The discussion highlighted key aspects of Bitget’s initiatives and Chen’s vision for the future of digital assets.

Who Is Gracy Chen?

Gracy Chen is the CEO of Bitget, a leading crypto exchange and Web3 company. Since joining Bitget as Managing Director in 2022, she has driven the company’s global strategy, secured partnerships with high-profile figures like Messi, and expanded the user base fourfold. 

As CEO, she focuses on global business growth, market compliance, and fostering a strong organizational culture while integrating blockchain technology with philanthropic efforts.

Beyond her contributions to the crypto industry, Gracy is a passionate advocate for gender equality. In 2015, the World Economic Forum recognized her as a Global Shaper. She recently addressed the United Nations Women CSW68 conference, discussing critical issues affecting gender equality and women’s rights. 

Her leadership in promoting diversity and empowering women has made her a prominent figure in the crypto industry and the global women’s rights movement. 

Bitget’s Impact on Crypto

Q: As CEO of Bitget, how are you contributing to cryptocurrency market growth, and what specific initiatives have you led to enhance adoption and accessibility?

A: ​​As 2024 kicked off, we outlined several areas we want to prioritize in our development strategy. One of them is expanding our presence in emerging markets: LATAM, Southeast Asia, and Africa. Crypto adoption in these regions is rapidly increasing, and we are eager to support this trend. Second, we are allocating significant resources to Web3 and Bitget Wallet. Building our on-chain layer is crucial for sustaining the long-term growth of our business and making the Internet more decentralized and equitable.

Finally, integrating crypto into people’s daily lives is also something we strongly emphasize. In late 2023, we launched a crypto card that allows users to pay with crypto wherever VISA is accepted. As retail and institutional investors continue to flock into the blockchain industry, we will keep creating conditions for their comfortable onboarding.

Q: What is Bitget doing to promote diversity in the Web3 space, and what advice do you have for women entering the cryptocurrency and blockchain industry?

A: At Bitget, we’ve always strived to address inequalities in all forms. Diversity is not just a word for our company: in our team of 1,500 individuals, we welcome everyone irrespective of their gender, nationality, or views.

As a woman and a single mother, I know that women are underrepresented (and sometimes even discriminated) against in the crypto and tech industries. I have experienced this myself throughout my career. 

That’s why we launched the Blockchain4Her initiative, which aims to empower women in crypto, widen their networking and investment opportunities, and support female entrepreneurship. Regarding diversity, we’ve also invested in the Blockchain4Youth project to create more of a presence for the younger generation in our industry.

To all women out there who face gender bias in their careers: I feel you. Stick to your values and intrinsic motivation, and you will make your way through despite all the challenges.

The Future of RWA Tokenization

Q: How will the tokenization of real-world assets transform the cryptocurrency market, especially in attracting traditional investors and increasing stability?

A: Tokenizing real-world assets can significantly improve the liquidity of traditionally illiquid assets like real estate, artwork, and other high-value items. Tokenization allows fractional ownership and trading on blockchain platforms, making it easier to sell and trade these assets quickly. This increased liquidity can lead to more stable asset prices and a more resilient market overall.

For traditional investors, tokenized assets provide new diversification opportunities: they can now hold a mix of digital and physical assets in their portfolios, potentially reducing risk and increasing returns. This blend of asset types can attract more traditional investors to the cryptocurrency market, bridging the gap between conventional finance and the digital asset space.

Integrating real-world assets into the crypto market can also help mitigate systemic risks by creating a more diversified market. During periods of high volatility in the cryptocurrency market, the presence of stable, asset-backed tokens can provide a stabilizing effect. This integration will likely contribute to the overall maturity of the crypto market, improving market infrastructure, regulation, security, and transparency, thereby fostering a more robust and stable ecosystem as more institutional and traditional investors participate.

Q: What are Bitget’s main challenges and opportunities in facilitating real-world asset tokenization, and how is your platform addressing these?

A: We see the tokenization of real-world assets as one of the cornerstone trends in today’s finance. RWAs will transform the way people own and exchange things, adding liquidity and transparency to previously illiquid assets. This is inspiring because tokenization will make crypto closer to millions of people, demonstrating a robust real-world (literally!) use case for blockchain. 

In our effort to support RWA initiatives, we recently partnered with Tomarket, the fastest-growing dApp on TON (1 million users in five days!)—a decentralized marketplace for trading RWA assets. Explaining the value of RWA to broad audiences might still be challenging, so simplifying the UX and expanding the number of such partnerships sounds like a good way to go. 

Bitcoin, Ethereum, Meme Coins Outlook

Q: With spot Bitcoin and Ethereum ETFs now approved and Bitcoin’s halving in April, how do you view current cryptocurrency adoption among retail and institutional investors?

A: These incidents will likely accelerate the broader acceptance of cryptocurrencies as legitimate investment assets. They could drive more retail and institutional investors to consider crypto as part of their portfolios, enhancing overall adoption.

The increased adoption could further integrate blockchain technology into the financial system, boosting its transparency, security, and efficiency. As more investors engage with crypto, the tech’s potential benefits could become more widely recognized—and utilized—in the financial sector.

Given the global nature of cryptocurrencies, adoption trends in major markets like the U.S. can significantly influence global regulatory and investment landscapes. As the U.S. and other key markets embrace crypto, it could set precedents that shape regulatory approaches and investor behavior worldwide.

Q: Will the meme coin trend, with coins like Dogecoin and Shiba Inu, sustain its momentum, and how do you see their future utility and adoption in the crypto ecosystem?

A: I believe the memecoin trend will remain strong in the short to medium term. Currently, they are the go-to tokens for market speculation. As long as there is a demand for hype and new trends in the market, new memecoins will keep emerging. Platforms like Pump.fun and Moonshot have simplified and cheapened the process of launching new coins, allowing anyone to create them and accelerating this sector’s growth.

Despite their popularity, memecoins face the challenge of consensus decay. These coins rely on strong community consensus to gain traction and increase in value. Over time, however, the hype and consensus tend to wane, shortening their life cycles. To combat this, many memecoin communities are adding utility features, like token governance and Bonk’s Telegram Bot, to maintain and strengthen community consensus.

In conclusion, integrating practical functions and business scenarios into meme projects has a positive impact on the crypto ecosystem. It enriches the ecosystem and stimulates on-chain activity, showing good potential for future development. Despite their challenges, memecoins will likely continue to play a significant role in the crypto space.

The post SheVerified: Gracy Chen, CEO of Bitget, on Breaking Barriers and Leading the Future of Crypto appeared first on BeInCrypto.

Experts like Luis Ocegueda, Head of Engineering at Trust Wallet, and Alvin Kan, COO of Bitget Wallet, highlight that Web3 wallets are adapting to meet user expectations.

