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Solana Labs Is Making a Phone, and It’s Going to Revolutionize Web3




  • Solana Labs just announced it’s building a web3 native cellphone. 
  • Solana founder Anatoly Yakovenko says the phone is the first step to creating a better mobile web3. 
  • 5 crypto vets share their thoughts on how the phone could impact solana’s price & the crypto market.

Solana has gone where no crypto has ever gone before, and created a cellphone

This bold step has sent shockwaves throughout the crypto industry, with many wondering if Solana Labs — the company behind the solana cryptocurrency — actually plans to compete with tech behemoths like Samsung and Apple. 

Insider spoke with several crypto experts, ranging from the founder of solana to skeptical crypto analysts, who shared their thoughts on the solana phone and what it means for the future of cryptocurrency.

Solana’s phone gamble

Up until now, crypto innovation has largely been limited to software.

While there have been some physical innovations — like more energy efficient mining and better hard wallets to protect your crypto — most crypto projects are focused on building out different ways to utilize the blockchain, as in the case of DeFi or NFTs.

While the new phone, which is called the Saga, will run on the Android platform when it’s released in early 2023, it’s the Solana Mobile Stack (SMS) that really brings a web3 experience to the mobile phone market. 

The SMS is an Android-based developer’s tool kit for building web3 apps and software that comes complete with a decentralized app store — positioning itself as an open-source alternative to Apple’s App Store and the Google Play Store.

Solana founder Anatoly Yakovenko shared his thoughts on what he wants to see from the Solana Mobile Stack.

“The real thing that we really want to unlock is the ability for developers to build these next generation, really tightly integrated applications that are delightful for users to use in web3,” Yakovenko said.

He continued: “The wallet can be tighter, and integrated into things like tap-to-pay. Having a web3 app store is necessary because the way that true digitally owned items work is very different from how you buy a movie on Amazon.” 

In other words, when you purchase a copy of a movie on your phone, you don’t suddenly own the licensing rights to that movie — you’re just getting a digital copy of the film. Whereas when you buy a Bored Ape NFT, full ownership and licensing of that NFT is transferred from seller to buyer during the sale.

Right now digital ownership on mobile phones is broadly limited to purchasing in-app goods from the Apple App Store or Google Play Store, both of which take a huge chunk of sales from publishers in the form of fees, and both of which retain complete control over the apps on their platforms.

But a web3-first system like the SMS could shift the narrative away from walled gardens owned by Apple and Google and towards the sort of self-custody that crypto enthusiasts love.

Reasons to be bullish about solana cell phone

As real world use cases for NFTs continue to grow, a solana phone could be seminal for solana’s adoption across the crypto ecosystem.

“We’re particularly excited about the solana phone’s launch because of its potential to further integrate NFTs into our everyday lives in both digital and in-real life spaces,” Magic Eden founder Jack Lu told Insider.  

He continued: “The more NFTs become integrated, the more expansive their use cases will become — which will bolster the broader growth of the NFT ecosystem.”

Right now, NFTs are limited to primarily profile pictures; however, NFT believers think that its use cases could expand much further. For example, real estate or music ownership could be transferred as NFTs.

Caseem Ward, an advisor to crypto media company Light Node, expressed optimism about both the phone’s future and the impact it would have on the price of the solana cryptocurrency. 

“Solana Mobile Stack has a chance to become the iOS or android of web3,” Ward said. “Most of the world is using mobile devices — integrating native web3 will make the experience seamless, expediting our arrival to widespread mass adoption. Solana’s commitment to build full steam ahead in this market downturn especially with this new focus on a mobile Web3 experience will translate into billions of added value to solana’s market cap.”

Causes for caution about solana’s phone

But not everyone is bullish about the prospect of a solana phone — even solana supporters. 

Grit Trakulhoon, an investor at Andreeson-Horowtiz-backed investment platform Titan Invest, expressed mixed thoughts about the phone’s potential success. 

“There are two main endeavors: software — Solana Mobile Stack (SMS): A toolkit enabling developers to build web3 mobile applications, and Hardware — Solana Saga: A new android mobile phone with full integration with SMS,” Trakulhoon said. 

He elaborated: “From a software perspective — the platform / software developer kit (SDK) — it seems to make sense. However, hardware (the phone) is a different beast and the barrier to entry is huge. So it’s unclear whether they will succeed, but I am rooting for them.”

