The crypto world is going through a transformative chapter that is bound to revolutionize how the internet works and how online communities interact, and social tokens are at the heart of the latest inflective developments. Their rise comes at a time when transactional frameworks, such as Web3, are gaining popularity, especially among crypto enthusiasts. Social tokens support the democratization of social networks by enabling brands, influencers and businesses to create and monetize their own online communities using blockchain technology. Daniel Nagy, vice president of Swarm — a decentralized data storage and dispensation firm — spoke to Cointelegraph regarding the new …
Social media platform Reddit announced it would be using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points system. In a Thursday announcement, Reddit administrator jarins said the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points. Reddit said it had deployed the layer-2 solution on top of the Rinkeby testnet before it plans to migrate to the Ethereum mainnet. The platform cited Arbitrum’s features of being decentralized, being developer-friendly, and having broad ecosystem support in its decision. Arbitrum essentially “rolls up” transactions on a gasless sidechain with a separate set of security and …
Social token platform Rally has completed its first “liquid token sale” on crypto asset issuance platform CoinList, with 40,000 investors snapping up RLY tokens for $0.60 each between April 1 and April 4. The sale saw tokens distributed to investors at a set price despite RLY trading on exchanges since October 2020. Token pricing was determined by a 20-day trailing average from March 11, 2021, to March 30, 2021, minus a 30% markdown to compensate for the RLY being locked up for 12-month a linear release. However, investors had the opportunity to purchase RLY for less than half the price …
In an ironic twist, Rug Pull Finder (RPF), a nonfungible token (NFT) watchdog focused on identifying Web3-based fraud has fallen victim to a smart contract exploit of its own. According to the NFT investigator’s post on Twitter on Sept. 2, two people exploited a technical flaw in the project during the free mint stage — pilfering 450 NFTs out of a possible 1,221 which were intended to be limited to one per wallet. As discussed on our Twitter space's earlier today - We messed up. We messed up big. Our contract had a flaw that allowed 2 people to scoop …
On-chain sleuth ZachXBT has shared his findings on what he sees as the three most common misconceptions about the FTX hack — taking to Twitter to correct a "ton of misinformation" about the event and the possible culprits. In a lengthy Nov. 20 post on Twitter, the self-proclaimed “on-chain sleuth” debunked speculation that Bahamian officials were behind the FTX hack, that exchanges knew the hacker's true identity, and that the culprit is trading memecoins. 1/ I have seen a ton of misinformation being spread on Twitter and in the news about the FTX event so let me debunk the three …