Blockchain technology has given us the ability to create decentralized systems that can function without intermediaries, but one critical piece was missing the ability to access real-world data. Oracles bridged this gap, and they have become an essential part of the blockchain ecosystem. Oracles enable smart contracts to receive information from external sources, such as data feeds, APIs, and other off-chain sources. Chainlink is the most advanced and secure decentralized oracle network in the market today, and this article will tell you exactly why.

Before we dive into why Chainlink is the best-decentralized oracle network, lets first understand what oracles are and their role in blockchain networks.

An oracle is a third-party service that provides external data to a blockchain network. It serves as a bridge between off-chain data sources and on-chain smart contracts. Oracles are crucial to the functionality of smart contracts because they enable these contracts to access data that exists outside the blockchain network.

There are two types of oracles centralized and decentralized. Centralized oracles are controlled by a single entity, which means they are vulnerable to hacks and manipulation. By distributing oracles across a network of nodes, decentralization enhances security.

Chainlinks decentralized oracle network is the most secure solution for smart contract functionality. It ensures that smart contracts can interact with real-world data in a trustless and decentralized manner, with no intermediaries.

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They automate the execution of an agreement when certain conditions are met. However, to be truly useful, smart contracts need to interact with the real world, and that is where oracles come in.

Oracles enable smart contracts to receive information from external sources, such as data feeds, APIs, and other off-chain sources. This allows smart contracts to execute based on real-world events, such as the price of a stock or the temperature outside. Without oracles, smart contracts would be limited to executing based on data that is already stored on the blockchain, severely limiting their usefulness.

Security is a critical concern in decentralized oracle networks. Centralized oracles are vulnerable to hacks and manipulation, making them unreliable for smart contract functionality. Decentralized oracles distribute data across a network of nodes, making them much more secure.

Chainlink Data Feeds are decentralized at the data source, oracle node, and oracle network levels, generating highly reliable and accurate market data with strong protections against downtime and tampering, Sergey Nazarov, Founder of Chainlink

Chainlinks decentralized oracle network is designed with security in mind. It is built on top of the Ethereum blockchain, ensuring that it is secure and resistant to attacks. Chainlink also uses multiple layers of security, including data encryption and access control, to protect data and prevent unauthorized access.

Decentralization is a core principle of blockchain technology, and it is essential for oracle networks as well. Decentralization ensures that no single entity can control the network, making it more secure.

Chainlink achieves decentralization by using a network of nodes that provide data to smart contracts. These nodes are run by independent operators, ensuring that no single entity can control the network. Chainlink also uses a reputation system to ensure that nodes are reliable and trustworthy.

Flexibility is another advantage of Chainlinks decentralized oracle network. Chainlink can be used with any blockchain network, making it a versatile solution for smart contract functionality. It also supports multiple types of data, including real-time data, APIs, and IoT devices.

Chainlinks flexibility enables it to be used in a variety of use cases, including finance, supply chain management, insurance, gaming, and sports. It is a solution that can be customized to meet the needs of any industry or application.

Chainlink has established itself as the leading decentralized oracle network in the market today, and it has formed several partnerships with industry leaders to enhance its capabilities. These partnerships have enabled Chainlink to expand its use cases and demonstrate its potential as a game-changing solution for smart contract functionality.

Chainlink has made significant inroads into the finance industry, where its secure and reliable data feeds are critical for accurate and timely decision-making. Chainlink has partnered with several leading financial companies, including SWIFT, the largest global provider of secure financial messaging services, and Aave, the leading decentralized lending platform.

Chainlinks partnership with SWIFT has enabled it to integrate with the SWIFT network, giving it access to real-time financial data from over 11,000 financial institutions worldwide. This data can be used to support a variety of financial applications, including trading, payments, and risk management.

Chainlinks partnership with Aave has enabled it to provide reliable and secure data feeds for decentralized lending and borrowing. These data feeds enable Aave to offer more accurate and transparent lending rates to its users, improving the efficiency and security of the lending process.

Chainlinks secure and reliable data feeds are also valuable in the supply chain management industry. Chainlink has partnered with several leading supply chain companies, including Google Cloud and Hedera Hashgraph.

Chainlinks partnership with Google Cloud has enabled it to integrate with Google Clouds BigQuery data analytics platform, giving it access to real-time supply chain data from multiple sources. This data can be used to improve supply chain visibility and optimize supply chain operations.

Chainlinks partnership with Hedera Hashgraph has enabled it to provide secure and reliable data feeds for supply chain applications. These data feeds enable supply chain companies to track shipments and inventory in real-time, improving the efficiency and security of the supply chain process.

Chainlinks secure and reliable data feeds are also valuable in the insurance industry. Chainlink has partnered with several leading insurance companies, including Nexus Mutual and Etherisc.

Chainlinks partnership with Nexus Mutual has enabled it to provide secure and reliable data feeds for decentralized insurance applications. These data feeds enable Nexus Mutual to offer more accurate and transparent insurance premiums to its users, improving the efficiency and security of the insurance process.

Chainlinks partnership with Etherisc has enabled it to provide secure and reliable data feeds for parametric insurance applications. These data feeds enable Etherisc to offer insurance coverage based on real-time data, such as weather data, improving the efficiency and security of the insurance process.

Chainlinks secure and reliable data feeds are also valuable in the gaming industry. Chainlink has partnered with several leading gaming companies, including Enjin and Ubisoft.

Chainlinks partnership with Enjin has enabled it to provide secure and reliable data feeds for blockchain-based gaming applications. These data feeds enable Enjin to offer more accurate and transparent in-game asset prices to its users, improving the efficiency and security of the gaming process.

