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A note from Lisa…
WOW, what a year 2023 was for crypto!
Editorial
As we bid farewell to the shadows of the crypto winter and welcome the blossoming spring of a new bull market, the stars are about to align, and with the upcoming Bitcoin halving on the horizon, the crypto community is buzzing with anticipation. ETF talk everywhere. I’ll take you through some of the highlights of the end of year Moon Mag!
‘Tis the season to be crypto! In this festive article, we present the ultimate guide to the top 10 Christmas gifts for the crypto enthusiast in your life. From limited edition NFTs to hardware wallets and blockchain-themed merchandise, we’ve curated a list that combines holiday cheer with cutting-edge technology. You may even see me at Christmas sporting an ugly crypto Christmas jumper! Yes, I bought one, I couldn’t resist! Daniel dives into the intricacies of decentralised identity, exploring its potential to empower individuals with greater control over their personal information while enhancing security and privacy. Samantha had the privilege of attending the DEXT Force Festival, a groundbreaking event that showcased the latest innovations in decentralised finance (DeFi). Let’s rewind the clock and revisit the major milestones, breakthroughs, and challenges that defined the crypto space in 2023. From regulatory developments to technological advancements, our comprehensive recap provides a panoramic view of the year that was in crypto. Let me peer into my crypto crystal ball, Chris unveils the top 10 crypto trends set to dominate the landscape in 2024. From the rise of decentralised autonomous organisations (DAOs) to the integration of artificial intelligence in blockchain, our predictions offer valuable insights for both seasoned investors and newcomers alike.
And so many other articles, including mine! Trading vs Investing! As we stand at the cusp of a new era (or year), The Moon Mag is committed to keeping you informed and inspired. Enjoy as we ride the crypto wave from bear to bull, exploring the limitless possibilities that blockchain technology and digital currencies bring to our world. To the moon and beyond!
Another year has flown by as we move closer to Christmas, and as I write this, Bitcoin has just touched $40K USD! How far we have come! This issue reflects on the year of 2023, where so much has happened despite crypto being in hibernation (according to many media outlets). We also take a look at some Xmas goodies you can get for loved ones who love crypto already and presents for loved ones who still need to take the orange pill!
A note from Josh…
But this issue also contains some fascinating articles and deep dives into areas of crypto that we think will really shine bright in 2024. It looks set to be a great year ahead. Who knows what it will bring? Perhaps some more regulation? Perhaps some more innovation that sets the world alight? I focus on how regulation might need to come about in my article, which is maybe a tad biased, but hey, that’s what an opinion article is for, right? Of course, it’s worth mentioning, too, at this time of the year, how grateful we are for everyone who helps make the Moon Mag such a brilliant publication - from our talented article writers, Chris, Samantha and DJ to name a few, Alex, who weaves his magic to make the articles look brilliant and brings the Moon Mag to life, and everyone else behind the scenes including, of course, our amazing sponsors. Whatever your plans are for the holidays and the New Year, may you have a cracking crypto time. All our best wishes from the Moon Mag for 2024!
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SUMMARY
TRADERS PERSPECTIVE
Trading vs. Investing
8
A tour of the Dext Force Festival
14
2023 Crypto Recap 26
TON Foundation and the TON Token
40
Identity Management and Decentralised Identity in Crypto
50
Top 10 Crypto Gifts For Xmas
62
Top 10 Trends To Watch in 2024
76
Crypto Crossroads: Corporate Control vs. Entrepreneurial Energy
91
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SPONSORS We are incredibly grateful to the following sponsors for their support. We run a ‘Sponsor A Writer’ campaign where crypto projects take part in an altruistic act of sponsoring our talented writers. By doing so, they play a crucial role in keeping the crypto economy alive and thriving, not only for our readership, but for the writers who provide the awesome articles.
DISCLAIMER All the content provided for you as part of the Moon Mag has been researched thoroughly and to the best of our ability however it is your choice, and your choice only, whether you wish to invest or participate in any of the projects. We cannot be held responsible for your decisions and the consequences of your actions. We do not provide financial advice. Please DYOR and above all, enjoy the content!
CONTRIBUTORS Daniel Jimenez Daniel has been a blockchain technology evangelist since 2012 and is a faithful believer in the Crypto ecosystem. Daniel also writes for Coin Telegraph!
Samantha Jimenez Freelance journalist dedicated to digital media, enthusiast of the crypto ecosystem and disruptive technologies. MDC writer since 2018, currently writer for CryptoTrendencia.
