Mohammed and Fred, two residents in the United Arab Emirates (UAE), are two cryptocurrency ‘noobs’ that invested in late 2017, unaware the rally would fade all too quickly.The Tale of Two UAE Bitcoin InvestorsCryptocurrencies aren’t new. Wikileaks accepts bitcoin donations since 2011, but it only took the world by surprise in 2017 as the surge in news coverage followed the surge in price and market cap, and vice-versa.Enter Mohammed and Fred, two residents in the United Arab Emirates (UAE). Marvelled with the never-ending rally, these two cryptocurrency newbies, like many others alike, joined the club and invested in late 2017.Mohammed, a 30-year old trader from Pakistan, risked $10,000 in December after Chicago’s CME Group launched its Bitcoin futures contract: “I knew that would give the currency respectability and there would be a flood of people buying for fear of missing out. It was a chance to make some money but what I made, I then lost. It was fun but I will never go near that stuff again”, he told UAE-based news agency The National.Mohammed, who declined to give his full name, continued: “I invested $10,000, made 30 percent and sold a week later. Then I put the whole $13,000 in again a few days later.” This time, however, things didn’t work out well. The rally in the Bitcoin price quickly turned into a nightmare for the ‘noob’ as the price started plummeting in January. He took the money out and lost his 30 percent profit.Fred, a 40-year old British communications executive living in Dubai, has a similar story and, like Mohammed, did not reveal his full name. This quest for privacy has been quite frequent as many other crypto investors approached by UAE-based The National refused to discuss their portfolios or did not want to share their full details: “It’s not that I’m ashamed. It’s just that I’d rather keep it as my little investment secret”, said one Abu Dhabi-based Bitcoin investorFred invested $900 in Bitcoin in early November after hesitating to do so about six months ago due to the cryptocurrency’s “poor reputation”. Gradually, he built up his Bitcoin holding to about $4,000, which was worth about a third of its current price.“I was very skeptical about the links with purchasing on the dark web and the lack of security with a central bank. But the more I read up on Bitcoin, blockchain and other cryptocurrencies, I realized it was more likely to have an impact in the future of business and offered a genuine and secure opportunity for peer-to-peer lending without the need for expensive fees or currency transfer rates”, said Fred, 40-year old British communications executive living in Dubai.“When it spiked to $20,000 briefly, I thought about selling. Then it started to crash so I sold some at $15,000, with the profits paying for Christmas, he continued. “It was a bit scary when it went as low as $5,000. There isn’t much history of cryptos to go on, but what there is suggests January usually sees a crash/correction and then a recovery, which is what’s happening now. I bought some more when it rose back to Dh8,000 so I’ve got about a third of a coin.”Fred added: “Bitcoin is not far off returning to a price that will give me a profit again. It isn’t for the faint-hearted but I’ve got a clear figure in mind for its value when I exit. It’s a fun ride, but I’m aware it could all disappear overnight.”Despite the stressful period of the January lows, Fred is still invested in Bitcoin as well as in Ripple, after a tip from his brother-in-law.
Paxos, the leading provider of blockchain infrastructure for enterprises, celebrates the five-year anniversary of its regulated stablecoin platform. Over the past five years, the company has issued and redeemed more than $120 billion in USD-backed stablecoins across its offerings while setting the market standard for regulatory oversight. All Paxos stablecoins have been issued from the company’s New York trust with prudential oversight from the New York State Department of Financial Services.
Paxos debuted the first regulated, fully redeemable USD-backed token in 2018. In the five years since, the company has grown its tokenization capabilities into a suite of platform offerings that power stablecoin solutions for global enterprises like Mercado Libre and Mastercard. In August, Paxos launched PayPal USD (PYUSD), now available to more than 100 million PayPal users and throughout the crypto ecosystem. By partnering with PayPal, Paxos is enabling a new level of adoption and utility that will define the next wave of stablecoin growth.
Walter Hessert, Head of Strategy at Paxos, commented, “Stablecoins will become a trillion-dollar asset class as blockchain technology expands across the applications used everyday by consumers. The Paxos platform empowers our enterprise partners to enable payments, settlement, remittances and other real world use cases of stablecoins for hundreds of millions of end users. We offer the safety, security and oversight that enterprises need to enter this new frontier with confidence.
