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Solana is known for its efficiency and scalability. It operates as a layer-1 protocol, allowing the processing of thousands of transactions per second while minimizing fees. This feature addresses the challenges that other blockchain protocols face.  In 2022, SOL, Solana’s native currency, had a turbulent year due to external factors. However, it has rebounded, rising by 500%. Currently, over 70% of all circulating SOL are staked. Focus on Solana in 2024 Solana’s commitment to high-throughput, low-latency transactions highlights its significance in 2024.  Its architecture has attracted diverse projects, including decentralized finance (defi) and non-fungible tokens (NFTs). This year, Solana is expected to achieve significant breakthroughs within its ecosystem.  It’s an opportune time to explore some of the top projects on Solana that are redefining decentralized technologies.  The below projects showcase Solana’s versatility and role as a c...

Using Web3 and NFTs to create another slate of millionaires isn’t a good use of the technology, says EndeavourXR CEO Amy Peck. The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands , says Amy Peck, CEO of tech-focused consulting firm EndeavourXR. Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should be build-first oriented and create attractive products to draw newcomers . She added using Web3 and nonfungible tokens (NFTs) as “just another money grab from brands ” to create another slate of multi-millionaires “doesn’t seem like a good look” nor a good use of what is an “elegant technology.” “This is an infinite landscape. The money’s going to be there, right? Let’s build a better bread box. We have the opportunity to do something really interesting and reinvent this economic construct, invite more people to the party, not just create another 1%.” Obtaining an on-chain proof of id...

The Polygon project has launched the fifth version of Polygon ID, a service for identification in the web3 space. The tool allows dapps to verify user data without revealing their personal information. Polygon (MATIC) ID enables identity reuse and interoperability. Once the issuer provides the information to the owner, it can be reused indefinitely as long as it remains valid and is not withdrawn by the issuer, according to the blog statement. Identity data can also be shared with other parties under the W3C VC standard. The fifth version has increased the number and variety of available accounts. The developers added a new network issuer to the update , improvements for the issuer node, and a new credential marketplace. The new functionality simplifies the process and expands the possibilities for generating an account. In early March, Polygon released a web3 identity service called Polygon ID. With its help, users can confirm accounts without using personal information. Such...

UK-based Pimlico has raised $4.2 million in a seed funding round led by a16z crypto , aiming to improve the Ethereum network by introducing versatile smart accounts through ERC-4337. Pimlico, a UK-based web3 infrastructure firm, has successfully secured $4.2 million in seed funding , a substantial boost spearheaded by a16z crypto . The company has its sights set on leveraging this investment to scale its operations. We're excited to announce that Pimlico has raised a $4.2 million seed round led by @a16z crypto to power Ethereum's transition to smart accounts. Read more in our announcement below:https://t.co/XtCcvJYisI pic.twitter.com/13xWDvs59C — pimlico.eth (@pimlicoHQ) November 7, 2023 Pimlico’s core mission is to enhance the Ethereum network’s user-friendliness and functionality by implementing smart accounts through ERC-4337—a protocol for account abstraction. The introduction of smart accounts is Pimlico’s response to the limitations of Eth...

NFTs might never boom at quite the same pitch they once did. With his first solo show in 25 years, Kenny Schachter sought to demonstrate how that’s a good thing. With crypto in a state of turbulent flux, a demographic of nonfungible token (NFT) detractors in the fine art world might feel trigger-happy to, at last, declare the industry down for the count.  Meanwhile, artist, critic, dealer, educator and outspoken NFT proponent Kenny Schachter is celebrating the conclusion of Slow Food — his first New York City art exhibition in 25 years — at The NFT Gallery on Manhattan’s Lower East Side, fresh off the heels of headlining NFT Art Day ZRH in Zurich, Switzerland, coinciding with the iconic annual Art Basel art fair, less than 50 miles away. In June 2022, Schachter had just presented the first-ever NFT booth wall at Art Basel with Galerie Nagle Draxler, expanding the acceptance of NFTs just before profile pictures became the face of their demise. Soon after, Schachter was spotted among th...

The Undeads metaverse introduces a player-driven economy based on collecting and trading NFT items while engaging in traditional catchy survival gameplay. The game industry has taken notice of the growing GameFi sector, which utilizes blockchain technology, and many brands have launched their own unique blockchain games. However, many of these games lack the engaging gameplay mechanics and enjoyment found in successful traditional games. Undeads aims to bring these elements to the forefront with high production values, high entertainment and replayability values not yet seen in the Web3 space. Undeads Metaverse is a AAA survival game that is revolutionizing the world of blockchain gaming . The team of over 70 developers is using Play-to-earn mechanics, a well-designed game economy and high production values to usher in a new era of Web3 gaming . The team has also partnered with high-end production companies like Warner Brothers and world-renowned sound and design company Wabi Sabi Sou...

The majority of the funds stolen were from a single wallet which had $751,321.80 USDC drained from the malicious link. Azuki, a popular nonfungible token (NFT) project, had its Twitter account compromised on Jan. 27 leading to hackers stealing over $750,000 worth of USD Coin (USDC) by posting a malicious “wallet drainer link” posed as a virtual land mint. Hackers stole $751,321.80 USDC from a single wallet within half an hour of the malicious links being tweeted, according to Etherscan data provided to Cointelegraph by crypto wallet security firm Wallet Guard. The data also revealed that Hackers stole a further $6,752.62 worth of USDC from various wallets holding 11 NFTs and over 3.9 Ether (ETH). Wallet Guard stated that the total amount stolen was $758,074.42. Emily Rose, community manager for the anime-inspired NFT project confirmed via Twitter on Jan. 27 that the Azuki account was hacked, warning users not to click any links from Azuki’s Twitter account . AZUKI OFFICIAL TWITTER AC...

AI is a powerful tool that developers in the cryptocurrency and blockchain industry can use. Here is how ChatGPT can be of help. Blockchain technology has revolutionized the way we think about data storage and transactions, but it can also be a complex field for developers to navigate. One tool that can help simplify the process is ChatGPT, a large language model created by OpenAI. A language model is a type of artificial intelligence model that is trained on a large corpus of text to generate or predict text. It can be used to generate new text, such as in machine translation, or to predict the likelihood of a sequence of words. It uses natural language processing and machine learning techniques to learn the structure and patterns of the language. Here are 10 ways Blockchain developers can use ChatGPT to improve their work: Smart contract development ChatGPT can be used to generate smart contract code by inputting the desired parameters and conditions, saving developers time and red...

The remaining workforce is also expected to take 20% pay cuts, the project's founder said. Octopus Network, a decentralized app chain network natively built on NEAR Protocol, has announced that it will be “refactoring” to adapt to current market conditions.  As part of its refactoring process, Octopus network will let go of roughly 40% of its team, which accounts for 12 out of 30 members. The remaining staff will also be subjected to a 20% salary cut, while its team token incentive will be suspended indefinitely. According to Louis Liu, the founder of the Octopus Network, although he has lived through previous crypto winter s, “this winter is very different from the others.” Liu said he anticipates that this current “ crypto winter will last at least another year, perhaps much longer,” adding that “most Web3 startups will not survive.” To survive the crypto winter , the founder also shared that in addition to layoffs and pay cuts, the network will have to undergo a strategy...