R. Paulo Delgado R. Paulo Delgado is a crypto and fintech journalist, freelance writer, and ghost writer. He cut his teeth as a web and software developer for 17 years. Now he uses those skills to write tech, business, and financial content for various businesses and news publications.
Chrom Chrom here, your friendly blockchain wordsmith! I joined the crypto party in 2017, have worn many hats, and I consider myself Jack of all trades. Been working as a DAO contributor, start-up advisor & research leader. Armed with a knack for turning technical jargon into engaging content. I fuse quirkiness and professionalism to deliver informative, optimistic writing that resonates with readers.
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TRADERS PERSPECTIVE
written by Lisa N. Edwards
Trading vs. Investing
New to trading? New traders often find themselves at a crossroads when deciding between trading and investing, also known as HODLing in crypto. While both avenues offer unique opportunities, understanding the stark differences between them is crucial for making informed decisions in the volatile crypto market. And volatility is why we love crypto!
Trading for Short-Term Gains One significant disparity lies in the objectives of traders versus investors. Traders are often motivated by short-term gains, aiming to profit from the frequent price fluctuations within the market. For those speculating on cryptocurrencies, the focus is less on the quantity of coins held and more on chasing stable assets like USDT. The strategy involves trading one asset to increase the dollar value, subsequently reinvesting those profits in another coin for potential long-term growth. See issue 25 for strategies that can make you a lot of dollars! https://themoonmag.com/issue-25/
KNOWING THE DIFFERENCE To illustrate this distinction, consider the scenario of a crypto enthusiast who meticulously selects a coin for their investment portfolio by doing a deep dive into the fundamentals. They strategically accumulate a significant number of coins within their target zone, adopting a patient approach for potential long-term gains. However, despite having a well-thought-out investment plan, the enthusiast succumbs to the temptation of chasing short-term profits, falling into the cycle of trading their investment coins.
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Using a hypothetical example, let’s examine the story of $SOL. This narrative often unfolds with traders who secure an optimal entry point but then become entangled in the pursuit of local profits. The key lesson here is that even with a carefully curated investment portfolio, deviating from the original plan and succumbing to the allure of short-term gains can lead to unexpected consequences.
Risk Mitigation: Dollar Cost Averaging (DCA) To be more successful, it is advisable to split your funds strategically. Creating distinct deposits for trading and investing (HODLing) can help manage risk effectively. The break up of the buy zone (DCA) or often referred to as laddering, is dedicated to intraday trading activities, allowing for quick decision-making and capitalising on short-term market movements. On the other hand, the investment deposit is reserved for long-term holdings, with clearly marked accumulation zones and profit-taking zones.
Accumulation Zones and Profit-Taking For the investment deposit, identifying accumulation zones is paramount. These are price levels at which investors steadily accumulate a specific cryptocurrency, often taking advantage of market downturns. Additionally, it is crucial to mark profit-taking zones, indicating the points at which investors plan to secure profits from their long-term holdings. The line between trading and investing can blur, leading to missed opportunities and unexpected losses. By acknowledging the fundamental differences between the two approaches and adopting a disciplined strategy, crypto enthusiasts can navigate the market with greater confidence. Remember to split your funds wisely, I believe your trading bags should not be greater than 25% unless you are very very experienced. You must define clear accumulation and profit-taking zones for your investments and resist the allure of chasing short-term gains with your long-term holdings. A strategic and disciplined approach is the key to success.
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BUT IS TRADING BETTER? As a trader, you will set your buy and sell orders with a stop loss if the trade moves against you. This disciplined approach is integral to risk management, aiming to limit potential losses and protect your capital. Unlike investing, which typically involves a long-term perspective and a focus on the fundamentals of an asset, trading is characterised by shorter time frames and the utilisation of technical analysis to identify short-term price movements. However, the high volatility of cryptocurrency can be challenging, especially for inexperienced traders. The allure of quick profits and the fear of missing out can lead to emotional decision-making, with greed being a significant factor. Greed may prompt traders to deviate from their strategies, hold onto losing positions for too long, or take larger risks than they can afford. Inexperienced traders, driven by the desire to recover losses quickly, might turn to leverage trading. While leverage can amplify potential profits, it also significantly increases the risk of substantial losses. This heightened risk, combined with the psychological pressures of trading, can exacerbate the challenges faced by those with limited experience. To navigate these complexities successfully, traders must prioritise education, develop a robust trading plan, and exercise discipline in executing strategies. Learning from both successes and failures is crucial, and establishing realistic expectations is essential for long-term success in trading.
