between the digital currency world and traditional financial systems, making it easier to integrate cryptocurrency into daily life. Moreover, these cards are issued by financial institutions in partnership with major payment networks like Visa or Mastercard, allowing them to be used anywhere these networks are accepted. This greatly enhances the utility of cryptocurrencies for online shopping or in-store purchases just like a standard bank card. How Crypto Credit Cards Work A crypto card works similarly to a traditional debit or credit card, with one key difference: instead of drawing from a bank account, it draws from a cryptocurrency wallet. Crypto cards convert your cryptocurrency into fiat currency (USD, EUR, GBP, etc.) in real-time when you make a purchase. Here’s the process: This automatic conversion allows you to use cryptocurrencies for everyday transactions without manually converting or transferring them to a bank account. Many crypto cards also offer rewards, such as cashback or points, similar to traditional credit cards. Key Features of Crypto Cards Types of Crypto Cards The cryptocurrency ecosystem offers various types of cards designed to meet different needs and preferences, enabling users to spend digital assets, earn rewards, and manage their crypto conveniently. Here are the main types of crypto cards available: Crypto Debit Cards Crypto debit cards are linked directly to your cryptocurrency wallet, converting your digital assets into local fiat currency when making purchases at merchants that accept debit or credit cards. These are ideal for day-to-day transactions, combining the convenience of traditional debit cards with the benefits of cryptocurrency. Crypto Credit Cards Crypto credit cards provide a line of credit based on the value of your cryptocurrency. They often include rewards programs, such as earning cashback in crypto. This option is great for users who want to leverage their digital assets without selling them and potentially earn rewards on their spending. Prepaid Crypto Cards Prepaid crypto cards require you to load cryptocurrency onto the card before use. Once loaded, they function like regular prepaid debit cards, allowing you to spend only what has been preloaded. These cards are ideal for budgeting and controlling spending by limiting the available funds. Crypto Virtual Cards Crypto virtual cards offer a digital-only version for online purchases. Like physical cards, they convert cryptocurrency into fiat at the point of sale, making online shopping quick and seamless. This type is perfect for tech-savvy users looking for a secure, convenient way to spend crypto online without needing a physical card. Each of these card types brings its own unique advantages, allowing users to choose the one that best fits their spending habits and financial goals. Crypto Card Market Statistics and Adoption Now that we know the basics about crypto cards, let’s explore the market statistics and adoption in the crypto ecosystem. Rapid Growth in Crypto Card Issuance The demand for crypto cards has surged over recent years, with leading platforms like Visa and Mastercard embracing the sector. In 2022, Visa reported that users spent more than $2.5 billion globally using crypto-linked cards in the first fiscal quarter alone. This represents a 70% increase over the same period from the previous year. Similarly, Mastercard also observed a sharp rise in crypto card adoption, collaborating with various cryptocurrency exchanges and platforms. According to Brainyinsights, the global crypto credit card market was valued at $25 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 32% between 2024 and 2033. By 2033, the market is anticipated to reach $401.49 billion. Number of Crypto Cards in Circulation The number of crypto debit and credit cards in circulation has risen sharply, with estimates suggesting there are now over 20 million active crypto card users globally. According to a report by CoinTelegraph, Visa’s Vice President and Head of Innovation and Design, Akshay Chopra, emphasized the role Visa cards have played in bridging fiat currencies and cryptocurrencies over the past few years. Chopra noted that using cryptocurrencies for everyday purchases, such as a cup of coffee, is still not widespread. To address this, Visa partnered with 75 of the largest cryptocurrency exchanges in 2021, enabling them to issue Visa cards. This collaboration extended the reach of crypto payments to a network of approximately 80 million Visa merchants, allowing customers to use cryptocurrencies as a method of payment. In Chopra’s words; “Building that bridge alone in 2021 facilitated $1 billion of payment volume.” Currently, North America is the leading region in crypto card issuance, accounting for about 56.3% of the global market, followed by Europe. Top Crypto Card Providers Several platforms are leading the charge in crypto card issuance, with Crypto.com, Binance, Coinbase, and Wirex among the top players. Also, Visa has partnered with over 60 major crypto firms to expand its crypto card program globally, while Mastercard has integrated crypto into its global payment network, allowing for broader acceptance. Examples of top crypt card providers include: Usage Patterns Crypto
Cryptocurrency Is a Bubble: Debunking the Misconception