Right now the smartphone market is dominated by Apple and Samsung, who combined consistently make up well over 50% of the market share of phones sold around the globe. Moreover, even tech titans like Google have struggled to create phones that can compete with the mobile phone market incumbents. 

Matt Batsinelas, a partner at Triblock, shared Trakulhoon’s sentiment. 

“While I’m bullish on the solana blockchain and other projects that solana has incubated, I don’t see a viable path for a crypto native mobile device to compete with Apple and Google,” Batsinelas said. 

He continued: “The SDK could be a powerful gateway for developers to reach mobile users, but building a mobile phone is not solana’s core competency and there are likely better ways for Solana Labs to incentivize mobile development.”

Yakovenko told Insider how he would define success for the solana phone. 

“Selling a lot of phones is like a dream, but we don’t need to sell a lot of phones to succeed,” Yakovenko said. “There’s multiple ways that we win. One of those is that we prove out that these business models are scalable. You can actually have web3 mobile experiences without the way that the app store works today in a fair way that is still growing and economically sustainable.”

“The app stores are such a pain in the butt for developers, that if we have 50,000 dedicated web3 users that are active — with a web3 friendly app store — that’s a better distribution channel for devs than the big app stores are today,” Yakovenko concluded. 

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Tulip Protocol Officially Integrates Chainlink on Solana Mainnet




Tulip Protocol Officially Integrates Chainlink on Solana Mainnet

Today, Tulip Protocol made the announcement that they have integrated Chainlink Price Feeds in order to better secure their yield aggregating platform that is running on the Solana mainnet. The team had previously stated their intention to integrate Chainlink Price Feeds, and at this point, the connection has been completely put into action. Chainlink is the premier decentralized oracle network in the world, safeguarding tens of billions of dollars in smart contracts. It has diversified its offerings across other blockchains, notably Solana, Fantom, Polygon, BNB Chain, and others.

In a recent blog post, the team behind the Tulip Protocol explained that they had integrated Chainlink to provide users with more confidence that leveraged positions will be liquidated equitably using extremely accurate price data and that the protocol will continue to be completely collateralized at all times.

According to Tomasz Wojewoda, Head of Global Sales at Chainlink Labs:

“We’re pleased that Tulip Protocol has integrated Chainlink Price Feeds on Solana, helping secure its yield aggregation protocol with highly robust, decentralized market data. With the high-throughput performance of Solana and the strong security guarantees of the Chainlink Network, Tulip Protocol is able to empower users with a performant and secure platform.”

Tulip Protocol Seeks To Take Advantage Of Solana

Tulip Protocol brings together lenders who receive a return on their deposits and borrowers who are interested in gaining access to leverage. Users who initiate leverage positions are responsible for maintaining a loan-to-value (LTV) ratio that has been previously established. The Tulip Protocol then uses the asset price data that is provided by Chainlink Price Feeds to verify that this ratio is accurate. If the value of the collateral falls below the threshold that was established by the protocol, then their position will be immediately liquidated to assist in guaranteeing that the lenders will be repaid.

Tulip Protocol intends to capitalize on Solana by giving users the ability to more regularly reinvest their income and grow their assets without having to pay exorbitant amounts of gas expenses. Chainlink oracles can now be natively integrated on Solana, making it possible for Solana-based applications to benefit from enhanced levels of security and transparency. Yesterday, OpenOcean made the announcement that they would be integrating Chainlink Price Feeds in order to help secure the limited order functionality on many chains. These chains include Avalanche, Ethereum, Polygon, Fantom, and BNB Chain.

According to Senx, Co-Founder of Tulip Protocol:

 “We’re excited to be using Chainlink Price Feeds on Solana to help secure our yield aggregation platform. By leveraging the most secure and reliable on-chain data available, we’re able to provide our lenders and borrowers with greater assurances that liquidations are based on accurate price data, and the protocol will maintain a healthy loan-to-value ratio through all market conditions.” 

Allowing Stakers To Benefit From Higher APYs

Natives of the blockchain as well as newcomers to the technology are beginning to understand that decentralization does not necessarily equate to a secure platform. Given that Web3 services are currently disclosing their susceptibilities to attacks from both within and outside the network, further initiatives should be undertaken to improve the safety of user assets. Fortunately, a growing number of blockchain businesses are beginning to add various levels of security to their services in order to solidify the trust of their existing customers and attract additional investors in the near and distant future.