Chainlinks partnership with Ubisoft has enabled it to provide secure and reliable data feeds for blockchain-based gaming applications. These data feeds enable Ubisoft to offer more accurate and transparent game outcomes to its users, improving the fairness and security of the gaming process.

Chainlinks secure and reliable data feeds are also valuable in the sports industry. Chainlink has partnered with several leading sports companies, including Formula 1 and the National Basketball Association (NBA).

Chainlinks partnership with Formula 1 has enabled it to provide secure and reliable data feeds for blockchain-based fan engagement applications. These data feeds enable Formula 1 to offer more accurate and transparent race data to its fans, improving the engagement and security of the fan experience.

Chainlinks partnership with the NBA has enabled it to provide secure and reliable data feeds for blockchain-based fan engagement applications. These data feeds enable the NBA to offer more accurate and transparent game data to its fans, improving the engagement and security of the fan experience.

Chainlink is well-positioned to become the industry standard for decentralized oracles. Its secure and reliable data feeds have almost unlimited potential, making it a game-changing solution for smart contract functionality in almost any industry or application. It is the best choice for smart contract functionality, and it is poised to revolutionize the way we do business in the blockchain era.

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How Is Chainlink One of the Best Decentralized Oracles Network ... - Cryptopolitan

Introduction

Distributed Multi-Resource Rewards (DMRR) blockchain is an innovative development in the world of blockchain technology that seeks to revolutionize the way resources are allocated and rewarded within decentralized ecosystems. By leveraging the power of cryptocurrency, decentralization, and smart contracts, DMRR blockchain enables efficient resource utilization, incentivizing users to contribute to the growth and security of the network. In this article, we will delve into the DMRR blockchain and explore its potential impact on the digital landscape.

At its core, DMRR blockchain is a resource-based blockchain system designed to allocate and distribute rewards to participants in a decentralized manner. It operates on a multi-asset incentivization model, which means that users are rewarded with various digital assets for their contributions to the network. This includes activities such as mining, staking, and resource management.

In a traditional blockchain, rewards are typically limited to a single asset or token, often leading to an uneven distribution of value within the ecosystem. DMRR blockchain, however, focuses on diversifying the rewards system by incorporating multiple digital assets, leading to a more balanced and inclusive ecosystem.

DMRR blockchain relies on smart contracts to automate the allocation and distribution of rewards. This ensures a transparent, secure, and efficient process for all participants, removing the need for manual intervention or central authorities.

By leveraging the power of decentralized networks, DMRR blockchain ensures that no single entity can control or manipulate the system. This promotes transparency, security, and fairness across the entire ecosystem.

The tokenomics of DMRR blockchain are designed to encourage user participation and promote a healthy ecosystem. Users are rewarded with various digital assets for their contributions, creating a robust incentive mechanism.

DMRR blockchain employs advanced consensus algorithms, such as Proof of Stake (PoS) and Proof of Work (PoW), to maintain network integrity and security. These mechanisms enable efficient resource utilization, preventing malicious activities and ensuring the long-term sustainability of the network.

Interoperability is a key aspect of DMRR blockchain, allowing it to seamlessly interact with other blockchain networks. This enables users to access a wide range of digital assets, enhancing the overall value and utility of the platform.

DMRR blockchain can be applied to various use cases, offering decentralized solutions that empower individuals and organizations alike. Some potential applications include:

DMRR blockchain can facilitate the development of innovative DeFi solutions, providing users with access to decentralized financial services such as lending, borrowing, and trading.

Developers can leverage DMRR blockchain to create powerful dApps, allowing users to interact with a wide range of digital services in a secure and decentralized manner.

DMRR blockchain can be used for efficient digital asset management, streamlining the process of allocating, tracking, and rewarding digital assets across various platforms.

Companies and organizations can adopt DMRR blockchain to implement transparent and fair revenue-sharing models, ensuring that all stakeholders are adequately compensated for their contributions.

DMRR blockchain can serve as a foundation for new consensus mechanisms, enabling the development of more secure, scalable, and efficient blockchain networks.

The DMRR blockchain represents a significant step forward in the evolution of blockchain technology, offering a more inclusive, transparent, and rewarding ecosystem for all participants. By integrating multiple digital assets, decentralized networks, and advanced consensus algorithms, DMRR blockchain has the potential to reshape the way resources are allocated and rewarded within the digital landscape.

As the technology continues to mature, it is likely that we will see an increasing number of use cases and applications emerge, driven by the growing demand for decentralized solutions. From DeFi and dApps to digital asset management and revenue sharing, DMRR blockchain offers a wide range of possibilities for individuals, businesses, and organizations alike.

Moreover, the focus on interoperability and cross-chain integration ensures that DMRR blockchain can seamlessly interact with other networks, further enhancing its utility and value within the broader digital ecosystem. This level of collaboration and connectivity will be essential in promoting the widespread adoption of blockchain technology, as it breaks down barriers between different platforms and encourages cooperation among various stakeholders.

In conclusion, DMRR blockchain is a promising development that has the potential to transform the way we approach resource allocation, incentivization, and reward distribution within decentralized networks. By leveraging the power of blockchain technology, smart contracts, and tokenomics, DMRR blockchain offers a more equitable and transparent system that can benefit users, developers, and organizations alike. As we continue to explore the full potential of DMRR blockchain, we can expect to see a wide range of innovative solutions and applications emerge, paving the way for a more inclusive and sustainable digital future.

DMRR (Distributed Multi-Resource Rewards) blockchain is an innovative development in blockchain technology that focuses on the efficient allocation and distribution of rewards within decentralized ecosystems. It leverages the power of cryptocurrency, decentralization, and smart contracts to incentivize users to contribute to the growth and security of the network.

