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      "body": "![ \"1_KiTf6FgYwDroraA8yM3uvw.png\"](https://images.hive.blog/DQmaezu4HfkBzxAEn1QJLqxLALHABbhvwxUoU7s7QapbyeY/1_KiTf6FgYwDroraA8yM3uvw.png)\n\n In brief:\n\n- _How it all started._\n- _The pitch that led to Metamask._\n- _Consensys and Metamask._\n- _How revenue is generated._\n- _Problems that are yet to be solved._\n- _The future of DeFi and Metamask._\n\n## **It did not begin in a single place nor at a single period in time**\n\nLong before the debut of **Ethereum**, the first builders and co-founders met in late November 2014 in Berlin to describe their work and plans for the future of Ethereum at a meetup called **Devcon 0.**\n\nBy this point, approximately a year after Buterin wrote the original Ethereum whitepaper, The Ethereum team had reached a **fundamental** decision: it would be a **non-profit** venture.\n\nThat decision, led by **Buterin**, had splintered the leadership team and sent many members off to look for opportunities abroad.\nDespite remaining close to Buterin, **Joseph Lubin** was among many who began to look beyond the initiative and onto larger economic opportunities.\n\nJoseph Lubin, Vitalik Buterin, Anthony Di Iorio, and two other developers, Gavin Wood and Charles Hoskinson, met 11 months ago at a beach house in Miami.\nThey were there to attend the **North American Bitcoin Conference** and discuss Ethereum.\n\nDuring that stay in Miami, Lubin secured his presence at the vanguard of the Ethereum revolution and established himself as the commercially-minded counterbalance to Buterin’s humanitarian and emotional core.\n\nThis will prove crucial as around the time of **Devcon 0.** He had launched a new company called **ConsenSys**.\nThe firm was created to find and fund Ethereum-based businesses, assisting in the network’s adoption and delivering its benefits to large numbers of inexperienced customers and businesses.\n\n## **The conference room pitch, MetaMask origins**\n\nUnbeknownst to Lubin, in one of the conferences side rooms, Joel Dietz sat down with Buterin and pitched a precursor to Metamask.\n\nDietz argued he should receive one of the recently announced Ethereum Developer Grants and create a JavaScript-based crypto browser.\n\nButerin did not require much persuasion because Dietz had already established a notable presence in the ecosystem. Buterin even suggested a name for it: **Vapor**.\n\nFortunately for Dietz, finding developers to build projects with was not difficult because the only users of Ethereum at this point were, well, other developers. Not long after the talk with Buterin, a team forms with Joel Dietz, Aaron “Kumavis” Davis and Martin Becze.\n\nThe group quickly made an effort to get entry into **Y Combinator**, the organization that has supported so many unicorns, to raise money.\n\nYou can watch Becze, Dietz, and Kumavis describe exactly what they are attempting to construct in an application video that is still available on [YouTube](https://www.youtube.com/watch?v=p135D4Tv1mM).\n\nSince it did not have the same connotations as it does today, the term “wallet” is not used once in the one-minute short. The team characterizes their project as combining “the browser with the blockchain” instead.\n\n > “Unfortunately, we’ve decided not to fund Vapor.\nWe were impressed by the three of you and the demo we saw, but we weren’t convinced that this would grow large among mainstream users.”\n— Trevor Blackwell, partner at YCombinator\n\nAlthough hindsight is always 20/20, YCombinators’ choice at the time was not unusual. Only a handful that dared to put themselves through the horrific user experience that was cryptocurrency back then saw its massive potential.\n\n## **ConsenSys and Metamask**\n\n > _Eventually, Vapor died._\n\nKumavis left the project, citing his co-founders’ lack of effort as the reason. He removed them from Vapor’s Github, Slack and eventually renamed the repositories to “**MetaMask**”.\n\nDietz allegedly never received the Ethereum Developer Grants to build Vapor, but Kumavis applied for another grant at the Ethereum Foundation to build Metamask and received $30,000 to support his work.\n\nFor a period of time, Kumavis worked alone until he decided to take the project to **ConsenSys**. There, MetaMask emerged with its future defined by Kumavis, Dan Finlay, and Joe Lubin.\n\nMetaMask became the baby of ConsenSys, a never-ending project built by developers for developers. Understanding the context, it makes sense why MetaMask is a scary tool for new users.\n\nTo fast forward, ConsenSys was hit pretty badly after the euphoric rise in prices back in 2017, and they had to fire many of their staff to survive.\n\nEthereum dropped from roughly $1,400 to $84, yet MetaMask survived the entire turmoil, demonstrating that it had already established itself as a key element of infrastructure.\n\nConsenSys eventually narrowed its focus, and “ConsenSys Software” would compile the organization’s top technology resources into a more understandable product.\n\nWith this newly discovered clarity, MetaMask will become a true priority when its traction surges in 2021, elevating it to the position of one of the most widely used blockchain applications worldwide.\n\n## **Monetization**\n\nAs consumers of social media, we use free applications on a daily basis. Facebook, Instagram and TikTok all work because their primary source of revenue is ad money. When you stop and think about it, the entire world of traditional Fintech runs on ad money.\n\nIn DeFi something like this is not possible. So how does a free wallet in the form of a web browser extension produce revenue?\n\nThe “**Swaps**” feature was introduced by the team in October of 2020.\n\nUsers can exchange currencies through swaps, and MetaMask will carry out the transaction on a different exchange. The average CEX would charge you in the range of 0.05–0.1 percent for this type of exchange, yet MetaMask charges a massive 0.875 percent fee for this service.