Breaking Barriers: How Enhanced Web3 Wallets Simplify Crypto Use

Crypto adoption and the Web3 ecosystem have experienced a notable surge. DappRadar reports a record high in Web3 application users in Q2. Daily unique active wallets (dUAW) hit 10 million, marking a 40% increase from Q1 and the highest number to date.

Read more: 16 Best Web3 Wallets In 2024

Despite this growth, the complexity of blockchain technology remains a significant barrier for newcomers. An April report from Preply revealed that 35% of crypto investors did not feel confident in their crypto knowledge, and even 3 in 5 respondents did not know what blockchain is.

This is particularly due to the unfamiliarity with the new and complex technology. New users often struggle with some functionality, such as cross-chain transfers, seed phrases, gas fees, and decentralized applications (dApps). Alvin Kan acknowledged this challenge in a recent interview with BeInCrypto.

“You do require some kind of education in swapping or transferring tokens between chains. Why is this USDT on Ethereum different from USDT on Polygon? And stuffs like that. So, I do think multiple chains does increase the complexity,” he explained.

However, both Kan and Luis Ocegueda believe that enhanced Web3 wallets could mitigate these challenges. Smart wallets, for instance, play a crucial role in facilitating a smoother onboarding experience, making the crypto ecosystem more appealing to both new and experienced users. 

“This is where smart wallets come into play, serving as essential tools to facilitate a smoother onboarding experience and making the crypto ecosystem more appealing to newbies and natives alike,” Ocegueda told BeInCrypto.

Smart wallet is a non-custodial crypto wallet powered by a smart contract on the blockchain. It enhances usability and security features, improving user experiences. For example, smart wallets streamline the user experience by handling gas fees in a user-friendly manner.

The Role of Smart Wallets in Bridging Blockchain Complexities

Companies like Trust Wallet and Bitget Wallet have been at the forefront of providing enhanced Web3 wallets. With its SWIFT feature, Trust Wallet accepts gas payments in over 200 tokens, removing users’ need to hold specific tokens. Similarly, Bitget Wallet has an InstantGas feature to enable users to swap tokens without having any native tokens in advance.

Interoperability is one of the most significant challenges in on-chain transactions. Both Bitget Wallet and Trust Wallet address this with features like account abstraction and cross-chain swaps. Users can manage assets and perform transactions on various blockchains without needing multiple wallets, significantly improving convenience and accessibility.

Ocegueda explained how a smart contract wallet can be designed to work seamlessly across different blockchains and platforms. This design allows users to interact with a wider range of DeFi services and assets, providing accessibility for managing assets and performing transactions on the go. This is particularly appealing to new and younger users.

“There is also diverse progress regarding chain abstraction enabled through smart wallets. This means users can manage their assets and perform transactions on multiple chains much more easily, which appeals to experienced users seeking a seamless experience,” he added.

As Web3 evolves, so do user expectations from wallets. Kan sees users now expect sophisticated features akin to those found in centralized exchanges (CEX).

Features like swaps, earning opportunities, and questing for rewards have become integral. To meet these growing demands, Bitget Wallet incorporates various functionalities, including smart money insights and pre-market trading.

Meanwhile, Ocegueda mentions that smart wallets can be integrated into Web2 payment systems and support diverse forms of payment. For example, crypto payments could be enabled with a Visa or Mastercard, with automatic crypto withdrawal from the wallet whenever users pay with the card.

Improving UI/UX and Security Measures

User interface and experience (UI/UX) also play important roles for Web3 wallet users. Kan admitted that the current UI/UX across the Web3 sector needs significant improvement. Often, Web3 wallet interfaces require numerous clicks and substantial education to understand, which can deter new users.

“Web2 has done it very well. And that shouldn’t be an excuse for why we can’t do it in Web3. I think this has to do with certain things, like better talent coming from Web2 to Web3 to increase the products’ UIs,” Kan opined.

Read more: 9 Crypto Wallet Security Tips To Safeguard Your Assets

Nonetheless, both experts agree that security is paramount for Web3 wallet users and the broader crypto industry. Web3 wallets have witnessed enhanced security features like multi-factor authentication (MFA) and automated fraud detection.

For instance, Trust Wallet SWIFT eliminates the risk of unlimited approvals by merging the approval process into one, leveraging batch execution. As for Bitget Wallet, besides implementing strong security measures, it is adding a $300 million protection fund to safeguard users’ assets and transaction protection.

The post Enhanced Web3 Wallets Are the Driving Force Behind Crypto Mass Adoption, Experts Say appeared first on BeInCrypto.

A report from blockchain security firm Cyvers provides a detailed analysis of security incidents. The report highlights their impact on various segments, changes in hacker tactics, and the economic repercussions of these incidents.

Rising Cyber Threats Drive Crypto Losses to New Heights in 2024

The Cyvers Web3 Security Report for Q2 and H1 2024 reveals a dramatic increase in crypto losses due to cyberattacks. The report notes notable events, shifting attack strategies, and financial and operational effects on the Web3 ecosystem. Despite the rise in attacks, recovery efforts and incident response strategies have shown improvement, showing the need for continuous vigilance and strong security measures.

Q2 2024 witnessed $629.68 million in crypto losses across various 49 incidents, bringing the year-to-date total to a staggering $1.38 billion as of H1 2024. This figure shows a notable rise compared to the same period in 2023, therefore highlighting the ongoing and changing character of threats in the Web3 environment.

Read more: 15 Most Common Crypto Scams To Look Out For

Smart contract exploits accounted for $67,378,000 from 20 incidents, while access control breaches resulted in losses of $491,311,000 from 26 incidents. Furthermore, address poisoning accounted for $71,475,000 of the 361 incidents. The year-over-year loss increase shows an over 100% rise from Q2 2023.

“It’s worth noting that the amount of funds recovered rose by almost 42%, from $138,900,000 in Q2 2023 to $197,000,000 in Q2 2024. This notable increase highlights the value of solid response techniques and improved recovery efforts,” the Cyvers team told BeInCrypto.

Crypto Hacks Impact in Q2: Regulatory Scrutiny and Rising Costs

However, the losses go beyond numbers. The security problems in Q2 had a wide and significant effect on the economy.

The high-profile CEX hacks have intensified regulatory scrutiny, potentially resulting in stricter compliance requirements and elevated operational costs for exchanges. As afflicted companies pursue legal action against the offenders, these events have also seriously tarnished their reputations and increased legal expenses.

Furthermore, adding to the running expenses of Web3 projects are the frequency and scale of attacks, which have sharply raised crypto insurance rates. Frequent security lapses could undermine user trust, lowering Web3 space adoption rates and investment.