Unlike traditional blockchain systems, which usually reward participants with a single asset or token, DMRR blockchain employs a multi-asset incentivization model. This approach diversifies the rewards system, leading to a more balanced and inclusive ecosystem.

The key components of DMRR blockchain include smart contracts, decentralization, tokenomics, consensus algorithms, and cross-chain integration.

DMRR blockchain can be applied to various use cases, including Decentralized Finance (DeFi), decentralized applications (dApps), digital asset management, blockchain-based revenue sharing, and decentralized consensus mechanisms.

Smart contracts play a vital role in DMRR blockchain, automating the allocation and distribution of rewards. This ensures a transparent, secure, and efficient process for all participants, eliminating the need for manual intervention or central authorities.

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Discover the Potential of DMRR Blockchain: A Revolution in ... - Blockchain Reporter

According to the global payment provider Visa, 2022 became a record-breaking year for cryptocurrency thefts, with over $3 billion stolen in on-chain exploits. Cryptocurrency bridge services were a favored target for threat actors.

Visa published the biannual threats report on March 20. The document contains data on all sorts of violations occurring globally in the digital payments system last year from plastic card fraud schemes to malware. A separate section is dedicated to cryptocurrency and digital platforms.

It pays particular attention to the vulnerability of token bridges. Commonly, fraudsters exploit a bridge services smart contracts to either forge new transactions or allow for the approval of unauthorized transactions. The total amount of funds stolen via token bridges totals $2 billion from January through early October 2022.

The report also mentions a crypto-focused phishing campaign, whose actors were impersonating a crypto exchange in emails to harvest the victims account login data. Once the real exchange prompts the threat actor for the two-factor authentication (2FA), they would use the spoofed site to prompt the victim to enter their 2FA information, using the real 2FA from the spoofed site to complete the login process.

Related: Visas crypto strategy targets stablecoin settlements

In February, it was reported that, along with its competitor Mastercard, Visa would delay the launch of new partnerships with crypto firms due to high-profile bankruptcies in the industry. However, Cuy Sheffield, head of product at Visa,called the report inaccurate and reassured that Visa would continue to partner with crypto companies to improve fiat on and off-ramps, and build new products that can facilitate stablecoin payments.

On Feb. 20, the Bitcoin market cap flipped the market cap of Visa for the third time in history. By March 14, the gap between the two reached more than $20 billion in favor of BTC.

Continued here:

Visa: Token bridges were a favored target for thieves in 2022 - Cointelegraph

Ethereum tokens worth more than $1 billion have been trapped for eternity on account of typos, user errors, and buggy contracts.

This has been revealed by Coinbases director of product strategy and business operations, Conor Grogan.

Ive categorized thousands of instances of Ethereum typos, user errors, and buggy contracts Thus far Ive found 636,000 ETH worth $1.15B+ that are lost forever: 0.5% of all circulating supply Crypto can be hard sometimes. On the flip side, thats a lot of ETH that cant be sold.

Among the reasons for the trapped tokens include the Parity Multisig wallet bug, which caused the crypto exchange Quadriga to lose 60K tokens [$108 million] owing to a flawed contract.

In addition, a flawed smart contract rendered $34 million worth of Ethereum permanently inaccessible during Aku Dreams much-hyped NFT launch Akutars, a year ago.

Aku Dreams is a 3D avatar NFT collection based on the original character Aku by Micah Johnson, the Major League Baseball player.

Also, there was another incident where people have collectively sent 24k ETH to a burn address for some reason. So, in total, Web3 foundation lost 306K ETH which is valued at over $530 million, Grogan added.

To recall, in Jan 2022, a Reddit user who wished to remain anonymous [now-deleted post] was said to have lost close to $500k after sending wrapped Ether [wETH] into a wETH wrapping smart contract.

Typically, users first send ETH to the wETH smart contract address in order to wrap it, and they will then receive an equivalent token in return.

To unwrap it, users must either use the withdrawal function in the wETH smart contract or exchange wETH for ETH on a decentralized exchange like Uniswap.

Here, the anonymous Reddit user transferred the wETH directly into the wETH smart contract address instead, in a bid to receive ETH back.

Unfortunately, this procedure is the equivalent of token burning, and it led to the traders crypto being lost forever.

Having said that, Coinbases Grogan also cautioned that the previously cited figure significantly underestimates the actual amount of lost or inaccessible ETH.

This is because it only accounts for situations in which Ethereum is permanently locked and ignores lost private keys or forgotten wallets, such as the infamous Genesis wallets.

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$1B Ethereum Gone "Forever"; Here's How - TronWeekly

Venture capitalist firms are always on the hunt for the next big thingespecially when the current hype cycle starts to cool. Already well established in crypto initiatives, Andreessen Horowitz announced on Thursday an investment in software development company Character AI, developers of the Character AI chatbot.

The series A funding round totaled $150 million, was led by a16z, and includes investment from Nat Friedman, Elad Gil, SV Angel, and A Capital.

Along with the investment in Character AI, Andreessen Horowitzs general partner Sarah Wang will join the Character AI board.

If the internet was the dawn of universally accessible information, this moment in A.I. may very well be the dawn of universally accessible intelligence, Wang tweeted, announcing the investment.

We are at the iPhone moment of A.I., Wang wrote. Like mobile and the internet, the A.I. revolution starts with the consumer.

Launched in September 2022 by former Google software engineers Noam Shazeer and Daniel Freitas, Character AI is a web application that generates text responses via pre-programmed character chatbots. Shazeer and Freitas serve as Character AI's CEO and President, respectively.

Character AI says the funds will provide the resources the company needs to grow during its hypergrowth phase.