\n\nDespite the significant variation in costs, the success in monetizing swaps has been of comparable size.\n\nAs DeFi exploded in 2021, Metamask reported revenue of $200 million in the same year. In comparison, DeFi staples like Sushi only made $70 million within the same time span.\n\n![](https://images.hive.blog/768x0/https://miro.medium.com/max/1400/0*uUfjTPpxkO0DLZia.png)There were reportedly 31 million users of crypto wallets three years ago; today, there are around 80 million.\n\nIt’s important to note that MetaMask’s customer acquisition cost is basically null. **Zero**. Since Metamask has no token incentives or emissions, their revenue is essentially **cost-free**. Their profit margins are very near 100%.\n\nOverall, MetaMask deserves a lot of praise for managing to survive and profit from the hyper-drive of 2021. But to maintain its position as the leader, it must change to meet new obstacles.\n\n## **Obstacles and challenges of the future**\n\nImagine being delivered a box of LEGOs. You have to open up the box and assemble your own LEGO piece before you can have some fun and really understand what’s going on.\nThe same goes for your first time using MetaMask, it takes time to use the application with some confidence and ease.\n\nFor some of us at Faculty, it took weeks or months before we became confident in using decentralized wallets. Even today, new chains pop up where you have to learn which bridge to use at what chain so you don’t lose your funds.\n\nBlockchain, DeFi and MetaMask use a ton of terminologies many are still not used to. Terms like tokens, approvals, staking, networks, chain, multi-chain, gas, DEX, CEX etc.\n\nAre you able to explain to your parents what the difference is between a network, account and a wallet in DeFi? Probably not.\n\n > _Every day, someone new falls victim to paying hundreds of dollars on a TX fee simply because they chose the wrong time to send some tokens across Ethereum._\n\nNot to mention all the wallets being drained simply because approval has been left open on some code on some app that has not been audited. This makes DeFi and extension, MetaMask, feel like the **wilder west** of the wild west that is crypto itself.\n\n**In conclusion**, MetaMask’s greatest weakness is that it isn’t user-friendly, and it does not offer an intuitive experience. But then again, it’s not its fault, that’s just how DeFi in its current state is.\n\n## **Onboarding the next 100 million users**\n\nMetaMask historically focused on developers. ConsenSys’ strategy for attracting users is to help developers build more dApps, attracting more users along with a handful of new developers.\n\nThis process then repeats with the new wave of developers.\n\nBearing this context in mind, and because of how MetaMask hasn’t changed in five years, makes it a good thing for the conservative mindset most institutions are in. This makes them much better positioned when it comes to forming regulatory compliance between TradFi and DeFi.\n\n > “I’m a believer in Metamask as a developer tool.”\n— Mike Demarais\n\nMetaMask doesn’t care, nor does it have the need to catch new waves coming into crypto. It has already established itself as the most popular option.\n\nUsers don’t download MetaMask to use MetaMask, they download it to use dApps that are integrated with it. Indirectly making the wallet even more popular.\nIn this logic, any future wallet that manages to onboard the next 100 million users with a user-friendly and intuitive interface will have to be integrated with MetaMask and any technology ConsenSys has to offer.\n\n > _MetaMask isn’t beautiful, but it works._\n\nAlthough MetaMask might not be able to snag every fresh wave of users entering the crypto space, it has positioned itself so that it won’t necessarily have to.\n\nIn a future with increased competition, adoption, demand across networks, and use cases, MetaMask is here to stay.\n\nThis article is originally from [Medium ](https://medium.com/@Faculty.group/metamask-and-its-meteoric-rise-to-defis-number-1-wallet-65c0e7999f04 \"This link will take you away from hive.blog\")by [Faculty Group](https://www.faculty.group/ \"This link will take you away from hive.blog\").",
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      "body": "![1_KiTf6FgYwDroraA8yM3uvw.png](https://images.hive.blog/DQmaezu4HfkBzxAEn1QJLqxLALHABbhvwxUoU7s7QapbyeY/1_KiTf6FgYwDroraA8yM3uvw.png)\nIn brief:\n\nHow it all started.\nThe pitch that led to Metamask.\nConsensys and Metamask.\nHow revenue is generated.\nProblems that are yet to be solved.\nThe future of DeFi and Metamask.\nIt did not begin in a single place nor at a single period in time\nLong before the debut of Ethereum, the first builders and co-founders met in late November 2014 in Berlin to describe their work and plans for the future of Ethereum at a meetup called Devcon 0.\n\nBy this point, approximately a year after Buterin wrote the original Ethereum whitepaper, The Ethereum team had reached a fundamental decision: it would be a non-profit venture.\n\nThat decision, led by Buterin, had splintered the leadership team and sent many members off to look for opportunities abroad.\nDespite remaining close to Buterin, Joseph Lubin was among many who began to look beyond the initiative and onto larger economic opportunities.\n\nJoseph Lubin, Vitalik Buterin, Anthony Di Iorio, and two other developers, Gavin Wood and Charles Hoskinson, met 11 months ago at a beach house in Miami.\nThey were there to attend the North American Bitcoin Conference and discuss Ethereum.\n\nDuring that stay in Miami, Lubin secured his presence at the vanguard of the Ethereum revolution and established himself as the commercially-minded counterbalance to Buterin’s humanitarian and emotional core.\n\nThis will prove crucial as around the time of Devcon 0. He had launched a new company called ConsenSys.\nThe firm was created to find and fund Ethereum-based businesses, assisting in the network’s adoption and delivering its benefits to large numbers of inexperienced customers and businesses.