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5 Common Types Of Crypto Fraud That You Should Be Aware Of

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  • Crypto frauds are increasing in number.
  • There are a lot of scams that trick people into losing crypto in the name of jobs or giveaways.

The amount of financial fraud that consumers had to deal with was virtually limitless until cryptocurrency entered the mainstream. The Federal Trade Commission reported that 46,000 people lost around $1 Billion in crypto fraud.

What Is Crypto Fraud?

Crypto fraud is like any other financial scam, except the scammers are after your crypto assets instead of your money. Crypto fraudsters use many of the same tactics as other financial crimes, such as pump scams that trick investors into buying assets with false claims of value, or outright attempts to steal digital assets.

Types of Crypto Fraud

Several types of crypto scams are committed, but we will talk about the five most common types of crypto scams.

BlackMail Frauds

The Federal Trade Commission said some scammers claim to have embarrassing personal information, such as your photos or videos, to lure you into a trap. They threaten to release your private information but promise not to release it if you fulfill their demand. This is solved by sending them a crypto transfer immediately.

Fake Listing 

Fraudsters create fake job profiles and listings and send unrealistic job offers to people to attract them into their scheme. The “jobs” they’re looking for are frequently in the crypto field, such as crypto mining and recruiting other crypto investors. In any case, these occupations all have one thing in common: you must pay in cryptocurrency to begin. From then on, the scam might take many different forms. Fraudsters may convince you to make additional payments, or they may deposit money into your bank account and ask you to transfer their cash, only to have their first transaction fail.

SIM Scams

SIM scams are among the more recent crypto frauds. They occur when a scammer obtains a duplicate of your SIM card and has access to all your phone details and data. That information can be used to receive and use the two-step authentication codes required to gain access to crypto wallets and other accounts without the victim’s knowledge. The victim’s crypto accounts can be hacked and removed without the victim even being contacted.

Software Update Scams

Software is constantly updated, and cryptocurrencies are just a form of software. Since many are used to upgrading in the digital age, fraudsters can simply trick crypto owners into giving up their private keys as part of an “upgrade”.

Legal migration can undo upgrade scams, such as the recent Ethereum merger, where both the Ethereum Foundation and Robinhood took care enough to issue a warning that users should be prepared for upgrade scams.

Giveaway Scams

Giveaway scams offer free money or other types of benefits if you agree to what they want you to do. Many scammers, such as celebrities or influencers, attract new victims who don’t know any better and find it hard to tell what’s real. 

For example, crypto scammers constantly try to impersonate Elon Musk on social media and in videos to get people to send digital assets.

Conclusion

The worst news about crypto fraud is that once you are trapped in it, it’s almost impossible to get your money back. That’s why your best sign is to spot the crypto fraud early so you can avoid it. If you end up sending your crypto to someone else, giving away your private keys, or getting scammed with a fake job offer that requires an upfront payment, the lessons learned can turn into huge financial costs.

Everything About FinTech And DeFi: What Is The Difference?

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  • FinTech focuses on automating financial services like payments, banking, lending, etc
  • Defi platforms offer programmable currency and require only a Bitcoin wallet

‘FinTech’ stands for ‘financial technology. FinTech, as the name suggests, refers to technology that facilitates and enhances financial procedures and transactions.

Cryptocurrencies with a monetary value, such as Bitcoin, Ether, and altcoins, fall under the FinTech umbrella at the moment since they are digital currencies created by software and code.

The acronym for decentralized finance is DeFi. This phrase is used to describe cryptocurrency financial markets or financial applications that make use of blockchain technology. 

Financial technology

FinTech refers to the application of technology to enhance and automate a range of financial services, including lending, investing, payments, and banking. It consists of a wide range of technological innovations and improvements created with the goal of enhancing the effectiveness, usefulness, and client experience of conventional financial services.

FinTech solutions are centralized, which means they depend on a central authority or middle men like banks or payment processors to enable transactions and maintain consumer data. Robotic advisors, online payment processors, digital wallets, and mobile banking apps are a few examples.

The FinTech industry complies with all existing financial sector rules and regulations. 

Regulatory bodies often enforce relevant legislation, licensing criteria, and consumer protection standards on fintech enterprises.

By utilizing technology to improve financial services’ accessibility, convenience, and usability, fintech focuses on improving the user experience. This comprises functions like mobile applications, user-friendly user interfaces, tailored recommendations, and simplified procedures.

