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GameStop unveils beta cryptocurrency wallet and upcoming NFT platform

by John Stapel

GameStop launches an Ethereum-powered self-custodial wallet that is set to integrate with an upcoming NFT marketplace.

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GameStop unveils beta cryptocurrency wallet and upcoming NFT platform

American electronics retail firm GameStop has taken a step into the world of cryptocurrencies, unveiling a proprietary blockchain wallet that will feature nonfungible token functionality.

The GameStop Wallet will allow gamers to acquire, send and store Ether (ETH), ERC-20 tokens and NFTs through a self-custodial browser extension running on the Ethereum blockchain. A mobile application is also in the works.

— GameStopNFT (@GameStopNFT) May 23, 2022

The wallet will run on Ethereum’s Loopring layer-2 scaling protocol designed for decentralized exchanges, which boasts of high throughput, low-cost trading and payment capability.

Users will be able to download and install the wallet extension through the Chrome Web Store. Much like MetaMask’s Chrome extension, GameStop Wallet will integrate with its upcoming NFT marketplace, which is scheduled for launch in the second quarter of the firm’s financial year.

GameStop announced a partnership with ImmutableX in February 2022, with the Ethereum NFT scaling platform tapped to develop the renowned brick-and-mortar video game retailer’s custom NFT marketplace.

Related: GameStop looks toward NFT marketplace launch after big Q4 loss

The announcement earlier this year claimed that the marketplace would be 100% carbon-neutral, with no gas fees. The two companies also committed to a $100 million grant program, to be paid in IMX tokens, in order to attract prospective NFT content creators and developers.

GameStop’s NFT move has been a work in progress since May 2020 , when the firm made initial calls for software engineers specializing in Solidity, React and Python to apply to join its team. A beta version of the Loopring-powered GameStop NFT marketplace was announced by the layer-2 scaling protocol in March 2022.

Noncustodial, multichain cryptocurrency wallets are proving to be a major focal point for firms looking to establish firm roots as Web3 continues to grow. Major United States cryptocurrency exchange Coinbase integrated Web3 application functionality with a wallet and browser for a select group of its mobile app clients in May 2022. This will incorporate trading on NFT marketplaces, token swaps on popular Ethereum-based decentralized exchanges like Uniswap and OpenSea, and access to decentralized finance lending protocols.

Coinbase isn’t the only exchange looking to improve its offerings, as commission-free trading platform Robinhood has  promoted an upcoming noncustodial cryptocurrency wallet with multipleblockchain accessibility. The wallet will also allow storage and access to NFT marketplaces.

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The wallet will run on Ethereum’s Loopring layer-2 scaling protocol designed for decentralized exchanges, which boasts of high throughput, low-cost trading and payment capability.

Users will be able to download and install the wallet extension through the Chrome Web Store. Much like MetaMask’s Chrome extension, GameStop Wallet will integrate with its upcoming NFT marketplace, which is scheduled for launch in the second quarter of the firm’s financial year.

GameStop announced a partnership with ImmutableX in February 2022, with the Ethereum NFT scaling platform tapped to develop the renowned brick-and-mortar video game retailer’s custom NFT marketplace.

Related: GameStop looks toward NFT marketplace launch after big Q4 loss

The announcement earlier this year claimed that the marketplace would be 100% carbon-neutral, with no gas fees. The two companies also committed to a $100 million grant program, to be paid in IMX tokens, in order to attract prospective NFT content creators and developers.

GameStop’s NFT move has been a work in progress since May 2020 , when the firm made initial calls for software engineers specializing in Solidity, React and Python to apply to join its team. A beta version of the Loopring-powered GameStop NFT marketplace was announced by the layer-2 scaling protocol in March 2022.

Noncustodial, multichain cryptocurrency wallets are proving to be a major focal point for firms looking to establish firm roots as Web3 continues to grow. Major United States cryptocurrency exchange Coinbase integrated Web3 application functionality with a wallet and browser for a select group of its mobile app clients in May 2022. This will incorporate trading on NFT marketplaces, token swaps on popular Ethereum-based decentralized exchanges like Uniswap and OpenSea, and access to decentralized finance lending protocols.

Coinbase isn’t the only exchange looking to improve its offerings, as commission-free trading platform Robinhood has  promoted an upcoming noncustodial cryptocurrency wallet with multipleblockchain accessibility. The wallet will also allow storage and access to NFT marketplaces.

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Ethereum (ETH) layer-2 developer StarkWare has raised a further $100 million in its latest fundraising round despite the prevailing downturn in cryptocurrency markets.

StarkWare’s series D fundraising round sees the firm’s valuation up to $8 billion, marking a four-fold increase in value just six months after its Series C round in November 2021. Tech investment firm Greenoaks Capital led the latest fundraising round in addition to private equity firm Coatue, Tiger Global and other investors.

StarkWare has established itself as a major player in the Ethereum layer-2 scaling space, boasting more transaction throughput than the Bitcoin network and collectively more than all other layer-2 platforms in 2022.

The firm makes use of rollup technology for its Ethereum layer-2 scaling platforms. By generating validity proofs, more commonly known as zero-knowledge proofs in the industry, StarWare says it is able to add massive batches of transactions to Ethereum’s mainnet.

Co-founder and president Eli Ben-Sasson pioneered ZK-STARK cryptography alongside other computer scientists. Zero-Knowledge Scalable Transparent Arguments of Knowledge is a proof system that makes use of new-age cryptography to encrypt and verify transaction data — ensuring security, scalability and resistance to quantum computing.