Cryptocurrency, particularly Bitcoin and other digital assets, has been a subject of debate since its inception. Skeptics often label cryptocurrency as a speculative bubble, likening it to historical financial bubbles like the Tulip Mania of the 17th century or the dot-com bubble of the early 2000s. However, these comparisons overlook the underlying utility, technological innovation, and widespread adoption of digital currencies. In this article, we will explore why the notion of cryptocurrency being a bubble is a misconception, backed by data, and debunk the key arguments supporting the bubble theory. We’ll also look into the technology behind cryptocurrencies, the increasing adoption of blockchain, and how crypto differs from speculative financial bubbles in the past. Key Takeaways Quick Overview of a Financial Bubble What a Financial Bubble Is To start, it’s important to define what a financial bubble is. A bubble occurs when the price of an asset inflates beyond its intrinsic value due to speculative trading. This typically happens in stages: The ‘Bubble’ Argument: Where It Comes From Historically, speculative bubbles are characterized by a rapid escalation in asset prices followed by a sharp decline, where valuations become detached from underlying fundamentals. The most well-known bubbles include the Dutch Tulip Mania of the 1630s, the Dot-Com Bubble of the late 1990s, and the U.S. housing market crash of 2008. Likewise, Bitcoin and other cryptocurrencies have seen significant price volatility. For instance, the meteoric rise of Bitcoin from under $1 in 2010 to over $65,000 by April 2021 led many to label it a bubble. Furthermore, skeptics cited other issues, thereby concluding that cryptocurrencies were destined to collapse. However, is this really the case? Why Cryptocurrency Is Often Called a Bubble Many critics compare cryptocurrency to these historical bubbles, largely for the following reasons: While these concerns are valid to some extent, they overlook the technological innovation behind cryptocurrency, its increasing use cases, and global adoption. Let’s do an in-depth exploration of why cryptocurrency is more than just a bubble. Bubble vs. Innovation: The Fundamentals Behind Cryptocurrency Unlike traditional bubbles, which are typically devoid of intrinsic value, cryptocurrencies are built on transformative technology, which is the blockchain. This technology has the potential to transform various industries by decentralizing processes, enhancing security, and enabling faster transactions. Blockchain as a Game-Changer Blockchain is a decentralized, distributed ledger technology that enables secure and transparent transactions without the need for intermediaries. Here are several key sectors that are being transformed by blockchain: Decentralization and Security Unlike traditional financial systems, which rely on central banks and intermediaries, blockchain operates on a decentralized network. This eliminates the need for a third party, reducing the risk of fraud, hacking, or central authority failure. Blockchain’s use of cryptographic hashing ensures that once data is recorded on the blockchain, it is immutable, making it extremely secure. This security feature is one reason why large corporations like IBM and Microsoft have embraced blockchain for supply chain management and data protection. Smart Contracts and Decentralized Finance (DeFi) Smart contracts, introduced by the Ethereum blockchain, allow for self-executing contracts with terms written directly into code. This has revolutionized industries like finance, insurance, and real estate by automating processes and reducing the need for intermediaries. The rise of decentralized finance (DeFi) platforms, which use blockchain technology to offer financial services such as lending, borrowing, and trading without the need for traditional banks, has seen explosive growth. As of 2024, the DeFi market cap surpassed $92 billion, showcasing the demand for alternative, decentralized financial systems. Tokenization of Assets Another innovative use of blockchain is the tokenization of real-world assets. Tokenization allows assets like real estate, art, and commodities to be divided into digital tokens, making them more accessible to a broader range of investors. According to a study by Boston Consulting Group, tokenization has the potential to reach $16 trillion and 10% of the Gross Domestic Product (GDP) by 2030. This represents a significant use case for blockchain technology beyond cryptocurrency trading. These applications highlight the intrinsic value of blockchain beyond the speculative trading of cryptocurrencies. Rising Global Adoption of Cryptocurrencies The argument that cryptocurrency is a bubble also overlooks its increasing global adoption. Cryptocurrencies are being used not only as speculative investments but also as mediums of exchange, stores of value, and even legal tender in some cases. Institutional Investment Perhaps the strongest evidence that cryptocurrency is not a bubble is its growing adoption by institutional investors and corporations. In the last few years, institutional investors have increasingly embraced cryptocurrencies. Companies like Tesla, Square, and MicroStrategy have added Bitcoin to their balance sheets, signaling their belief in the long-term value of digital assets. For example, in 2021, Elon Musk’s Tesla purchased $1.5 billion worth of Bitcoin, while MicroStrategy holds over 150,000 BTC as of 2024. Likewise, payment platforms like PayPal and Visa began allowing customers to use cryptocurrency for transactions. Additionally, Grayscale and Fidelity have launched cryptocurrency investment