NFT was used to serve a restraining order on an anonymous hacker.
The international law firm Holland & Knight used an NFT built and airdropped by its asset recovery team to serve a defendant in a hacking case.
The law firms Holland & Knight and Bluestone used a nonfungible token to serve a defendant in a hacking case with a temporary restraining order, marking the first documented legal process assisted by an NFT.
The so-called "service token" or "service NFT" was served to an unknown defendant in a hacking case involving LCX, a cryptocurrency exchange based in Liechtenstein that was hacked for over $8 million in January. The attack compromised the platform's hot wallets, resulting in the loss of Ether (ETH), USD Coin (USDC), and other cryptocurrencies, according to Cointelegraph at the time.
On June 7, LCX claimed that around 60% of the stolen cash had been frozen, with investigations ongoing in Liechtenstein, Ireland, Spain, and the United States. Based on a court judgment from the New York Supreme Court, Centre Consortium, a company created by USDC issuer Circle and crypto exchange Coinbase, has frozen around $1.3 million in USDC.
The monies were laundered through Tornado Cash, according to LCX, but were later tracked using "algorithmic forensic analysis." The organization was also able to identify wallets linked to the hacker as a result of the investigation.
In light of these findings, the law firms representing LCX, Holland & Knight and Bluestone, served the unnamed defendant with a temporary restraining order issued on-chain using an NFT. According to LCX, this system "was allowed by the New York Supreme Court and is an example of how innovation can bring legitimacy and transparency to a market that some say is ungovernable."
More on Web3 & Crypto
Crypto Zen Monk
2 years ago
How to DYOR in the world of cryptocurrency
RESEARCH
We must create separate ideas and handle our own risks to be better investors. DYOR is crucial.
The only thing unsustainable is your cluelessness.
DYOR: Why
On social media, there is a lot of false information and divergent viewpoints. All of these facts might be accurate, but they might not be appropriate for your portfolio and investment preferences.
You become a more knowledgeable investor thanks to DYOR.
DYOR improves your portfolio's risk management.
My DYOR resources are below.
Messari: Major Blockchains' Activities
New York-based Messari provides cryptocurrency open data libraries.
Major blockchains offer 24-hour on-chain volume. https://messari.io/screener/most-active-chains-DB01F96B
What to do
Invest in stable cryptocurrencies. Sort Messari by Real Volume (24H) or Reported Market Cap.
Coingecko: Research on Ecosystems
Top 10 Ecosystems by Coingecko are good.
What to do
Invest in quality.
Leading ten Ecosystems by Market Cap
There are a lot of coins in the ecosystem (second last column of above chart)
CoinGecko's Market Cap Crypto Categories Market capitalization-based cryptocurrency categories. Ethereum Ecosystem www.coingecko.com
Fear & Greed Index for Bitcoin (FGI)
The Bitcoin market sentiment index ranges from 0 (extreme dread) to 100. (extreme greed).
How to Apply
See market sentiment:
Extreme fright = opportunity to buy
Extreme greed creates sales opportunity (market due for correction).
Glassnode
Glassnode gives facts, information, and confidence to make better Bitcoin, Ethereum, and cryptocurrency investments and trades.
Explore free and paid metrics.
Stock to Flow Ratio: Application
The popular Stock to Flow Ratio concept believes scarcity drives value. Stock to flow is the ratio of circulating Bitcoin supply to fresh production (i.e. newly mined bitcoins). The S/F Ratio has historically predicted Bitcoin prices. PlanB invented this metric.
Utilization: Ethereum Hash Rate
Ethereum miners produce an estimated number of hashes per second.
ycharts: Hash rate of the Bitcoin network
TradingView
TradingView is your go-to tool for investment analysis, watch lists, technical analysis, and recommendations from other traders/investors.
Research for a cryptocurrency project
Two key questions every successful project must ask: Q1: What is this project trying to solve? Is it a big problem or minor? Q2: How does this project make money?