The quarterly report from the Cyvers team also pointed out geographical trends in Web3 cybersecurity threats. Eastern Europe saw a surge in activity, while Asia-Pacific centralized exchanges faced targeted attacks due to regulatory gaps and weaker cybersecurity laws. On the other hand, North American DeFi protocols showed increased resilience, likely due to stringent security and compliance measures.

DeFi vs. CeFi: Comparing the Impact of Recent Crypto Attacks

In Q2 2024, there was a notable shift in security breaches towards access control incidents, particularly targeting centralized exchanges. This marked a move away from exploiting smart contract vulnerabilities in DeFi protocols. Access control exploits increased by 35%, while smart contract exploits decreased by 83% compared to H1 2023.

The dramatic 900% increase in CeFi losses compared to Q2 2023 signals a significant shift in attacker focus. This trend may be attributed to the concentration of assets in centralized platforms and potentially lax security measures in some exchanges.

The Cyvers team takes DMM Bitcoin’s incident as an example. The Japan-based centralized exchange suffered a significant hack in May 2024, resulting in $305 million in losses. This event marked the largest blockchain hack since December 2022 and the third-largest in crypto history. 

The hack involved transferring 4502.9 BTC (over $308 million) to multiple addresses, complicating recovery efforts. Initially, the nature of the transfer was unclear. However, DMM Bitcoin confirmed it as a security breach and initiated an investigation.

It also assured customers that their deposits remained secure. Potential causes included compromised hot wallet keys allowing unauthorized transactions, attackers tricking users into signing malicious transactions, or seeding transaction histories with lookalike addresses to mislead users.

Meanwhile, in the DeFi sectors, the Cyvers team reported that decentralized exchanges (DEX) witnessed significant incidents. However, these were less severe than those affecting their centralized counterparts.

Lending protocols experienced moderate impacts, with notable incidents involving Sonne Finance and UwU Lending. The Cyvers team examined Sonne Finance’s exploitation, taking it as a case study.

“The $20 million exploit of Sonne Finance involved a complex oracle manipulation tactic. Attackers exploited a vulnerability in the protocol’s price feed mechanism, momentarily inflating the value of a lesser-known token. This allowed them to borrow against the inflated collateral and drain the protocol’s liquidity pools before the price could be corrected,” they explained.

Bridges emerged as an increasing target, with incidents like XBridge. Wallets and custodians also faced significant losses, with notable incidents like Coinstats.

From Address Poisoning to Oracle Manipulation: The Trends in Q2

The rise of address poisoning demonstrates attackers’ increasing cunning and highlights the need for enhanced security measures. Address poisoning can cause significant financial losses due to users’ trust in familiar addresses.

Other notable trends in Q2 2024 included flash loan attacks exploiting temporary vulnerabilities in liquidity protocols, oracle manipulation attacks exploiting price feeds for arbitrage opportunities, and cross-chain attacks leveraging weaknesses in bridge protocols to siphon funds across chains.

The quarter also saw evolving sophistication in post-attack money laundering techniques. Attackers increasingly used cross-chain bridges to move stolen funds across multiple blockchains, complicating tracking efforts.

New DeFi protocols offering privacy-enhancing features were exploited for money laundering purposes. AI algorithms are being employed to automate and optimize the movement of stolen funds, rendering traditional tracking methods less effective. There has been an increased use of privacy coins, decentralized mixers, and sophisticated methods to obscure transaction trails, including cross-chain swaps and layer 2 solutions.

Rapid Response Mitigates DeFi Losses in Q2 2024

Effective incident response strategies observed in Q2 2024 included quick action to freeze vulnerable contracts and minimize losses in several DeFi incidents. Cyvers noted that some DeFi protocols successfully implemented decentralized security teams that could quickly respond to and mitigate threats.

For instance, improved coordination between exchanges, blockchain analytics firms, and law enforcement led to the recovery of $22 million from the Gala Games hack. Additionally, pump.fun, the meme coin creation platform on Solana, demonstrated rapid response after their security breach, including immediately pausing the contract, engaging with the hacker through on-chain messages, and offering a bounty. Their proactive measures resulted in 80% of the stolen funds being returned within 24 hours.

Cyvers Predicts Rising Attacks on Layer 2 Solutions and Gaming Platforms

Based on Q2 trends, the Cyvers team predicts several threats to emerge in the future. These include a continued rise in sophisticated contract exploits, the integration of AI in attack vectors, increased risk to current cryptographic standards as quantum computing advances, increased targeting of Layer 2 solutions with their growing adoption, and the potential for attacks that exploit vulnerabilities across multiple chains. Additionally, there is a possibility of more attacks on gaming platforms and NFTs.

As the ecosystem becomes more interconnected, security audits need to be considered for improved cross-chain interactions. Leveraging AI for real-time threat detection and response, fostering greater information sharing and collaborative defense mechanisms across the industry, and adopting multi-layered security protocols are essential.

Read more: Top 5 Flaws in Crypto Security and How To Avoid Them

User behavior continues to play a crucial role in security incidents. Phishing and social engineering remain significant factors in security breaches. Weak passwords and password reuse continue to be exploited in attacks. Users granting unnecessary permissions to smart contracts remain a significant vulnerability.

Regular security awareness campaigns, best practices for private key management and multi-factor authentication, wallets and DApps implementing real-time warnings for suspicious transactions, and peer-to-peer education programs within crypto communities have effectively raised security awareness.

The post Attackers Shifted from DeFi to CeFi: Cyvers’ Web3 Security Report Q2 2024 appeared first on BeInCrypto.

In an exclusive interview with BeInCrypto, Ilya Volkov, CEO of crypto platform YouHodler, shared his insights on how MiCA will shape the future of crypto-financial services.

Impact on Crypto Growth, Innovation, and Consumer Trust

MiCA is the first explicit regulation for crypto assets in the EU, offering legal clarity for stakeholders. It categorizes digital assets, specifies applicable regulations, and designates accountability for enforcement.

This regulation addresses regulatory issues, ensuring a level playing field for crypto institutions in the EU and eliminating regulatory fragmentation among member states. Moreover, it protects investors, prevents fraud, and ensures compliance with anti-money laundering (AML) and financial laws. Volkov views MiCA as a groundbreaking step in creating a cohesive regulatory environment for crypto assets across the EU.

Read more: What Is Markets in Crypto-Assets (MiCA)?

“The major advantage is that MiCA is a meaningful step forward to fixing the long-existing disconnect between global operations and local regulations,” he opined.

He pointed out that financial markets, including crypto, operate globally but are subject to local regulation. This inconsistency has historically posed significant hurdles for international Web3 companies and individual customers alike.