funds, allowing more traditional investors to gain exposure to digital assets. As of 2024, Grayscale’s Bitcoin Trust (GBTC) holds approximately 3.5% of the total Bitcoin supply. According to a 2023 survey conducted by Fidelity Digital Assets, 65% of institutional investors plan to allocate funds to digital assets in the future. This mainstream acceptance lends significant credibility to the idea that cryptocurrency is here to stay. Adoption in Developing Nations Cryptocurrencies are becoming especially important in countries with unstable economies or currencies. For instance, El Salvador made Bitcoin a legal tender in 2021 to combat inflation and reduce reliance on the US dollar. Moreover, the World Bank estimates that over 1.7 billion people globally are unbanked. In this case, cryptocurrencies can provide these populations with access to financial services without needing a traditional bank account. Countries like Nigeria and Argentina, where inflation rates are high, have seen increased adoption of Bitcoin and stablecoins as hedges against local currency depreciation. In fact, as noted in a Chainanalysis survey, Nigeria sits in second place on the global crypto adoption index. In the words of Moyo Sodipo, co-founder of
ICO Scams: Practical Ways to Spot Them and Protect Yourself
We’ve all been intrigued by the potential of new coins in the crypto space, drawn in by the promise of transforming our own lives—or even the lives of others. But this hope can sometimes leave us exposed to risks if we don’t stay vigilant. Seeing friends succeed with an ICO often makes us wonder, “What if that were me?” The fear of missing out can be overwhelming, and stories of overnight wealth are tempting, even when they seem too good to be true. It’s natural to crave rewards without enduring risk or effort, but scammers prey on these desires, using them to craft offers that sound irresistible. They stir up a sense of urgency, making snap decisions feel like the key to changing our futures. In these tense moments, it’s easy to ignore red flags or dismiss our gut instincts. This guide will help you recognize the warning signs of ICO scams, understand how to identify them, and provide practical steps to protect your investments. Related Article: Pump and Dump Scams: Uncovering Crypto’s Biggest Fraud Scheme Key Takeaways The average investor loss in ICO scams has reached millions, with some individual cases exceeding $10 million Types of ICO Scams There’s a lot of hype around cryptocurrency, but many ICOs are actually scams targeting people who don’t know any better. Knowing how these scams work can help you stay protected from falling victim. Ponzi Schemes One prevalent scam is the Ponzi scheme, which promises high returns to initial investors but pays these returns using the funds from new investors. Eventually, when new investments dwindle, the scheme collapses, leaving many without their initial investment. Exit Scams Another dangerous type is the exit scam, where project developers disappear after raising funds, leaving investors with worthless tokens. This often occurs after a project has gained traction, making it even harder for investors to recover their money. Rug Pulls Rug pulls are also common; in this scenario, developers suddenly withdraw liquidity from the project, causing the token’s value to plummet overnight. This tactic can be particularly devastating, as investors may lose significant amounts of money in a matter of hours. Phishing Attacks Scammers may also employ phishing attacks, where they impersonate legitimate projects to steal private keys or funds from unsuspecting investors. These attacks often involve fake websites or emails that appear authentic, tricking investors into providing sensitive information. One common tactic is to promote fake crypto airdrops, which promise free tokens in exchange for personal information or initial investments, leading to potential losses. Pump-and-Dump Schemes Pump-and-dump schemes involve artificially inflating the price of a token through misleading hype. Scammers create a buzz around a project, encouraging others to buy in, and then sell at a profit, leaving late investors with losses when the price crashes. Over 75% of new crypto investors lack the knowledge to identify potential scams. The Psychology Behind ICO Scams The psychology behind ICO (Initial Coin Offering) scams is multifaceted, often revolving around two key emotional drivers: the fear of missing out (FOMO) and the hope of quick financial returns. Fear of Missing Out (FOMO) FOMO is a powerful motivator that taps into our innate desire to belong and succeed. In the context of ICOs, potential investors may feel a sense of urgency when they see others investing and discussing promising projects, fearing that they will miss out on significant profits. Such urgency can cloud judgment, leading individuals to act quickly without conducting thorough research or due diligence. Allure of Quick Returns Many ICOs promise substantial returns in a short period, playing into the fantasy of easy wealth. Scammers craft enticing narratives around their projects, often highlighting exaggerated success stories or testimonials. This narrative can create an irresistible appeal, drawing in individuals who are looking for fast financial gains. The desire for quick returns can overshadow rational decision-making processes, leading individuals to overlook red flags or warning signs. Impulsive Decision-Making Scammers are adept