FinTech businesses frequently work with established financial institutions, taking advantage of their knowledge, infrastructure, and clientele. Partnerships, joint ventures, or the incorporation of FinTech technologies into the current financial systems can all be part of this collaboration.

Decentralized Finance (DeFi)

DeFi is a subset of FinTech that utilizes decentralized blockchain technology to recreate and enhance conventional financial services. It uses smart contracts on blockchain platforms to cut out middlemen, improve transparency, and offer financial services to users directly.

DeFi relies on open-source blockchain systems like Ethereum and uses smart contracts to automate and carry out financial transactions without middlemen. Users will have more control over their assets and financial activities in the trustless and open financial ecosystem that is created by this initiative.

Middlemen get eliminated because of DeFi protocols and applications, which make peer-to-peer transactions possible and do away with the need for middlemen like banks or brokers. They use smart contracts to provide liquidity, yield farming, decentralized exchanges, lending, borrowing, and other financial services.

DeFi platforms offer programmable currency through the use of smart contracts. Users can use specified rules to automatically generate, modify, and execute financial agreements without user intervention. DeFi seeks to offer open and inclusive financial services to everyone with an internet connection, eschewing conventional barriers like regional restrictions, credit checks, or minimum investment demands. Only a Bitcoin wallet is required for users to use DeFi applications.

The decentralized nature of DeFi, which could not fit easily into current regulatory systems, offers regulatory problems. Regulatory agencies develop regulations and frameworks to safeguard consumers, stop money laundering, and control systemic risks in the DeFi market.

Conclusion 

While DeFi employs decentralized blockchain technology to rethink financial services and enable peer-to-peer transactions without middlemen, FinTech focuses on harnessing technology to improve existing financial services, frequently with centralized solutions. With their distinct traits, objectives, and difficulties, FinTech and DeFi each contribute to the financial industry’s change.

Exploring Privacy Coins: Monero, Dash and Zcash Explained

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  • Privacy coins are considered to be the safest payment option because of their obscured transactions. 
  • Zcash, Monero, and Dash like cryptocurrencies are using this cryptographic technique for data hiding.

Privacy coins are those elements of a decentralized ecosystem that work as privacy-focused cryptocurrencies. These data-hiding techniques not only obscure the details associated with a transaction but also shield it from prying entities who are looking for opportunities to sneak into your wallet or other relevant crypto holdings. Various techniques are introduced by many cryptocurrencies to prevent data tampering. Still, privacy coins are one step ahead in this race because of their built-in functions that use several methods to hide your transaction details registered on a distributed ledger.

Working Method of These Coins

Privacy coins stand out from the crowd due to their out-of-the-box approaches that include methods that encrypt an individual’s transaction history as well as their identity. These coins use strategies such as:

  • Stealth Address

This feature is responsible for the creation of a new address every time a user receives any type of cryptocurrency. Monero coin is one of the cryptos that utilize this method of generating a public address. Private keys also display a private spend key in the case of fund transfers and incoming transactions.

  • Ring Signature

It joins multiple users together in a ring format to obscure their specific identities. This method makes it more difficult to identify or track which user created a certain signature. This method of data hiding is used by Bytecoin and Monero (XMR) to secure a transaction.

  • Zero-Knowledge Succinct Non-Interactive Argument of Knowledge

zk-SNARKs is the method that includes cryptographic encryption to validate a particular transaction’s legitimacy while hiding the transaction’s details. Zcash (ZEC) is the best example of a privacy coin that inherits the wide-scale implementation of the zk-SNARK method.

Why Use a Privacy Coin?

These coins are developed with privacy-enhancing features that reduce traceability and enhance a transaction’s anonymity. These coins operate similarly to traditional currencies out there but within a digital environment to ensure the data obfuscation associated with a transfer protocol. It’s more like a bank or ATM withdrawal, where the bank manages a record but there is no trace of your expenses until and unless the amount is deposited back to the bank.

The cryptocurrency exchanges (CEX) supporting privacy coins need an initial ID verification from an individual to check their legitimacy. However, the tracking and revelation of these datasets is a difficult task for these exchanges due to the privacy features of these coins.

Monero

This coin is considered to be at the top of this list due to its integral privacy features. This cryptocurrency aims to keep its user’s transactions hidden and untraceable at the same time. This coin works to hide transaction details at both the sender’s and recipient’s ends. By using features like ring-signature and single-use addresses, it succeeds in hiding critical details.

