Daily Archives: April 26, 2022

Buzzwords like NFTs, Web 3.0, and blockchain domains have infatuated everyone in the tech and crypto of late. The term Web 3.0 is now a part of everyday conversation. However, you won’t seem serious about it until you own an NFT domain.

Web 3.0, the internet of tomorrow, is an umbrella term that combines different ideas aimed at a single goal, bypassing the big intermediaries from the internet. There is no need to use giants like Google, Meta, or Twitter on this new web.

One of the important pillars of building the internet of tomorrow is simplification. This is where Quik.com plays an integral role in pushing innovations for Web 3.0.

Quik is a marketplace for blockchain domains that address one of the core missions of the next internet revolution; offering direct ownership to end-users without any intermediaries.

“NFT domains are an exciting development in the decentralized internet. They can change how we use the internet with an added layer of security, functionality, and transparency. We at Quik aim to be at the forefront of this evolution,” said Sahil Kohli, the CEO of Quik.

Why NFT Domains?

The NFT domains you mint or purchase on Quik.com are stored on a public blockchain. They simplify crypto transactions by replacing lengthy and cumbersome digital wallet addresses with easy-to-remember names.

Quik NFT domains are much like the traditional domain names which revolutionized the internet by replacing complicated IP addresses.

In addition to being used as a universal name, NFT domains available on Quik are also censorship-resistant when used as URLs for websites built via IPFS, InterPlanetary File System.

Here are a few primary features of blockchain domains available on Quik, which will be available once the ecosystem develops around the project:

• No renewal fees
• Simplified crypto wallet addresses
• Access to decentralized apps and platforms

“Blockchain domains offer superior functionality over traditional domain names, which are one-dimension and offer narrow purposes. We believe NFT domains have the potential to push the idea of a truly decentralized internet,” expressed the CEO of Quik.

Most Quik users are purchasing NFT domains to use them as personal identifiers. They replace complex addresses from multiple wallets with a single domain name. It simplifies the sharing of payment information.

However, you can also use blockchain domain names to host your own Web 3.0 websites and build apps on top of it. As each NFT domains are unique, the scarcity of unique identifiers can be used as speculative investments.

Reselling catchy NFT domain names on the secondary market could be profitable like traditional domains. Quik also gives you 5%-10% royalties on every subsequent sale of your minted blockchain domains.

Start Your Web 3.0 Journey with Quik

Here are a few distinct advantages Quik offers:

• Quik is the world’s simplest blockchain NFT domains marketplace, allowing you to easily and rapidly mint, list, buy, and trade crypto domains without using a third party.
• It provides the infrastructure needed to transition your business from Web 2.0 to blockchain.

Quik has made a number of NFT domain extensions available for minting, including:

To mint crypto domains, users can apply any phrases they choose to these extensions. Users can also search the site for available NFT domain names provided by peers, which they can then transfer to the public ledger.

Quik also allows customers to sell or buy traditional domain names on the marketplace utilizing blockchain transactions, making the process more transparent and secure.

“Web 3.0 had remained theoretical for a long time. However, with the advent of NFT domains, blockchain technology, and smart contracts, it is set to thrive in the upcoming years,” said Kohli.

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The Optimism Foundation has unveiled a new governance structure and token as part of its ongoing efforts to bring scalability and cost efficiency to Ethereum (ETH), the world’s largest smart contract platform. 

The “Optimism Collective” was introduced Tuesday afternoon in a lengthy post that outlined its mission and governance mandate. Described as a “large-scale experiment in digital democratic governance,” the Optimism Collective essentially comprises a band of communities and stakeholders committed to improving Ethereum’s technical capabilities.

According to the details, the Optimism Collective will be governed by two components: the Citizens’ House and the Token House. The Citizens’ House will “facilitate and govern a process to distribute retroactive public goods funding” via revenues collected by the network. The Token House, which will be established through forthcoming airdrops, is tasked with voting on protocol upgrades and project incentives.

The Token House, to be powered by Optimism’s new governance token OP, will be responsible for overseeing protocol and network parameters as well as creating incentives for users to enter the ecosystem.

Ethereum is ready for its next chapter.

We are ready to scale not only Ethereum (the network), but also the values that thrust it onto the global stage in the first place.

The Optimism Collective is here to reconstruct the incentives of the internet

— Optimism (✨_✨) (@optimismPBC) April 26, 2022

The Optimism Foundation said in its post that the blockchain community’s “calls for scalability are deafening,” referring to the growing demand for fast and efficient smart contract functionalities. This demand is being answered by several layer-1 competitors, all of which succumb to centralization flaws while abandoning “Ethereum’s security and values,” the foundation said, adding:

“Scaling the technology alone is not enough. We have a duty to scale our values along with our networks.”