“For companies like Youhodler, regulatory frameworks like this will significantly facilitate access to international markets. In MiCA’s case, it allows companies to reach all EU member states without submitting repetitive license applications in every country,” he added.

Furthermore, MiCA’s comprehensive requirements and guidelines to enhance consumer protection can foster a more transparent and trustworthy crypto market. Volkov believes that transparency is crucial for building consumer confidence. 

“Protected by MiCA, consumers can now tell whether their digital wealth is in the hands of a legitimate service provider. This peace of mind goes a long way for individuals and the mass adoption of crypto,” he stated.

The regulations also address environmental concerns associated with crypto operations. YouHodler has proactively aligned its operations with sustainable practices, with its research and development team working to update the company’s tech infrastructure to save energy and reduce environmental impact.

MiCA’s regulatory framework also offers unique opportunities for companies like YouHodler to stay ahead in the competitive crypto market. By expediting the licensing process, MiCA facilitates the expansion of YouHodler’s footprint across the EU.

Volkov acknowledged the hard work required to upgrade the platform for compliance but emphasized that the additional layers of regulation and protection will help the company stand out by filtering out unqualified players, such as non-compliant offshore companies targeting EU customers.

Balancing Advantages and Disadvantages of MiCA

Despite the clarity, adapting to MiCA’s requirements presents unique challenges. For instance, providing yield products on stablecoins has been a common practice for Crypto Asset Service Providers (CASPs) and exchanges for the past five years. However, companies serving EU customers will no longer be able to do this due to the initial phase of MiCA, which addresses stablecoins.

Recent reports also indicate that several crypto exchanges, including Binance, are delisting certain crypto assets to comply with MiCA regulations. Volkov highlighted the necessity for YouHodler and other Web3 platforms to migrate from non-compliant stablecoins to those meeting MiCA standards. Currently, he sees USDC as the most compliant dollar-backed stablecoin, but Volkov anticipates the emergence of more compliant options soon.

“Our team is working diligently to update our products and services to ensure full compliance and timely support for customers looking to convert their digital assets,” Volkov affirmed.

Additionally, the current version of MiCA has yet to cover decentralized finance (DeFi) adequately. However, Volkov is confident that future updates will address this innovative and active part of the crypto ecosystem.

Nonetheless, the global implications of MiCA cannot be overstated. Volkov believes that MiCA sets a precedent for international crypto regulation, serving as a model for other regions.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

“Countries in Latin America and Asia will adopt similar approaches in the near future. Speaking of this, we’re also getting ready for the LATAM market. We have submitted our application in Argentina,” he told BeInCrypto.

As the industry prepares for potential market turbulence within the first year of MiCA’s implementation, Volkov remains optimistic about long-term sustainable growth. He believes that MiCA represents a significant step forward, instilling a sense of readiness and anticipation for the future of crypto.

The post The EU and Beyond: How MiCA Can Balance Innovation, Compliance, and Crypto’s Future appeared first on BeInCrypto.

Since then, the nation has experienced significant economic and social shifts, highlighting the impact and potential of this bold move.

The Rise and Fall of Bitcoin’s Value: Impact on El Salvador

El Salvador’s embrace of Bitcoin has been mixed with challenges and successes. The country now holds over $411 million in Bitcoin, with a more than 5,772 BTC portfolio.

Read more: Who Owns the Most Bitcoin in 2024?

President Nayib Bukele was recently sworn in for a second term, reinforcing his pro-Bitcoin stance. The country has continued to purchase Bitcoin, acquiring up to 30 BTC per month. As of May, El Salvador had more than $70 million in unrealized profits from its Bitcoin investments.

“Let’s not lose perspective. Here we are not just changing a country, we are changing a paradigm. We have already accomplished more than anyone could have imagined. Other people would like to have what we have now,” Bukele declared during his re-election.

Despite the crypto market’s volatility, El Salvador’s government remains unwavering in its support for Bitcoin. The government has preserved its Bitcoin holdings and consistently invests in them. Moreover, El Salvador continues to integrate the asset into various sectors of the economy.

For instance, Salvadorian citizens can use BTC to pay for goods and services, taxes, and even through the official Chivo Wallet. The government has also implemented policies and incentives to attract crypto investments, including citizenship and mining services passports.

El Salvador has also invested in Bitcoin mining using volcanic energy. The state plant on the Tecapa volcano operates around 300 processors, capitalizing on the country’s geothermal resources. This investment comes when Bitcoin’s mining difficulty has reached an all-time high, highlighting the nation’s innovative approach.

Recent developments have further strengthened El Salvador’s Bitcoin journey. First, the first Bitcoin spot exchange-traded funds (ETF) approval in January 2024 raised BTC’s price from $41,670 to over $70,000 in just a few months.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Additionally, the fourth Bitcoin halving on April 20 reduced mining rewards from 6.25 BTC to 3.125 BTC per block, potentially increasing BTC’s price and profitability. Experts predict Bitcoin could rise to $100,000 by the end of the year, with some estimates suggesting it could reach $150,000 by 2025. Such growth could significantly boost El Salvador’s BTC profits.

The post El Salvador’s Bitcoin Journey: Reflecting on Three Years of Change appeared first on BeInCrypto.

In an exclusive interview with BeInCrypto, Jieyi Long, CTO at Theta Labs, explained how the Web3 firm aims to disrupt video delivery through decentralization, enhanced security, and novel incentives for content creators and viewers.

A Decentralized Video Streaming Network

According to Long, Theta Network, developed by Theta Labs, offers a fundamentally different approach to video streaming.

“Theta Network consists of three main components: the Theta protocol, which enables decentralized video delivery; the Theta blockchain, which records and validates transactions; and the Theta token, which incentivizes users to contribute their resources,” Long told BeInCrypto.

This decentralized model contrasts sharply with the centralized servers used by Netflix and YouTube. By leveraging a peer-to-peer network where users share their excess bandwidth and computing power, Theta reduces dependency on centralized servers.

Such a setup enhances network reliability and decreases buffering times, improving video quality.

“The decentralized nature of Theta’s platform ensures increased reliability and eliminates the dependence on a single server,” Long emphasized.

Security is a critical concern for any digital platform. Theta Network addresses this with a hybrid consensus mechanism combining proof-of-stake (PoS) and Byzantine Fault Tolerance (BFT). Validators stake their tokens to secure the network, which discourages malicious activities and ensures transaction validity.

“By utilizing end-to-end encryption and advanced cryptographic techniques, user privacy is protected, reducing the risk of unauthorized access or data breaches,” Long said.

This heightened security can appeal to users wary of data breaches and privacy issues plaguing other platforms.

