Read Time: 4 minutes NFTs have grown tremendously within the last couple of years. If you have followed NFT news, you must have heard of digital art pieces and GIFs sold for mouthwatering figures. This blog’s title will easily leave you wowed and leave you with some unanswered questions. For example, who decides how valuable an NFT is?  Just …

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The post Understanding the Future Utilities of NFTs appeared first on Blog.quillhash.

Cryptocurrency has grown in popularity in recent years. Bitcoin is the most well-known, valuable, and well-established virtual currency. For a variety of reasons, cryptocurrency is preferred over traditional currencies. They are easy to use, with low fees, no government regulations, and complete control.  Cryptocurrencies are a popular and decentralized option, but they also pose a security risk. It is the responsibility of the owner to keep them secure. A new generation of software has emerged that looks for the digital wallet where virtual currencies are kept. If your cryptocurrency is lost or stolen, there is no one to contact.  Many crypto enthusiasts who are concerned about security have turned to cold storage to keep their coins safe.It is widely used by major cryptocurrency exchanges as well as some of the most successful companies operating in the space behind the best cryptocurrency stocks. What is cold storage in Cryptocurrencies? When cryptocurrency is not in use, it is kept in cold storage. Every cryptocurrency wallet, whether it is for Bitcoin or another cryptocurrency, has a private and public key. Cold storage helps to protect your crypto assets against hacker and malware attacks.  If a thief attempts to steal the hardware, you can prevent him from gaining access to your funds by creating a PIN code. You can even get your money back by entering a backup code or recovery phrase. Here’s an example:  Bitcoin typically allows for instant withdrawals. To reduce the risk of an intruder stealing the entire reserve and breaching security, the operator keeps the bitcoin reserved in cold storage, which means that it is not present on the webserver or computer. As a result, the operator only keeps a limited amount or the desired amount on the webserver. Advantages of Cold Storage:  It is an excellent location for storing large amounts of coins for an extended period of time. It can keep money away from the webserver, keeping it safe. Disadvantages of cold storage: There is a chance of external damage as a result of carelessness, but it is recoverable if you have a recovery seed. For beginners, setting this up can be a daunting task. When compared to an online exchange, this is not ideal for quick and daily transactions. Best Cryptocurrency Cold Storage Options The following are some of the most popular cold storage options: 1. Hardware Wallets for Cryptocurrency (safest) A hardware wallet is an electronic device that uses private keys that are stored offline to sign transactions. It also allows you to recover your funds if the device is damaged or lost by using a backup seed key. Hardware wallets are the most secure cold storage option for cryptocurrencies, but they are not cheap. 2. Paper Wallet Paper wallets are an offline way of saving cryptocurrencies. It involves printing the public and private keys on a piece of paper. These printed keys are in the form of QR codes. Every time you need to make a transaction or exchange, you can do so by scanning the code. Since you are storing the keys with you away from the web server, there is the least possibility of it being stolen. It is imperative to note here, that paper wallets are not well-suited for transmitting funds partially. For transferring or spending partial funds, the private key of your paper wallet shall have to be imported into a desktop wallet. Some paper wallet providers offer tamper-proof designs to increase security. Paper wallets are completely safe from malware, viruses, and hacks due to their offline nature. After setting up the paper wallet, you need to ensure that the website code can be run in offline mode. Once the paper has been printed, you can place it in a sealed plastic folder, laminate it, or store it safely in a bank vault. 3. Cryptocurrency Storage on a USB Drive One of the simplest ways to cold store your coins is to use a USB drive as a cold wallet. You can use this to export and save your private keys to a USB drive. However, this option has drawbacks, as anyone with access to your USB could gain access to your crypto coins. 4. Desktop Wallets  Desktop wallets are clients that can only be accessed through your computer. In an offline environment, they can be used to export files containing encrypted private keys. The private keys are stored offline on your machine in these pieces of software. However, you are online while receiving or sending funds through them. Digital (hot) wallet vs. cold storage wallet A digital wallet, also known as a hot wallet, is another type of crypto storage that is connected to the internet. Here are some key differences between cold and hot wallets: Security: Cold wallets are more secure than hot wallets. Although hot wallets can provide … Continued

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Pokemon Go technology company Niantic continues to stock up on technologies to power AR development with the purchase of 8th Wall.