at exploiting these emotions, leveraging high-pressure tactics to push individuals into making impulsive decisions. For example, they may set tight deadlines for investments or present limited-time offers that create a sense of urgency. Such pressure can prevent potential investors from taking the necessary time to evaluate the legitimacy of the ICO, ultimately increasing the likelihood of falling victim to a scam. 80% of ICOs launched in recent years have been fraudulent, leaving countless investors vulnerable to financial loss. How to Identify a Scam Identifying potential scams before investing is crucial for protecting your funds. Being aware of key red flags can help you spot fraudulent projects and make informed decisions. Red flags to watch out for include; Unrealistic Promises of High Returns If an ICO promises unusually high returns with little risk, be wary. Legitimate investments come with inherent risks and do not guarantee profits. Lack of Transparency and Information A trustworthy project will provide clear and detailed information about its goals, technology, and team. If the information is vague or missing, it could be a sign of a scam. Pressure to Invest Quickly Scammers often create a sense of urgency to push investors into making hasty decisions. If you feel rushed to invest, take a step back and reassess. Unknown or Inexperienced Team Research the team behind the project. A lack of credible experience or a mysterious team can be a major red flag. No Clear Use Case for the Project If a project does not address a specific problem or offer a practical solution, it may not be worth your investment. Vague or Misleading Whitepapers A solid project will have a clear and detailed whitepaper outlining its vision, technology, and roadmap. If the whitepaper is poorly written or lacks essential details, proceed with caution. Low Community Engagement Active community engagement is a good indicator of a legitimate project. If there’s little to no discussion or feedback from the community, it may lack genuine interest or support. Suspicious Social Media Activity Be cautious of projects with fake accounts or misleading posts on social media. Scammers often
Top Crypto Games You Can Start Playing Right Now
The gaming industry is undergoing a transformation, with blockchain technology paving the way for innovative experiences. Some of these crypto games now allow players to earn and trade digital assets, turning casual gaming into a potential source of income. These games use cryptocurrencies and non-fungible tokens (NFTs) to give players true ownership of in-game items, such as characters, skins, and land. This means that players can buy, sell, or trade their assets outside of the game, creating real value from their gaming activities. With millions of players already participating, the popularity of these games is growing quickly. In this article, we’ll examine the best crypto games and how you can take advantage of them. Read Also: 10 Best Free Crypto Mining Sites in 2024 Key Takeaways Axie Infinity Axie Infinity is a blockchain-based game that allows players to collect, breed, and battle creatures called “Axies.” Each Axie is a unique, non-fungible token (NFT), which players can buy, sell, or trade. The game operates on the Ethereum blockchain but uses the Ronin sidechain to reduce transaction fees and improve scalability. In the game, players can engage in two main activities: Play-to-Earn Mechanics Axie Infinity introduced the play-to-earn (P2E) model, which allows players to earn cryptocurrency by playing the game. Players can earn two primary tokens: Many players from countries with lower economic opportunities, such as the Philippines, have adopted Axie Infinity as a way to generate income, earning SLP and selling it on exchanges. This “play-to-earn” aspect has made Axie Infinity highly popular in regions where traditional job opportunities may be limited. Breeding and Marketplace A significant feature of Axie Infinity is the breeding system. Players can breed their Axies to create new ones with unique traits. Breeding requires both SLP and AXS tokens. Each Axie has its own set of genes, which influence the traits passed on to the offspring. Breeding is limited by the number of times an Axie can reproduce, which creates scarcity and increases the value of desirable Axies. Once bred, Axies can be sold or traded in the Axie Infinity marketplace. The value of an Axie depends on its rarity, abilities, and demand in the game. Some rare Axies have been sold for thousands of dollars, making it a lucrative activity for players who understand the game’s mechanics. Ronin Sidechain To combat Ethereum’s high gas fees, Sky Mavis, the developers of Axie Infinity, created the Ronin sidechain. This sidechain allows for faster and cheaper transactions, making it more feasible for players to breed Axies, transfer NFTs, and engage in-game transactions without the burden of excessive gas fees. The integration of Ronin has significantly improved the user experience and enabled more players to participate in the game. The global gaming market is projected to reach $218.7 billion by 2024, with blockchain gaming rapidly gaining a significant share. Decentraland Decentraland is a decentralized virtual world built on the Ethereum blockchain. It allows users to explore, create, and trade digital assets in the form of non-fungible tokens (NFTs). Within Decentraland, users can buy and own plots of virtual land, develop