\n\nThe conference room pitch, MetaMask origins\nUnbeknownst to Lubin, in one of the conferences side rooms, Joel Dietz sat down with Buterin and pitched a precursor to Metamask.\n\nDietz argued he should receive one of the recently announced Ethereum Developer Grants and create a JavaScript-based crypto browser.\n\nButerin did not require much persuasion because Dietz had already established a notable presence in the ecosystem. Buterin even suggested a name for it: Vapor.\n\nFortunately for Dietz, finding developers to build projects with was not difficult because the only users of Ethereum at this point were, well, other developers. Not long after the talk with Buterin, a team forms with Joel Dietz, Aaron “Kumavis” Davis and Martin Becze.\n\nThe group quickly made an effort to get entry into Y Combinator, the organization that has supported so many unicorns, to raise money.\n\nYou can watch Becze, Dietz, and Kumavis describe exactly what they are attempting to construct in an application video that is still available on YouTube.\n\n\nSince it did not have the same connotations as it does today, the term “wallet” is not used once in the one-minute short. The team characterizes their project as combining “the browser with the blockchain” instead.\n“Unfortunately, we’ve decided not to fund Vapor.\n\nWe were impressed by the three of you and the demo we saw, but we weren’t convinced that this would grow large among mainstream users.”\n\n— Trevor Blackwell, partner at YCombinator\n\nAlthough hindsight is always 20/20, YCombinators’ choice at the time was not unusual. Only a handful that dared to put themselves through the horrific user experience that was cryptocurrency back then saw its massive potential.\n\nConsenSys and Metamask\nEventually, Vapor died.\n\nKumavis left the project, citing his co-founders’ lack of effort as the reason. He removed them from Vapor’s Github, Slack and eventually renamed the repositories to “MetaMask”.\n\nDietz allegedly never received the Ethereum Developer Grants to build Vapor, but Kumavis applied for another grant at the Ethereum Foundation to build Metamask and received $30,000 to support his work.\n\nFor a period of time, Kumavis worked alone until he decided to take the project to ConsenSys. There, MetaMask emerged with its future defined by Kumavis, Dan Finlay, and Joe Lubin.\n\nMetaMask became the baby of ConsenSys, a never-ending project built by developers for developers. Understanding the context, it makes sense why MetaMask is a scary tool for new users.\n\nTo fast forward, ConsenSys was hit pretty badly after the euphoric rise in prices back in 2017, and they had to fire many of their staff to survive.\n\nEthereum dropped from roughly $1,400 to $84, yet MetaMask survived the entire turmoil, demonstrating that it had already established itself as a key element of infrastructure.\n\nConsenSys eventually narrowed its focus, and “ConsenSys Software” would compile the organization’s top technology resources into a more understandable product.\n\nWith this newly discovered clarity, MetaMask will become a true priority when its traction surges in 2021, elevating it to the position of one of the most widely used blockchain applications worldwide.\n\nMonetization\nAs consumers of social media, we use free applications on a daily basis. Facebook, Instagram and TikTok all work because their primary source of revenue is ad money. When you stop and think about it, the entire world of traditional Fintech runs on ad money.\n\nIn DeFi something like this is not possible. So how does a free wallet in the form of a web browser extension produce revenue?\n\nThe “Swaps” feature was introduced by the team in October of 2020.\n\nUsers can exchange currencies through swaps, and MetaMask will carry out the transaction on a different exchange. The average CEX would charge you in the range of 0.05–0.1 percent for this type of exchange, yet MetaMask charges a massive 0.875 percent fee for this service.\n\nDespite the significant variation in costs, the success in monetizing swaps has been of comparable size.\n\nAs DeFi exploded in 2021, Metamask reported revenue of $200 million in the same year. In comparison, DeFi staples like Sushi only made $70 million within the same time span.",
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      "body": "<html>\n                                \n<p><br/><img src=\"https://images.hive.blog/DQmXimr1NRAE8wTncU2W1UeTn35dwFxg9BJaXz8dTHkuBzz/Insights-Into-the-World-Changing-Potential-of-On-Chain-Gaming-780x470.png\" alt=\"Insights-Into-the-World-Changing-Potential-of-On-Chain-Gaming-780x470.png\"/><br/></p>\n<p>Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness.</p>\n<h1>What is Decentralized Gambling?</h1>\n<p>Decentralized gambling takes control away from centralized organizations which typically operate gambling sites. This design model opens the doors to player-centric mechanisms, one of which provable fairness.</p>\n<p>All payouts and bets are verifiable with all transactions recorded on-chain, thereby leaving platforms with no choice but to acknowledge all activities carried out by players. With this model, no longer can casinos mess with the outcome of wagers or insist that a specific winning bet was never played.</p>\n<p>Decentralized gaming and gambling can also include the notion of community governance and utility tokens. With tokens available to the community, players have a stake in the platform, potentially reducing their house edge, being subject to rewards, earning a share of revenue, and providing a genuinely decentralized business model where no single party controls the mechanics of the site.</p>\n<h1>Why Are Traditional Online Casinos Unfair?</h1>\n<p>Even if land-based casinos are well regulated, and the house edge is discernible, online casinos pose enormous risks to players. Online casinos have been widely reported to alter their software to issue false outcomes. Whether it is second dealings, rigged games or faulty slots, players are often at the mercy of unscrupulous operators or buggy software.