The technology underpinning StarkWare’s two platforms, StarkEx and StarkNet, has proven popular. StarkEx is the scaling engine used by popular nonfungible marketplaces Sorare, ImmutableX and dYdX, while StarkNet is a decentralized application development network.

Speaking to Cointelegraph, Ben-Sasson and StarkWare co-founder and CEO Uri Kolodny unpacked the latest fundraising round, which has been driven by outsider investor demand in the long term potential of the layer-2 technology.

“We believe we’re on a long, challenging and demanding mission to invent and develop technology that hasn’t existed previously and bring it to market as a software product offering with an ecosystem around it. All that requires substantial resources to allow us to focus on the long-term,” Kolodyny told Cointelegraph.

StarkWare will use its latest $100 million fundraising round across the board to develop its ecosystem around the software tools it is building. Ben-Sasson also noted that StarkEx’s capabilities were a major drawcard for investors, which would see the platform continue to be a focal point for the firm:

“Investors evaluation has to be based on proven, tested metrics and the current metrics are all coming from StarkEx. We minted more NFTs than any other platform, we’re settling more transactions today than Bitcoin and there have been weeks where we’ve settled more than Ethereum.”

The StarkWare president said these metrics are reflected in the company’s $8 billion valuation and its goal would be to build on the success of StarkEx so far, while hoping that StarkNet continues to attract developers.

Related: MakerDAO deploys on layer-2 network StarkNet to enhance functions of DAI stablecoin

Ben-Sasson admitted that the ability of the underlying technology to achieve its current scalability and greater was not surprising given the mathematical theory behind it. However, credit was given to the ecosystem that has adopted StarkEx:

“What is pleasantly surprising, and a lot of credit goes to the ecosystem and our initial partners Diversify, dYdX, Sorare and ImmutableX , is the ability to take this core technology that allows you to get integrity of computation at scale and bring it to end users in such a successful and effective manor.”

The current downturn in the wider cryptocurrency markets has been a cause for concern, but the StarkWare co-founders believe their fundraising efforts signal to the wider ecosystem that savvy investors see a silver lining, despite a gloomy outlook.

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On day four of the World Economic Forum 2022, presentations on nonfungible tokens (NFTs) have taken place with speakers sharing their takes on NFT use cases and adoption. 

At the Blockchain Hub Davos, speakers Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman spoke on the importance of NFTs, their role in society, and how the community can attract the mainstream into using the technology.

In his lecture, Holzer argued that simplifying access to NFTs may push mainstream adoption forward. According to the Veritic CEO, minting in more secure environments and NFT custody is “a missing piece to mainstream adoption.” He explained that:

“We want to enable the next billion and this needs NFT custody. And I personally believe that NFTS can potentially have the potential can potentially be bigger than cryptocurrency itself.”

Holzer noted that providing first-time users with a more familiar interface and custody services where users do not need to set up their own wallets could be a “game-changer” for the entire market.

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Apart from Holzer, Alex Altman, the CEO of Seal Storage Technology weighed in on NFT use cases in his talk. He gave various examples of how NFTs can improve the current state of affairs in real estate and gaming. He said that:

“There's absolutely no reason that a deed to a house couldn't be a unique digital asset as long as that asset is created and stored in the correct way. Given the fact that an NFT is purely unique, that asset can also be transferred really easily.”

Altman also pointed out that many are spending hundreds of hours playing games and developing characters within their games, and it ends with the player just leaving the game, and afterward, all the assets acquired “disappear into the ether.” With NFTs, Altman said that people can “develop that asset and create it into a real-world piece of data that you can move, transfer and monetize.”

Related: WEF 2022, May 25: Latest updates from the Cointelegraph Davos team

In a panel discussion on equality, the VP of Meta Nicola Mendelsohn mentioned that there is a possibility that the creator of Bitcoin, Satoshi Nakamoto is a woman. Not dismissing the possibility, Cointelegraph editor-in-chief Kristina Lucrezia Cornèr shared her belief that the BTC creator is a group comprising of both genders, rather than just a single person.

In an interview with Cointelegraph, the founder of Polkadot (DOT), Gavin Wood underscored that Web3 has expanded beyond only crypto and decentralized finance. He explained that the term also refers to many new kinds of services that Web2 cannot provide.

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The Korean Financial Supervisory Service (FSS) has announced that it will be standardizing the way in which virtual asset risk is assessed. 

According to a local news report, this is because it is currently tough to safeguard investors due to the many ways that risk is measured for each virtual asset exchange. While the FSS's standardization efforts are still in their infancy, when a legal framework for virtual assets has been established, it will be expected that a uniform evaluation system can be implemented for all exchanges.

On Wednesday, Stablenode's COO Doo Wan Nam tweeted that a meeting had taken place at the Korean National Assembly building with representatives from Korean exchanges and officials regarding the Terra LUNA and UST issues. The exchanges, according to the Doo, said the situation was undesirable and that they would do everything possible to safeguard traders on their platforms.

So there was a meeting at Korean National Assembly building with heads of Korean exchanges and politicians about the $LUNA $UST incident.

The exchanges said what's happening with the incident is unfortunate and will work to protect traders on their platforms. pic.twitter.com/Tubv4as95X

— Doo | StableNode @Lisbon (@DooWanNam) May 25, 2022 \n\n

Heraldcorp reported on Wednesday that Do Kwon, the cofounder of Terraform Labs, has contacted five South Korean exchanges to relist when LUNA 2.0 goes live. However, because LUNA is now under investigation following its failure, a number of other platforms in South Korea are staying clear, except Upbit.

CEO Kwon's 'Terra Ecosystem Restoration Plan' is a plan to create new coins and give them out to investors who have lost money. \"Let's call the existing Terra blockchain network 'Terra Classic,' and the present Luna blockchain, 'Luna Classic,' and create a new Terra blockchain,\" CEO Kwon tweeted on May 18.