Dash

Unlike Monero and Zcash, Dash doesn’t entirely focus on privacy; instead, it offers an optional privacy feature with its PrivateSend function to obscure transactions. This privacy coin was forked from Bitcoin to improve the predecessor network’s discrepancies. It uses a private function called CoinJoin that helps to obscure multiple transactions, along with an instant transaction function known as InstantSend. This coin is widely adopted in countries facing inflation in their fiat currencies.

Zcash

This privacy coin utilizes zero-knowledge proof technology to make transactions anonymous while hiding the transaction details from the public ledger. Zcash cryptocurrency is heavily inspired by Bitcoin, which capped its total coin circulation at 21 million and so Zcash follows the same path. It offers several features, from fully public to fully private functions, which makes this coin more regulatory-friendly compared to XMR.

These coins are an absolute solution to the limitations associated with existing cryptocurrencies that face different malicious activities like hacking, scams, and fraud. Because of data hiding linked to transactions, it becomes difficult for prying eyes to track any transfer where they can grab an opportunity to access a user’s details.

Exploring the WAX Community And Its Development Efforts

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  • Discover how the WAX community drives its adoption while contributing to the platform’s growth.
  • Platform is making several efforts to improve their community in different segments of blockchain.

WAX is a delegated proof of stake (DPoS) based blockchain that consists of a microservice layer to provide infrastructure that could assist in the easy development of digital assets and goods marketplaces. This platform is a combination of the microservice layer and protocol as well. Blockchain gaming is one of the important segments that took advantage of every potential benefit of the WAX protocol in the development of Web3 gaming. This led to a significant impact on the value of non-fungible tokens (NFTs) while transforming other aspects of Web3.

What is WAX?

WAX (Worldwide Asset Exchange) is a carbon-neutral blockchain platform that’s designed for transactions across e-commerce. This platform is commonly known for the trading of digital assets and its exchange as well. This blockchain is mostly famous in the genre of blockchain gaming and virtual assets (collectibles).

Because of its transforming features and continuous innovative ideas, it became one of the most preferred decentralized platforms that provided every tool a creator or brand needed for a successful NFT project. This also became the most transacted blockchain with increased user engagement. It consistently revolutionized major elements of Decentralized finance (DeFi) such as NFTs, GameFi and DApps as well.

Its unique consensus (DPoS), which, in conjunction with EOSIO, provides fast speed and greater scalability to this blockchain network. This platform currently supports and hosts 30k+ decentralized applications (dApps) and various marketplaces for NFT and Gaming. Its wider adoption is a result of OPskins, its parent company, which used to be a leading global platform for trading digital assets.

Unique Cases of WAX Blockchain

The WAX developer hive provides all the features needed to launch a successful blockchain project. Here, some of the key features of this blockchain protocol are mentioned:

  • Carbon-Neutral

This platform is a certified carbon-neutral blockchain that works more efficiently while being a thousand times more eco-friendly than Bitcoin. As per research, this protocol uses 473 MWh while emitting 211 tons of carbon dioxide. This amount is comparatively lower than on other blockchains. Traditional blockchains use proof-of-work (PoW) consensus, which consumes a lot of energy and emits a lot of carbon. But fortunately, WAX produces a very low amount of carbon compared to bitcoin and ethereum. Meanwhile, it supports some eco-friendly projects across the globe. Its NFT played an important role in reducing almost 4 million tons of emissions.

  • Consensus Mechanism

This blockchain’s unique approach with the delegated proof-of-stake (DPoS) consensus algorithm is a combination of proof-of-work (PoW) and proof-of-stake (PoS). Users can delegate their token to other individuals and give them power over the transaction’s validation. This governance power is distributed in a fixed proportion depending on the number of staked tokens. By using this, users don’t have to compete for computation while energy consumption on this platform is stable.

  • Tokenomics

This blockchain tokenomics is a hybrid model with a combination of WAX and the Ethereum network. By doing this, it strives to harness both platform’s benefits. This can provide WAX users with the benefits of this protocol’s success across the NFT marketplace and Ethereum’s success across decentralized finance (DeFi) at the same time.

This cross-chain design maintains the WAX platform’s core element. For example, the creation and trading of digital assets and other NFT operations work on this blockchain. However, any NFT generated profits or commercial activities are transferred to the expanding network of DeFi services. NFT growth is easy and convenient on this blockchain.