We understand the importance of providing an A.I. that truly feels like your own, Character AI said in a blog post. Thats why our A.I. is customizable.

Character AI chatbots can be customized to suit each users preferences, which the company says could serve as a sympathetic ear or an analytical problem-solver.

Character AI says that over 1 million A.I. characters have been created through its service, including bots based on Telsa and Twitter CEO Elon Musk, Meta CEO Mark Zuckerberg, Michael Jackson, and fictional characters like Tony Stark and Saul Goodman.

These interactions come with a disclaimer: Everything characters say is made up.

Since the launch of ChatGPT by OpenAI in November 2022, the idea of implementing artificial intelligence in blockchain has also taken off, with developers aiming to integrate the technology with smart contracts and tokens.

While smart contracts are common in Web3, artificial intelligence is becoming a part of the blockchain industry as several projects roll out A.I. tokens, including Hera, ALI, NMR, and AGIX.

A.I. tokens are cryptocurrencies that aim to use artificial intelligence to improve security, user experience, and scalability.

According to data from market intelligence firm Grand View Research, the burgeoning A.I. industry has been valued at over $136.6 billion in 2022 and is estimated to reach $196 billion in 2023.

Researchers at the Massachusetts Institute of Technology, Alex Pentland, John Werner, and Chris Bishop, see a clear path for A.I. to merge with blockchain technology.

At a macro level, [blockchain and A.I.] can provide a level of transparency, accountability and analytics that never existed before in the digital world, the authors assert.

We have the ability to bring a new level of trustworthiness to the global economic system as well as society writ large. As a consequence, blockchain and A.I. are becoming the next supercycle and are the core of a really major societal transformation.

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Andreessen Horowitz Invest in Chatbot Startup Character AI - Decrypt

The enterprise Web3 smart-document platform's new hire will leverage their product-market skills, business acumen, and deep-tech expertise to support major growth initiatives in ShelterZoom's product offerings

NEW YORK, NY / ACCESSWIRE / March 23, 2023 / ShelterZoom, a leading blockchain-based, smart-document SaaS provider, hires Dani Leca as VP of Engineering & Product. Leca will help the company develop new products and features and penetrate new markets, enabling organizations from all industries to benefit from additional layers of privacy, security, and control in their external communication.

While working for Microsoft, Leca led the opening of two Azure business units in Europe. In 2022, he was awarded Microsoft's Global Customer Service and Support Team Impact Award. Known for his strategic thinking, Leca has a proven track record of building and leading high-performing engineering teams. With a passion for providing value to customers, a deep understanding of product-market fits, and experience in scaling products, he will play a prominent role in expanding ShelterZoom's product offerings. Prior to his stint with Microsoft, Leca worked for Honeywell, Deutsche Telekom and successfully scaled several startups.

ShelterZoom's smart-document platform offers a suite of blockchain-based products geared towards empowering organizations across virtually all industries to operate in a more secure, efficient, affordable, and eco-friendly manner. Through its SSOT technology, ShelterZoom has built an end-to-end suite of solutions to facilitate secure transaction management and the first email extension (DocumentGPS) capable of tokenizing attachments, giving senders the ability to revoke download and share permissions.

Last year ShelterZoom expanded into the E.U. with the opening of its Lisbon office to help better serve its growing business on the continent. In November of last year, ShelterZoom kicked off a partnership with the Policlinico Modelo de Cipolletti, a leading Argentine hospital, to integrate its Document GPS and DocuWalk solutions into the Policlinico's system to offer patients complete ownership and control over their medical records, demonstrating the benefit of ShelterZoom's platform within the healthcare industry.

"The addition of such well-regarded talent signals a major turning point in ShelterZoom's story," says Chao Cheng-Shorland, CEO and Co-Founder of ShelterZoom. "Dani is a well-respected industry leader who brings a ton of talent to the table. He is a whiz when it comes to product-market fit and understands how to communicate a product's value to potential customers."

About ShelterZoom:

ShelterZoom is a leading provider of enterprise-level blockchain-based smart documents, smart contracts, and blockchain API integration services. The blockchain-based SaaS company was founded in 2017, serving large enterprises, government agencies, law firms, non-profits, the publishing industry, academic institutions, real estate, and small businesses with fully supported blockchain smart document applications and document tokenization.

For more information, visit:https://shelterzoom.com/

ContactAri KarpPR@shelterzoom.com

SOURCE: ShelterZoom Corp.

View source version on accesswire.com: https://www.accesswire.com/745459/ShelterZoom-Onboards-Ex-Microsoft-Engineer-to-its-Executive-Team

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ShelterZoom Onboards Ex-Microsoft Engineer to its Executive Team - Yahoo Finance

As Circles $USDC has lost ground, Tether-issued $USDT is now the dominant stablecoin on both Ethereum and Polygon.

Regulatory FUD from U.S. authorities has helped to catalyze a regime change in the world of cryptocurrency stablecoins, as $USDC has lost its dominant position to $USDT on both the Ethereum and Polygon blockchains.

The March 11 collapse of Silicon Valley Bank certainly shook crypto holders faith in the stability of $USDC (at least in the very short term), as it was disclosed that $USDC issuer Circle had more than $3 billion in reserves stored at the failed financial institution. $USDC suffered a major but brief de-peg, and it regained its $1 value a few days later, when Circle executives were able to reassure investors that the SVB collapse did not impact its ability to maintain the 1:1 backing for the stablecoin.

The apparent irony is that U.S. regulators statements and actions against stablecoins (notably $BUSD) have incentivized crypto holders to abandon stablecoins from U.S.-regulated issues (such as Paxos and Circle) in favor of issuers like Tether who are not subject to U.S. regulations.