The majority of the community, or 65.5%, supported Kwon's plan. Just 13.2% opposed the fork vote. Around 20% of respondents abstained from voting. On Friday, based on the information in the proposal, Terra 2.0 is anticipated to go live on mainnet. After this launch, LUNA 2.0 coins will be tradeable. At the pre-determined proportion, new tokens will be airdropped to existing stakeholders of the network. However, most of the coins will go through a vesting period.

The plan to relaunch the Terra blockchain and create LUNA 2.0 tokens has been approved by on-chain voters. This will lead to the development of a new blockchain that will airdrop tokens proportionally to those who were affected by the abrupt fall of the UST algorithmic stablecoin.

6/ Token distribution details can be found in the governance proposal, but to summarize: ● Community pool: 30% ● Pre-attack $LUNA holders: 35% ● Pre-attack aUST holders: 10% ● Post-attack $LUNA holders: 10% ● Post-attack $UST holders: 15%

— Terra Powered by LUNA (@terra_money) May 25, 2022 \n\n

Binance, a cryptocurrency exchange, has thrown its weight behind the \"Terra Rebirth.\" The firm said it is collaborating with the Terra team on the recovery plan, aimed to give affected users its platform \"with the best possible treatment.\"

The Terra community just passed a vote to ‘Rebirth Terra Network’.

We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.

— Binance (@binance) May 25, 2022 \n\n

The controversial $40 billion meltdown of Terra has been a subject of much debate in the Korean and global crypto community. As reported by Cointelegraph, Korean exchanges handled the collapse in different ways, with the National Assembly's Political Affairs Committee convening Terraform Labs co-founder Do Kwon for a parliamentary hearing regarding the issue.

Related: Exchanges show initial support to Terra revival by listing new LUNA token

Now, the outspoken 30-year-old South Korean who frequently calls his critics “poor” is being called on to explain this month's $40 billion crash of a project he once called \"the oldest and most widely used algorithmic stablecoin in existence.\"

",audio:"https://s3.cointelegraph.com/audio/86977.8b72d27f-17e2-4326-8c30-247f99355aaf.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:773,shares:nV,tags:[{id:nW,slug:hV,title:xf,url:lH},{id:"1644",slug:"south-korea",title:"South Korea",url:"/tags/south-korea"},{id:"9347",slug:"regulation",title:"Regulation",url:nX},{id:xg,slug:nY,title:av,url:xh}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86977regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:lx,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"wef-2022-may-25-latest-updates-from-the-cointelegraph-davos-team",url:nI,absoluteUrl:xi,title:ly,youtubeVideoIdCover:d,cover:nJ,datePublished:Z,dateHuman:nZ,humanDateTime:"2022-05-25 12:02",dateISOFull:"2022-05-25T11:02:12+01:00",publishedDateTimeObject:{year:D,month:v,day:C,hour:aw,minute:c,second:aG,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:lI,authorUrl:lJ,authorAvatar:xj,previewText:"The fourth day of WEF 2022 will see key people from the industry discuss the journey of crypto investors.",twitterLeadText:"Ready for another round of up-to-the-minute information flow from #WEF22? The Cointelegraph team @wef brings you the latest details from Davos in real-time.",badgeSlug:g,badgeName:xb,fullText:"

Disclaimer: This article is being updated all day long. All timestamps are in the UTC time zone, with updates in reverse order (the latest update is placed at the top).

WEF 2022, the first in-person World Economic Forum event since the pandemic started, continues to bridge traditional finance with the future of money on its third day. 

The Cointelegraph ground team, including editor-in-chief Kristina L. Corner, head of video Jackson DuMont and news reporter Joseph Hall, is deployed in Davos, where the event is held, to get the most recent developments from WEF 2022.

The fourth day of WEF 2022 will see the likes of Anthony Scaramucci David Branch discuss the journey of crypto investors. Our editor-in-chief Kristina is moderating an Equality Lounge’s panel on “Why Web3 Needs Women at the Forefront” and more in today’s coverage.

Don’t forget to check this article regularly to be notified about the most recent announcements from the event.

  • 1:00 pm UTC

Blockchain Hub Davos 2022 became the stage for insightful discussions revolving around the NFT universe. Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman talked about the importance of NFTs, their role in society, and how the community can attract the mainstream into using the technology. Read the full discussion here.

  • 12:30 pm UTC

In the panel discussion on “NFT innovation and Infrastructure” CasperLabs senior program manager Ashok Ranadive, Wisekey co-founder Carlos Creus Moreira, Ernst Leitz Labs founder Jane Cui and popular artist Dario De Siena discussed the current progress of the NFT space and the challenges on the way.

Talking about the key challenges faced by NFT platforms, Moreira from Wisekey explained that the technological challenges added with an increasing number of frauds as key concerns for NFT platforms. He also stressed the need for taking things slowly and understanding the prospects of the tech first and then moving into developing products.

Jane Cui while talking about the challenges faced by the artist and the marketing aspect of NFTs said that the artist community is very enthusiastic about the prospect of the metaverse, especially the digital photographer. However, the lack of understanding and working of the tech often challenges these artists in monetizing them. 

She added, \"There are risks and technology gaps, but looking at the companies at WEF working towards filling those gaps, I believe there is hope for these artists.\"

  • 11:30 am UTC

Nonfungible tokens (NFTs), metaverse and gaming were the key topics of discussion at Davos Blockchain Hub. Seal Storage Technology CEO Alex Altman talked about the current downtrend in the NFT market while explaining the good side of it.