</p>\n<p>Many are operated by criminal organizations out of less-regulated jurisdictions and can be difficult to track down in the event of a non-payment of winnings. Online casinos have a well-earned reputation for engaging in <a href=\"https://www.casino.org/features/rigged-casino-guide/\">fraud and theft</a>, usually in the form of (unrevealed) unfair odds and rigging.</p>\n<p>Online gambling is a <a href=\"https://www.gamblingsites.com/blog/15-things-you-didnt-know-about-online-gambling-11655/\">$45 billion a year industry</a>, and despite a sheer yearly growth, it lacks oversight whilst harboring unfair practices. Thankfully, on-chain gambling models can resolve all of those problems by providing a transparent and immutable record of every action taken on the casino. Thanks to its many user-centric benefits, decentralized gambling has become a buzzword despite many casinos not being fully decentralized, fair, or governed by smart contracts.</p>\n<h1>Untapped Market Opportunity</h1>\n<p>After conducting careful studies of the current market, CryptoPunt was launched in hopes of resolving all paints generally associated with online gambling. All the games and the casino are fully decentralized, with completely auditable smart contracts. As such, all bets are recorded on-chain via the Polygon Matic ecosystem, the layer 2 Ethereum scaling solution, which also drastically reduces transaction costs for players.</p>\n<p>Access to CryptoPunt will be via a standard web3-enabled Ethereum wallet like MetaMask, meaning that CryptoPunt provides a non-custodial payment policy, so users retain control over their private keys, with funds never moving in the absence of authorization. This model also ensures that there is no risk of delayed or denied withdrawals since wagering happens directly via a user’s web3 wallet — consequently, there are no deposit or withdrawal buttons.</p>\n<p>The first games to be launched will be Blackjack, Jackpot, and Coinflip, with many other entertainment options like Crash to follow.</p>\n<p>A recent look at the MVP of CryptoPunt has shown a <a href=\"https://vimeo.com/553295690\">beautiful user interface</a> built for and by punters, offering a sleek, fun, and efficient experience.</p>\n<h1>Introducing Community Tokens</h1>\n<p>To further enhance the platform’s decentralized credentials, CryptoPunt will be releasing $PUN, its very own native utility token. $PUN tokens will be issued as rewards to affiliate marketers, with 0.1% of all bets being automatically credited within their wallets. Token holders can also access lower house edges, giving them greater chances of winning, along with access to exclusive promotions and better rates. CryptoPunt has mentioned that it is actively developing the utility of the $PUN token to reward early buyers and create an ever-expanding gambling ecosystem.</p>\n<p>$PUN is the world’s first casino utility tokens to support both ERC-20 and BEP-20 standards and will be listed directly on the PancakeSwap &amp; Uniswap decentralized exchanges. With a listing price of 25 cents, $PUN will hold an initial market cap of $1.2M.</p>\n<p>They are backed by industry heavyweights like VYSYN Capital, CryptoMarvels, Chain Ridge Capital, Insignius Capital, Dutch Crypto Investors, and BMW Capital. It is expected that <a href=\"https://www.cryptopunt.com/\">CryptoPunt will demonstrate that on-chain and fully decentralized gambling is the only rational choice</a> for the industry to not only survive but thrive.</p>\n</html>",
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      "body": "<html>\n                                }\n<p><br/><img src=\"https://images.hive.blog/DQmXimr1NRAE8wTncU2W1UeTn35dwFxg9BJaXz8dTHkuBzz/Insights-Into-the-World-Changing-Potential-of-On-Chain-Gaming-780x470.png\" alt=\"Insights-Into-the-World-Changing-Potential-of-On-Chain-Gaming-780x470.png\"/><br/></p>\n<p>Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness.</p>\n<h1>What is Decentralized Gambling?</h1>\n<p>Decentralized gambling takes control away from centralized organizations which typically operate gambling sites. This design model opens the doors to player-centric mechanisms, one of which provable fairness.</p>\n<p>All payouts and bets are verifiable with all transactions recorded on-chain, thereby leaving platforms with no choice but to acknowledge all activities carried out by players. With this model, no longer can casinos mess with the outcome of wagers or insist that a specific winning bet was never played.</p>\n<p>Decentralized gaming and gambling can also include the notion of community governance and utility tokens. With tokens available to the community, players have a stake in the platform, potentially reducing their house edge, being subject to rewards, earning a share of revenue, and providing a genuinely decentralized business model where no single party controls the mechanics of the site.</p>\n<h1>Why Are Traditional Online Casinos Unfair?</h1>\n<p>Even if land-based casinos are well regulated, and the house edge is discernible, online casinos pose enormous risks to players. Online casinos have been widely reported to alter their software to issue false outcomes. Whether it is second dealing, rigged games or faulty slots, players are often at the mercy of unscrupulous operators or buggy software.</p>\n<p>Many are operated by criminal organizations out of less-regulated jurisdictions and can be difficult to track down in the event of a non-payment of winnings. Online casinos have a well-earned reputation for engaging in <a href=\"https://www.casino.org/features/rigged-casino-guide/\">fraud and theft</a>, usually in the form of (unrevealed) unfair odds and rigging.