The Unique Selling Point: THETA and TFUEL

Another distinguishing factor is Theta’s incentive structure. Users earn THETA tokens by sharing their excess bandwidth and computational resources, fostering active participation. This system contrasts with the ad-based revenue models of Netflix and YouTube. Indeed, they primarily rely on subscription fees and advertising revenue.

The ability for users to earn tokens just by participating could attract a significant user base seeking more value from their viewing experience. Likewise, users can earn Theta Fuel (TFUEL) simply by watching content, providing a tangible benefit for their engagement.

The model incentivizes viewership and fosters a more interactive and rewarding ecosystem for users. Unlike YouTube and TikTok, where algorithms largely determine revenue distribution, Theta allows for direct viewer-to-creator transactions. This system ensures that creators receive a larger portion of their earnings.

“Theta’s model enables users to reward content they genuinely appreciate. By embracing blockchain technology, Theta provides a solution that empowers content creators with more control over their monetization strategies,” Long pointed out.

Theta Network also addresses reliability concerns through its decentralized nature, eliminating single points of failure and enhancing the system’s overall resilience. The network employs off-chain micropayment channels to facilitate fast, inexpensive transactions, addressing scalability issues typical of blockchain systems.

The multi-level node architecture, including edge nodes and caching nodes, efficiently distributes processing loads, resulting in faster content delivery and reduced latency. This approach ensures a smoother and more reliable viewing experience, which could attract users dissatisfied with the occasional buffering and latency issues on traditional platforms.

“The design is aimed to achieve a good balance between transaction throughput, consistency, and level of decentralization. Validator and Guardian nodes stake THETA and participate in block production and transaction processing. In return, they earn TFUEL, which powers bandwidth/video relaying,” Binance Research wrote.

Read more: 9 Cryptocurrencies Offering the Highest Staking Yields (APY) in 2024

However, the road to overtaking Netflix and YouTube is not easy. Theta’s blockchain integration can introduce processing delays, a significant concern for real-time video experiences. Additionally, every node participating in the network needs sufficient bandwidth to handle data transfer without delays, which can be a hurdle in achieving widespread adoption.

While challenges remain, particularly in scalability and real-time processing, Theta’s user-centric incentives suggest it has the potential to disrupt the traditional video streaming industry. The question of whether it can beat Netflix and YouTube ultimately hinges on its ability to scale effectively and attract a critical mass of users and creators.

The post How Theta Network Challenges Streaming Giants Like Netflix and YouTube appeared first on BeInCrypto.

This crackdown reflects the necessity for Web3 startups to adapt their strategies to navigate the regulatory environment effectively.

Regulation Boosts Investors’ Confidence

The US regulatory environment for cryptocurrencies has become increasingly stringent. Regulatory bodies emphasize compliance with financial regulations, anti-money laundering (AML) standards, and customer protection mechanisms.

“The $4 billion settlement with Binance, along with the legal actions against its CEO, represents a significant moment for the global cryptocurrency market,” Maria Fiorentini, co-founder at Mujeres en Derecho, told BeInCrypto.

This heightened scrutiny necessitates that Web3 founders implement robust crypto compliance frameworks to align with regulatory expectations. Indeed, investor confidence plays a critical role in the success of Web3 startups.

Regulatory actions against major players like Binance, Coinbase, and Kraken have shaken investor confidence due to the highlighted risks and uncertainties within the cryptocurrency market. However, in the long term, stringent regulations could clean up the industry, thereby bolstering investor trust.

“The impact on investor confidence can be seen from two angles… These actions could either bolster investor confidence by cleaning up the industry or discourage them due to strict regulations,” Fiorentini noted.

Web3 founders should focus on transparency and compliance to reassure investors and attract long-term investments.

Therefore, to navigate the regulatory environment, Web3 startups must implement robust AML and Know Your Customer (KYC) programs. Effective KYC procedures involve verifying customer identities, conducting background checks, and ensuring compliance with international sanctions lists.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Enhanced due diligence is essential for high-risk customers, including those engaging in large transactions or operating from high-risk jurisdictions. According to Fiorentini, Web3 founders can mitigate risks by establishing these programs and demonstrating their commitment to regulatory compliance.

A Comprehensive Compliance Framework

Fiorentini believes that a comprehensive compliance framework is vital for Web3 startups. This includes establishing a dedicated regulatory compliance team responsible for understanding, implementing, and updating the company’s practices in line with current laws and regulations.

Regular internal and external audits of compliance programs can help identify vulnerabilities and ensure adherence to regulatory requirements.

Advanced monitoring and reporting systems are also crucial for detecting and preventing suspicious activities. Indeed, real-time transaction monitoring technologies can identify large transactions, rapid movements of assets, or patterns indicative of money laundering.

Procedures for promptly reporting suspicious activities to relevant authorities are also relevant. These include developing clear processes for identifying, reviewing, and filing Suspicious Activity Reports (SARs), which are essential for maintaining regulatory compliance.

For Web3 startups operating internationally, compliance with regulatory standards across all jurisdictions is imperative. This includes adhering to the Financial Action Task Force (FATF) recommendations and other international guidelines. By ensuring global compliance, Web3 founders can mitigate risks associated with cross-border operations and build a robust foundation for sustainable growth.

“There are more requirements depending on which country the exchange is operating. These are just general things that need to be done. I would advise having a strong legal team that truly understands how crypto works and that investigates in depth its regulation according to each country,” Fiorentini told BeInCrypto.

Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide

Collaborative efforts with regulatory bodies can significantly enhance the compliance capabilities of Web3 startups. Global cooperation among regulatory and enforcement agencies is essential for combating cross-border crypto scams and tracking down perpetrators.

Encouraging the development of industry standards and best practices for transparency, security, and customer protection can also foster a more secure and reliable cryptocurrency market.

Emphasizing Education and Awareness

Education and awareness campaigns are crucial for protecting investors and maintaining market integrity. These campaigns should inform investors about the risks of cryptocurrency investments, how to spot scams and the importance of due diligence.

Establishing easy-to-use reporting mechanisms for suspected frauds and scams can ensure swift action and protect investor interests.

“Educational campaigns and reporting mechanisms are essential… Investors need to understand the risks and how to navigate them,” Fiorentini emphasized.

The regulatory environment for cryptocurrencies is evolving, with a trend toward greater clarity, stricter compliance, enhanced consumer protection, and international coordination. Although challenging for some market participants, these regulatory adjustments are crucial for the long-term sustainability and legitimacy of the cryptocurrency industry.

“While the details and pace of these changes will vary across jurisdictions, the overall direction indicates a maturing market that is increasingly integrated into the global financial system,” Fiorentini concluded.