\\

Altman said:

“The good thing about that is it exposed tens of millions of people to NFTs as well as the technology that got businesses and people accustomed to how to use it and interact with it. Overall, it's also pumped hundreds of millions of dollars, if not billions of dollars into the infrastructure and actually developing that out.\"

Talking about the role of NFT custodians, Veritic co-founder Stephan Holzer said that they help in propagating mainstream adoption. He explained:

\"I really believe custodians play a crucial role in mainstream adoption by making it simpler and more secure. This enabled us to onboard 300 million people to the cryptocurrency space, and this also led to innovation such as nfts.\"
  • 11:00 am UTC

Cointelegraph editor in chief Kristina Lucrezia Cornèr moderated a panel on ‘Why Web3 Needs Women at the Forefront” joined by Meta vice president Nicola Mendelsohn, Global Blockchain Business Council CEO Sandra Ro, Harvard Business School’s Sarah Endline and Splunk government relations head Bill Wright. Read the full discussion here.

10:00 am UTC

On a discussion around women role models, Meta VP quipped that Bitcoin creator Satoshi Nakamoto who remains pseudo-anonymous to date could very well be a woman. She explained:

“I will give you one- Satoshi Nakamoto, I mean we all assume it's a man right, is that our bias? It's just a name it could well be a woman.”

Cornèr added that she believes the creator of Bitcoin is a group of people comprising of males and females rather than an individual.

Sandra Rao, GBBC CEO on the future of women in web3:

“I am very bullish on women’s future. We are in an era of collaboration irrespective of borders and countries. We need to support woman entrepreneurs from all walks of life.”
  • 9:30 am UTC

Cointelegraph team greeted the renowned blockchain advocate Dr. Anino Emuwa, the founder of 100Women@Davos, Avandis Consulting.

",audio:"https://s3.cointelegraph.com/audio/86972.6d28f5d0-86df-4376-b8be-abec8279f45f.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:777,shares:ao,tags:[{id:G,slug:n_,title:ap,url:lK},{id:O,slug:hS,title:hJ,url:fQ},{id:Y,slug:lm,title:ln,url:lo},{id:"4605",slug:"world-economic-forum",title:"World Economic Forum",url:"/tags/world-economic-forum"},{id:"4716",slug:"davos",title:"Davos",url:"/tags/davos"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86972regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:lz,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"wef-2022-satoshi-nakamoto-could-be-a-woman-says-meta-vp-nicola-mendelsohn",url:nK,absoluteUrl:xk,title:lA,youtubeVideoIdCover:d,cover:nL,datePublished:Z,dateHuman:xl,humanDateTime:"2022-05-25 11:42",dateISOFull:"2022-05-25T10:42:34+01:00",publishedDateTimeObject:{year:D,month:v,day:C,hour:_,minute:n$,second:lL,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:lI,authorUrl:lJ,authorAvatar:xj,previewText:"GBBC CEO highlighted the need for women's representation on the crypto trading side and claimed “Bro culture” is prevalent in the trading ecosystem. ",twitterLeadText:"The panel discussion on the role of women in web3 moderated by @KristinaLCorner saw the likes of Meta VP @nicolamen, and GBBC CEO @srolondon share their perspectives on the representation and inclusiveness in the decentralized space. ",badgeSlug:g,badgeName:al,fullText:"

The fourth day of the ongoing World Economic Forum (WEF) saw major discussion around the role of women in Web3 and how the decentralized ecosystem is the place for inclusiveness.

Women are investing in crypto at half the rate of men. Join us at #WEF22 to hear about solutions we can implement to get women at the forefront of this digital revolution. @KristinaLCorner @sarahendline @Billwrightv @nicolamen @srolondon https://t.co/jBbiauzSWi pic.twitter.com/xWlhqv5p5m

— The Female Quotient (@femalequotient) May 25, 2022 \n\n

Cointelegraph editor in chief Kristina Lucrezia Cornèr moderated a panel on ‘Why Web3 Needs Women at the Forefront” joined by the likes of Meta VP Nicola Mendelsohn, Global Blockchain Business Council CEO Sandra Ro, Harvard Business School’s Sarah Endline and Bill Wright, Head, Government Relations at Splunk.

Talking about women role models in the web3 and crypto space, the panelists highlighted the contribution of key women representatives in the nascent space. Meta VP quipped that Bitcoin creator Satoshi Nakamoto who remains pseudo-anonymous to date could very well be a woman. She explained:

“I will give you one- Satoshi Nakamoto, I mean we all assume it's a man right, is that our bias? It's just a name it could well be a woman.”

Cornèr added that she believes the creator of Bitcoin (BTC) is a group of people comprising of males and females rather than an individual.

The panel also discussed the challenges faced by women today and things that could be done better and improved upon. GBBC CEO Sandra Rao highlighted the growing contribution of women in the nonfungible token space and also raised concerns over the lack of it in the crypto trading space. She explained:

“While NFT domain has seen a great proportion of women participants but crypto trading certainly concerns me because of the lack of women representation.”

She also stressed the need to create an “environment to accommodate women representatives on the crypto trading side.”

Related: WEF 2022: Trust and clarity are missing in discussions of carbon emissions and crypto

Bill Wright, Government Relations head at Splunk and the only male panelist belives web3 and blockchain space is inclusive by nature. He said:

“I think web3 by nature aims to be an inclusive environment, and more diverse people involved would result in better outcomes. By research, it has been proven that diverse groups focused on a problem will come up with a better solution. ”

The panelists agreed that the decentralized world has seen a significant increase in women representatives over the years and hoped to see that proportion growing in the future.