To much of the world, it seemed like the Covid-19 vaccines were whipped up in less than a year—an amazing feat of science and biotechnology if ever there was one. While the vaccines did get fast-tracked through clinical trial and regulatory approval phases, the truth is that the technology behind the Pfizer and Moderna vaccines—mRNA—had […]

The U.S. withdrawal from Afghanistan and its decision to seize the country’s assets demonstrates the importance of bitcoin as a sovereign asset.

The time has finally come for the highly anticipated and long-awaited SundaeSwap DEX on the Cardano network. There is no question that DEXs such as Uniswap, SushiSwap and QuickSwap have changed the financial landscape and completely redesigned what was once thought impossible in a financial ecosystem. Decentralized Finance (DeFi) is growing at breakneck speeds and is enjoying rapid rates of global adoption as more […]

The post SundaeSwap: Decentralized Finance on Cardano appeared first on Coin Bureau.

In 2021, the NFT sector exploded, bringing attention to digital games, artwork, and the opportunity of owning and utilizing digital land. There are several projects that provide excellent investment opportunities, or you can just acquire NFTs linked to digital or physical artwork if you want to supplement your collection with some of the most recent...

The post Top 5 NFT Startups To Keep On The Watchlist As Adoption Grows appeared first on Live Bitcoin News.

PotionLabs, the developers of the new risk management layer Potion Protocol, have announced the launch of the Potion Unlock NFT auction. Those who purchase NFTs in the auction will be able to participate in the Potion Unlock game, working with other community members to release the Potion Protocol into the public domain. With this one-of-a-kind strategy based on “aggressive decentralization”, Potion Labs seeks to avoid the dangers of a traditional project launch and to maximize community involvement. 

The mechanics of the game are simple. The codebase of the entire project has been stored in IPFS and protected with a strong password. This password has then been split into segments of various lengths and will be distributed across 10,000 unique NFTs.

In order for the code to be finally decrypted and made public, participants will have to collaborate to bring enough of the pieces together. The game itself is totally open-ended: players will have to self-coordinate - without the input of Potion Labs - to find their own solution to the problem. 

Once the protocol's file is decrypted and released into the public domain, a community with ‘skin in the game' and web3 operational capabilities will have been formed. This community will then have power and stewardship over the future of the Potion Protocol as a public good.

How Can Players Participate in the Potion Unlock Game? 

The majority of Potion NFTs will be sold to the public via a Dutch-style auction starting 14^th March (whitelisting already live) where high profile DeFi and NFT participants are expected to take part. 

To strengthen the participating community, two Potion NFT rarities (Kelly Knights and Wise Wizards), have already been distributed through a $12M private sale last January. These were bought by prominent DeFi players such as Polychain, Placeholder, Maven 11, Pantera, The LAO, MetaCartel, Parafi, Spartan, Robert Leshner, Fernando Martinelli, Synthetix founders, Crypto Plaza, Roble VC, CULTUR3, Lemniscap, Zee and beToken Capital, among others.

Finally, Potion's early community members (OGs or Original Gangsters), also received a generous allocation of Potion OG NFTs at no cost, in recognition for their early community support and inspiration. A significant number of OG NFTs have also been made available in the form of airdrops to 1,000 leading members of prominent DAOs, with the goal of building a high-quality community around the project. 

What is the Symbolism of the Potion NFT Design? 

Potion Unlock NFTs commemorate the release of the Lab's Kelly Machine and its key technical breakthrough: the synthesis of the Kelly Criterion into a bonding curve. To celebrate this, each NFT symbolically and artistically represents a different insurance contract. Various characteristic artifacts are used in each NFT to represent the specific parameters of an insurance contract. 

The collection of NFTs is made up of 10,000 unique pieces, which together embody one of the first artistic renderings of a financial product as well as providing a dictionary of Kelly Criterion bonding curves. Importantly, Potion NFTs are digital collectibles, not financial instruments: only the original NFT minters can participate in the Potion Unlock game. 