Tulip Protocol is the very first yield aggregation platform to be built on Solana, and it features auto-compounding vault techniques. The dApp was developed to make use of Solana’s blockchain, which has a low cost and high efficiency, hence enabling the vault techniques to compound frequently. Stakeholders are able to reap the benefits of greater APYs as a result, without the need for active management.

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Is your SOL safe? What we know about the Solana hack




On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack.

To kick things off, we broke down the latest news in the markets this week:

Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K?

Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report, “Greater clarity” around the Merge has driven institutional inflows into Ethereum products, according to a CoinShares report. Is the ETH merge finally around the corner and will it bring new all time highs to ETH or has the price already been factored into the current price?

Circle freezes blacklisted Tornado Cash smart contract addresses, Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Could this mark the end for Tornado Cash or is there a way they can redeem themselves?

Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Have some funds ready to buy further downturns.

Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.

After Marcel’s market analysis, our resident experts discuss whether your SOL is safe and the latest updates on the Solana hack. We also discuss why the network has been victim to so many hacks and downtimes. What exactly do these exploits mean for the Solana platform and if you should be worried.

Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Radicle’s RAD and DigiByte’s DGB.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a 1 month free subscription to markets Pro worth $100!

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

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Web3-Based ZepetoX to Build on Solana




Web3-Based ZepetoX to Build on Solana

Singapore, Singapore , Aug. 09, 2022 (GLOBE NEWSWIRE) — Today, the ZepetoX team (ZTX, announced its foray into the web3 space, sharing its vision to build an open world that empowers creators and communities to build, play and earn.

ZepetoX is the crypto metaverse initiative jointly incubated by ZEPETO – Asia’s largest metaverse platform with over 320 million registered users – alongside leading global blockchain organizations including Jump Crypto.

As the sole blockchain project comprehensively backed by ZEPETO, ZepetoX will have exclusive ties to ZEPETO in terms of IP including technological, design, and content assets as well as bridges to facilitate user onboarding between the two platforms. ZepetoX’s blockchain development efforts will be advised by Jump.

“ZepetoX is our official venture into the blockchain industry. We feel that web3 opportunities should be advanced through a crypto-native approach, which is why we are excited to have Jump as a contributor to developing a new platform that would have exclusive connections to ZEPETO. Overall, we believe that ZepetoX can build the ideal web3 platform to not only bring blockchain to our existing users but also to expand our footprint in the blockchain space through various disruptive initiatives,” said Daewook Kim, CEO of Naver Z – the operating entity of ZEPETO.

“We are excited to support ZepetoX’s efforts aimed at onboarding new audiences into the rapidly growing crypto space. ZEPETO’s expertise and technological know-hows accumulated over the past years from building an immersive social platform will serve as a springboard for ZepetoX,” said Saurabh Sharma, Partner at Jump Crypto.

Building on the Solana network, ZepetoX will offer a web-based 3D open world with varying levels of gamification integrated as well as opportunities for users to monetize via ownership of digital assets and social interaction. Ultimately, ZepetoX aims to empower self-expression through customizable avatars and lands that can be equipped with NFTs from a rich collection of assets created by diverse creators, DAOs, or communities.

“I am thrilled to see IP powerhouses like ZepetoX choosing to build their metaverse on Solana,” said Anatoly Yakovenko, Co-Founder of Solana. “Projects like ZepetoX create new pathways for onboarding millions of users to web3.”

“Our global team brings a depth of crypto native experiences and our goal is to build on the foundation of ZEPETO to spearhead the adoption of blockchain among metaverse users, developers, and creators,” said co-CEO of ZepetoX, Chris Chang.

In the coming months, ZepetoX will launch its first land sale. The lands will be tradable on the ZepetoX marketplace, which will feature a variety of different NFTs as the open world project evolves. Further details on the sale will be available on the ZepetoX website in the coming weeks.

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About ZepetoX: ZepetoX (ZTX) is a web3 company building an immersive content-driven platform for users to create, trade digital assets and enjoy social interaction. Founded in 2022, ZepetoX is the blockchain initiative of ZEPETO, widely regarded as the largest Asia-based metaverse platform boasting over 320 million lifetime users with over 2.5 billion virtual fashion items sold.



News Via KISS PR Crypto Press Release Distribution Media Contact

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