Conclusion

The WAX protocol carries all the features, innovative ideas and unique approach required to develop any blockchain based application or financial service. It has all the potential to disrupt the traditional system and, meanwhile, empower all decentralized services. This platform is mostly renowned for GameFi development as it supports popular Web3 games and encourages the power of NFTs.

Blur NFT Marketplace: Empowering the NFT Trading Community

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  • Blur is a non-fungible token (NFT) marketplace that aims to serve the needs of advanced traders and investors.
  • BLUR token is used for the platform’s governance, which is based on Ethereum (ERC-20 token standards).

Blur, a newly established platform, offers vast functionalities with a user-friendly interface. It allows users to not only purchase NFTs but also list their tokens on this platform with no charges. It’s a zero-fee marketplace that provides tools and better Liquidity for non-fungible tokens (NFTs) with faster experience to flip its competitors. Buying, selling, and listing features are easily done with this platform targeting retail users.

What is Blur NFT Marketplace?

This platform is an Ethereum-based marketplace built to fulfill the requirements of Professional traders in the non-fungible tokens (NFTs) segment. The platform claims to be the fastest NFT marketplace, while providing features like faster NFT snipe and sweep, price feeds, price-based sorting functions, managing portfolios, and very low trading fees on NFT sales.

Additionally, this platform aggregates NFTs from OpenSea, and LooksRare like marketplaces. Unlike other NFT marketplaces that focus on retail users, this platform 

Provide leverage to advanced traders and whale entities. This platform became very popular in a short time as it raised around $14 Million from world-class NFT traders and investors. It stands apart because of its user-friendly architecture, which is better than other competitive platforms.

Unique Cases of Blur

Blur has gained a major market share in the sector of NFT sales. Being an NFT trading platform, Blur excludes trading fees for both buyers and sellers. This made other competitive platforms rethink their fee structures. It rewards creator royalties the same as other marketplaces.

Basically, creator royalties on this platform are customizable, while NFT traders are allowed to choose a percentage. Because of these enhanced features, Blur quickly gained traction and overtook other popular platforms like OpenSea, which is currently an NFT market leader on the basis of volume.

Blur Tokenomics

$BLUR is a native token for the platform’s governance. This token is based on ERC-20 token standards. This provides community ownership to benefit from the platform’s success while participating in governance and community control over Blur DAO (decentralized autonomous organization).

Right now, BLUR has a total supply of 360 million tokens with a hard cap of 3 Billion tokens. This token decides between protocol value and market distribution. The voting rights of this platform are proportional to the amount of $BLUR token holding and its delegation. Before this token’s airdrop, it had reached an all time high of $45.98 on February 13, 2023.

This token is currently listed on major crypto exchanges like Coinbase, KuCoin and UniSwap as well. According to a data analytics platform survey, BLUR has recorded a daily average sale of $21.26 Million since its launch.

Conclusion

Blur NFT achieved tremendous growth in a short time because of its features and user-friendly interface. On the basis of trading volume, it gained traction and outperformed other competitive platforms. It continuously strives to be the best NFT marketplace to provide numerous benefits to professional traders, all with zero fees. This platform aims to cater to the needs and necessities of advanced NFT traders while enjoying a well-developed interface.

What Could Cause Ethereum’s Price to Surge Toward $5,000?

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Ethereum’s capability to ascend to the coveted $5,000 threshold is a topic that continues to intrigue crypto enthusiasts, specifically amid the current lull in the broader cryptocurrency market. At the same time, Ethereum (ETH), the second-biggest virtual asset by market cap, has reflected the market’s cautious hopes to stay high so that it could subsequently reach the terrific $5,000 milestone.

A glimpse into the future presents a glimmer of this potential. On November 9, 2021, Ethereum accomplished a massive milestone, touching an all-time high (ATH) of $4,815.01. This astonishing surge marked an extraordinary 168.25% increase from its price of $1,794.97 on July 21, 2021. 

A deeper examination conducted by Finbold highlights numerous vital elements that would doubtlessly contribute to Ethereum’s movement toward the $5,000 mark. These elements, while not guaranteed to determine the final results, preserve the strength to shape Ethereum’s trajectory.

Organizational Adoption

The recognition of Ethereum’s capability by institutional buyers can play a giant role in driving its fee upward. As more establishments embrace Ethereum and invest in it, the concepts of supply and demand can come into play, resulting in a better price.