experiences, host events, and interact with other players. Each plot of land and every item in the game is represented as an NFT, giving players complete ownership over their in-game assets. This decentralized structure means that the platform is not controlled by any central authority, and decisions about the future of Decentraland are made through a decentralized autonomous organization (DAO). Virtual World and Marketplace The world of Decentraland is divided into 90,601 parcels of LAND, each of which is an NFT that represents ownership of virtual real estate. Players can purchase, develop, and customize these parcels using Decentraland’s native token, MANA. LAND can be used for various purposes, including: In Decentraland, players can freely explore different areas and experiences created by other users. Some parcels of LAND have become highly valuable due to their location within the world or the popularity of the experiences they offer. For example, a piece of LAND in the Decentraland Fashion District sold for over $2.4 million in 2021 because of its potential to host high-profile virtual fashion shows. The Decentraland Marketplace is a key feature where users can buy, sell, or trade LAND, in-game items, and wearables. These transactions are all conducted using MANA. In addition to LAND, players can buy virtual clothing, accessories, and other items to customize their avatars, adding a personal touch to their experience in the game. Role of MANA Token MANA is the cryptocurrency used within Decentraland. It is an ERC-20 token on the Ethereum blockchain and serves several important functions: MANA can be obtained through cryptocurrency exchanges or earned by participating in events and activities within Decentraland. The token’s value is influenced by the platform’s overall adoption and the demand for virtual assets in the marketplace. Examples of Popular Areas in Decentraland There are several well-known areas within Decentraland that have become popular destinations for players. These include: My Neighbor Alice My Neighbor Alice is a multiplayer blockchain game where players can own and develop virtual islands, build and customize properties, and engage in various in-game activities. The game operates on the Chromia blockchain and combines elements of social simulation games like Animal Crossing with blockchain-based ownership through non-fungible tokens (NFTs). Players can own virtual land and in-game assets represented by NFTs, giving them full ownership over what they create or purchase in the game. The game’s goal is to provide a fun and accessible experience for players while integrating blockchain elements in a simple way. It is designed for both casual gamers and those familiar with blockchain technology. Gameplay and Virtual Islands In My Neighbor Alice, players can purchase virtual plots of land, which are represented as NFTs. Each piece of land is unique and can be customized with decorations, buildings, and crops. The land is part of the game’s fictional world, and players are free to develop it as they wish. Players can also engage in farming activities, where they grow crops or raise
Bybit Earns a VASP License from Georgia’s National Financial Authority
As part of its global market expansion efforts, Bybit recently announced via a November 5 press release that it has obtained a Virtual Asset Service Provider (VASP) license from the Bank of Georgia. The license approval implies that Georgia’s national financial authority now recognizes the presence of exchange in the country’s digital assets market. Therefore, Bybit will freely operate in Eastern European nations without limitations as long as the services are within the purview of regulatory guidelines. Interestingly, Bybit’s license approval aims to advance digital asset transformation efforts. In addition, it will help boost crypto adoption among the country’s citizens, which could invariably boost Georgia’s national economic outlook. The exchange hopes to achieve the crypto adoption goals by developing trading solutions for the nation’s local populace. Part of the press release noted: “As the demand for cryptocurrencies grows, Bybit is committed to delivering world-class trading solutions to empower local users, entrepreneurs, and institutional investors.” Bybit’s CEO Speaks on the Exchange’s Latest Achievement Reacting to the trading platform’s new feat, Ben Zhou, a co-founder and Chief Executive Officer (CEO) at Bybit, expressed his excitement about the VASP license approval. “We are honored to be registered as the VASP by the National Bank of Georgia, marking a new chapter in our journey to support the growth of the crypto ecosystem,” he stated. Furthermore, the CEO noted that Bybit’s latest feat underscores the exchange’s dedication to ensuring Georgia users enjoy trading features under a secured and compliant platform. He added that the trading platform’s presence in the Eastern European nation’s digital assets landscape will contribute significantly to its ambition of becoming a hub for blockchain innovations. Bybit’s Previous VASPs License Approvals and Regulatory Hurdles Before its recent feat, Bybit announced in September that it had obtained a VASP license endorsement from Dubai’s Virtual Asset Regulatory Authority (VARA). Aside from its exploits in Dubai, Bybit was recently deemed non-compliant by Dutch regulatory authorities. Consequently, the exchange will likely pay a $2.4 million fine as specified by the nation’s central bank.