According to DefiLlama, $USDC lost its dominant position on Ethereum to $USDT on March 18, a week after the SVB debacle. $USDc had accounted for the plurality of stablecoins on Ethereum since the beginning of 2022. However, $USDT rose to the top spot as it benefitted from investors switching out of $USD and, since December 2022, $BUSD.

The narrative on Polygon is different but has the same result: $USDT has surpassed $USDC as the dominant stablecoin on the Ethereum sidechain.

The wrinkles in the story, however, are that $BUSDs market share on Polygon was never significant; $USDC had always been the dominant stablecoin on Polygon; and $USDTs ascent came at the expense of $USDC and $DAI.

Perhaps most importantly, $USDT surpassed $USDC on Polygon on March 2, according to DefiLlama, more than a week before SVBs failure accelerated the abandonment of $USDC.

Overall, $USDT has strengthened its grip on the entire USD stablecoin marketplace, increasing its share of stablecoin holdings on all blockchains from less than 50% to nearly 60% since the beginning of the year.

The Tether-issued stablecoin accounts for almost all stablecoin holdings on Tron and is rapidly gaining even more ground on BNB Chain as $BUSD is being phased out.

One area where $USDC has maintained its edge over $USDT is on the fast-growing Arbitrum blockchain, where $USDC has 63% of the stablecoin market.

Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).

Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |

Polygon is a sidechain scaling solution that runs alongside the Ethereum blockchain allowing for speedy transactions and low fees. MATIC is the networks native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.

Website | Twitter | GitHub | Reddit | YouTube

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Circle FUD Fallout: Tether's USDT Surpasses USDC on Ethereum ... - BSC NEWS

What are NFT domains?

NFT domains are blockchain-based NFTs powered by smart contracts that use utility-driven domain technology to replace complex blockchain addresses with human-readable names, resulting in a more human-friendly decentralized space.

But are you aware of its legal implications on ownership?

The owner of the Quik.com NFT domain is the sole owner, director, controller, administrator, dictator, etc., of the digital property. No third party, not even Quik.com, can interfere with its operations or censor or remove the content it poses.

NFT domains are new web extensions created for the emerging blockchain-based decentralized technology employed in Web3, the next generation of Web 2.0.

It comprises dynamic web extensions towards its founding and leading technologies, such as dot-web3, dot-metaverse, dot-vr, and dot-btc, exhibiting and connecting each growing technology inside the decentralized ecosystem.

Quik.com NFT domains are connected to the blockchain via smart contracts. Their underlying NFT technology, enabled by smart contracts, makes each name unique and prevents replication.

Every transaction and minting of the Quik.com NFT domain is publicly listed on a blockchain and viewable to anyone, creating a transparent ecosystem.

Since it is built on a blockchain, if it is hijacked, vanished, or decrypted, the entire list of NFT domains associated with the blockchain and other associated technologies would vanish.

But don't worry, you're not the only one drowning, so it's all right (kidding).

This is not an easy task, and it is even impossible for the government to execute (hush). As a result, the entire decentralized space, which is the cornerstone of Quik.com NFT domains, is the most secure technology.

Moving back to the subject of the hour: Domain!

Domains are controlled by the domain registrar, who submits and registers domains for users. It decides if this individual will now handle the reservation of this domain name along with an IP address for the domain name.

When you register these domains, you proceed to checkout, and it displays a picture in which customers believe they are purchasing the domain name but are renting it.

Imagine purchasing a home only to discover that it is controlled and owned by the contractor; you just rented it, and the maintenance price was the subscription fee.

This is somewhat what has transpired here over the years. Because you just rented the domain name from these service providers that obtained complete possession of the domain, you were being framed for having control of the domain.

Moreover, the rent is also determined by the length of time you are willing to pay for the domain, which means that those who want to keep a domain name forever must also pay the renewal fees.

Suppose you wish to host a website and pay the rent, agree to our regulations, follow our instructions, and even follow these extraordinary terms. In that case, you are not getting ownership, infringement of rights, or even content or data control.

Furthermore, these domain registrars have the authority and capability to monitor websites and retain any content deemed unsuitable or restricted without even concerning your permission.

Isn't it frustrating? This is the primary reason for the need for Quik.com NFT domains and why many users shifted dramatically and immediately from a traditional administrational strategy to a more digital, decentralized approach, Quik.com NFT domains.

Now that we've covered the basics let's move on to the main topic of the hour and figure out exactly what "ownership" we obtain with Quik.com NFT domains.

The NFT domain of Quik.com can be owned by either an external address retrieved via a private key or an internal address retrieved via a smart contract. This means a multi-signature wallet manages NFT domain administration and can be distributed among administrators.

Quik.com NFT domains are based on QNS, or the Quik Name Service, a dedicated API on the Ethereum and BNB chains that manage the minting and integrations of NFT domains. It performs a similar function as DNS. However, QNS has an architectural distinction that dramatically modifies the concept.

Quik.com NFT domains are owned forever, and once minted and transmitted to the user's wallet, they cannot be reversed or retrieved. It is also not subject to renewal and cannot be retrieved by Quik.com.

Every Quik.com NFT domain is issued as an ERC-721, ERC-1155, and BEP-721, BEP-1155 token, allowing developers to incorporate and enhance the technology's utility and domain owners' utility to control their domain ownership from any compatible wallet, exchange, or marketplace.

NFT domains are one-time purchases with no renewal fees or subscription model. Moreover, you get a 5-10% royalty on every subsequent name sale and total ownership, control, and management rights.

Since they are stored and linked to crypto wallets, another safety mechanism, they can be bought, sold, swapped, and transferred like cryptocurrencies without extensive documentation.