In conclusion, Web3 founders must adopt comprehensive strategies to effectively navigate the US crypto crackdown. By implementing robust compliance frameworks, building investor confidence, and ensuring international compliance, Web3 startups can thrive and contribute to the maturation of the global cryptocurrency market.

The post What Web3 Entrepreneurs Must Do Amid US Crypto Scrutiny appeared first on BeInCrypto.

Tokenization, which represents these assets as digital tokens on a blockchain, unlocks a multitude of benefits, including increased liquidity for previously illiquid asset classes, enabling fractional ownership and democratizing investment, 24/7 trading across global markets, and enhanced transparency around ownership and transactions.

However, this novel capability to tokenize traditional asset classes and unlock their boundless potential requires stringent security, threat mitigation, and compliance measures. Deddy Lavid, CEO at AI Web3 security firm Cyvers, told BeInCrypto that failing to implement robust safeguards could expose investors to undue risks and liabilities and curb the impressive growth of this booming market.

Unique Risks Demanding New Solutions 

While the RWA tokenization empowers this asset class, it also introduces new attack vectors that conventional security approaches struggle to address adequately. According to Lavid, smart contract vulnerabilities, sophisticated DeFi exploits, digital wallet vulnerabilities, scams, and others represent clear dangers that bad actors are actively looking to exploit:

• Smart Contract Risks: The smart contracts that activate tokenized asset transactions can contain code flaws, which hackers can exploit to manipulate transactions or drain funds if they are not comprehensively audited. 
• DeFi Protocol Threats: Decentralized finance protocols that enable tokenized lending, borrowing, and trading face novel threats, including flash loan attacks that drain liquidity pools. 
• Digital Wallet Vulnerabilities: Asset ownership and transactions occur through digital wallets, which are vulnerable to evolving attack methods, such as phishing, malware, and theft of private keys. 
• Scams & Fraud Risks: Malicious actors may attempt to steal tokenized assets through phishing scams, address poisoning attacks where legitimate addresses are swapped with malicious ones, and other fraudulent schemes.

The inherent features of blockchain, such as pseudonymous transactions and immutability, have become a double-edged sword, hampering fraud investigations and illegal activities with tokenized assets.

Navigating the Compliance Labyrinth

Lavid added that businesses dealing in tokenized real-world assets must also navigate a complex web of regulatory compliance obligations.

• Securities Regulations: Tokenized assets may trigger certain securities rules and reporting requirements related to the issuance, trading, anti-money laundering provisions, and more. 
• Tax & Reporting Duties: Blockchain’s global, pseudonymous nature creates particular hurdles for tax reporting, withholding, and documentation demands. Reporting crypto taxation can be a very convoluted task due to problems such as spam transactions. 
• KYC & AML: Tokenization platforms must implement robust identity verification and anti-money laundering screening of all counterparties. The existing intelligence and screening solutions often offer obsolete data on wallets and smart contracts due to the latency in the process of “framing” malicious addresses in their databases. This often causes companies to interact with malicious actors, even though they were “cleared” by the prominent screening services.

Avoiding regulatory traps and proactively guaranteeing compliance from the start is crucial for avoiding devastating penalties, reputational damage, or disruptions later on.

New Security Paradigm

According to Lavid, there must be a comprehensive shift towards real-time security monitoring and automated preventative measures to protect this dramatic transformation. Just as blockchain offers significant innovation in a variety of segments, from banking to derivatives trading, its security paradigm must change to meet these new needs head-on:

1. 24/7 Proactive Monitoring: Continuous monitoring of network transactions and smart contract activity to detect anomalies, vulnerabilities, and active threats in real-time before damage occurs. 
2. Instantaneous Mitigation: Automatically implementing protective measures immediately when a threat is found, stopping the flow of funds at risk, alerting the right people, and blocking active attack paths. 
3. Attack Pattern Recognition: Advanced visual mapping technology to identify and categorize multi-phase, multi-signature attacks by their unique transactional patterns across the blockchain. 

Robust security for tokenized platforms mandates implementing holistic solutions that fuse regulatory compliance with proactive criminal risk monitoring. Integrating advanced blockchain intelligence provides comprehensive visibility, from onboarding diligence to continuous transaction screening. 

Read more: What Are Tokenized Real-World Assets (RWA)?

This unified approach surfaces not only regulatory risks but also proactively identifies addresses associated with hacks, scams, fraud, and money laundering based on transactional forensics. It enables mapping complex, multi-phase attack strategies from inception through laundering stages. 

This empowers a deeper understanding of how to disrupt threats in ways that retrospective analysis cannot preemptively. Converging compliance duties with leading-edge risk analytics is vital to safeguarding tokenization’s evolutionary potential.

Rising to the Challenge 

Realizing blockchain’s revolutionary vision necessitates security capabilities that are equally innovative and dynamic:

The crux lies: traditional reactive security models and fragmented compliance procedures are fundamentally ill-equipped to tackle tokenization’s uncharted complexities.

“Current security approaches based on post-mortem analysis simply cannot handle blockchain’s immutable and lightning-paced environment. Securing this transformative journey towards tokenized real-world assets demands an entirely new paradigm,” Lavid told BeInCrypto.

This new reality necessitates robust real-time security monitoring, preventative mitigation measures, and recognizing multi-vector attack patterns to disrupt coordinated strategies. 

Read more: ERC3643: The Token Standard For Real-World Assets (RWAs)

Continuous 24/7 monitoring of all blockchain transactions, smart contract activity, and networked ecosystems is critical to detecting anomalies or active threats in real-time before damage occurs. According to Lavid, complementing this is the capacity to instantly halt malicious fund flows, alert relevant parties, and implement defensive countermeasures upon identifying risks. 

“All stakeholders—investors, institutions, developers, regulators, and beyond—must collaborate to uplift security standards to meet this generational challenge head-on. Through industry-wide innovation elevating real-time security, we can both unleash and safeguard tokenization’s transformative potential,” Lavid added.

Securing the Frontier

To fully realize tokenization’s disruptive potential, defenses must be strengthened with cutting-edge preventative solutions that can proactively disrupt cyber attacks and mitigate regulatory and criminal risks, including fraud, scams, and money laundering. Next-generation systems must have multi-layered security and compliance controls adapted to tokenization’s specific complications to survive this evolutionary leap.

Read more: The Future of Finance: Tokenization of Real-World Assets

The blockchain ecosystem pioneers new finance. A pioneering confluence of proactive defensive paradigms—continuous monitoring, instantaneous mitigation, and preventative risk controls across cyber and compliance domains—is needed to protect this paradigm change.

The post Real World Assets Need Real-Time Security: Cyvers CEO appeared first on BeInCrypto.