Paxos has been instrumental in establishing and increasing the integrity of blockchain and digital asset markets by setting the standard for reserve disclosures and securing prudential regulation for each of its individual tokens. Moving forward, Paxos will continue to set the standard in stablecoin operations with robust consumer protections, frequent regulatory examinations, monthly independent attestations and monthly reserve reporting. This compliance-driven approach has proven indispensable to global brands like PayPal, Mastercard, Interactive Brokers, Mercado Libre, Nubank and others as they begin their journey into digital assets. Today, Paxos infrastructure powers more than 12 million active wallets globally through its enterprise partnerships.
The Paxos stablecoin platform leverages Ethereum and will expand into multiple other blockchains as it helps to create a more open, accessible economy for all. Paxos stablecoins are always backed one-for-one by cash and cash equivalents, with all customer assets held in segregated accounts and protected from bankruptcy as a New York State regulated Trust company. Paxos stablecoins USDP and PYUSD are issued by Paxos Trust Company and regulated by the New York Department of Financial Services. Financial institutions around the world have adopted Paxos’ scalable, interoperable institutional grade blockchain products, including white label stablecoins, digital asset-enabled wallets, custody and settlement solutions. With a strong balance sheet, prudential oversight and robust compliance programs, Paxos’ blockchain infrastructure is tailor-made to serve the needs of sophisticated global enterprises with billions in assets and millions of customers to protect.
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos partners with leading global enterprises to tokenize, custody, trade and settle assets. Its blockchain solutions are used by institutions like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, Bank of America and Societe Generale. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Prudentially regulated by the NYDFS in the US and the MAS in Singapore, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
Rarimo Foundation has launched RariMe, a MetaMask Snap that enables MetaMask users to store and manage identity credentials through their MetaMask wallet, developed by Consensys.
RariMe is built with MetaMask’s Snaps platform, which launched on 12 September and allows developers to build applications that can bring new functionalities to MetaMask’s users.
RariMe introduces an entirely new social identity function to MetaMask and ends wallet fragmentation; users will no longer have to switch between their identity and digital asset wallets. In a single swoop, MetaMask users will instantly have access to identity storage and privacy-enhancing Zero-Knowledge Proof (ZKPs) generation and management. Given that in 2022, MetaMask surpassed 100 million users, this significantly expands the presence of digital identity.
RariMe also further improves the user experience, by ensuring that all credentials are fully multi-chain. For one of the first times in Web3, users will not have to issue separate proofs for separate chains. Instead, they can issue a proof on the chain of their choice and then use it seamlessly across Ethereum, Polygon, BNB Chain, and Avalanche. This is possible because RariMe was built atop of interoperability protocol, Rarimo, which enables state replication and on-chain verification.
Lasha Antadze, Co-Founder of Rarify Labs, commented, “RariMe snap dramatically improves the user experience around digital identities. Users will no longer have to switch between multiple apps and interfaces and the friction between identities and crypto has been removed. This will fuel the growth of the digital identity space and the many emerging Web3 movements that require identities, including decentralized social media and on-chain gaming.”
“MetaMask is thrilled to welcome Rarimo as one of the trailblazing builders for MetaMask Snaps. We strongly believe that permissionless innovation is fundamental to a decentralized ecosystem. With Snaps, we’re not just expanding features; we’re excited to see Rarimo use Snaps to open the doors to digital identities, credentials management, and decentralized social protocols, ultimately empowering our users like never before,” said Christian Montoya, Product Lead at MetaMask Snaps.
From launch, RariMe will be integrated with Rarimo’s Proof-of-Humanity plug-in which was released last month to enable users to leverage identity credentials from Unstoppable Domains, Civic, and Gitcoin to prove that they are humans and not bots. RariMe will automatically provide users with an end-to-end flow on the reputation-building platforms Galxe, Zeely, and quest focused application QuestN.
Rarimo is the interoperability protocol for digital social identities. Its distinctive infrastructure enables identity components to be integrated on-chain, and seamlessly ported across ecosystems. This ensures that Web3 can develop without the walled gardens and cumbersome identity practices of Web2.
About Rarimo Foundation
Rarimo Foundation is a not-for-profit company devoted to implementing the decisions of the Rarimo DAO.
About Rarify Labs
Rarify Labs is an ecosystem contributor dedicated to advancing Rarimo.
On October 11th, 2023, ETH Riyadh 2023, presented by Tharawat Technology, Studio 23, ChainIDE, Coffee with Crypto, and Mask, is poised to assemble developers, innovators, and the global blockchain community in a dynamic exchange of ideas and technological advancements. Riyadh is once again primed to assert itself as a global epicenter for blockchain innovation with the imminent arrival of the ETH Riyadh 2023 conference.