Each cryptocurrency:
Check out the white paper.
check out the project's internet presence on github, twitter, and medium.
the transparency of it
Verify the team structure and founders. Verify their LinkedIn profile, academic history, and other qualifications. Search for their names with scam.
Where to purchase and use cryptocurrencies Is it traded on trustworthy exchanges?
From CoinGecko and CoinMarketCap, we may learn about market cap, circulations, and other important data.
The project must solve a problem. Solving a problem is the goal of the founders.
Avoid projects that resemble multi-level marketing or ponzi schemes.
Your use of social media
Use social media carefully or ignore it: Twitter, TradingView, and YouTube
Someone said this before and there are some truth to it. Social media bullish => short.
Your Behavior
Investigate. Spend time. You decide. Worth it!
Only you have the best interest in your financial future.
Ren & Heinrich
3 years ago
200 DeFi Projects were examined. Here is what I learned.
I analyze the top 200 DeFi crypto projects in this article.
This isn't a study. The findings benefit crypto investors.
Let’s go!
A set of data
I analyzed data from defillama.com. In my analysis, I used the top 200 DeFis by TVL in October 2022.
Total Locked Value
The chart below shows platform-specific locked value.
14 platforms had $1B+ TVL. 65 platforms have $100M-$1B TVL. The remaining 121 platforms had TVLs below $100 million, with the lowest being $23 million.
TVLs are distributed Pareto. Top 40% of DeFis account for 80% of TVLs.
Compliant Blockchains
Ethereum's blockchain leads DeFi. 96 of the examined projects offer services on Ethereum. Behind BSC, Polygon, and Avalanche.
Five platforms used 10+ blockchains. 36 between 2-10 159 used 1 blockchain.
Use Cases for DeFi
The chart below shows platform use cases. Each platform has decentralized exchanges, liquid staking, yield farming, and lending.
These use cases are DefiLlama's main platform features.
Which use case costs the most? Chart explains. Collateralized debt, liquid staking, dexes, and lending have high TVLs.
The DeFi Industry
I compared three high-TVL platforms (Maker DAO, Balancer, AAVE). The columns show monthly TVL and token price changes. The graph shows monthly Bitcoin price changes.
Each platform's market moves similarly.
Probably because most DeFi deposits are cryptocurrencies. Since individual currencies are highly correlated with Bitcoin, it's not surprising that they move in unison.
Takeaways
This analysis shows that the most common DeFi services (decentralized exchanges, liquid staking, yield farming, and lending) also have the highest average locked value.
Some projects run on one or two blockchains, while others use 15 or 20. Our analysis shows that a project's blockchain count has no correlation with its success.
It's hard to tell if certain use cases are rising. Bitcoin's price heavily affects the entire DeFi market.
TVL seems to be a good indicator of a DeFi platform's success and quality. Higher TVL platforms are cheaper. They're a better long-term investment because they gain or lose less value than DeFis with lower TVLs.
The Verge
3 years ago
Bored Ape Yacht Club creator raises $450 million at a $4 billion valuation.
Yuga Labs, owner of three of the biggest NFT brands on the market, announced today a $450 million funding round. The money will be used to create a media empire based on NFTs, starting with games and a metaverse project.
The team's Otherside metaverse project is an MMORPG meant to connect the larger NFT universe. They want to create “an interoperable world” that is “gamified” and “completely decentralized,” says Wylie Aronow, aka Gordon Goner, co-founder of Bored Ape Yacht Club. “We think the real Ready Player One experience will be player run.”
Just a few weeks ago, Yuga Labs announced the acquisition of CryptoPunks and Meebits from Larva Labs. The deal brought together three of the most valuable NFT collections, giving Yuga Labs more IP to work with when developing games and metaverses. Last week, ApeCoin was launched as a cryptocurrency that will be governed independently and used in Yuga Labs properties.
Otherside will be developed by “a few different game studios,” says Yuga Labs CEO Nicole Muniz. The company plans to create development tools that allow NFTs from other projects to work inside their world. “We're welcoming everyone into a walled garden.”
