All for one and one for all We need GameFi, DeFi and SocialFi to create a holistic Metaverse experience. Even with metaverses focusing on one purpose, these elements are essential to ensuring viability and scale. In essence, a metaverse can scale only if DeFi, GameFi and SocialFi can work together seamlessly. DeFi, in essence, would take care of the financial elements, GameFi the experiential elements and SocialFi the credibility elements for the economic actors. Without the DeFi elements, a metaverse would lack commercial scalability. Without the GameFi elements, the community would lack the experience motive for continually returning to it. …

A subsidiary of the Huobi cryptocurrency exchange called HBIT Inc has received its Money Services Business (MSB) license from the United States Financial Crimes Enforcement Network (FinCEN). The Seychelles based Huobi said on Tuesday that the license creates a foundation for it to carry out crypto-related business in the U.S. in the future, as part of its strategic goals of “globalization and compliance.” The exchange is a major player, with more than $1 billion in volume in the past 24 hours, according to CoinGecko. Before the great crypto crackdown by Chinese authorities, most Huobi users came from China, but according …

Mark Cuban, the billionaire entrepreneur known for his role as one of the main investors on the reality television show Shark Tank, said the crypto bear market won’t be over until there’s a better focus on applications with utility. He also doesn’t think the market has hit “cheap” prices yet. Cuban has stated in the past around 80% of his non-Shark Tank portfolio was in crypto. Appearing on a June 23 episode of the Bankless Podcast, he was asked how long he believes the current crypto bear market will last: “It lasts until there’s a catalyst and that catalyst is …

While Ether’s (ETH) price dip over the weekend may have left investors worried about the digital asset, community members on Reddit discussed use cases of the asset that could push its price upward. In r/Ethereum, a Reddit user asked fellow community members how ETH could reach a market capitalization of $500 billion. Criticizing the use of smart contracts for real estate, the Redditor noted that they had not seen a convincing case that could solidify ETH’s value, like how Bitcoin (BTC) is viewed as a replacement for gold. Redditor u/WarhorseLand offered a rebuttal to the original poster’s perspective on smart …

Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency. Three Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on Wednesday, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States. The bill is referred to as “Defending Americans from Authoritarian Digital Currencies Act” and proposes to prohibit the use of China’s digital currency payment system, e-CNY, for U.S. app stores and other purposes. The term “app store” covers all publicly accessible websites, software apps …

The Commonwealth Bank of Australia (CBA) has put its plans for a second pilot program of crypto trading services on hold indefinitely and cut off access to those in the first round of testing. CBA sent Cointelegraph a transcript of a Tuesday bank briefing where CEO Matt Comyn said that he was still waiting on regulatory clarity. He also said that he was “working with a number of regulators very closely, as you would imagine, about the appropriate treatment of this particular product:” “Our intention still, at this stage, is to restart the pilot, but there are still a couple …

Crypto derivatives trading platform dYdX has officially launched an app via Apple’s iOS store, joining just a select number of fellow decentralized finance (DeFi) protocols that have built apps for smartphone adoption. According to Tuesday’s announcement, dYdX’s app is now ready for use, with the project noting that more than 200,000 people had already signed up for the beta before the full launch. The app offers gas-free deposits and trading and will provide the same functionality as the web version. “The app offers the same functionality and unparalleled product experience that are available on our main exchange website with the …

How are blockchain development platforms addressing these concerns? New blockchain development offerings are making it simple for Web 3.0 applications to implement push notifications. A practical solution to these UX issues would need to be simple to implement and enable applications to monitor any address for incoming and outgoing token transactions (cryptocurrency, NFT or otherwise). Developers need to be able to set up push notifications in their own applications quickly and easily across multiple blockchains without learning code for each. Tatum has emerged as a leading blockchain development platform, offering an answer to address these user experience concerns. With their …

“Cryptocurrency is just one use case for blockchain,” Karen Ottoni, director of ecosystem at Hyperledger, told Cointelegraph in an interview during Paris Blockchain Week. The list of blockchain-applicable ideas is numerous and growing, including “supply chain and trade, finance and capital markets, tokenizing green bonds and tokenizing real estate.” Hyperledger Foundation's bread and butter is to support the development and deployment of its open-source enterprise-grade blockchain technologies for projects such as “managing food, fish, diamonds, minerals — the supply chain,” Ottoni told Cointelegraph. While Hyperledger works in every industry, its impact on climate change and climate action is what most …

The various types of blockchain permissions Blockchain networks run on permission-based consensus methods, enabling various levels of use depending on a user’s needs and permission level. Aside from the blockchain generations, there are also different types of blockchain when viewed from a permission-based angle. Some of those permission types are public, permissioned or private blockchains. Each of these types offers a different use case for a company or user’s needs. When asked to list the three types of blockchain, you’ll now know the answer. Public blockchain A public blockchain is the most basic form of a blockchain ecosystem. A public …

Stargate Finance, a cross-chain protocol designed to assist users in transferring assets between different blockchains, has accrued over $1.9 billion in total value locked (TVL) in less than a week after launching. Stargate markets itself as a liquidity transport protocol that allows users to transact native assets cross-chain, offering decentralized finance (DeFi) users the option of staking stablecoins in pools where they are paid out in the native Stargate token (STG). The rapidly growing TVL is probably down to the "up to 26% APY" being offered farming stablecoin deposits. By attracting nearly $2 billion in TVL at the time of …

Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind, written by Andrew Levine of Koinos Group. In my first article in this series, I explained why Ethereum and Steem haven’t been able to deliver a mainstream social decentralized application (DApp). In my second article, I explained how EOS attempted to combine features of both chains but it did so in a way that still required users to buy high-priced random-access memory (RAM) for accounts and smart contracts. In this article, I want to take a …