</p>\n<p>Online gambling is a <a href=\"https://www.gamblingsites.com/blog/15-things-you-didnt-know-about-online-gambling-11655/\">$45 billion a year industry</a>, and despite a sheer yearly growth, it lacks oversight whilst harboring unfair practices. Thankfully, on-chain gambling models can resolve all of those problems by providing a transparent and immutable record of every action taken on the casino. Thanks to its many user-centric benefits, decentralized gambling has become a buzzword despite many casinos not being fully decentralized, fair, or governed by smart contracts.</p>\n<h1>Untapped Market Opportunity</h1>\n<p>After conducting careful studies of the current market, CryptoPunt was launched in hopes of resolving all paints generally associated with online gambling. All the games and the casino are fully decentralized, with completely auditable smart contracts. As such, all bets are recorded on-chain via the Polygon Matic ecosystem, the layer 2 Ethereum scaling solution, which also drastically reduces transaction costs for players.</p>\n<p>Access to CryptoPunt will be via a standard web3-enabled Ethereum wallet like MetaMask, meaning that CryptoPunt provides a non-custodial payment policy, so users retain control over their private keys, with funds never moving in the absence of authorization. This model also ensures that there is no risk of delayed or denied withdrawals since wagering happens directly via a user’s web3 wallet — consequently, there are no deposit or withdrawal buttons.</p>\n<p>The first games to be launched will be Blackjack, Jackpot, and Coinflip, with many other entertainment options like Crash to follow.</p>\n<p>A recent look at the MVP of CryptoPunt has shown a <a href=\"https://vimeo.com/553295690\">beautiful user interface</a> built for and by punters, offering a sleek, fun, and efficient experience.</p>\n<h1>Introducing Community Tokens</h1>\n<p>To further enhance the platform’s decentralized credentials, CryptoPunt will be releasing $PUN, its very own native utility token. $PUN tokens will be issued as rewards to affiliate marketers, with 0.1% of all bets being automatically credited within their wallets. Token holders can also access lower house edges, giving them greater chances of winning, along with access to exclusive promotions and better rates. CryptoPunt has mentioned that it is actively developing the utility of the $PUN token to reward early buyers and create an ever-expanding gambling ecosystem.</p>\n<p>$PUN is the world’s first casino utility tokens to support both ERC-20 and BEP-20 standards and will be listed directly on the PancakeSwap &amp; Uniswap decentralized exchanges. With a listing price of 25 cents, $PUN will hold an initial market cap of $1.2M.</p>\n<p>They are backed by industry heavyweights like VYSYN Capital, CryptoMarvels, Chain Ridge Capital, Insignius Capital, Dutch Crypto Investors, and BMW Capital. It is expected that <a href=\"https://www.cryptopunt.com/\">CryptoPunt will demonstrate that on-chain and fully decentralized gambling is the only rational choice</a> for the industry to not only survive but thrive.</p>\n</html>",
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      "body": "<html>\n                                \n<p><img src=\"https://images.hive.blog/DQmPsHjCcRSCkdf28Z5qBM7yWq4xt7h7HUdXfVC6gKJ1his/KBW.PNG\" alt=\"KBW.PNG\"/></p>\n<p>This year’s Korean Blockchain Week reunited dozens of industry CEOs, cryptocurrency experts, and market analysts, to discuss the latest trends, developments, and challenges faced by the worldwide blockchain market. Companies like Binance, Samsung, AWS, Tokamak Network, IBM, and Algorand shared valuable insights through their representatives. </p>\n<p>This write-up will provide readers with an overview of the most interesting discussions and presentations. </p>\n<iframe src=\"https://www.youtube.com/embed/zVts59NGvfU?feature=oembed\"></iframe>\n<ul><li><p><strong>Samsung’s view regarding the core value of blockchain technology</strong></p></li></ul>\n<p>Samsung’s Woong Ah Yoon gave a brief presentation regarding the values of blockchain tech. According to him, blockchain’s core value entails systematically solving the issue of trust within the digital ecosystem. By creating trustless systems, users no longer need to know or trust other network participants. Blockchain implementations assure system-wide security, ensuring that no centralized entity has complete control over the system. Over the long-term, Samsung’s representative believes that blockchain tech will create a trustless online ecosystem where parties can freely transact without worries. </p>\n<iframe src=\"https://www.youtube.com/embed/cX2nk4OpJmo?feature=oembed\"></iframe>\n<ul><li><p><strong>Tokamak Network discusses Ethereum scalability</strong></p></li></ul>\n<p>At this point in time, Ethereum lacks the scalability required for the mass adoption of decentralized apps. With billions of dollars locked in DeFi contracts, such platforms require a secure, decentralized, and scalable infrastructure that can assure a high transaction throughput. Layer-2 solutions hold a significant value proposition, as they allow transactions to be settled on separate chains and later verified on the mainnet. The Tokamak Network is a Turing Complete Plasma layer-2 platform which can be used to build Ethereum-based scalable dApps that retain the benefits provided by the Ethereum infrastructure. </p>\n<p>The Tokamak Network improves current layer-2 solutions by also offering an aggregator service. Project managers can essentially rely on multiple layer-2 solutions to fulfil their dApp development goals, while attaining improved versatility, composability, and overall flexibility. Innovation is therefore fostered through a large catalogue of advanced tools that can be effectively leveraged to build the future’s decentralized apps. </p>\n<p>The key takeaway here is that Tokamak Network has built a system that facilitates cross-layer collaboration. Instead of competing with other layer-2 solutions, Tokamak aggregates them within a singular next-gen infrastructure. As expected, the potential use cases are virtually infinite. </p>\n<iframe src=\"https://www.youtube.com/embed/snS3ksecMg8?feature=oembed\"></iframe>\n<ul><li><p><strong>Algorand