Download the trade tracker here https://gettingstartedincrypto.com/start-up-kit/, a valuable tool to monitor and analyse your trades. I highly recommend recording your emotions in the tracker, as this practice provides insights into your psychological state during trading activities, especially when faced with adverse market movements. Understanding your emotions can be a key factor in refining your trading strategy and improving decision-making. It’s advisable for novice traders to start with smaller positions, use risk management tools effectively, and gradually scale their involvement in the market as they gain experience and confidence. While HODLing (investing) is often considered a more straightforward strategy for individuals entering the market, the key lies in having a well-defined plan and adhering to it without deviation. Just as in any specialised field, success in investing requires a commitment to learning and understanding the market dynamics. Consider this analogy: You cannot walk into a hospital and perform brain surgery without the years of study and skill required for such a career. Similarly, approaching trading without the necessary knowledge and preparation can be akin to entering a casino and placing your hard-earned money on red at the roulette table—highly speculative and prone to substantial risk. Successful investing involves a long-term perspective, a thorough understanding of the fundamentals of the assets in which you’re investing, and the ability to weather short-term market fluctuations. It requires patience, discipline, and a commitment to your chosen strategy.
DIAMOND HANDS! https://www.reddit.com/r/Art/comments/l7t7pl/diamond_hands_me_digital_2021/ Just as a surgeon relies on a carefully crafted plan in the operating room, investors benefit from a wellresearched and thought-out investment plan. Moreover, acknowledging the difference between investing and trading is crucial. Investing generally involves a more passive approach, aiming to benefit from the overall growth of assets over time. On the other hand, trading often entails more active decision-making, with a focus on short-term price movements and technical analysis. So whether you choose to HODL or engage in active trading, the fundamental principle is to approach the market with a plan backed by knowledge and a realistic understanding of the associated risks. Education, continuous learning, and a disciplined approach are the cornerstones of successful participation in the financial markets.
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written by Samantha Jimenez
A tour of the DEXT FORCE FESTIVAL Two days of innovation, networking and immersion in the DeFi world
Dext Force Festival 2 days of innovation, networking, and immersion in the DeFi world In a weekend marked by innovation and the convergence of disruptive technologies, Barcelona was the protagonist of the first Dext Force Festival on November 10-11. More than just an event, this unique experience managed to seamlessly condense a high-end DeFi conference with a music festival, offering attendees a broad overview of decentralised finance, blockchain, AI, and more. A leading global application in decentralised finance, DEXTools meticulously organised the event along with BitBase, Spain’s leading cryptocurrency ATM network. Notably, the brains behind DEXTools have transcended borders by being recognised by Forbes magazine as one of the 100 most creative Spaniards in business. Their innovative approach has left a significant mark on the development of DiFi. In this melting pot of knowledge, attendees had the opportunity to soak up the DeFi experience through expert keynotes from Jimmy Nguyen, Gordon Einstein, and Pawel Łaskarzewski, among others. Panel discussions and workshops addressed topics ranging from DeFi use cases and trends to the crucial role of artificial intelligence, all in a context where electronic music and blockchain culture converged in an unparalleled spectacle.
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Jimmy Nguyen on his participation at the Dext Force Festival Source: The Moon Mag.
Tour of the Llotja de Mar The Llotja de Mar, a historic venue in the heart of Barcelona, was the venue for this meeting. During the first day, the event organisers highlighted the opportunity for attendees to delve into topics related to Web3, DeFi, and the crypto market in general. They also encouraged taking advantage of this space for networking and collaboration between community members, giving room for creativity and innovation. From the threshold, an intriguing trail of exhibition booths unfolded, showcasing innovative companies and projects that have made their mark on the event. EthicHub, Mutants Beer, Dione, and other projects captured visitors’ attention with proposals beyond conventionality. These initiatives combine elements of creativity, Blockchain technology, decentralized finance (DeFi), NFTs, and, notably, sustainability.
EthicHub ReFi protocol
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EthicHub, with its ethical and collaborative approach, stands as a beacon on the decentralised financial horizon. Their participation at the Dext Force Festival highlighted the importance of merging innovative technology with sustainable practices, providing a unique insight into how finance can be more inclusive and ethical. During this meeting, the team behind EthicHub shared some details about their project while enjoying an excellent coffee.
EthicHub is a ReFi (Regenerative Finance) protocol that empowers unbanked farmers by providing access to capital at reduced interest rates in a win/win model. Since its launch in June 2018, EthicHub’s crowdlending platform has brokered over $3 million in microloans. It was benefiting more than 600 families in five countries in this way. Its innovative crowd collateral acts as a risk mitigation mechanism, reducing risk perception by investing in smallholder farmers in emerging economies.