Influential Backing

Figures like Elon Musk, the CEO of Tesla and X (formerly Twitter), have the capacity to sway marketplace tendencies. Musk’s support and bold predictions for the crypto realm, consisting of Ethereum and Bitcoin, could generate heightened interest and therefore contribute to an upward price movement.

Mass Adoption of Ethereum-based Programs

The popularity of Ethereum as a platform for decentralized applications (dApps) across a range of industries, including gaming, non-fungible tokens, and decentralized finance (DeFi), should significantly increase demand. The improved utilization of Ethereum’s blockchain ought to, in turn, result in an upward thrust in its price.

Market Sentiment

The general sentiment within the crypto space, along with macroeconomic conditions, can exert a sizable force on asset costs. Certain tendencies and information coverage have the capacity to create a bullish sentiment, encouraging more significant funding and driving Ethereum’s price upwards.

Regulatory framework 

Regulatory pressures, especially inside the US, can affect the wider cryptocurrency market. Superb regulatory developments that favor virtual assets like Ethereum can act as a catalyst for price appreciation. Supportive guidelines, including treating crypto assets as different financial offerings instead of gambling, may play a pivotal role.

Even as Ethereum currently hovers around $1,828.2, it’s crucial to recognize that those aforementioned factors are not standalone predictors of its destiny. As an alternative, they represent interwoven threads that could together make a contribution to Ethereum’s movement in the direction of the $5,000 milestone.

Finally, the road to $5,000 for Ethereum remains a blend of problematic elements and evolving dynamics. Even as records offer glimpses of its ability, the cryptocurrency market is inherently unpredictable. As the interaction between institutional adoption, influential endorsements, mass adoption of Ethereum-based applications, marketplace sentiment, and the regulatory landscape unfolds, Ethereum’s trajectory will continue to be a captivating narrative that holds the attention of the crypto network and beyond.

The Evolution of Crypto and FinTech Solutions 

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  • In today’s time, Fintech companies are affiliating themselves with crypto due to its increasing hype.
  • Irrespective of the hurdles from governing authorities, the Web3 concept is ripe for a turnaround and is expected to come into the mainstream shortly.

The world is moving forward and with that, the world of finance is also going through some exhilarating changes. The recent crowning achievement of the finance industry is the adoption of crypto and decentralized finance (DeFi) by FinTech companies. These companies have a larger role to play in the adoption of crypto and bringing it to the mainstream.

In today’s time, everyone is already witnessing FinTechs jumping ship into the world of decentralization while adopting crypto in the form of payments, investments, lending, and more. As the fintech sector continues to evolve, it can contribute equally to the advancement of crypto as it climbs up into the mainstream.

The Journey from 2009 to 2020

The concept of cryptocurrency came into existence back in 2009, when the pseudonym Satoshi Nakamoto launched the first-ever cryptocurrency, Bitcoin. At the time, the reward for adding a new block to the chain was 50 bitcoins per block. 

This reward is cut in half after every 210,000 blocks mined, which takes nearly 4 years. This process is called Bitcoin Halving. The current reward for adding one block is 6.25 BTC and after the next halving in April 2024, it will be reduced to 3.125 BTC.

Skip to 2012, when the idea of the exchange of cryptocurrencies was born when Coinbase, a crypto wallet, allowed this method of exchange, garnering the attention of both investors and crypto enthusiasts. After going through some rough patches of controversies and branding, the company currently boasts a market cap of $61 Billion.

Talking about controversies, Stripe, the first-ever company to accept Bitcoin payments, made headlines in 2014. However, three years later, it put its foot down on Bitcoin due to its growing fees and payment failures. After warming the bench for all this time, the platform is ready to make its comeback by building a team of dedicated developers and designers to tap into underserved markets.

Fast-forward to 2017. This year proved to be the missing piece of the puzzle of the crypto revolution. With the emergence of various crypto fintech affiliations, the market showed a positive adoption of crypto. In the same year, Binance Coin (BNB) was launched by Changpeng Zhao through an Initial Coin Offering. Currently, the market cap of BNB stands at $90 Billion.

By witnessing the growth of this industry, other fintech companies such as Revolut, Paypal, and Robinhood also introduced their crypto-asset investment divisions and went down the path of developing new crypto asset-related technologies.

The Year 2021 was the Breakthrough Everyone Needed

The year 2021 saw an exponential surge in the market value of cryptocurrencies due to the hype around these digital tokens and Non-Fungible Tokens (NFTs). 