presents blockchain-based business models</strong></p></li></ul>\n<p>According to Algorand’s Seon Lee, enterprises worldwide are showcasing increased demand for blockchain technology. Such business entities require scalable solutions with support for multiple advanced capabilities that fit their business models. Alogarand facilitates blockchain adoption and frictionless finance through its open, permissionless, and pure proof-of-stake blockchain protocol. As such, the blockchain’s main selling point is its security, decentralization, and scalability, without needing to fork for specific use case scenarios. With support for smart contracts, layer-1 assets with customizable options (ASA), and atomic transfers, Algorand is rapidly paving the way for enterprise blockchain adoption. </p>\n<iframe src=\"https://www.youtube.com/embed/tV6BjKkb_kQ?feature=oembed\"></iframe>\n<ul><li><p><strong>Binance’s CZ speaks about the future of centralized exchanges</strong></p></li></ul>\n<p>According to this well-known blockchain pioneer, centralized exchanges (CEX) are well suited to users who are either unable or unwilling to store their own private keys. CEX platforms are also built for crypto beginners who lack an in-depth understanding of crypto technicalities. As mass adoption grows, centralized exchanges will cater to new customers by providing them with an easy-to-use digital assets exchange infrastructure. </p>\n<p>On the other hand, CZ has stated that decentralized exchanges (DEX) have multiple competitive advantages over centralized platforms. These include, but are not limited to lower transaction fees, no KYC requirements, and support for additional payment methods or trading pairs. CZ’s belief is that CEX and DEX platforms will continue existing side-by-side, at least in the near future. </p>\n<ul><li><p><strong>Other notable events of the Korean Blockchain Week</strong></p></li></ul>\n<p>Blockchain leaders have also discussed the need for high-performance protocols, the dawn of central bank-backed digital currencies (CBDCs), the growing need to bring real world assets on to the blockchain ecosystem, DeFI risks, programmable blockchains, and the future of digital banking. </p>\n<p><strong>Bottom Line</strong></p>\n<p>A quick recap of the Korea Blockchain Week is enough to understand that blockchain adoption will continue growing at an exponential rate. With projects like Tokamak Network paving the way for mass adoption, it’s only a matter of time before we’ll use blockchain in everything we do. </p>\n</html>",
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      "body": "<html>\n                                }\n<p><img src=\"https://images.hive.blog/DQmPsHjCcRSCkdf28Z5qBM7yWq4xt7h7HUdXfVC6gKJ1his/KBW.PNG\" alt=\"KBW.PNG\"/></p>\n<p>This year’s Korean Blockchain Week reunited dozens of industry CEOs, cryptocurrency experts, and market analysts, to discuss the latest trends, developments, and challenges faced by the worldwide blockchain market. Companies like Binance, Samsung, AWS, Tokamak Network, IBM, and Algorand shared valuable insights through their representatives. </p>\n<p>This write-up will provide readers with an overview of the most interesting discussions and presentations. </p>\n<iframe src=\"https://www.youtube.com/embed/zVts59NGvfU?feature=oembed\"></iframe>\n<ul><li><p><strong>Samsung’s view regarding the core value of blockchain technology</strong></p></li></ul>\n<p>Samsung’s Woong Ah Yoon gave a brief presentation regarding the values of blockchain tech. 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Layer-2 solutions hold a significant value proposition, as they allow transactions to be settled on separate chains and later verified on the mainnet. The Tokamak Network is a Turing Complete Plasma layer-2 platform which can be used to build Ethereum-based scalable dApps that retain the benefits provided by the Ethereum infrastructure. </p>\n<p>The Tokamak Network improves current layer-2 solutions by also offering an aggregator service. Project managers can essentially rely on multiple layer-2 solutions to fulfil their dApp development goals, while attaining improved versatility, composability, and overall flexibility. Innovation is therefore fostered through a large catalogue of advanced tools that can be effectively leveraged to build the future’s decentralized apps. </p>\n<p>The key takeaway here is that Tokamak Network has built a system that facilitates cross-layer collaboration. 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With support for smart contracts, layer-1 assets with customizable options (ASA), and atomic transfers, Algorand is rapidly paving the way for enterprise blockchain adoption. </p>\n<iframe src=\"https://www.youtube.com/embed/tV6BjKkb_kQ?feature=oembed\"></iframe>\n<ul><li><p><strong>Binance’s CZ speaks about the future of centralized exchanges</strong></p></li></ul>\n<p>According to this well-known blockchain pioneer, centralized exchanges (CEX) are well suited to users who are either unable or unwilling to store their own private keys. CEX platforms are also built for crypto beginners who lack an in-depth understanding of crypto technicalities. As mass adoption grows, centralized exchanges will cater to new customers by providing them with an easy-to-use digital assets exchange infrastructure. </p>\n<p>On the other hand, CZ has stated that decentralized exchanges (DEX) have multiple competitive advantages over centralized platforms. 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      "body": "<html>\n                                \n<p>\n\n<img src=\"https://images.hive.blog/DQmWeig9JAaTktVrSN2kYVnAYJ2Z8EgigEKyZHPhMz5jxob/z1Yj4qzQTdRXZnuAnfLn7c9juIm2-tbb34nh.jpeg\" alt=\"z1Yj4qzQTdRXZnuAnfLn7c9juIm2-tbb34nh.jpeg\"/></p>\n<h1>About the Korean Blockchain Week</h1>\n<p>The <a href=\"https://koreablockchainweek.com/?ref=hackernoon.com\">Korean Blockchain Week</a> is a popular event that unites crypto and blockchain experts worldwide for the purpose of discussing market trends, challenges, and future developments across the blockchain industry. </p>\n<p>This article will provide readers with a recap of the recent event’s main presentations.