The EthicHub community implements a unique approach by purchasing $Ethix tokens and betting on behalf of unbanked farmers, creating a trusted environment for impact investing. In the event of a loan default, the Ethix-backed Clearing System can reimburse investors both principal and interest. With a global default rate of less than 3%, EthicHub has financed over 450 projects in the last four years, achieving a default rate of close to 1%. Operating in Mexico, Brazil, Honduras, Colombia, and Ecuador, EthicHub constantly seeks to expand its reach to new markets and continents, hence the unveiling of ambitious plans to provide the lending platform with stable profitability, merging DeFi with the economic reality of more than one billion smallholder farmers worldwide. EthicHub’s vision translates into a strategy that involves the Ethix token as the cornerstone of the compensation system, which not only acts as a risk mitigation tool and absorbs variation in returns but also drives a decentralised system of governance. Ethix holders participate in the Clearing System, vote, propose updates, and play a vital role in the ecosystem’s structure. The platform, backed by Lendingdev as the first Loan Originator Hub, faces the challenge of providing the system with stable profitability while working towards more decentralised governance. Ethix presents a tool to implement a decentralised governance system and expand the ecosystem’s
capacity for growth, in addition to its original role of serving as collateral for loans.
With 565 projects and its consolidation in the Chinese market Consolidating in China, EthicHub currently has 565 projects underway, marking a significant milestone since the launch of the platform’s first version almost five years ago. The Chinese market, launched last April, has witnessed a second shipment of coffee in October, and the team is working hard to make a third shipment shortly. This achievement highlights EthicHub’s ability to open and consolidate international markets and underlines the importance of providing holistic care to farmers beyond mere financing. Committed to the socio-economic development of the weakest link in the supply chain, EthicHub celebrates this milestone as part of the successes accumulated since the launch of its first project in June 2018. Over 700 smallholder families in 25 communities and five different countries have experienced the benefits of funding provided by over 1,500 ethichubbers worldwide. This achievement, marked by a contribution of more than $3 million to smallholder farmers in five years, is an additional stimulus to continue to grow and explore new collaborations, especially in impact investing.
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Mutants Beer
On the other hand, Mutants Beer brings a refreshing perspective to the event. Fusing beer culture with blockchain technology bridges tradition and the avant-garde. This project demonstrates that innovation can have a unique flavour and celebrate the diversity of experiences. During the event, we immersed ourselves in an eye-opening conversation with Tabarrial, the CEO of Mutants Beer, who guided us through the intricate details that define this unique project. Mutants Beer is not simply a craft beer; it is a sensory journey that explores the entire brewing ecosystem, from the selection of barley to the creation of defined flavours. This gluten-free lager is distinctive not only for its taste but also for its specific green colour, in tune with the community it joins, known as “mutant.”
Tabarrial enthusiastically shared how they have observed the transition from digital to tangible in the world of cryptocurrencies, highlighting notable cases such as the success of the Pudgy Penguins and their presence at Walmart. Within the “mutant” community, the internal program created by apes, which brings together more than 300 projects worldwide, stands out. Mutants Beer’s vision is to build the culture of WB3 spaces in Europe. They have made their mark in cities such as Lisbon, Milan, Paris, Amsterdam, and Berlin this year and plan to consolidate their position further in the coming year. In addition, collaborations with similar projects in Asia and the United States are on the horizon.
To the NFTs market sceptics In the face of scepticism about the NFTs market, Tabarrial advocates and notes the emergence of the first Beer Market that comprehensively addresses the technology’s fundamental aspects. He stresses that this initiative offers versatility, allows switching standards and exploring options beyond ERC-721, and provides for various purpose migrations. The essence of NFTs, he notes, is that once a problem is solved, there is no going back, comparable to irreversible technological milestones such as the tram, the internet, and the telephone. The functionality achieved gets consolidated as an immutable breakthrough. While it is true that the NFT market has experienced a speculative bubble, Tabarrial stresses that projects like this one focus on counteracting speculation through comprehensive education. They seek to bring people into a space where they can genuinely connect with other people of interest, allowing them to learn about NFTs organically. It is not just about monetary gain but about appreciating a physical product’s value and understanding more about this fascinating space.