Nicola Massella, a Web3 Lawyer at Storm Partners, shared invaluable insights with BeInCrypto on how crypto companies can avoid compliance pitfalls.

Understanding AML Compliance

Anti-Money Laundering (AML) standards are critical for the cryptocurrency industry. Massella emphasized that adhering to these standards is not optional.

“AML concerns have been at the forefront for regulators since Bitcoin’s early days. Therefore, ahering to AML standards is paramount,” Massella noted.

The European Union, for instance, initially regulated “virtual currencies” primarily to mitigate AML risks. Today’s crypto industry boasts advanced tools for wallet screening and transaction analysis.

Blockchain’s immutability and transparency offer an opportunity to surpass traditional financial systems in preventing AML threats. Crypto platforms must fully embrace these technologies to elevate their compliance standards.

While some argue that AML compliance contradicts crypto’s decentralization and autonomy principles, Massella countered this view. Preventing illicit activities is essential for the mainstream acceptance of cryptocurrencies. He highlighted zero-knowledge proofs as a promising innovation that balances AML prevention with privacy and decentralization.

Crafting Effective Contracts

Crafting contracts in the crypto industry presents unique challenges due to the innovative nature of transactions like token sales and DeFi liquidity provision. These contracts often involve parties from different countries and are executed online, adding complexity.

One critical aspect is the enforceability of remedies in case of a breach. Engaging with entities lacking substantial assets can render court decisions ineffective. Traditional courts may also struggle with crypto-related disputes due to a lack of established precedents.

Massella advised against using generic contract templates or reusing contracts from acquaintances. Crypto-related agreements require a lawyer with in-depth field knowledge to tailor contracts to each deal’s unique characteristics.

“My foremost advice to crypto entrepreneurs is to steer clear of generic contract templates or reusing contracts from acquaintances as a cost-saving measure,” Massella told BeInCrypto.

Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide

Moreover, he emphasized that dispute resolution strategies in the crypto industry are similar to other commercial contexts. The initial step involves evaluating the client’s position and potential for settlement. This is followed by negotiations with the other party’s legal representatives to reach a mutually agreeable resolution.

For consumer-related disputes, additional factors come into play. Reputation holds significant weight in the crypto industry. Platforms may not be legally obligated to compensate users for losses due to hacking or system malfunctions, but doing so can enhance customer trust and brand integrity.

Maintaining a professional demeanor and separating emotions from business decisions is crucial. For crypto entrepreneurs, focusing on constructive engagement and growth rather than conflicts is key.

Structuring a Crypto Company

When structuring a crypto company, especially with an eye toward mergers and acquisitions, several factors must be considered. The regulatory environment tailored to each crypto project’s specific activities is vital. Compliance with relevant regulations is essential, as the legal framework governing Web3 varies significantly across jurisdictions.

Corporate structures in the crypto industry are often complex, involving multiple entities across various jurisdictions. This complexity is a response to the diverse legal and regulatory environments worldwide. Entrepreneurs must navigate this to ensure compliance with each jurisdiction’s laws and regulations.

Understanding the regulatory environment’s impact on the deal’s feasibility and structure is crucial in mergers and acquisitions. Legal due diligence, company valuation, operational integration, and future growth prospects all hinge on regulatory compliance.

Additionally, the crypto industry often involves foundations and associations in its corporate structures. These entities can be beneficial in connection with token-based organizations, safeguarding the rights and interests of token holders.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

In summary, avoiding compliance pitfalls in the crypto industry requires a deep understanding of AML standards, effective contract crafting, robust dispute resolution strategies, and a comprehensive approach to company structuring. With these expert tips, crypto companies can navigate the regulatory environment more effectively and position themselves for long-term success.

The post How Crypto Companies Can Avoid Compliance Pitfalls appeared first on BeInCrypto.

This approach optimizes resource usage and paves the way for more flexible and cost-effective computing solutions.

Earn Crypto With Computing Power

The blockchain industry has seen significant advancements in monetizing unused computing resources in recent years. According to Tobias Adler, CEO and Founder at Nuco.Cloud, the integration of blockchain and cloud mining has accelerated, driving the efficient use of previously idle computing power.

“Companies are increasingly using cloud platforms to operate and offer blockchain applications more efficiently which promotes and also necessitates the monetization of previously unused computing power. In addition to this, serverless blockchain architectures like decentralized cloud computing enable a more flexible and cost-efficient use of resources,” Adler told BeInCrypto.

This trend promotes the monetization of unused computing power and enables more flexible and cost-efficient use of resources.

Blockchain technologies have revolutionized the use of unused CPU and GPU power, storage space, and internet bandwidth. Decentralized platforms now enable users to rent out their unused storage or offer computing capacity for complex tasks. In return, they earn cryptocurrencies.

Read more: Best Cloud Mining Sites 2024: A Beginners Guide

However, it is essential to distinguish between pure data calculations and time-critical content requiring low latency. Poor infrastructure in some regions can hinder the performance of decentralized platforms. In Germany, for example, some rural areas still rely on slow mobile connections, which can affect the decentralized networks.

Despite these challenges, the earning potential for individuals providing computing resources through decentralized cloud mining can be significant. Compensation in cryptocurrencies or platform-specific tokens depends on the amount of computing power provided, the duration of its availability, and the current demand within the network.

A crucial aspect is whether the provider allows users to set their own service costs or employs an automatic calculation based on supply and demand. Still, a user-friendly interface and simplified pricing model are essential for attracting and retaining customers.

“The problem with a marketplace is that every miner can set their own prices at which they are willing to provide their computing power, similar to eBay. This means for the customer, it is unnecessarily complicated to select the specific server. But if this is automatically calculated based on supply and demand, it opens up brand new possibilities with a user-friendly interface,” Adler noted.

Decentralized Computing Will Thrive

The future of decentralized computing and storage networks looks promising. The global cloud computing market is expected to grow from $626.4 billion in 2023 to $1,266.4 billion by 2028, with a CAGR of 15.1%.

This growth is driven by increasing demand in sectors like retail, consumer goods, and healthcare. This is further fueled by the rapid adoption of AI, machine learning, big data, edge computing, and 5G technologies.

“The future of decentralized computing and storage networks is closely tied to the overall development of the cloud computing market and will benefit from technological advancements and increasing acceptance across various industries,” Adler told BeInCrypto.

Read more: Free Cloud Mining Providers to Mine Bitcoin in 2024

Decentralized networks can benefit from this development by positioning themselves as flexible, secure, and cost-effective alternatives to traditional cloud mining solutions. Integrating AI and machine learning into decentralized networks will enhance their efficiency and scope.

At the same time, advancements in 5G technology will improve their performance in handling large data volumes and high-speed requirements.