</p>\n<h1>Recapping the Main Presentations</h1>\n<h2>Crypto Market Prepares for Ethereum 2.0</h2>\n<iframe src=\"https://www.youtube.com/embed/cX2nk4OpJmo\"></iframe>\n<p>Ethereum recently announced the roll-out of the Serenity upgrade, a major development that is bound to reshape its future by increasing scalability. This is especially necessary given the inflow of DeFi projects that require a scalable, yet secure chain to base their services on.</p>\n<p>During the Korean Blockchain Week, Kevin Jeong, the CEO of Tokamak Network, gave out a brief presentation on Ethereum 2.0 and the on-going layer 2 war. According to him, the roll out of ETH 2.0 is likely to take a few years, a timeframe during which dApps and DeFi projects will still require a viable infrastructure.</p>\n<p>Since it’s not always best to build a blockchain network from scratch, some companies are creating layer 2 solutions to serve the market in the meantime. Choosing the appropriate layer 2 protocol is no easy feat, since no solution can do it all. For instance, Plasma implementations excel in assuring a high degree of scalability, while Aztec facilitates privacy, and Optimism assures network composability. </p>\n<p>Decentralized apps have different needs, and relying on different layer 2 solutions is very difficult. dApp owners would have to purchase separate tokens for each layer 2 they’re interested in, which is a friction-based process that is quite inconvenient. With the Tokamak network however, each dApp can operate on its own chain, which is then connected to the ETH mainchain via the Tokamak Protocol.</p>\n<blockquote>Users can essentially build scalable Ethereum apps while gaining access to scalability, composability, privacy, and smart contract support by only purchasing TON, a singular token that provides a viable gateway for dApps.</blockquote>\n<h2>Bank of Korea Discusses Central Bank-Backed Digital Currencies </h2>\n<iframe src=\"https://www.youtube.com/embed/bwit0wduDgE\"></iframe>\n<p>This presentation was carried out by Sung Guan, the Korean Bank’s head of digital currency research. He kicked off his speech with a brief comparison between cash and CBDCs, and continued by presenting the bank’s perspective on the potential of launching a digital version of the national currency.</p>\n<p>According to him, there are a plethora of policy-related challenges that must be dealt with before a CBDC launch is considered. Korea is well-aware of the benefits that a digital currency will bring along, especially in relation to cash. </p>\n<p>Sung Guan stated that Korea’s current CBDC strategy is based on three early phases - internal research, external consultations, and the work process.</p>\n<blockquote>While the first two phases are self-explanatory, the work process entails the actual development of the CBDC within a virtual environment. This phase is expected to commence next year, essentially confirming the bank’s plans of releasing a CBDC in the near future. </blockquote>\n<h2>Binance CEO Debates the Future of Centralized Exchange</h2>\n<iframe src=\"https://www.youtube.com/embed/tV6BjKkb_kQ\"></iframe>\n<p>Over the last few months, decentralized cryptocurrency exchanges have seen an exponential growth. The arguments here are very simple.</p>\n<blockquote>Unlike centralized exchanges, the decentralized alternatives are not obliged to actively comply with regulatory frameworks, thereby giving traders additional leeway in how they choose to carry out their trades. Users no longer have to abide by trading limits or KYC requirements, nor do they have to trust exchanges with their private keys.</blockquote>\n<p>This begs a clear question - will centralized exchanges still exist in the future?</p>\n<p>Chanpeng Zhao, the CEO of Binance, has attempted to answer this question. According to CZ, centralized exchanges cater to users who are unable to securely store their own private keys, an issue that CEX platforms take care of on their behalf.</p>\n<p>Similarly, decentralized exchanges require that users hold additional know-how on the usage of cryptocurrencies, which is not yet the case for the majority, especially since the market is seeing a lot of new adopters. CZ also stated that legal requirements for centralized exchanges like KYC procedures degrade the user experience while increasing operational costs, thereby leading to higher fees.</p>\n<p>It’s also worth mentioning that with decentralized exchanges, users can access lesser-known digital assets, which are not yet supported on CEX platforms. In response to this philosophy, Binance has already launched its own decentralized exchange. </p>\n<blockquote>The gist here is that CEX and DEX platforms serve different customer segments. Current predictions indicate that such platforms will likely operate side-by-side for the foreseeable future. </blockquote>\n<h1>Wrapping It Up</h1>\n<p>The Korean Blockchain Week discussed numerous other topics, leading to valuable insight on the industry’s latest trends. The main consensus is that the blockchain market is going through a paradigm shift that will play an important role in the future of the financial market. Layer 2 integrations, decentralized exchanges, DeFi systems, and CBDCs will be a key part of this future. </p>\n</html>",