Related: ‘People should invest in all of the major layer-1s,’ says a veteran trader

While Ethereum continues to dominate the developer scene, its competitors are growing at a faster clip, according to a January report by crypto research firm Electric Capital. The report found that developer activity is growing for projects such as Polkadot (DOT), Solana (SOL) and BNB Smart Chain (BNB), which could potentially eat away at Ethereum’s dominance. Meanwhile, Ethereum’s share of the decentralized finance (DeFi) market, as measured by total value locked, has also declined considerably over the past 12 months, according to DeFi Llama.

As Cointelegraph reported, progress toward Ethereum’s proof-of-stake upgrade is underway, though delays have pushed out the implementation timeline by several months. On April 11, Ethereum developers implemented the network’s first-ever “shadow fork” to stress test their assumptions surrounding the upcoming merge.

The cryptocurrency market and wider global financial markets fell under pressure on April 26 after the hype surrounding Elon Musk’s purchase of Twitter began to fade and concerns about the state of the global economy took the forefront again.

Tech-related stocks were some of the hardest-hit assets on April 26 and this pullback was followed by sharp declines in crypto prices as risk assets become persona non grata in these turbulent markets.

Data from Cointelegraph Markets Pro and TradingView shows that after holding support at $40,500 through the early trading hours on April 26, the price of Bitcoin (BTC) dumped 6.21% in afternoon trading to hit a low of $38,009.

April 26’s price action looks to be a continuation of the weakness seen across financial markets this month, and month-to-date, the S&P 500 is down by 7%, while the Nasdaq declined 11% and the Dow is nursing a 3% loss.

The bearish trend in FAANG stocks has essentially been a weight that has dragged down the wider market and the recent 35% decline in the price of Netflix on April 20 highlighted a major kink in the “strong markets” narrative.

Bitcoin retests its macro range low

April 26’s sell-off in the price of Bitcoin has led many analysts to reiterate that we are headed for a bear market bottom, but not everyone has such a dire outlook, including crypto analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart showing the price retesting a major support zone.

Rekt Capital said:

“BTC is right back at the long-standing macro Higher Low support.”

According to the analyst, BTC continues to trade within the range it has been stuck in since the beginning of the year and there is still a strong amount of support in the lower $30,000 range.

Related: Bitcoin fails to hold $40K with traders still hoping for a BTC price relief bounce

Further insight into the weakness across global markets can be found by looking at the strong performance of the DXY, which is currently at its highest price in two years, according to crypto Twitter analyst Miles J Creative.

The analyst said,

“Dollar coming into the danger zone. To the moon or goblin town?”

The fate of the market will likely hinge on how the dollar performs moving forward amid rising inflation, ongoing supply chain disruptions and the global conflict in Europe.

The overall cryptocurrency market cap now stands at $1.605 trillion and Bitcoin’s dominance rate is 45.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

A South Korean music sharing platform, Koong World, recently announced the registration of a non-fungible token (NFT)-based music theft prevention patent. Using this patent, the music sharing platform aims to “solve the problem of copyright protection in the rapidly growing music market.”

Tackling the Problem of Copyright Infringement in the Music Industry

A South Korean peer-to-peer music sharing platform, Koong World, recently registered an anti-music theft patent with the Korean Intellectual Property Office, a report has said. Kung World says the patent will enable it to solve the challenge of copyright infringement in the music industry.

The registration of the patent comes less than a year after the launch of the music-sharing platform itself. Since its launch in 2021, the platform now boasts over 2 million members and over 40,000 registered songs.

According to a report by Forkast, Koong World was awarded a patent registration by the Korean Intellectual Property Office on April 14, 2021. Another report by FN News said the patent is for “a method of providing services performed on a server of a music platform using blockchain-based NFT.”

Development of an Open Ecosystem

In his comments following the registration of the patent, Kim Han-jo, the chairman of Koong World, explained how the patent helps artists protect their intellectual property. The chairman said:

Based on this patent, we are providing an opportunity to solve the problem of copyright protection in the rapidly growing music market, and at the same time apply digital certificates to all products in e-commerce, which has become a problem in online product transactions. We plan to release a technology to resolve the counterfeit controversy soon.

The chairman also hinted that the success of the patent hinges on the development of an open ecosystem that “utilizes all online products including music and financial services, and receive fair compensation.”

The report said Koong World’s NFT patent, which has been described as the first of its kind, is expected to help “guarantee” profits that accrue to music creators.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.