A review of some of the papers As mentioned, the event also had room for numerous talks and presentations by prominent speakers. One focused on exploring the use cases and emerging trends in decentralised finance (DiFi), addressing its vast potential in depth. Experts such as Laura Estefania from Restake, Brad Yasar, CEO of EQIFi, and Matteo Arenzi from Folks Finance actively participated, sharing valuable insights on how DiFi transforms traditional financial business models. This magazine is sole property of themoonmag.com and is not to be redistributed in any form anywhere else.
Panelists at the Dext Force Festival discussing DiFi and its use cases
During the discussion, it delved into DiFi’s use cases, highlighting its revolutionary ability to facilitate intermediary-free lending and enable individuals worldwide to lend and borrow digital assets in addition to the discussion of the coexistence of centralised and decentralised systems in the financial future and the exploration of critical challenges and developments present in decentralised exchanges. Panel participants also addressed the importance of transparency in DiFi and discussed bridging the liquidity and value gap between existing and evolving financial models. In addition, the panellist examined the competition with traditional financial products, highlighting the need to understand and disclose the source of performance in DiFi. Regulation in the DiFi space was debated, with divided opinions on balancing regulation to encourage innovation while addressing inherent risks, such as hacks, and critical issues, such as digital identity and government regulation, emphasising a balanced approach to drive technology adoption went through exploration as well.
In addition, current trends were discussed, such as the yield culture and the provision of liquidity in DiFi, which have gained popularity as effective ways of earning passive income. In summary, the panel provided a comprehensive overview of the use cases and trends shaping the exciting potential of decentralised finance.
DexTools Another of the exciting presentations we could listen to was that of Dextools, a project born out of personal experiences but transformed into something more meaningful when shared with the public, automating the learning process in an extensive journey. In 2017, CEO Javier Palomino and co-founder Federico Fernandez identified the need to provide support and tools to people, resources they already possessed. They opted to share them, especially in the DeFi markets experiencing a boom. Initially focused on Uniswap and decentralised protocols, they created an innovative tool to track asset quotes in real-time, triggering an increase in the number of users and the continuous development they are experiencing today.
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These developments are aligned with current market trends, as they currently have a presence on 81 blockchains and over 2000 DEX. Coming from a diverse network, they are committed to adapting to any changes that occur in the market. In the short term, they have launched new user tools, including a DeFi tool that allows you to view price alerts, portfolios, and other functions directly from Dextools. In addition, they are working on the “DEX Scam,’’ which is focused on helping the community avoid scams. Because the decentralised nature of the markets can open the gap for the risk of fraudulent projects to increase, the team of this project has designed a token creator that supports serious projects to filter out potential scams. Its primary goal is to provide a secure and educational platform for users, thus helping them to identify legitimate projects. Its particular focus on education aims to make people money and build trust within this ecosystem. At the Dext Force Festival, DEXTools founders Javier Palomino and Federico Fernandez shared their vision and exciting near-term plans for the platform. CEO and Co-Founder Javier Palomino leads the team with a clear vision, while Federico Fernandez, Co-Founder and CMO, brings his expertise to drive user presence and experience. With such a strong community and dedicated team, DEXTools is ready to continue leading the way in the DeFi world.
Is the NFT market dead? During the Dext Force Festival, we also heard from experts who shared a view on NFTs, led by prominent speakers on stage, including Doc Gumbs, CEO of Dvue, Vlado Stankovski, professor of computer science at the University of Ljubljana, Alejandro Tabarrial, CEO of Mutants Beer, and Xavier Baldo, CEO of Blockchain School.
Experts explored the relevance of NFTs in decentralising trust in communities, discussing how this technology has enabled people to trust communities that share similar values. They addressed the phenomenon of the early NFT boom, where a lack of investment knowledge led to a particular greed and participation driven solely by the desire for financial gain. This phase, marked by a lack of project scrutiny, resulted in many bad decisions and scams. However, with the purging of the market during the bear market, there was a shift towards transparency and a more rigorous evaluation of projects. During this period, they eliminated many malicious actors, opening the way for a new perspective. Now, without the overwhelming presence of speculators, a more mature and transparent market is anticipated, with room for solid projects to emerge. It was emphasized that, despite initial challenges, the technology behind NFTs remains crucial to authenticate provenance and deliver unique value. Smart contracts and NFTs are potent tools for building loyalty and loyalty systems. The panellists expressed optimism about the future, highlighting the emerging trend of “socialfi” and the growing role of NFTs in areas such as gaming, where utility and purpose expect to outweigh initial speculation. The technology underpinning NFTs remains valuable; as it advances, it promises to become more secure and transparent, providing a clearer picture of the actual utility it can bring to people’s lives and businesses. In summary, the talk during the Dext Force Festival offered a nuanced and cautiously optimistic perspective on the future role of NFTs in the technology and financial landscape.