NFT domains are not stored on a server and are not compelled by the implications of ICANN. The Internet Corporation for Assigned Names and Numbers (ICANN) is the governing organization in charge of domain ownership on traditional domains.

NFT domains are not subject to ICANN since they are built on blockchain technology, a block-to-peer network. The entire concept of blockchain, cryptocurrency, and decentralized technology is a realm that does not authorize centralized control.

NFT domains are held in a public blockchain registry, creating a transparent environment that anybody can verify to see who owns the domain. Blockchain technology can alter how we interact with the Internet.

This showcases the Quik.cdomain'somain's security. Since the holder gains ownership and permission rights to change the domain name, the possibility of servers being hacked and domain names being stolen is reduced.

Since NFT domains return the power "to the "PEOPLE" who own and govern the domain, huge organizations and controlling entities cannot influence how we post, host, and ghost. This allows people to promote themselves in whatever way they see fit.

As the popularity of cryptocurrencies, NFTs, and blockchain technology rises steadily and effectively, mainstream acceptance is unlikely to happen overnight because we are in a technologically advanced period, not the 1990s.

Realize the chasm that it took nearly two decades for us to achieve such a feat following the dot-com boom. Despite this, NFT domains correlate with modern free speech trends, which may one day result in the existing domain market being replaced completely due to its autonomous legal implications on ownership.

However, only time will tell how much NFT domains will improve, as the notion is still evolving and hasn't landed on a universal definition. So, given that you know how it breakthroughs traditional areas on all levels, why wait to regret it?

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Navigating the legal implications of NFT domain ownership - Coinnounce

If you know Web3, you know OpenSea. Since its launch at the end of 2017, the NFT marketplace has largely been the poster child for the world of Ethereum and crypto art, and its got the numbers to prove it.

OpenSeas total historical trading volume sits comfortably at just shy of $41 billion, according to Dune analytics. To put that in perspective, KnownOrigin, one of OpenSeas competitors that launched around the same time, has a total trading volume of just over $30 million.

Having dominated the market for almost six years, OpenSea has been as influential to the NFT ecosystem as any project, artist, or builder. However, this outsize impact hasnt always been for the better, as the company has increasingly begun to clash with NFT community members over some pretty significant issues related to Web3.

The last six months, in particular, have presented the marketplace with several challenges with which its still grappling, as well as the first real contender with a shot at replacing it as NFT marketplace ruler. With that in mind, heres a look at everything you need to know about OpenSea.

OpenSea is one of the most well-known, peer-to-peer NFT marketplaces in existence. Users can buy, sell, trade, and create NFTs on the platform in various categories ranging from photography and PFPs to gaming, membership tokens, and fine art projects.

OpenSea is the all-around hitter of NFT marketplaces. Its easy to navigate and provides a limited but versatile suite of analytics tools and sorting options for users looking to dig a little deeper into collection histories or NFT trait rarities. Rather than honing in on a particular niche of Web3 users, the platform is a solid one-stop shop for a broad range of Web3 enthusiasts, including newcomers, experienced traders, and low-volume retail NFT buyers.

Its difficult to overstate the magnitude of OpenSeas rise over the last few years. Having been founded in 2017 by software engineer and entrepreneur Devin Finzer and programmer Alex Atallah, the marketplace hit a $1.5 billion valuation by the summer of 2021. By January 2022, that number surged to $13.3 billion after the company raised $300 million in a Series C funding round.

While NFTs had been around in some form or another since 2011, they had yet to hit an inflection point and gain significant traction in the publics eye, even in 2017. In creating OpenSea, Finzer and Atallah had identified a need to build a platform that could function as a focal point for the then largely disparate communities of Web3 enthusiasts.

At first, Devin and Alex set out to create a marketplace to unite siloed communities during the early days of NFTs, said an OpenSea spokesperson while speaking to nft now on the companys origins. While embracing a range of potential outcomes, the upside was always there: becoming a destination where people could interact with NFTs, and thus explore a brand new economy on the internet.

That economy has grown substantially since the platforms late-2017 launch, even considering Web3s most recent crypto winter. As of September 2022, trading volume in the Ethereum NFT sphere hit 8.22 million ETH ($11.5 billion). Furthermore, a recent report by research and consulting firm Verified Market Research predicted the market cap for the NFT industry could reach $231 billion by 2030.

OpenSea has played a crucial role in helping that market mature. From May 2021 to November 2022, the platform was responsible for the majority of trading volume in the NFT space.

OpenSea rolls out new features and tools on the platform with some regularity, all aimed at increasing trust in the platform, user safety, and improving infrastructure for the larger ecosystem.

One of the platforms recent and significant updates came in June 2022 with the introduction of Seaport, a Web3 marketplace protocol that enables users to more safely and efficiently buy and sell NFTs. Before Seaport, OpenSea used Wyvern, a less-efficient protocol created by a third party. In comparison, Seaport cuts down on redundant transfers and, according to a company blog post on the development, reduces gas fees for users by 35 percent. Seaport is open source; OpenSea doesnt control or operate it, and the company has encouraged smart contract developers to improve the protocol with them.

The marketplace has introduced several features in the last year, including a copymint detection system, a way to hide suspicious NFT transfers to users wallets, and an ability for creators to launch collections with dedicated drop pages directly on OpenSea called Drops. But not all of its product launches have been well-received.

Throughout the years, OpenSea has launched or made changes to products and services it offers that connect to Web3s most pressing issues and not always gracefully. The platform has frequently clashed with artists and creators, who castigate the marketplace for what they perceive to be offenses to the health of the NFT community and the individuals that form its bedrock.