However, Yuga Labs believes that other companies are approaching metaverse projects incorrectly, allowing the startup to stand out. People won't bond spending time in a virtual space with nothing going on, says Yuga Labs co-founder Greg Solano, aka Gargamel. Instead, he says, people bond when forced to work together.
In order to avoid getting smacked, Solano advises making friends. “We don't think a Zoom chat and walking around saying ‘hi' creates a deep social experience.” Yuga Labs refused to provide a release date for Otherside. Later this year, a play-to-win game is planned.
The funding round was led by Andreessen Horowitz, a major investor in the Web3 space. It previously backed OpenSea and Coinbase. Animoca Brands, Coinbase, and MoonPay are among those who have invested. Andreessen Horowitz general partner Chris Lyons will join Yuga Labs' board. The Financial Times broke the story last month.
"META IS A DOMINANT DIGITAL EXPERIENCE PROVIDER IN A DYSTOPIAN FUTURE."
This emerging [Web3] ecosystem is important to me, as it is to companies like Meta,” Chris Dixon, head of Andreessen Horowitz's crypto arm, tells The Verge. “In a dystopian future, Meta is the dominant digital experience provider, and it controls all the money and power.” (Andreessen Horowitz co-founder Marc Andreessen sits on Meta's board and invested early in Facebook.)
Yuga Labs has been profitable so far. According to a leaked pitch deck, the company made $137 million last year, primarily from its NFT brands, with a 95% profit margin. (Yuga Labs declined to comment on deck figures.)
But the company has built little so far. According to OpenSea data, it has only released one game for a limited time. That means Yuga Labs gets hundreds of millions of dollars to build a gaming company from scratch, based on a hugely lucrative art project.
Investors fund Yuga Labs based on its success. That's what they did, says Dixon, “they created a culture phenomenon”. But ultimately, the company is betting on the same thing that so many others are: that a metaverse project will be the next big thing. Now they must construct it.
You might also like
Michael Le
3 years ago
Union LA x Air Jordan 2 “Future Is Now” PREVIEW
With the help of Virgil Abloh and Union LA‘s Chris Gibbs, it's now clear that Jordan Brand intended to bring the Air Jordan 2 back in 2022.
The “Future Is Now” collection includes two colorways of MJ's second signature as well as an extensive range of apparel and accessories.
“We wanted to juxtapose what some futuristic gear might look like after being worn and patina'd,”
Union stated on the collaboration's landing page.
“You often see people's future visions that are crisp and sterile. We thought it would be cool to wear it in and make it organic...”
The classic co-branding appears on short-sleeve tees, hoodies, and sweat shorts/sweat pants, all lightly distressed at the hems and seams.
Also, a filtered black-and-white photo of MJ graces the adjacent long sleeves, labels stitch into the socks, and the Jumpman logo adorns the four caps.
Liner jackets and flight pants will also be available, adding reimagined militaria to a civilian ensemble.
The Union LA x Air Jordan 2 (Grey Fog and Rattan) shares many of the same beats. Vintage suedes show age, while perforations and detailing reimagine Bruce Kilgore's design for the future.
The “UN/LA” tag across the modified eye stays, the leather patch across the tongue, and the label that wraps over the lateral side of the collar complete the look.
The footwear will also include a Crater Slide in the “Grey Fog” color scheme.
BUYING
On 4/9 and 4/10 from 9am-3pm, Union LA will be giving away a pair of Air Jordan 2s at their La Brea storefront (110 S. LA BREA AVE. LA, CA 90036). The raffle is only open to LA County residents with a valid CA ID. You must enter by 11:59pm on 4/10 to win. Winners will be notified via email.
Christian Soschner
3 years ago
Steve Jobs' Secrets Revealed
From 1984 until 2011, he ran Apple using the same template.
What is a founder CEO's most crucial skill?
Presentation, communication, and sales
As a Business Angel Investor, I saw many pitch presentations and met with investors one-on-one to promote my companies.
There is always the conception of “Investors have to invest,” so there is no need to care about the presentation.