Music show with renowned DJs Finally, the festival agenda unfolded with various activities ranging from conferences and trading operations to immersive workshops, exhibitions of WEB3 companies, games and tournaments, virtual reality experiences, documentaries, and much more.
The event concluded with a special thank you to all attendees and a night of music with renowned DJs that added a vibrant and exciting touch to the experience and previewed an upcoming festival for 2024.
20 23
Crypto Recap written by Daniel Jimenez
The holiday season is approaching, and with it comes excitement for the annual phenomenon known as the “Santa Rally”, where market dynamics historically tend to change. The last quarter of 2023 has been a euphoric ride amid rumours, regulatory settlements and a bullish performance of many altcoins along with Bitcoin. While we are still in a bull cycle, according to many analysts, we have gotten this far with a prolonged crypto winter that brought a challenging year for the industry. Looking back, we review the highlights and lowlights of this year, giving us an insight into the cyclical and volatile cryptocurrency market and bringing us closer to a futuristic vision of what 2024 could bring for cryptocurrency investors and users in general.
Q1-2023: The road to market recovery The start of this year could not have been more spectacular, considering the long crypto winter that worsened at the end of last year’s last quarter after the events with centralised players such as FTX. After several weeks of volatility, Bitcoin began to rise, allowing the market to recover and reach pre-merger Ethereum levels. Overall, the asset’s price closed the first quarter with a 72% increase, and the total market capitalisation of cryptocurrencies went from $831.8B on Jan 1st, 2023, to $1.238T on Mar 31st, 2023. The market gains in the year’s first quarter (+48.9%) were undoubtedly a big positive note of the period, allowing Bitcoin to outperform most traditional assets such as the Nasdaq and Gold.
The backdrop of gains during this period came amid a banking crisis that rocked central US crypto-friendly banks such as Silvergate (SI), Silicon Valley Bank (SVB), and Signature Bank (SBNY), demonstrating that Bitcoin has become a trusted financial instrument during TradFi’s turbulent banking crisisdriven drama. By March, during the collapse of several traditional banks, Bitcoin had its ‘moment’ and was seized upon by the rest of the market, consolidating the returns of the previous months, where coins such as Lido (LDO) and Aptos reached +100% gains, during this period.
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This period gave a start to a season for successful Airdrops such as Arbitrum (ARB) and the resurgence for many of the NFT markets, with Blur NFT Marketplace outperforming OpenSea and contributing significantly to the 68% increase in NFT trading volume over Q1-2023. Not least, the narrative around user custody and funds control, following events during the latter part of 2022, immediately affected decentralised exchanges (DEX) during the first part of 2023. During this quarter, DEX trading volume increased by 30%.
In addition to the custody narrative, low gas fees significantly revitalised the DEX market, reaching $239B in volume during the first quarter. However, not all was rosy. During this period, there were some significant developments to note:
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USDC unpegging, which again raised concerns about the strength of centralised stablecoins. In addition, the BUSD was banned by the US government (Paxos vs US case - Feb 2023).
It is worth noting that Circle was affected by the closure of SVB, which had $3.3 billion of its reserves frozen, causing panic throughout the community and demonstrating the market’s volatility in the face of such events.
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●Genesis vs Gemini: The bankruptcy filing of giant cryptocurrency lender Genesis Global Capital in January 2023 set off alarms in the industry, reigniting fears raised throughout 2022 with similar players.
The bankruptcy of Genesis affected its Gemini Earn programme, an industry benchmark, and for which Genesis has filed a lawsuit against parent company Digital Currency Group (DCG) and, more recently, against crypto-exchange Gemini for $689m. Both cryptocurrency giants were affected by the collapse of FTX in November 2022. The previous facts confirm our analysis that ‘no one is too big to fail’ and the importance of having a trading strategy backed by specialists to learn how to ‘Build your Bear Market Bags’!
Q2-2023: Bitcoin ETF & Shanghai Upgrade During this period, two major notable events occurred in the significant assets of the ecosystem: BlackRock’s application for a Bitcoin ETF Spot and the activation of withdrawals in Ethereum, both setting the balance for a second quarter that unfolded very differently from the euphoric sentiment experienced during the previous period. Nonetheless, these events provided the necessary impetus for the market to show ‘strength’ beyond the challenges of the regulatory onslaught against the industry that set the negative tone during the current period.