The critiques can be difficult to weigh fairly. Due to its stature and long history in the space, OpenSea makes for an easy target, whether or not its detractors arguments are legitimate. Regardless, like every marketplace in the ecosystem, the company has had its share of difficulties and shortcomings over the years. The platform has struggled with developing a fair and effective stolen items policy, has a history of site functionality issues during times of high traffic and following periods of intense growth, and has taken a rather centralized approach to implementing rules relating to its user base.

But the highest-profile issue that the Web3 community takes with OpenSea is its inconsistent stance on creator royalties. Royalties (also known as creator fees) enable artists to be compensated for a work well beyond its primary sale, giving them a cut of the profits every time their NFT changes hands. Royalties have helped artists and builders in Web3 create a rich, varied, and thriving art ecosystem and play a major role in its sustainability, providing a crucial income source for the funding of future projects.

Until the recent development of on-chain enforcement tools, royalties werent originally enforceable on a technical level. Even so, some collections on OpenSea werent created on upgradable smart contracts, preventing them from being able to use the newly developed tools. For collections built on upgradable contracts, however, its up to the marketplaces facilitating the buying and selling of their NFTs to implement and enforce those royalties payments through these new tools.

Until recently, OpenSea had done a great deal to support artists in this way. As of October 2022, the marketplace was the platform that had paid out the most creator royalties by a significant margin. And in November of the same year, the marketplace announced that it would introduce a tool for new collections to enforce royalties on its platform.

The announcement marked OpenSeas first crack at an on-chain solution for royalties enforcement. And while this was hailed as a positive, creator-friendly move, users were unsettled by the fact that such royalty enforcement wasnt going to apply to existing collections on OpenSea the very collections that helped establish the platform as a leading Web3 force.

After severe backlash from nearly every prominent NFT artist and project head in the space, OpenSea announced it would continue to enforce creator fees on legacy collections, a move that many at the time saw as both a win for creators and an event that catalyzed a kind of unionization movement in Web3.

In February 2023, however, OpenSea altered its position on royalties once again. In a Twitter thread, the company announced that it would be moving collections that dont use on-chain enforcement tools (the vast majority of collections on its platform) to optional royalties. And once again, many artists in the community took umbrage with this.

OpenSea has cited a sea change in marketplace dynamics as the main reason for its move to optional royalties on its platform, and theres some credibility in that claim. Collectors in Web3 simply dont want to pay royalties if they can avoid it, and marketplaces have to listen to the collectors that make up their target audience. This trend isnt theoretical marketplaces are increasingly abandoning royalties enforcement, and zero-royalty platforms like Blur have begun siphoning off massive amounts of trading volume from OpenSea, usurping the companys previously-held majority market share.

The rise of Blur is one of the most significant developments in NFT marketplace history and has everything to do with what OpenSea is trying to achieve with its royalties moves in recent months. Blurs strategy of appealing to a small but robust demographic of pro traders by rewarding its users with free airdrops of its own token has proven widely effective in its current goal of optimizing for market share. Since November 2022, Blur has either sat neck-and-neck with OpenSea or completely outpaced it in terms of trading volume (although OpenSea still retains the higher count of active users).

However, OpenSea may bear some responsibility for partially catalyzing the market shift it is now lamenting. The royalty policy it recently canned had forced creators to choose between earning full royalties on either OpenSea or Blur, setting royalties to optional upon detection of a collections trading on royalty-optional platforms. Ironically, it was OpenSeas own Seaport that enabled Blur to sidestep this very policy, drawing even more users to Blurs shores. Regardless, the move put creators and collectors in an uncomfortable position.

OpenSeas attempts to uphold royalties as long as it did are worth appreciating, and the platform isnt the artist-hating behemoth that some make it out to be. But as it and others vie for dominance in the NFT ecosystem, creators are caught in the middle in what many see as a race to the bottom of one of Web3s founding principles: empowering and properly compensating artists for their work.

Ultimately, as some have argued, it may be the case that Web3 platforms are simply more concerned with gaining market share, as success in this goal allows them to secure more financing through venture rounds. Either way, the current market dynamic sits poorly with the community of artists that generates the wealth the NFT ecosystem swims in and who sincerely believe in the ability of Web3 tech to foster a more equitable future for creatives.

Several of the problems OpenSea gets criticized for have no easy solutions. The platforms stolen item policy, which has previously led to the inadvertent punishment of users who unknowingly purchased a stolen NFT on the marketplace, is one example of this. Its worth noting that OpenSea listened to community feedback and consequently updated its policy to better disincentivize theft and improve the accuracy of stolen item reports. Its also implemented malicious URL detection and removal and a system that aims to prevent the reselling of stolen items.

While there is an argument that OpenSea can and should have done more to develop as fair and effective a policy as possible for stolen items earlier than it did, its also not a stretch to say that dealing with security in a decentralized world remains an inexact science, especially when an organization is trying to ensure legal compliance in the U.S.

The platforms March 2022 hiccup in how it approached U.S. sanctions law requirements likewise falls under this category. Balancing a largely anonymous and international user base with potentially ruinous legal repercussions is difficult.

All of these issues live under the banner of one of Web3s founding tenets: decentralization, the idea that broad authority to make changes affecting a community should be dispersed throughout that community rather than vested in a single individual or organization. Massive NFT platforms like Opensea are in an unenviable position here. Calls for a truly decentralized marketplace will be familiar to anyone who has been in the NFT space for more than a few weeks. Those calls, however well-intentioned, tend to be ill-thought-out.

OpenSea believes that the centralization debate is a crucial and compelling one that, like every controversial issue in the space, evolves over time and requires an approach that can be adjusted if necessary. And while its easy to argue that OpenSea is a centralized entity, its also worth noting that most Web3 entities are.