",audio:"https://s3.cointelegraph.com/audio/86969.73299847-771c-4be4-b5da-6414c63706c9.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1216,shares:kh,tags:[{id:O,slug:hS,title:hJ,url:fQ},{id:Y,slug:lm,title:ln,url:lo},{id:ny,slug:nz,title:lp,url:kc},{id:"3159",slug:"women",title:"Women",url:"/tags/women"},{id:xm,slug:xn,title:xo,url:xp},{id:lq,slug:lr,title:ls,url:iM}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86969regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:iQ,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"exchanges-show-initial-support-to-terra-revival-by-listing-new-luna-token",url:nM,absoluteUrl:xq,title:lB,youtubeVideoIdCover:d,cover:nN,datePublished:Z,dateHuman:lM,humanDateTime:"2022-05-25 10:08",dateISOFull:"2022-05-25T09:08:36+01:00",publishedDateTimeObject:{year:D,month:v,day:C,hour:hW,minute:be,second:oa,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:xr,authorUrl:xs,authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/04a25228c6ee7dcd9af6997bf9906ba7.jpg",previewText:"HitBTC plans to list Terra's brand new token LUNA on May 27 as the suspended Terra Classic blockchain is expected to revive as Terra 2.0.",twitterLeadText:"HitBTC is among crypto exchanges supporting the revival of the collapsed Terra network by listing Terra's brand new token.",badgeSlug:g,badgeName:al,fullText:"

Crypto trading platforms show initial signs of support for the revival of the collapsed Terra network by listing Terra's brand new token, also named LUNA.

The HitBTC exchange took to Twitter on Wednesday to announce that Terra’s new chain token Luna will be available on its platform on May 27.

The news comes amid Terraform Labs preparing to relaunch its protocol on May 27 and replace the old chain referred to as Terra Classic with the new chain called just Terra, or Terra 2.0. The new chain will not be a fork as it will be created starting from the genesis block that will not share history with Terra Classic, Terraform Labs said on May 23.

The new Terra’s token will be named Luna, replacing the old token referred to as Luna Classic (LUNC).

— HitBTC (@hitbtc) May 25, 2022 \n\n

As previously reported, Terraform Labs CEO Do Kwon proposed to create a new Terra chain without Terra’s algorithmic stablecoin TerraUSD (UST) in mid-May, suggesting LUNA airdrops across LUNC stakers and holders, UST holders and Terra Classic app developers.

The proposal immediately received support from the community, with 91% of Terra validators voting in favor of the Terra “rebirth” as of May 18. At the time of writing, the community poll is still ongoing, with roughly 67% of voters supporting Terra's revival as Terra 2.0.

Terra network rebirth poll. Source: Terra Station

Terra’s revival comes after Terraform Labs halted the Terra blockchain on May 12 following a massive network crash, with the Luna token plummeting as low as 99% and UST losing its 1:1 peg value to the United States dollar.

HitBTC is apparently not the only crypto exchange intending to cooperate with Terraform Labs in the aftermath of UST and LUNA's collapse. Following Terra's successful rebirth vote, Binance crypto exchange announced that it will be \"working closely with the Terra team on the recovery plan\" to help impacted users on Binance. 

Related: Court documents reveal Do Kwon dissolved Terraform Labs Korea days before LUNA crash

Coinbase recently announced that it would delist the Wrapped Luna (WLUNA) token, an Ethereum token representing LUNA, on May 27. Coinbase Cloud, Coinbase's infrastructure arm, announced on May 20 the suspension of support for Terra and all potential Terra chains in the near future.

On May 25, Terraform Labs CEO denied reports that he was in touch with major South Korean crypto exchanges in order ask them to list the new Luna token.

\n\n\n",audio:"https://s3.cointelegraph.com/audio/86967.35f9b874-c1db-4a7f-af25-7332d3957fe2.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:7719,shares:ki,tags:[{id:"10",slug:"hitbtc",title:"HitBTC",url:"/tags/hitbtc"},{id:O,slug:hS,title:hJ,url:fQ},{id:Y,slug:lm,title:ln,url:lo},{id:nW,slug:hV,title:xf,url:lH},{id:iK,slug:kb,title:iL,url:hT},{id:wu,slug:wv,title:ww,url:wx},{id:xg,slug:nY,title:av,url:xh}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86967regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:kd,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"nft-owners-reminded-to-be-vigilant-after-29-moonbirds-were-stolen-by-clicking-a-bad-link",url:nO,absoluteUrl:xt,title:lC,youtubeVideoIdCover:d,cover:nP,datePublished:Z,dateHuman:lM,humanDateTime:"2022-05-25 09:45",dateISOFull:"2022-05-25T08:45:11+01:00",publishedDateTimeObject:{year:D,month:v,day:C,hour:be,minute:ob,second:aw,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:nT,authorUrl:nU,authorAvatar:xe,previewText:wU,twitterLeadText:"Stolen Moonbird NFTs are a grim reminder to double-check shady links when negotiating a deal.",badgeSlug:g,badgeName:al,fullText:"

A Proof Collective member has fallen victim to a scam, losing 29 highly-valuable Ethereum-based Moonbirds. According to a tweet by Cirrus on Wednesday morning, the victim lost 29 Moonbird nonfungible tokens (NFTs) worth $1.5 million after clicking a malicious link shared by a scammer.

29 Moonbirds were just stolen in a hack.

~750e (~$1,500,000) in value lost by clicking on a bad link.