It's false. Nobody must invest. Many investors believe that entrepreneurs must convince them to invest in their business.
Sometimes — like in 2018–2022 — too much money enters the market, and everyone makes good money.
Do you recall the Buy Now, Pay Later Movement? This amazing narrative had no return potential. Only buyers who couldn't acquire financing elsewhere shopped at these companies.
Klarna's failing business concept led to high valuations.
Investors become more cautious when the economy falters. 2022 sees rising inflation, interest rates, wars, and civil instability. It's like the apocalypse's four horsemen have arrived.
Storytelling is important in rough economies.
When investors draw back, how can entrepreneurs stand out?
In Q2/2022, every study I've read said:
Investors cease investing
Deals are down in almost all IT industries from previous quarters.
What do founders need to do?
Differentiate yourself.
Storytelling talents help.
The Steve Jobs Way
Every time I watch a Steve Jobs presentation, I'm enthralled.
I'm a techie. Everything technical interests me. But, I skim most presentations.
What's Steve Jobs's secret?
Steve Jobs created Apple in 1976 and made it a profitable software and hardware firm in the 1980s. Macintosh goods couldn't beat IBM's. This mistake sacked him in 1985.
Before rejoining Apple in 1997, Steve Jobs founded Next Inc. and Pixar.
From then on, Apple became America's most valuable firm.
Steve Jobs understood people's needs. He said:
“People don’t know what they want until you show it to them. That’s why I never rely on market research. Our task is to read things that are not yet on the page.”
In his opinion, people talk about problems. A lot. Entrepreneurs must learn what the population's pressing problems are and create a solution.
Steve Jobs showed people what they needed before they realized it.
I'll explain:
Present a Big Vision
Steve Jobs starts every presentation by describing his long-term goals for Apple.
1984's Macintosh presentation set up David vs. Goliath. In a George Orwell-style dystopia, IBM computers were bad. It was 1984.
Apple will save the world, like Jedis.
Why do customers and investors like Big Vision?
People want a wider perspective, I think. Humans love improving the planet.
Apple users often cite emotional reasons for buying the brand.
Revolutionizing several industries with breakthrough inventions
Establish Authority
Everyone knows Apple in 2022. It's hard to find folks who confuse Apple with an apple around the world.
Apple wasn't as famous as it is today until Steve Jobs left in 2011.
Most entrepreneurs lack experience. They may market their company or items to folks who haven't heard of it.
Steve Jobs presented the company's historical accomplishments to overcome opposition.
In his presentation of the first iPhone, he talked about the Apple Macintosh, which altered the computing sector, and the iPod, which changed the music industry.
People who have never heard of Apple feel like they're seeing a winner. It raises expectations that the new product will be game-changing and must-have.
The Big Reveal
A pitch or product presentation always has something new.
Steve Jobs doesn't only demonstrate the product. I don't think he'd skip the major point of a company presentation.
He consistently discusses present market solutions, their faults, and a better consumer solution.
No solution exists yet.
It's a multi-faceted play:
It's comparing the new product to something familiar. This makes novelty and the product more relatable.
Describe a desirable solution.
He's funny. He demonstrated an iPod with an 80s phone dial in his iPhone presentation.
Then he reveals the new product. Macintosh presented itself.
Show the benefits
He outlines what Apple is doing differently after demonstrating the product.
How do you distinguish from others? The Big Breakthrough Presentation.
A few hundred slides might list all benefits.
Everyone would fall asleep. Have you ever had similar presentations?
When the brain is overloaded with knowledge, the limbic system changes to other duties, like lunch planning.
What should a speaker do? There's a classic proverb:
“Tell me and I forget, teach me and I may remember, involve me and I learn” (— Not Benjamin Franklin).
Steve Jobs showcased the product live.
Again, using ordinary scenarios to highlight the product's benefits makes it relatable.
The 2010 iPad Presentation uses this technique.
Invite the Team and Let Them Run the Presentation
CEOs spend most time outside the organization. Many companies elect to have only one presenter.