Riyadh represents a burgeoning center for digital innovation, with a growing tech-savvy community and an environment conducive to the adoption of emerging technologies. The strategic location in the heart of the Middle East makes Riyadh an ideal meeting point for blockchain enthusiasts from diverse regions, fostering international collaboration and innovation.
EthRiyadh 2023 is a series of hybrid events, hosted both online and offline, featuring three distinct stages. It kicks off with the META to Global Web3 Builder Competition, taking place from September 18th to October 12th. This competition will feature multiple tracks focusing on the latest innovations in the web3 industry and blockchain technology, encouraging developers and innovators to showcase their skills and creativity.
Following with the Builder Conference that Scheduled for October 11th. This part of the event promises captivating talks and panel discussions led by leaders and visionaries in the blockchain field. Attendees will have the opportunity to gain valuable insights into emerging trends and groundbreaking technologies that are shaping the future of web3 and Ethereum.
The event culminates with the online Builder Mixer, taking place on October 12th. This is a unique opportunity for participants to connect with a vibrant community of builders, fostering growth and mutual success. Attendees can share stories about their experiences in building and forging meaningful connections that may lead to future achievements in the blockchain industry.
For more information about ETH Riyadh 2023, including registration details and agenda updates, please visit [www.ethriyadh.com].
While many solutions for blockchain scalability have been proposed, they remain unable to crack the blockchain trilemma, sacrificing security and decentralization. Quai is the first blockchain protocol that is simultaneously decentralized, censorship resistant and infinitely scalable. Quai, in contrast to traditional cryptocurrencies, functions as a network of many interoperable blockchains braided together. Due to a breakthrough discovery that occurred during research on proof-of-work, Quai Network utilizes a new consensus mechanism, proof of entropy minima (PoEM), which eliminates all consensus-based forks and enables all Quai nodes to remain in “perpetual consensus.”
Solar Dex began as the first United States-based decentralized exchange on Solana, and will now be pivoting to build on Quai as one of its first DEXs. Due to a loss of TVL on Solana and many Solana-based projects moving strictly to NFTs, the Solar team has decided to get ahead of the DeFi curve and take advantage of Quai’s low-cost, high-speed decentralized network in order to better position Solar Dex for the next bull run. The team at Solar is building on top of Quai Network to “ensure a more sustainable future for Solar Dex.”
Roy Fardin, chief business officer, said: “After talking to the Quai Network team, we have never been more bullish about a layer 1 with scalability and its passion for growth. It was a clear eye-opener that they care about DeFi and want other projects that utilize this network to succeed. The vision behind Quai brings the best of Ethereum and Solana all together into this new network.”
Solar Dex will be reworking the DEX into several components as it builds on Quai. The DEX will not only support traditional swaps, but also add in customizable swap themes. In addition, Solar Dex’s Solar Sentries NFTs will allow staking as a yield opportunity derived by all exchange fees earned from Sentry Mode projects.
Richard, CEO of Solar Dex, said: “On top of traditional DEX swaps, Solar Dex will be adding limit orders on Quai. “We’re doing a total revamp of the website and DEX which should be very aesthetically pleasing and simplistic to onboard new users to DeFi and also Quai.”
With Quai’s Iron Age Testnet beginning in September 2023, Solar Dex will be prioritizing its deployment on Quai for the coming months. There will be incentives to beta-test Solar DEX on Quai and additional generalized rewards will be provided by Quai for participating in the Iron Age Testnet. On top of this, the Solar team will be adding a surprise feature to the DEX to build excitement for Quai’s testnet launch, as well as utilizing its incentive program to reward holders.
With backing from Polychain Capital and an expert team with backgrounds at Apple, GridPlus, Tesla, Consensys, Circle and more, Quai is excited to usher in a new generation of innovative applications that don’t sacrifice decentralization.
Concordium, the Layer 1, science-backed blockchain creating a safer digital world, proudly unveils Web3 ID: a cutting-edge identification platform offering age-verification capacities designed to prioritize user privacy for both individuals and businesses. Concordium’s age verification tooling works to protect minors online amidst growing global privacy concerns and explicit data-harvesting from technology organisations.
Web3 ID harnesses Concordium’s Zero-Knowledge Proof technology to offer a novel approach to age verification – without ever compromising user data or privacy. By uploading a government-issued form of identification to their wallet, Web3 ID users can drastically reduce the amount of data they disclose during online identity verification, regaining control over any sensitive information.