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In April 2023, Bitcoin touched vital resistance at the $30,000 level for the first time since June 10th 2022 and then began to fall to the $26,000 level, kicking off a quarter reminiscent of the grey tone prevailing in the crypto market. However, BlackRock’s application began a narrative around ETFs that has continued to this day and marked the possible start of a pre-halving bullish momentum. The importance of an ETF is such that it even encouraged us to put together an entire post on how it works - an ideal piece for any investment novice! When BlackRock went public with the application for the spot Bitcoin ETF on Jun 15th, the price of BTC reached a then-yearly high of $30,694.
During this period, volatility was evident in all markets, and Bitcoin was no stranger to this volatility marked by macroeconomic conditions in countries such as the US and the UK. Factors such as the deepening banking crisis in the US, the weakening dollar index and cooling inflation have seen Bitcoin and other digital currencies again lead the way to resilience. From the altcoin side, the implementation of Ethereum’s Shanghai Upgrade was successful on April 12th, 2023, and enabled the activation of ETH withdrawals, which had been blocked and accrued rewards since December 2020. According to data from Grayscale, the Shanghai upgrade has positively impacted ETH’s price, with ETH gaining 10.66% since April 12th and Bitcoin (BTC) remaining flat with a slight 1.17% increase. This magazine is sole property of themoonmag.com and is not to be redistributed in any form anywhere else.
The activation of withdrawals in Ethereum allowed the consolidation of the so-called “LSD Summer,” where projects focused on the Liquid Staking sector achieved, amid market turbulence, an excellent performance. Overall, ETH Staking grew 30.3% after withdrawals were enabled, despite the explosive projections of some detractors, consolidating Ethereum as an ecosystem. The activation of Ethereum withdrawals also had a notable effect on the growth and consolidation of new Layer 2 blockchains, especially those focused on zkEVM technology, such as Polygon zkEVM and zkSync Era, which saw significant growth in TVL and transaction volume. On the other hand, the market experienced opportunities with the arrival of the second season of memecoins like PEPE, LADYS, AIDOGE, and TURBO, the top performers that took advantage of a fastpaced narrative not seen since Q4-2021.
In parallel, the euphemism of memecoins as PEPE catalysed NFT Ordinals in the Bitcoin network to have their most prominent moment since the introduction of Ordinal theory. However, despite the popularity of Ordinals, NFT trading volume dropped 35.0% in the second quarter of the year. Despite the low activity in Q2, the market remained positive and ahead of its expectations. The adverse developments marked by the SEC’s lawsuits against Binance and Coinbase followed the aggressive regulatory approach against cryptocurrencies (several assets got listed as Securities!) and, in general, against the various industry players that started earlier in the first quarter with the SEC’s crackdown on Kraken’s crypto staking programme.
These developments undoubtedly affected spot trading volume on centralised exchanges in the second quarter, falling by 43.2%, with Binance’s market share dropping to 52%.
Not least important, the European Union enacted the Markets in Crypto Assets (MiCA) regulatory framework in April 2023, marking an unprecedented milestone for the industry and reinforcing the comprehensive regulatory stance in Europe.
Q3-2023: Ripple’s legal victory The third quarter saw a significant market slowdown as the main protagonist. Beyond Bitcoin’s consolidation as a superior asset to traditional ones during the year’s first half, the summer consolidated a historically ‘bad’ cycle for BTC and the cryptocurrency market. To put the numbers in context, on August 17th, the price of Bitcoin plummeted from around $29,000 to approximately $26,000 in a single day. Although there was no major news to drive the fall, traders were closing positions (holidays?). In any case, total crypto market capitalisation declined by 10% in Q3, with Bitcoin showing a double-digit negative performance in this period.
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Despite such rough conditions, opportunities were present in the market, with the rise of the RWA and SocialFi narrative as the main drivers of the resurgence of decentralised finance seen in earlier periods with LSD and the use of DEXs.
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In this period, tokenised Treasury bills were the big player and driver within the natural world asset (RWA) sector, a small niche market that continues to grow throughout 2023 and could be one of the dominant narratives over the next year. The popularity of RWAs allowed tokenised US Treasury bills to increase their market capitalisation from $114 million in January 2023 to $665 million at the end of September, at a 5.84x gain.