One of the hottest stories of 2021 was the launch of crypto debit cards by Wirex, a European crypto-native payments platform. The card allowed users to spend up to 18 cryptocurrencies along with traditional currencies. 

Among the names of big fintech players, platforms like Venmo, eToro, and Nium came out on top. eToro announced a DeFi portfolio that will offer 11 crypto assets, enabling them to diversify their portfolio without having to do extensive research on an individual asset. 

Furthermore, Nium came to the limelight by launching the world’s first global API-based Crypto-as-a-service platform. Moreover, it also offered services like brokerage, custody, ready-to-go compliance monitoring of KYC, and Anti-money laundering.

What Lays ahead for Abingdon health stock In the Near Future?

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  • ABDX stock has had a great year in terms of returns generating over 80% returns in the past 1 year.
  • After a great bull run till June, the stock has since then entered a strict range bound movement which is yet intact. 
  • The current setup looks neutral and thus the upcoming weeks will be crucial in deciding the stock’s future.

Abingdon Health is a British manufacturer of lateral flow assay diagnostic tests, sometimes called rapid tests, lateral flow immunoassays, lateral flow tests quick tests. Since its formation in 2008, Abingdon Health has developed and manufactured lateral flow rapid tests across multiple industries.

Financials for the company look slightly weak as the numbers are relatively small and the company has not been profitable since 2019 which makes it problematic for the stock and its investors. 

Abingdon Stock Analysis

Technical analysis for the stock

The stock generated a massive 60% plus returns alone in 2023 for its investors when it touched its 52-week high at 18.5 pence in mid-June. Post that, volumes dropped and volatility reduced in the stock leading to a constant sideways range bound movement which is yet intact. 

One can look at this as profit booking after a good rally which is usually expected when a stock delivers huge returns like this.

14.10 pence is an important resistance as the stock has faced rejection from that level at various times. The last trading session saw a gap up opening very close to this level which was then followed by a constant and sharp selling indicating the strength of the supply zone there. 

Talking about the current setup, sellers have entered in a huge quantity but till the time the stock traded above 10 pence, one should not worry much. If we do see a breakdown from 10 pence, we have a big target till 8.7 pence which is comparatively a big downside. 

If the stock does breach 14.1 pence in the upcoming days, 15.4 pence stands as the first target and resistance for the stock. 

Abingdon Stock Technical Analysis

On an hourly scale, we see severely low volumes in the stock since the past month. This is a major reason for the constant consolidation and sideways movement the stock has been facing since a long time. 

In a scenario like this one, major movements are less likely to happen as neither buyers nor sellers are currently interested in the stock. 

The current levels to watch out for are 10 pence on the downside and 12 pence on the upside.  A stronger movement can be expected if the stock breaches these levels on their respective sides.

Conclusion

The stock is currently facing a volume and liquidity crunch due to which it is moving highly sideways. One should wait for the stock to breach strong levels so higher volumes can be seen before making any move. The overall setup looks neutral and thus the upcoming weeks will be crucial in deciding the stock’s fate.

Important technical levels

Major support levels: 10 pence followed by 8.5 pence.

Major resistance levels: 12 pence followed by 14.1 pence.

Disclaimer

The views stated by the author or any person named in this article are purely for educational purposes and do not establish financial or investment advice. Investing or trading in instruments like stocks and crypto involves financial risk and should not be done without doing proper research and analysis. 

Worldcoin: AI-Based Cryptocurrency With Digital Identity Foundation

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  • Worldcoin is a cryptocurrency project that developed a unique World ID to address income inequality.
  • This crypto project includes a global currency based on ERC20 named worldcoin (WLD). 

Worldcoin came across as an initiative that strives to build a digital network. In this network, users can join the digital economy by claiming some kind of staking proof. World app provides a device called “Orb” which gives access to users to scan the iris pattern of a person and collect their biometric data. This helps in getting World ID through the application. These scanned participants are further allowed to collect WLD tokens.

What Is Worldcoin?

This is a digital identity platform that aims to provide a convenient way to verify to everyone on earth that they are real humans and not an artificial intelligence algorithm. Its development company claims to be a tool for Humanity. It was co-founded by OpenAI CEO Sam Altman, who is popular for chatGPT creation. 

He played a major role in sparking the AI gold rush nowadays. Ironically, this significantly worsened the limitations that Worldcoin strives to solve. This project built its interface of a digital support system via blockchain tools and cryptography to leverage the emerging world of blockchain technology along with developing a payment platform.

