The network effect is a phenomenon where the value of a product or service increases as more people use it. As the user base grows, there are more opportunities for interactions, which can lead to increased benefits and positive outcomes for each user. The network effect is a powerful driver of growth and adoption for many technologies and platforms, including social media, messaging apps and marketplaces. The network effect and cryptocurrencies The network effect is also a central concept in the world of cryptocurrency. In general, it means that a cryptocurrency’s value rises as more people use it. This is …

Communications protocol Helium Network has defined March 27 as the date for its migration to the Solana blockchain and deployment of Oracles, seeking to improve scalability and reliability. According to a blog post on Feb. 17, a 24-hour transition period will take place on March 27, during which the current Helium blockchain will be halted. Proof-of-Coverage and data transfer activities will remain unaffected. A working group of community volunteers is being formed to oversee the migration process. Helium's team stated: "This upgrade will encompass all wallets, Hotspots, and Helium Network state, and will take place over a 24-hour transition period …

Nonfungible tokens (NFTs) offer a new way to sell and distribute digital art, and they have the potential to unlock new revenue streams for artists in the digital age. Here are five ways to monetize your digital art with NFTs. Fractionalized ownership This involves splitting the ownership of an artwork into smaller parts and selling them as tokens, allowing multiple investors to own a stake in the artwork. For example, an artist can create 100 tokens for a piece of art and sell them to 100 different buyers, each of whom owns a share of the artwork. Related: How do …

The first critique of centralized authority was introduced by Pierre-Joseph Proudhon in 1848, a few years after publishing his now-classic book What is Property?, calling for the abolition of property and the state. As per Proudhon's view, without economic change, any political change would be limited. His work is at the heart of anarchism, "a political theory that is skeptical of the justification of authority and power," according to the Stanford Encyclopedia of Philosophy. Almost two centuries later, Proudhon's thoughts about economics and power still echo in society, with encryption tools paving the way for parts of the ideal society …

The Federal Reserve Bank of San Francisco (San Francisco Fed) is on the lookout for a software engineer who can help develop and implement example systems related to a central bank digital currency (CBDC). On Feb. 18, SF Fed posted a job opening for a “senior application developer - digital currency.” The candidate is expected to aid the Federal Reserve in designing and implementing systems critical to CBDC research. Revealing its intention, SF Fed’s post read: “Given the dollar’s important role, Federal Reserve System seeks to further understand the cost and benefits of the potential technologies for central bank digital …

Bitcoin (BTC) NFTs will have a positive impact on Bitcoin ecosystem by improving its security and incentivizing developers to build on the network, according to independent developer Udi Wertheimer. The number of newly created Ordinals, also referred to as "inscriptions", have been spiking in recent weeks, causing a surge in transaction fees and average block size on the Bitcoin blockchain. According to Wertheimer, Bitcoin NFTs are going to be beneficial for Bitcoin's security budget: by driving up transaction fees, the creation of Ordinals will incentivize miners to secure the network while the revenue from mining reward will be decreasing with …

Mining refers to the process of verifying and adding new transactions to a blockchain network, such as in the case of Bitcoin (BTC) or other cryptocurrencies. The economics of mining refers to the economic incentives and costs associated with the mining process, as well as its impact on the broader economy. The economics of crypto mining are driven by a variety of factors, including cryptocurrency prices, mining difficulty, hardware costs, energy expenses, block rewards and transaction fees. This article will explain economics of mining, including costs, revenues and market trends. Cryptocurrency mining costs The costs associated with cryptocurrency mining can …

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem. Cybercriminals used various methods to siphon funds through hacks and exploits in 2022, amounting to over $2.8 billion in losses. The second week of February saw the Platypus protocol exploited, leading to losses of $8.5 million. In another exploit-related update, the hacker behind Mango Markets wants to keep disputed funds paid as a …

In the latest Crypto Stories episode by Cointelegraph, Aaron and Austin Arnold share their journey of creating 'Altcoin Daily,' a crypto content platform that has amassed millions of subscribers across various platforms. Earlier in life, Aaron spent his childhood dreaming of becoming a veterinarian, and then an actor, and then a filmmaker. Dreams of breaking into the filmmaking industry led the brothers to Los Angeles, where they struggled to get into entertainment. While struggling, Aaron spent many sleepless nights contemplating purpose and how he could help make a difference in other people's lives. One day, while going to a comedy …

What is the next upgrade for Ethereum? The Shanghai upgrade is a stepping stone toward making the Ethereum blockchain more scalable. Features like sharding, zero-knowledge (ZK)-SNARKs and more, decorate the Ethereum roadmap. The EIPs included in the Shanghai upgrade will be a good step toward achieving sharding later in 2023. Sharding is extremely important to improve higher transaction throughputs as the chain will be able to perform “parallel processing.” Sharding is expected to be achieved in two stages in 2023 and 2024. The first stage brings better data availability to the Ethereum blockchain. Combining that with the rollup feature that …

Learning from the greatest investors of all time can provide valuable insights into successful investment strategies and philosophies. Their success stories and experiences can inspire and guide new investors. Studying their methods can help individuals develop their own investment approach and improve their chances of achieving success in the financial world. Here are the top 11 investors of all time. Learn about the investment strategies and philosophies that have made these individuals some of the most successful investors in history. Warren Buffett Warren Buffett, chairman and CEO of Berkshire Hathaway, is known as the “Oracle of Omaha,” has a net …

On this week’s episode of NFT Steez, co-hosts Alyssa Expósito and Ray Salmond continue their chat with Justin and J.P. Alanis, the co-founders of StoryCo — an open media platform — on the prospect of a community of creators franchising intellectual property (IP) through collaboration and soulbound tokens. Speaking on his experience with musician Tyler the Creator, J.P. Alanis said that content creation is not limited to one particular creator, but should be open to all types, including fans. However, despite the symbiotic nature between fans and creators, there are still barriers to incentivizing the creators and navigating the bureaucratic …