It sends the incorrect message to investors. Product presentations should always include the whole team.
Let me explain why.
Companies needing investment money frequently have shaky business strategies or no product-market fit or robust corporate structure.
Investors solely bet on a team's ability to implement ideas and make a profit.
Early team involvement helps investors understand the company's drivers. Travel costs are worthwhile.
But why for product presentations?
Presenters of varied ages, genders, social backgrounds, and skillsets are relatable. CEOs want relatable products.
Some customers may not believe a white man's message. A black woman's message may be more accepted.
Make the story relatable when you have the best product that solves people's concerns.
Best example: 1984 Macintosh presentation with development team panel.
What is the largest error people make when companies fail?
Saving money on the corporate and product presentation.
Invite your team to five partner meetings when five investors are shortlisted.
Rehearse the presentation till it's natural. Let the team speak.
Successful presentations require structure, rehearsal, and a team. Steve Jobs nailed it.
Matthew Royse
3 years ago
5 Tips for Concise Writing
Here's how to be clear.
“I have only made this letter longer because I have not had the time to make it shorter.” — French mathematician, physicist, inventor, philosopher, and writer Blaise Pascal
Concise.
People want this. We tend to repeat ourselves and use unnecessary words.
Being vague frustrates readers. It focuses their limited attention span on figuring out what you're saying rather than your message.
Edit carefully.
“Examine every word you put on paper. You’ll find a surprising number that don’t serve any purpose.” — American writer, editor, literary critic, and teacher William Zinsser
How do you write succinctly?
Here are three ways to polish your writing.
1. Delete
Your readers will appreciate it if you delete unnecessary words. If a word or phrase is essential, keep it. Don't force it.
Many readers dislike bloated sentences. Ask yourself if cutting a word or phrase will change the meaning or dilute your message.
For example, you could say, “It’s absolutely essential that I attend this meeting today, so I know the final outcome.” It’s better to say, “It’s critical I attend the meeting today, so I know the results.”
Key takeaway
Delete actually, completely, just, full, kind of, really, and totally. Keep the necessary words, cut the rest.
2. Just Do It
Don't tell readers your plans. Your readers don't need to know your plans. Who are you?
Don't say, "I want to highlight our marketing's problems." Our marketing issues are A, B, and C. This cuts 5–7 words per sentence.
Keep your reader's attention on the essentials, not the fluff. What are you doing? You won't lose readers because you get to the point quickly and don't build up.
Key takeaway
Delete words that don't add to your message. Do something, don't tell readers you will.
3. Cut Overlap
You probably repeat yourself unintentionally. You may add redundant sentences when brainstorming. Read aloud to detect overlap.
Remove repetition from your writing. It's important to edit our writing and thinking to avoid repetition.
Key Takeaway
If you're repeating yourself, combine sentences to avoid overlap.
4. Simplify
Write as you would to family or friends. Communicate clearly. Don't use jargon. These words confuse readers.
Readers want specifics, not jargon. Write simply. Done.
Most adults read at 8th-grade level. Jargon and buzzwords make speech fluffy. This confuses readers who want simple language.
Key takeaway
Ensure all audiences can understand you. USA Today's 5th-grade reading level is intentional. They want everyone to understand.
5. Active voice
Subjects perform actions in active voice. When you write in passive voice, the subject receives the action.
For example, “the board of directors decided to vote on the topic” is an active voice, while “a decision to vote on the topic was made by the board of directors” is a passive voice.
Key takeaway
Active voice clarifies sentences. Active voice is simple and concise.
Bringing It All Together
Five tips help you write clearly. Delete, just do it, cut overlap, use simple language, and write in an active voice.
Clear writing is effective. It's okay to occasionally use unnecessary words or phrases. Realizing it is key. Check your writing.
Adding words costs.
Write more concisely. People will appreciate it and read your future articles, emails, and messages. Spending extra time will increase trust and influence.
“Not that the story need be long, but it will take a long while to make it short.” — Naturalist, essayist, poet, and philosopher Henry David Thoreau