Mikael Breinholst, Head of Product at Concordium, spoke to the widespread concern surrounding existing online age-verification tools, stating: “Current age verification tools online are a grave area of concern for many. Age-restricted sites have little to no barrier to entry, exposing underage consumers to a universe of adult themed content. Blockchain technology, and Web3 ID specifically, enable businesses to request proof of an individual’s age, without storing their data or selling it to advertisers. With Web3 ID, users maintain autonomy and safety over their personal information while benefiting from blockchain technology’s inherent security.”
Concordium´s built-in ID layer and Zero-Knowledge-Proof technology ensures a user’s online identity is verified in a secure and decentralized manner, all while maintaining privacy. Only strictly relevant information is requested of users when transacting on the Web3 ID platform, while unrelated details are held on a decentralized wallet. Web3 ID users are also granted an increase in transactional security through Concordium’s compliance-friendly technology. In result, individuals and businesses are empowered with complete control over their information, effectively countering the data ownership issues associated with centralized legacy systems.
Kåre Kjelstrøm, CTO & CPO at Concordium, commented: “Concordium’s Web3 ID is intuitive and easy to build upon, offering seamless usability while being cost-effective, shrinking online identification processes. Further to preventing children from accessing age-restricted sites, Web3 ID is capable of sharing specific medical information without the recipient having access to the entirety of an individual’s medical history, proving a user’s driving credentials, or simply ensuring user data is genuine and not the result of bots. This model addresses many of the shortcomings surrounding ID safety caused by big tech’s data monopoly.”
The creation of a new standard of age verification promotes Concordium’s mission of supporting a regulated future for new and existing organisations building on blockchain technology. This achievement follows recent partnerships such as AI service provider 2021.ai, and carbon offset management platform Aqualibre.
For more information on Concordium’s Web3 ID platform, please visit: Concordium.com
Concordium is a permissionless green layer 1, a science-backed blockchain that balances privacy with accountability through its ID layer and Zero-Knowledge-Proofs. Creating trust with ID is key to scaling businesses. Concordium provides a fast, secure, and high-scale blockchain platform that makes building use cases and using dApps easy. Concordium differs by having verified ID and instant finality with high throughput and low transaction fees pegged to FIAT. With leadership from Fortune 500 companies, Volvo, IKEA, Credit Suisse, Uber, and successful Fintech platforms, the team is scaling the chain to its extensive network of the world’s biggest enterprises. For more information: concordium.com
First all-in-one social media platform for everything Cardano, Cardano Spot, has unveiled a series of innovative features. The platform, founded and developed with direct input from the Cardano community, aims to address fragmentation within the Cardano ecosystem, provide a 360-view, and foster enhanced community interaction.
Latest Enhancements for a More Robust Experience
Cardano Spot has launched its latest features to facilitate the expansion of native Cardano projects and their communities.
Multilingual News Feed. Additionally, Cardano Spot provides access to a diverse multilingual News Feed, featuring content from Portuguese, Vietnamese, and Indian community members.
Simplified Registration. The platform now also provides a number of alternative ways for registration, including Twitter, TikTok, and GitHub accounts.
Explore Page. Offers a better user experience through a simple curated view on the latest information about the Cardano ecosystem.
Refer-a-Friend. The newly launched “Refer a Friend” feature enables users to invite friends through a personalized referral link.
A peek into other features:
- Community Hub: A customized homepage tailored to individual user interests, empowering content creation, user connections, and discovering like-minded communities.
- News Feed: A source for the latest Cardano ecosystem news, offering educational content, articles, and videos to expand knowledge horizons.
- Project Library: A comprehensive repository spotlighting projects built on the Cardano Blockchain, complete with explanations, whitepapers, introductory videos, and essential links for personal research.
- Events Calendar: A consolidated calendar showcasing Cardano-related events, including webinars, discussions, product launches, and more.
- Market Status: Real-time insights into native token prices, market trends, and tokenomics.
Sebastian Zilliacus, Managing Director at EMURGO, explained, “Cardano Spot aims to provide trust, transparency, and accurate information about the Cardano ecosystem. We partner with native Cardano projects to achieve this objective.”
About Cardano Spot
Cardano Spot is the first product from EMURGO Media. This Cardano enthusiasts-focused social network serves end-to-end information for the Cardano community. It provides a user-generated interactive platform specifically designed for investment in, distribution, consumption, and monetization of Cardano content. Cardano Spot solves the issue of fragmented content in the Cardano ecosystem by aggregating valuable, quality content from reliable sources in the Cardano ecosystem to give up-to-date developments in the Cardano ecosystem.
For more information, please visit: https://bit.ly/CardanoSpotWeb3Platform.