What are Potion NFT Rarities?

There are 6 NFT types or “rarities” in the game, each with a different “decryption power”, giving the various players different capabilities and powers. Each NFT rarity will also have a different “redundancy” level, so no single holder can block the resolution of the game. 

What is the Motivation Behind the Project?

PotionLabs is seeking to accomplish several goals with this launch model. The developers are deep believers in decentralization and designed Potion Unlock to transfer control of the Potion Protocol to the community. In this way, the approach delivers “aggressive decentralization' and avoids power becoming concentrated in the hands of the few, ensuring that it is instead spread across the community.

This form of protocol release is also meant to create a commercially viable way for PotionLabs to continue to finance its research work while operating within clear regulatory guidelines. PotionLabs also hopes this novel release model can be of use for other Web3 projects.

What do the Team Have to Say?

“We are excited about the opportunity to introduce a new class of services built from the ground up by the community for the community. We believe in a community-first approach to creating radically new technology aimed at helping users in DeFi manage the risk of their assets in a simple and reliable way,” said Guillem Mosquera, PotionLabs Co-founder, and CTO.

"We are deeply grateful to the community around the project who decided to support our vision and team. We are experimenting with new approaches to open source development for web3 and are lucky to have a visionary community willing to fuel and support our exploration. We are excited for them to continue playing a key role in the project's community," said Jordi Muñoz, PotionLabs Co-founder and CEO.

"Extremely sophisticated on the backend, surprisingly simple on the frontend, Potion ushers in a new era of risk management for DeFi liquidity providers (LPs) and consumers. By using the Kelly Criterion, Potion allows LPs to optimally price options according to their desired risk and yield parameters. Then, by aggregating all individual LP curves, Potion offers the best-priced options to the consumer. When people say DeFi 2.0, Potion sits at the top of that list", said Chris Burniske, Partner at Placeholder.

About Potion Labs

PotionLabs is a web3-native research and software development company that has developed a robust risk management layer for crypto assets, the Potion Protocol. It pioneers a new risk pricing model based on the Kelly Criterion, which results in long-term survival mathematical expectations for LPs, and deeper, more reliable liquidity markets for users. The release of the Protocol's code is launching shortly through the Potion NFT Unlock game. More on PotionLabs here: https://potion.fi & https://potion.auction 

Nokturnal wants Black Eyed Freaks to be a very personal PFP project where people feel represented by the art and connected with their NFTs.

The post Pinoy NFT Stories: Nokturnal and the Black Eyed Freaks appeared first on BitPinas.

One of the best VR rhythm games of all time just got even better. Beat Saber this week received a major update that introduces a handful of exciting updates to the uber-popular VR rhythm game. Available now on VR headsets. 1.20.0 features everything from new music and lighting effects to unique game mechanics such as […]

The post Beat Saber Adds New Music, Lighting, And Game Mechanics appeared first on VRScout.

PotionLabs, the developers of the new risk management layer Potion Protocol, have announced the launch of the Potion UnlockNFT auction. Those who purchase NFTs in the auction will be able to participate in the Potion Unlock game, working with other community members to release the Potion Protocol into the public domain. With this one-of-a-kind strategy based on “aggressive decentralization”, Potion Labs seeks to avoid the dangers of a traditional project launch and to maximize community involvement. 

The mechanics of the game are simple. The codebase of the entire project has been stored in IPFS and protected with a strong password. This password has then been split into segments of various lengths and will be distributed across 10,000 unique NFTs.

In order for the code to be finally decrypted and made public, participants will have to collaborate to bring enough of the pieces together. The game itself is totally open-ended: players will have to self-coordinate - without the input of Potion Labs - to find their own solution to the problem. 

Once the protocol's file is decrypted and released into the public domain, a community with ‘skin in the game' and web3 operational capabilities will have been formed. This community will then have power and stewardship over the future of the Potion Protocol as a public good.

How Can Players Participate in the Potion Unlock Game? 

The majority of Potion NFTs will be sold to the public via a Dutch-style Potion NFT auction, from March 14 until March 24 starting February 28th, where high profile DeFi and NFT participants are expected to take part. Whitelisting is already live.