Sickening seeing stuff like this. Let this be a reminder to never ever click on links and to bookmark the marketplaces/trading sites that you use. pic.twitter.com/7iWO5LMovL

— Cirrus (@CirrusNFT) May 25, 2022 \n\n

Dollar, a Twitter personality and NFT holder, claimed that the so-called culprit is already half doxxed by crypto exchange and that Proof Collective and members are currently working on a full report to the FBI.

https://t.co/ole2ObD75o

— crypt0savage (@crypt0savage) May 25, 2022 \n\n

Just1n.eth, another user, claimed that while he was attempting to negotiate a deal, a trader insisted on using an unsavory \"p2peer\" platform to conclude the transaction. Sulphaxyz confirmed that it happened to him as well and identified the con artist as the same culprit.

It's unclear how many victims he has dupped in total by the perpetrator, but it's a harsh reminder that even the savviest of NFT investors need to be on their toes when it comes to scammers. The recent crypto scams are a harsh wake-up call for NFT owners to exercise caution when dealing with third-party platforms, and to double-check anything shared by others, even if they appear trustworthy.

Cointelegraph recently reported that NFT creator Mike Winkelmann, better known as Beeple, had his Twitter account hacked in a phishing attack. The scam earned the attacker $438K in cryptocurrency and NFTs from the compromised Beeple account.

Related: Needed: A massive education project to fight hacks and scams

Earlier this month, cybersecurity firm Malwarebytes released a study that highlighted an increase in phishing attempts as scam artists attempt to capitalize on NFT mania. The most prevalent method used by scammers, according to the company, is fraudulent websites presented as genuine platforms.

\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/86965.58e619a6-09ba-41b8-b045-bc67cb622877.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1083,shares:iS,tags:[{id:"353",slug:"phishing",title:"Phishing",url:"/tags/phishing"},{id:lF,slug:lG,title:ae,url:kg},{id:"7732",slug:"scams",title:"Scams",url:"/tags/scams"},{id:lq,slug:lr,title:ls,url:iM}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86965regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:ke,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"google-seeks-fresh-talent-to-lead-global-web3-team",url:wV,absoluteUrl:"https://cointelegraph.com/news/google-seeks-fresh-talent-to-lead-global-web3-team",title:nQ,youtubeVideoIdCover:d,cover:wW,datePublished:Z,dateHuman:"5 hours ago",humanDateTime:"2022-05-25 08:52",dateISOFull:"2022-05-25T07:52:43+01:00",publishedDateTimeObject:{year:D,month:v,day:C,hour:fR,minute:hX,second:xu,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:"Arijit Sarkar",authorUrl:"/authors/arijit-sarkar",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/344bc441e79d201757e96fed1112b412.jpg",previewText:"The role will be tasked with raising awareness about Google Cloud’s Web3 initiatives in addition to eventually building customer demand for the related offerings.",twitterLeadText:"Tech giants like Google are eyeing the Web3 ecosystem: a bullish signal? ",badgeSlug:g,badgeName:al,fullText:"

Following the establishment of a Web3 team under Google Cloud on May 6, tech giant Alphabet’s Google is now on the lookout for a full-time candidate to lead its Global Web3 marketing strategies.

As seen on the job listing, the Google Cloud division opened up a ‘Head of Product Marketing’ role who will be tasked with raising awareness about Google Cloud’s Web3 initiatives in addition to eventually building customer demand for the related offerings.

new: Google Cloud is forming a Web3 product and engineering organization that will build services for developers. new job postings have appeared on Google's internal Grow tool, Amit Zavery is telling employees in an email today https://t.co/sLC8VlqgBf

— Jordan Novet (@jordannovet) May 6, 2022 \n\n

In an email shared with employees right before the commencement of the Web3 team, Vice president at Google Cloud, Amit Zavery, reportedly shared his vision to make Google Cloud the first choice for developers in Web3:

“While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and crypto-related technologies.”

Some of the key responsibilities for the role in question in addition to leading marketing initiatives include creating annual plans for Web3 and driving awareness across different segments of the Web3 audience.

The job location is limited to New York, San Francisco, Seattle, and Sunnyvale. Google has been known to create and discard numerous in-house initiatives, however, this is Google’s first attempt at delving into the Web3.

Related: WEF 2022: Web3 no longer just about crypto and DeFi, says Polkadot founder Gavin Wood

In a conversation with Cointelegraph during the World Economic Forum (WEF) Annual Meeting 2022, Polkadot (DOT) founder Gavin Wood spoke about the evolution of Web3. According to Wood, Web3 applications don’t have the need to evolve past their current usage:

“I don’t think Web3 needs to evolve, really, from its origins too much yet but maybe in the future, it will.”

Furthermore, Wood explained how Web3 pushed the conversation beyond Bitcoin (BTC), smart contracts and decentralized finance (DeFi) into the underlying technology that powers the world of crypto.

\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/86963.4a7e600a-9124-4184-81d1-7abeceaa3857.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:2217,shares:101,tags:[{id:O,slug:hS,title:hJ,url:fQ},{id:"115",slug:"google",title:"Google",url:"/tags/google"},{id:iK,slug:kb,title:iL,url:hT},{id:ny,slug:nz,title:lp,url:kc},{id:"4644",slug:"cloud-services",title:"Cloud Services",url:"/tags/cloud-services"},{id:xm,slug:xn,title:xo,url:xp}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86963regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:lD,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"blockstream-dreams-up-a-whole-new-type-of-multisig-called-roast",url:wX,absoluteUrl:"https://cointelegraph.com/news/blockstream-dreams-up-a-whole-new-type-of-multisig-called-roast",title:nR,youtubeVideoIdCover:d,cover:wZ,datePublished:Z,dateHuman:xv,humanDateTime:"2022-05-25 06:38",dateISOFull:"2022-05-25T05:38:01+01:00",publishedDateTimeObject:{year:D,month:v,day:C,hour:v,minute:nV,second:s,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:"Brian Quarmby",authorUrl:"/authors/brian-quarmby",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/1d023c7b8a6aa3e5353b49ee558fdddb.jpg",previewText:wY,twitterLeadText:"Blockstream Research has created a multisig standard called ROAST that it argues can make transactions more efficient, automated, secure and private. ",badgeSlug:g,badgeName:al,fullText:"

The research unit of Bitcoin (BTC)-focused blockchain tech firm Blockstream has published a proposal for a new type of multisignature standard called Robust Asynchronous Schnorr Threshold Signatures (ROAST).