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      "body": "<html>\n                                }\n<p>\r\r<img src=\"https://images.hive.blog/DQmWeig9JAaTktVrSN2kYVnAYJ2Z8EgigEKyZHPhMz5jxob/z1Yj4qzQTdRXZnuAnfLn7c9juIm2-tbb34nh.jpeg\" alt=\"z1Yj4qzQTdRXZnuAnfLn7c9juIm2-tbb34nh.jpeg\"/></p>\n<h1>About the Korean Blockchain Week</h1>\n<p>The <a href=\"https://koreablockchainweek.com/?ref=hackernoon.com\">Korean Blockchain Week</a> is a popular event that unites crypto and blockchain experts worldwide for the purpose of discussing market trends, challenges, and future developments across the blockchain industry. </p>\n<p>This article will provide readers with a recap of the recent event’s main presentations.</p>\n<h1>Recapping the Main Presentations</h1>\n<h2>Crypto Market Prepares for Ethereum 2.0</h2>\n<iframe src=\"https://www.youtube.com/embed/cX2nk4OpJmo\"></iframe>\n<p>Ethereum recently announced the roll-out of the Serenity upgrade, a major development that is bound to reshape its future by increasing scalability. 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For instance, Plasma implementations excel in assuring a high degree of scalability, while Aztec facilitates privacy, and Optimism assures network composability. </p>\n<p>Decentralized apps have different needs, and relying on different layer 2 solutions is very difficult. dApp owners would have to purchase separate tokens for each layer 2 they’re interested in, which is a friction-based process that is quite inconvenient. 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Korea is well-aware of the benefits that a digital currency will bring along, especially in relation to cash. </p>\n<p>Sung Guan stated that Korea’s current CBDC strategy is based on three early phases - internal research, external consultations, and the work process.</p>\n<blockquote>While the first two phases are self-explanatory, the work process entails the actual development of the CBDC within a virtual environment. This phase is expected to commence next year, essentially confirming the bank’s plans of releasing a CBDC in the near future. </blockquote>\n<h2>Binance CEO Debates the Future of Centralized Exchange</h2>\n<iframe src=\"https://www.youtube.com/embed/tV6BjKkb_kQ\"></iframe>\n<p>Over the last few months, decentralized cryptocurrency exchanges have seen an exponential growth. The arguments here are very simple.</p>\n<blockquote>Unlike centralized exchanges, the decentralized alternatives are not obliged to actively comply with regulatory frameworks, thereby giving traders additional leeway in how they choose to carry out their trades. Users no longer have to abide by trading limits or KYC requirements, nor do they have to trust exchanges with their private keys.</blockquote>\n<p>This begs a clear question - will centralized exchanges still exist in the future?</p>\n<p>Chanpeng Zhao, the CEO of Binance, has attempted to answer this question. According to CZ, centralized exchanges cater to users who are unable to securely store their own private keys, an issue that CEX platforms take care of on their behalf.</p>\n<p>Similarly, decentralized exchanges require that users hold additional know-how on the usage of cryptocurrencies, which is not yet the case for the majority, especially since the market is seeing a lot of new adopters. CZ also stated that legal requirements for centralized exchanges like KYC procedures degrade the user experience while increasing operational costs, thereby leading to higher fees.</p>\n<p>It’s also worth mentioning that with decentralized exchanges, users can access lesser-known digital assets, which are not yet supported on CEX platforms. In response to this philosophy, Binance has already launched its own decentralized exchange. </p>\n<blockquote>The gist here is that CEX and DEX platforms serve different customer segments. Current predictions indicate that such platforms will likely operate side-by-side for the foreseeable future. </blockquote>\n<h1>Wrapping It Up</h1>\n<p>The Korean Blockchain Week discussed numerous other topics, leading to valuable insight on the industry’s latest trends. The main consensus is that the blockchain market is going through a paradigm shift that will play an important role in the future of the financial market. Layer 2 integrations, decentralized exchanges, DeFi systems, and CBDCs will be a key part of this future. </p>\n</html>",
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      "body": "<html>\n                                }\n<p>\r<img src=\"https://images.hive.blog/DQmSwKPThmexdeHbDTwVvdsbJcUKgw8ua9oiLHB9HcqX8yZ/Tokamak_-The-first-On-Demand-Layer-2-Protocol-for-Ethereum.jpg\" alt=\"Tokamak_-The-first-On-Demand-Layer-2-Protocol-for-Ethereum.jpg\"/></p>\n<p>The <a href=\"https://tokamak.network/\">Tokamak Network</a> is rebranding into an on-demand platform that provides the necessary resources for building blockchain applications in an easy and trustless way. The rebrand entails transforming the Tokamak Network into an aggregator of developer tools and blockchain foundational components with a vibrant community behind it.</p>\n<p>This will create an ecosystem that various organisations and layer 2 solution providers can rely on in the development of their decentralised applications (Dapps).</p>\n<h2><strong>The case for Tokamak’s on-demand platform</strong></h2>\n<p>Since the inception of Bitcoin, a decade ago, the blockchain space has remained a niche sector with only new and disruptive solutions being built on the various decentralised protocols. But, with time the mainstream market has realised the importance of blockchain technology and has been actively pursuing its integration across multiple sectors. On the other hand, the blockchain community has been actively pushing for the use and adoption of the technology in different industries.</p>\n<p>Subsequently, there has been a convergence of efforts and will to achieve mass blockchain adoption from both sides of the divide. This has culminated in concerted development efforts to create blockchain-based solutions for the mainstream markets.</p>\n<p>However, most of these efforts have been undertaken separately with each organisation focusing on tackling specific issues perceived to hinder the transition from niche to widespread adoption.</p>\n<p>Continue reading on this <a href=\"https://zycrypto.com/tokamak-the-first-on-demand-layer-2-protocol-for-ethereum/\">article here</a>.</p>\n</html>",
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