To strengthen the participating community, two Potion NFT rarities (Kelly Knights and Wise Wizards), have already been distributed through a $12M private sale last January. These were bought by prominent DeFi players such as Polychain, Placeholder, Maven 11, Pantera, The LAO, MetaCartel, Parafi, Spartan, Robert Leshner, Fernando Martinelli, Synthetix founders, Crypto Plaza, Roble VC, CULTUR3, Lemniscap, Zee, and beToken Capital, among others.

Finally, Potion's early community members (OGs or Original Gangsters), also received a generous allocation of Potion OG NFTs at no cost, in recognition for their early community support and inspiration. A significant number of OG NFTs have also been made available in the form of airdrops to 1,000 leading members of prominent DAOs, with the goal of building a high-quality community around the project. 

What is the Symbolism of the Potion NFT Design? 

Potion Unlock NFTs commemorate the release of the Lab's Kelly Machine and its key technical breakthrough: the synthesis of the Kelly Criterion into a bonding curve. To celebrate this, each NFT symbolically and artistically represents a different insurance contract. Various characteristic artifacts are used in each NFT to represent the specific parameters of an insurance contract. 

The collection of NFTs is made up of 10,000 unique pieces, which together embody one of the first artistic renderings of a financial product as well as providing a dictionary of Kelly Criterion bonding curves. Importantly, Potion NFTs are digital collectibles, not financial instruments: only the original NFT minters can participate in the Potion Unlock game. 

What are Potion NFT Rarities?

There are 6 NFT types or “rarities” in the game, each with a different “decryption power”, giving the various players different capabilities and powers. Each NFT rarity will also have a different “redundancy” level, so no single holder can block the resolution of the game. 

What is The Motivation Behind the Project?

PotionLabs is seeking to accomplish several goals with this launch model. The developers are deep believers in decentralization and designed Potion Unlock to transfer control of the Potion Protocol to the community. In this way, the approach delivers “aggressive decentralization' and avoids power becoming concentrated in the hands of the few, ensuring that it is instead spread across the community.

This form of protocol release is also meant to create a commercially viable way for PotionLabs to continue to finance its research work while operating within clear regulatory guidelines. PotionLabs also hopes this novel release model can be of use for other Web3 projects.

What Does the Team Have to Say?

“We are excited about the opportunity to introduce a new class of services built from the ground up by the community for the community. We believe in a community-first approach to creating radically new technology aimed at helping users in DeFi manage the risk of their assets in a simple and reliable way,” said Guillem Mosquera, PotionLabs Co-founder, and CTO.

"We are deeply grateful to the community around the project who decided to support our vision and team. We are experimenting with new approaches to open source development for web3 and are lucky to have a visionary community willing to fuel and support our exploration. We are excited for them to continue playing a key role in the project's community," said Jordi Muñoz, PotionLabs Co-founder and CEO.

"Extremely sophisticated on the backend, surprisingly simple on the frontend, Potion ushers in a new era of risk management for DeFi liquidity providers (LPs) and consumers. By using the Kelly Criterion, Potion allows LPs to optimally price options according to their desired risk and yield parameters. Then, by aggregating all individual LP curves, Potion offers the best-priced options to the consumer. When people say DeFi 2.0, Potion sits at the top of that list", said Chris Burniske, Partner at Placeholder.

###

About Potion Labs

PotionLabs is a web3-native research and software development company that has developed a robust risk management layer for crypto assets, the Potion Protocol. It pioneers a new risk pricing model based on the Kelly Criterion, that results in long-term survival mathematical expectations for LPs and deeper, more reliable liquidity markets for users. The release of the Protocol's code is launching shortly through the Potion NFT Unlock game. More on Potion.Finance here: https://potion.fi & https://potion.auction

PotionLabs Contact

[email protected]

Merging the principles of decentralization and the open web paves way for democratic concepts like digital inclusion and free expression. As crypto enthusiasts, we all want projects to abide by what decentralization is all about, giving every individual a chance to be part of the project’s growth, as opposed to relying on select gatekeepers or […]