It hopes to avoid the problem of transaction failures due to absent or even malicious signers and can work at scale.

The term multisig, or multisignature, refers to a method of transaction in which two or more signatures are required to sign off before it can be executed. The standard is widely adopted in crypto.

According to a Wednesday blog post from Blockstream research, the basic idea of ROAST is to make transactions between the Bitcoin network and Blockstream’s sidechain Liquid more efficient, automated, secure and private.

In particular, ROAST has been posited as a signature standard that could work with, and improve, threshold signature schemes such as Flexible Round-Optimized Schnorr Threshold Signatures FROST):

“ROAST is a simple wrapper around threshold signature schemes like FROST. It guarantees that a quorum of honest signers, e.g., the Liquid functionaries, can always obtain a valid signature even in the presence of disruptive signers when network connections have arbitrarily high latency.”

The researchers highlighted that while FROST can be an effective method for signing off on BTC transactions, its structure of coordinators and signers is designed to abort transactions in the presence of absent signers, making it secure but suboptimal for “automated signing software.”

To solve this problem, the researchers say that ROAST can guarantee enough reliable signers on each transaction to avoid any failures. Moreover, it can be done at a scale much larger than the 11-of-15 multisig standard that Blockstream primarily utilizes.

“Our empirical performance evaluation shows that ROAST scales well to large signer groups, e.g., a 67-of-100 setup with the coordinator and signers on different continents,” the post reads, adding that:

“Even with 33 malicious signers that try to block signing attempts (e.g. by sending invalid responses or by not responding at all), the 67 honest signers can successfully produce a signature within a few seconds.”

To provide a simple explanation of how ROAST works, the team used an analogy of a democratic council responsible for the legislation of Frostland.

Essentially, the argument is given that it can be complicated to get legislation (transactions) signed off in Frostland, as there is a myriad of factors at any given time that can result in the majority of council members suddenly being unavailable or absent.

A procedure (ROAST) to counteract this, is for a council secretary to compile and maintain a large enough list of supporting council members (signers) at any given time so that there are always enough members to get legislation through:

“If at least seven council members actually support the bill and behave honestly, then at any point in time, he knows that these seven members will eventually sign their currently assigned copy and be re-added to the secretary’s list.”

“Thus the secretary can always be sure that seven members will be on his list again at some point in the future, and so the signing procedure will not get stuck,” the post adds.

Related: ‘DeFi is not decentralized at all,’ says former Blockstream executive

ROAST is part of a collaboration between Blockstream researchers Tim Ruffing and Elliott Jin, Viktoria Ronge and Dominique Schröder from the University of Erlangen-Nuremberg and Jonas Schneider-Bensch from the CISPA Helmholtz Center for Information Security.

Accompanying the blog post, the researchers also linked to a 13-page research paper which gives a rundown of ROAST in greater detail.

\n\n",audio:"https://s3.cointelegraph.com/audio/86958.45adc94d-dc0b-4ba9-80d9-fe4737448748.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1398,shares:oc,tags:[{id:G,slug:n_,title:ap,url:lK},{id:O,slug:hS,title:hJ,url:fQ},{id:"399",slug:"research",title:od,url:"/tags/research"},{id:iK,slug:kb,title:iL,url:hT},{id:xw,slug:"blockstream",title:"BlockStream",url:"/tags/blockstream"},{id:"2238",slug:"multisignature",title:"Multisignature",url:"/tags/multisignature"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=86958regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:kf,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"openethereum-support-ends-with-the-merge-fast-approaching",url:w_,absoluteUrl:"https://cointelegraph.com/news/openethereum-support-ends-with-the-merge-fast-approaching",title:nS,youtubeVideoIdCover:d,cover:w$,datePublished:Z,dateHuman:xv,humanDateTime:"2022-05-25 06:34",dateISOFull:"2022-05-25T05:34:58+01:00",publishedDateTimeObject:{year:D,month:v,day:C,hour:v,minute:lL,second:xx,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:"Jesse Coghlan",authorUrl:"/authors/jesse-coghlan",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/41e20950e4c848663c96a123dcfb9bed.jpg",previewText:"“The usefulness has run its course,” the OpenEthereum team wrote regarding its popular software, “we look forward to the next phase of clean, green and massively scalable blockchain infrastructure.”",twitterLeadText:"With ETH's move to proof-of-stake via the Merge fast approaching the popular Ethereum client has said “the time is right” to end support for its software.",badgeSlug:g,badgeName:al,fullText:"

One of the most popular Ethereum clients, OpenEthereum, has ended support for its software in preparation for the upcoming Ethereum Merge.

OpenEthereum creates “clients” or software used to interact with the Ethereum network allowing anyone to create an Ethereum node to mine Ether (ETH), which is currently using a proof-of-work (PoW) consensus mechanism.

In a Twitter thread, the OpenEthereum team explained that with the Merge approaching and the legacy codebase becoming “increasingly difficult to manage” due to its age, it was the right time to end support.

OpenEthereum support has officially ended.