Centralized cloud services like Amazon, Microsoft Azure, and Google Cloud demonstrate the scalability and security possible with cloud computing and storage. Decentralized networks offer similar functionality, with the added advantage of enhanced data security and privacy.

The post Expert Explains How to Earn Crypto With Unused Computing Power appeared first on BeInCrypto.

It is important to understand the importance of aligning investment approaches with individual goals and risk tolerance, while navigating the decentralized finance (DeFi) sector.

One DeFi Protocol Does Not Fit All

In a recent interview with BeInCrypto, Lucas Kiely, CIO at Yield App, shared his insights on effective strategies for earning passive income through cryptocurrency. He emphasized the importance of aligning investment strategies with individual goals and risk tolerance.

“What constitutes an ‘effective strategy’ very much depends on individual investors’ goals and risk tolerance,” Kiely remarked.

He highlighted the allure of high short-term interest rates, such as a one-month lock-in promising 20% interest on Bitcoin. However, he cautioned that the events of 2022 demonstrated the substantial risks associated with such promises of astronomical passive yields.

Kiely advised those seeking guaranteed passive income to compare rates, benefits, and security features across different platforms while avoiding outliers. He suggested that sophisticated investors with moderate-to-high risk tolerance explore yield-enhancing crypto-structured products.

Read more: Top 4 Crypto Passive Income Ideas That Really Work in 2024

He also stressed the importance of evaluating several factors before entrusting funds to any crypto platform. These include security, tokenomics, historical performance, personal goals, and risk tolerance.

“While crypto is home to many high-risk investors who may be happy to place an all-or-nothing bet, the current environment calls for caution and well-informed, balanced strategies that can absorb market fluctuations caused by external factors, such as regulatory and geopolitical uncertainty,” Kiely explained.

Lending, Research and Diversification

Lending platforms like Aave and Compound have become integral to DeFi. These platforms eliminate intermediaries like banks or crypto custodians from lending and borrowing transactions, allowing for direct and trustless interactions.

Lenders provide liquidity by depositing cryptos into a pool, which borrowers can access for a fee. Smart contracts automatically execute these transactions based on predefined rules.

The benefits of lending include the absence of a central authority controlling rates, potentially higher profits, immediacy, and privacy. However, Kiely noted that the benefits come with greater risks.

“It is estimated that $3.7 billion was lost in DeFi hacks in 2022, and though this number decreased to $1.3 billion last year, security remains one of DeFi’s biggest issues. Smart contract failures can also result in loss of funds, as can uncollateralized lending when markets go south,” Kiley told BeInCrypto.

He advised thorough research before investing in DeFi lending protocols, emphasizing the importance of technical and trading expertise. “DYOR” (Do Your Own Research) is a critical principle in the crypto market, reflecting its high-risk nature and susceptibility to hacks and scams.

Read more: 7 Ways To Earn Passive Income With Crypto in 2024

In addition to thorough research, Kiely recommended diversification to minimize risk. Investing across various projects or cryptocurrencies can help mitigate the impact of any single underperforming investment. He also stressed the importance of using reputable and secure exchanges with a proven track record of protecting user funds.

Learning from Previous Mistakes

Understanding one’s limits is crucial in the crypto market. Kiely advised investors to consider their experience level and how much they can afford to lose. Newcomers with moderate risk appetites might find traditional finance-like platforms and earning strategies more suitable for easing into the crypto space.

Kiely concluded with a vital piece of advice for newcomers: understand how passive income is generated by the platforms they are exploring.

“Are the yields promised by a platform sustainable, regardless of market conditions? How transparent is the platform about the assets they invest in and the investment strategies they use to offer yields? Might they be investing in particularly volatile assets, tokens with poor foundations, or offering un- or under-collateralized loans to generate higher than market average yields?,” Kiely questioned.

The crypto market crash of 2022, which saw billions wiped off the market, highlighted the importance of informed investing. As the industry recovers, it is the responsibility of all investors—new, old, institutional, or retail—to be well-informed and avoid repeating past mistakes.

The post Yield App CEO Explains Top Strategies for Crypto Passive Income appeared first on BeInCrypto.

This integration improves how content is created and distributed while bringing significant benefits in terms of efficiency, creativity, and intellectual property protection.

AI’s Role in Creativity and Content Creation

Mitch Liu, CEO of Theta Labs, told BeInCrypto in an exclusive interview that AI tools are revolutionizing the creative process. These tools automate routine tasks, enabling crypto influencers and content creators to concentrate more on their unique ideas and visions.

When combined with blockchain technology, AI streamlines creativity and ensures the protection and proper attribution of digital content.

“AI and machine learning algorithms can automatically assist in detecting, verifying, and then ‘tagging’ the origin of creative works such as stories, images, or videos, marking them with a unique digital fingerprint. This is where blockchain steps in – serving as a tamper-proof ledger, it ensures that the original creators are acknowledged and credited for their work,” Liu said.

As AI enhances creativity, the computing power behind blockchain, particularly through distributed computing networks, protects against unauthorized leaks or reproductions. This allows creators to focus on the meaningful aspects of their projects.

One of the most transformative aspects of AI in content creation is its democratizing effect. AI tools level the playing field, making advanced technologies accessible to all creators, regardless of their technical expertise or budget.

This accessibility ensures that emerging content creators have the same opportunities as established ones, fostering innovation and diversity in the creative community.

“Think of it this way: while anyone with a license can drive a race car, beating the fastest lap takes skill and expertise. Similarly, while AI provides the tools and platforms for anyone to create and distribute content, the quality and appeal of that content still rest in the hands of the creators,” Liu stated.

While there is fear that AI might replace human jobs, there is also excitement about the possibilities it brings. AI is a super-efficient assistant, enhancing creativity by cutting down hours of brainstorming, editing, and devising new ways to connect with audiences.

Instead of replacing content creator’s abilities, AI enhances them, offering new ways to engage with audiences, protect intellectual property, and monetize their content effectively.

“Remember those art classes as a kid, learning to draw 3D shapes? That was hard work. Now, you can just upload a sketch, and AI turns it into a 3D model, saving hours of effort. This lets creators focus more on the meaningful parts of their projects. What’s next lies in everyone’s hands — the creators, the techies, and the fans,” Liu concluded.

Read more: Top 8 Artificial Intelligence Use Cases for 2024

The launch of ChatGPT in November 2022 marked the beginning of a new era in AI technology. The potential of new generative AI technologies, such as text-to-video and text-to-3D, offers endless possibilities for content creators. Indeed, it empowers creators to innovate and connect with their audiences more effectively.

The post How AI Boosts Crypto Influencers’ Content appeared first on BeInCrypto.