Centralization is a spectrum. Nifty Gateway, for example, is a custodial platform that stores its users NFTs in a wallet from which they need to be withdrawn to be traded on other platforms. And even the founders of SuperRare have recognized that decentralization is a work in progress and that decentralization by centralized means may be one of the best ways of fullying realizing the promise of this particular tenet of Web3.

OpenSea believes that coordinated action on some authoritative level is sometimes necessary to keep things running smoothly and its users safe in an environment full of risks and unknowns. Web3 is a volatile landscape that shifts by the hour. Expecting any one individual to keep up and respond perfectly to it is unreasonable; having the same expectations of an unwieldy, multi-billion-dollar organization is unreasonable.

None of which is to say that OpenSea cant do a better job on the things the NFT community often rebukes it for; it must if it wants to maintain its spot as a top Web3 marketplace. It owes creators not just collectors innovation that they can use and that upholds their rights as Web3 citizens. Likewise, it can do more to clearly communicate sudden changes in policy to its users and implement decisions in a more transparent and precise way.

We believe that eventually, the physical economy will shift in this direction, and its possible that one day, nearly everything we own will be owned and transferrable on the blockchain in the form of an NFT, CEO Devin Finzer underscored of the companys approach to the evolution of Web3 in a November 2022 blog post. We have conviction that this technology will eventually power the biggest markets on the planet and fundamentally transform society. Thats the vision were rallying around at OpenSea.

All of which sounds rhetorically on the money. But rhetoric is easy; how the marketplace decides to execute that vision fairly while facing rapidly shifting market dynamics, increasing competitive pressure, and a movement of creators coalescing around the royalties issue remains to be seen.

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OpenSea: The Ultimate Guide to Its Tools, Features, and ... - nft now

NFT domains are unique domain names that are stored on a blockchain as non-fungible tokens (NFTs). In this article, we will explore what NFT domains are, how they work, and how to create one.

NFT domains are a new type of domain name that is stored on a blockchain, just like other NFTs. They are unique domain names that are created and managed using smart contracts on a blockchain. The smart contract ensures that the domain owner has complete control over the domain and can transfer ownership or sell it just like any other NFT.

Unlike traditional domain names, NFT domains are unique and cannot be replicated. They are stored on a blockchain, which makes them immutable and resistant to hacking or cyber-attacks. Also, the ownership of the domain is tied to the owners blockchain wallet, which ensures that the owner has complete control over the domain.

Creating an NFT domain is a straightforward process. However, it requires some knowledge of blockchain technology and a basic understanding of smart contracts. Here are the steps involved in creating an NFT domain:

The first step in creating an NFT domain is to choose a unique domain name. The domain name should be something that is easy to remember, easy to spell, and relevant to your business or brand.

Now that you have a domain name, the next step is to get a smart contract. The smart contract will define the rules for the domain, such as the ownership, transferability, and pricing. You can use a smart contract platform like Ethereum to create your smart contract.

Once the smart contract is created, the next step is to mint the NFT domain. This involves creating the NFT token and linking it to the smart contract. You can use a blockchain platform like OpenSea or Rarible to mint your NFT domain.

Once the NFT domain is minted, the final step is to list it for sale. You can list your NFT domain on a marketplace like OpenSea or Rarible and set the price. Once someone purchases your NFT domain, the ownership will be transferred to their blockchain wallet.

NFT domains offer several benefits over traditional domain names. Here are some of the key benefits of NFT domains:

NFT domains are unique and cannot be replicated, making them more valuable and secure than traditional domain names.

NFT domains are owned and controlled by the owners blockchain wallet, which ensures complete control and ownership over the domain.

NFT domains can be transferred or sold just like any other NFT, making them a valuable asset for investors and businesses.

NFT domains can be a lucrative investment opportunity for individuals and businesses looking to invest in the blockchain industry.

Conclusion

NFT domains are a new innovation in the world of blockchain technology and offer several benefits over traditional domain names. Creating an NFT domain requires some knowledge of blockchain technology and a basic understanding of smart contracts. However, with the right tools and platforms, anyone can create an NFT domain and own a valuable asset. As the world of blockchain technology continues to evolve, its becoming clear that NFT domains are the way of the future. By creating an NFT domain, you can secure a unique and valuable digital asset that is resistant to hacking and cyber-attacks.

However, its important to note that creating an NFT domain requires a basic understanding of blockchain technology and smart contracts.

In addition, its important to keep in mind that while NFT domains offer several benefits over traditional domain names, they are still a relatively new and untested concept. As with any investment opportunity, its essential to do your due diligence and carefully consider the risks and potential rewards before investing in an NFT domain.

Overall, NFT domains represent an exciting new development in the world of blockchain technology and offer a unique opportunity for businesses and investors looking to stay ahead of the curve. With the right tools and knowledge, anyone can create an NFT domain and own a valuable and unique digital asset.

An NFT domain is a unique digital asset that is created on a blockchain network using smart contracts. It represents a unique and secure domain name that cannot be duplicated or hacked.

Unlike traditional domain names, which can be purchased and registered through a domain registrar, NFT domains are created using smart contracts on a blockchain network. They are also unique digital assets that can be bought and sold like any other cryptocurrency.

Yes, you can use an NFT domain to host a website just like a traditional domain name. However, it's important to note that the process may be slightly different, and you may need to work with a web developer who is familiar with smart contracts.

The cost of creating an NFT domain can vary depending on a number of factors, including the blockchain network you use and the complexity of the smart contract. However, you can expect to pay a fee to create and register your NFT domain.

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.NFT Domain Explained: What is an NFT Domain? - NFTgators