The repo is now archived, and all maintenance and updates have stopped.

Why? And what next?

Read the

— OpenEthereum is Deprecated (@OpenEthereumOrg) May 24, 2022 \n\n

The project was formerly owned by blockchain infrastructure company Parity Technologies before it transitioned ownership to the OpenEthereum decentralized autonomous organization (DAO) in December 2019.

At the time, Parity wrote they wanted to ensure that the codebase is “maintained and lives on for as long as the community finds it useful,” OpenEthereum wrote:

“The usefulness has run its course, and we look forward to the next phase of clean, green and massively scalable blockchain infrastructure.”

The OpenEthereum team wrote that “well documented” clients were required to “navigate the upcoming Merge and successful shift to proof-of-stake (PoS),” directing users to change clients to other providers such as Nethermind or Erigon.

Related: Core Ethereum developer details changes to expect after the Merge

The Merge is the name for the planned upgrade to the Ethereum blockchain which will merge the existing proof-of-stake Beacon Chain launched in December 2020 into the current proof-of-work mainnet, which validates transactions on the network.

The planned upgrade has seen constant delays since first proposed in 2016 and initially had a deployment date of 2019. It was believed that the Merge would happen in mid-2022 but delays occurred in April.

Due to the upcoming Repsten testnet merge, Ethereum developer Preston Van Loon said last week the upgrade would happen in August 2022 “if everything goes to plan.”

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0,"default","USD","EUR","GBP","JPY","RUR","KRW","TRY","CNY","_self","0.00",null,1,4,3,5,1000000000,"1.00 b","Language","en",50,"1",25,2022,"EOS","NEO","4","23","19.07 m",100000000,"100.00 m","latest-news","/category/latest-news","Latest News","11","Note that all trading strategies are to be used at your own risk. Before trading, we recommend to make sure that you have a clear understanding of cryptocurrencies and how they are traded.","xxs","xs","sm","md","lg","1.00","17","22","72","2022-05-25",10,79,138,"20","0.08","2","Ethereum","adbutler","52","24","37","58","0.80","News","6","7",48,"Bitcoin","39","62","0.03","article","cointelegraph.com","Terra",11,"27","18","38","41","0.40","0.05","4.33 m","0.02","en.LanguageType.1",12,"https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505","26","etoro2-button","/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank","15","34","16","21","54","55","33","53","40","60","64","59","1.06 b","0.38","0.01",95,8,"https://ad.doubleclick.net/ddm/ad/N1224350.3181427COINTELEGRAPH.CO/B24627809.332696726;sz=1x1;ord=[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755}?\"","etoro US","https://ad.doubleclick.net/ddm/clk/524959480;332696726;z",47,51,"BTC","\n\n\n ","/bitcoin-price","ETH","\n\n\n\n\n\n\n\n ","/ethereum-price","3","LTC","Litecoin","\n\n\n ","BNB","Binance Coin","\n\n\n \n","/binance-coin-price-index","SOL","Solana","\n\n\n\n\n\n\n\n \n\n \n","/solana-price-index","XRP","Ripple","\n\n \n","BCH","Bitcoin Cash","\n\n\n ","XMR","Monero","\n\n\n\n \n","8","DASH","Dash","\n\n\n\n \n","/dash-price-index","9","\n\n\n \n","/eos-price-index","ZEC","Zcash","\n\n\n\n\n \n","/zec-price-index","12","ADA","Cardano","\n\n ","/ada-price-index","13","\n\n\n\n \n","/neo-price-index","14","TRX","TRON","\n\n\n \n","/tron-price-index","XLM","Stellar","\n\n\n\n \n","/stellar-price-index","USDT","Tether","\n\n\n 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\n","/polygon-price-index","BAND","Band Protocol","\n\n\n \n","/band-protocol-price-index","LINK","Chainlink","\n\n\n \n","/chainlink-price-index","DOT","Polkadot","\n\n \n","/polkadot-price-index","COMP","Compound","\n\n\n \n","/compound-price-index","35","AAVE","Aave","\n\n\n\n\n\n\n \n\n \n","/aave-price-index","SUSHI","SushiSwap","\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n \n\n \n","/sushiswap-price-index","SNX","Synthetix","\n\n\n \n","/synthetix-price-index","CAKE","PancakeSwap","\n\n\n\n \n\n\n\n\n \n\n \n","/pancakeswap-price-index","57","LUNA","\n\n\n\n\n \n","/terra-price-index","VET","VeChain","\n\n ","/vechain-price-index","36","AVAX","Avalanche","\n\n\n \n","/avalanche-price-index","SAND","The Sandbox","\n\n\n\n\n\n\n \n\n ","/the-sandbox-sand-price-index","61","MANA","Decentraland","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n ","/decentraland-mana-price-index","AXS","Axie Infinity","\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \n\n 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t",85985041177,"85.99 b",404229588.43874323,"404.23 m",3000000000,"3.00 b",2193661327.320146,"2.19 b",270000000,"270.00 m",6158834959.290621,315938214.0859715,"315.94 m",697767403.3441119,"697.77 m",2692805630.9461207,"2.69 b",7220425469.002126,"7.22 b",20969526521.463116,"20.97 b",209826083.2544121,"209.83 m",23725362,"23.73 m",5879407691.907528,"5.88 b",481952398.13091105,"481.95 m",589732660020552,"589.73 t","4.86","Blockchain","es",6,15,"youtube","promo_button","0.27","6.71","0.25","blockchain","/tags/business","5","altcoin",9,52,"nexo-button","79",165,"Large devices"," 1200px","Medium devices"," 992px","Small tablets"," 768px","Smartphones"," 480px","Extra small devices","

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