Working of Worldcoin

World ID is meant to be the core of this platform. This company claims it to be a privacy-based platform where users can verify whether they are human or just a chatbot or any other AI-based mechanism. They strive to be an AI-safe platform with an iris-scanning device named “Orb” that’s used as “Proof of Personhood”.

Its embedded biometric security feature provides safety and security with proper authentication of a user. Just like fingerprints, every human’s iris pattern is different. The orb feature scans it and creates a global unique ID code (IrisCode). It doesn’t inherit a user’s personal data, instead, it prevents individuals from creating multiple World IDs.

Upon iris scan, an anonymous IrisCode is generated, leading to the assignment of a World ID. The iris images themselves are permanently deleted, streamlining subsequent access without repeated biometric scanning. These World IDs are seamlessly integrated into the Worldcoin blockchain, facilitating the development and deployment of secure cryptographic applications to validate one’s identity.

About World Token (WLD)

Worldcoin has an ERC-20 protocol-based token on Ethereum’s blockchain called World Token (WLD). During its inception, Worldcoin migrated to the OP mainnet, which was previously referred to as Optimism for Layer-2 Ethereum blockchain. This migration of the Worldcoin project is now working over Ethereum being an intermediary for Polygon’s proof-of-stake consensus and Optimism as well.

The launch of WLD tokens witnessed distribution among beta program participants who underwent iris scanning. Substantial WLD allocations were airdropped upon the platform’s official unveiling. Multiple cryptocurrency exchanges swiftly listed WLD tokens for trading.

After its initial launch, it had a total circulation of 143 million WLD tokens. 43 million tokens were expected to be allotted to this application’s verified users. The remaining 100 million were assumed to leverage trading by market makers. According to its whitepaper, about 10 billion WLD tokens will get assigned over 15 years.

Conclusion

Since Worldcoin’s launch, it’s always been surrounded by criticism and controversies. Responding to these criticisms, Worldcoin submitted its counter statement about being a business model that’s only interested in user’s uniqueness, but not selling their personal data or information. Among all these dilemmas, this project is still gaining traction from various Silicon Valley investors. Its own AI predicted that by 2023, over 1 billion people will gaze into its Orb feature.

Apple and The Metaverse: What’s The Mystery Behind Them?

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  • With the launch of Apple Vision Pro, Apple made a clear move towards the linkage of the digital and physical worlds. 
  • Now, the next question is whether there are any metaverse plans from Apple’s side to interrupt the global digital industry.

According to a report by Fortune Business Insights, the global metaverse market size will grow from $416.02 Billion in 2023 to $3,409.29 Billion by 2027. Now the stats show us that Metaverse will become a big industry in the near future. If it does, many prominent players will try to lead this industry.

If we look at the current scenario, then Facebook will be at the top, as it has played a significant role in the development of these virtual worlds. Its motto is always to connect people in a digital world. Now, with the launch of Apple Vision Pro, Apple has also made a significant step in connecting the physical world to the digital world.  

So, the main question arises is Apple on the way to making a significant move in the metaverse industry? 

Apple and Metaverse: Till Date

We all know that Apple may be a major company within the innovation industry. Similarly, we have seen a few truths and figures with respect to the Metaverse.

Now the launch of Virtual Reality Headsets by the big giant has doubted the mainstream about the future steps of Apple. 

If Metaverse is a fighting ring, then Google Glass, Facebook’s Meta, and Apple’s Vision Pro are the fighters. These three companies are trying to gain dominance in the Metaverse industry. Now, it’s important to see who will gain dominance in the near future.

Is the metaverse the future?

Directly speaking, the metaverse is not the future, as the metaverse is far from what we understand right now. It is somewhat different from how Meta portrays it. It is way more than the virtual world. However, what the future will be is not defined, but it has way more potential than it has to date. 

Is Apple Taking a Significant Step in the Metaverse? 

Well, with the launch of the VR headset, we can’t say that there is some connection between the company and the metaverse industry. Also, from a news report, it is seen that Apple will make a significant step towards what is called AI to gain dominance. So, we can’t say that Apple has made a significant step in the Metaverse. 

In expansion, there are parts of companies that will compete with Apple. So everything depends on what will happen in the future. Well, we can just sit and enjoy the Vision Pro by it and enter the virtual world.