The big players to capitalise on the RWA opportunity were undoubtedly Maker and Aave, which drove the overall performance of the DeFi sector to 13% in September alone. In addition to RWAs, the new narrative that made its presence felt this quarter was undoubtedly SocialFi with Base’s most intriguing app, Friend.Tech. Friend.Tech brought a concept that has existed for a few years without much connotation. Still, thanks to the news around social network X and the Coinbase-powered blockchain (BASE) launch, it managed to capture the attention of a market without a clearly defined narrative.
In parallel to RWA and SocialFi, hopes of reviving the market focused on launching Telegram bots for token and asset trading, with Unibot as the leading exponent. However, the Real Yield concept powered by Telegram bots is still proving that it has a long way to go if it is to become a DeFi benchmark in the coming years. But the highlight was US Circuit Judge Analisa Torres’ ruling in July 2023 in favour of Ripple, pointing out the faithful compliance with the law regarding XRP sales on public exchanges. This legal victory was taken as a banner by the crypto industry against US regulators. In contrast, during this period, the negative note was the continued delays in SEC approval of the various Bitcoin ETF Spot applications from the world’s largest fund management firms: BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets. Nonetheless, the third quarter continued to consolidate three negative trends that had formed during the first half of the year:
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● Drop in NFT trading volume of up to 55.6%. ● Drop in crypto exchanges’ spot trading volume (-20.1%) and Binance’s market share (-44%) ● Drop in DEX spot trading volume of up to 31.2%.
Where are we going? The last part of the year brings many good surprises for all players in this fascinating and complex cryptocurrency industry. We started Uptober on a high note, with the price of Bitcoin paying homage to the pseudonymous tenth month of the year, rising just 26%, soaring above $35,000 after an erratic tweet from Cointelegraph signalling approval of a Bitcoin ETF from BlackRock.
Fortunately, the hopium did not stop there. We have witnessed how the ticker for BlackRock’s iShares Spot Bitcoin ETF on the Depository Trust & Clearing Corporation (DTCC) board and rumours of a BTC purchase by the world’s largest fund manager helped Bitcoin stay above the psychological $34,000 line, despite the complicated geopolitical context due to the Israel-Hamas war. In addition to the market furore driven by optimism around the expected approvals of a spot Bitcoin exchange-traded fund (ETF) in the US in January 2024, we have seen in the last quarter of the year, some positive news that suggests the start of a new bull cycle ahead of bitcoin’s halving. Optimism has flooded the rest of the altcoin market, allowing assets such as Solana to achieve outstanding performances and, generally, the entire market to increase total market capitalisation by 31.21% since October 1, 2023.
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On top of that, the Binance-SEC deal and CZ’s retirement as CEO of the world’s largest exchange by volume are sending signals to the market that things could be looking up for the next month. All this, in the face of rising on-chain metrics, including new highs in Bitcoin’s ATH hash rate, increased institutional interest in the industry, increasing investment in new projects after a long period of stagnation, and finally, positive decisions such as the SEC’s dismissal of Grayscale, which provide a glimmer of hope for the end of a prolonged bear cycle ahead of bitcoin’s next halving in 2024. The recent increase in flows into its ETNs and ETFs and the approval of Ethereum futures augur well for 2024 adoption and interest in the cryptocurrency industry. Thus far, recent successful launches and developments in the industry, such as Celestia (and its successful airdrop), Binance’s new wallet and the launch of Lens on Aave, among others, are clear indicators that the industry is recovering. Add to this the growing interest in artificial intelligence (AI coins) focused projects again, following recent moves around Microsoft and OpenAI, which promise to bring life to the narrative of the beginning of the year. This magazine is sole property of themoonmag.com and is not to be redistributed in any form anywhere else.
Let’s hope that government stances worldwide become more friendly, such as those driven by Southeast Asia, and that we see fewer headlines like the case of Chase Bank in the UK, which will further drive cryptocurrency innovation and adoption worldwide. January 10th, 2024, will be a date that could define the industry’s direction when the Security Exchange Commodity (SEC) will decide on the various ongoing ETF applications. While there are no guarantees regarding the decisions of these regulatory bodies, the next bull market could be very different from previous cycles in the event of favourable decisions. Otherwise, the regulatory side of the industry will need more attention, as 2024 will undoubtedly see more regulatory pressure as the CBDC narrative gains traction. With bitcoin’s annual price change in the triple digits (+125%), the road looks set to start the New Year filled with optimism and expectations about what might happen in the market.
TON FOUNDATION AND THE TON TOKEN written by Chris
Key Insights • •
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TON’s journey highlights resilience in the face of regulatory challenges and innovation in blockchain technology, evolving from a Telegraminitiated project to a community-driven DeFi ecosystem. Post-SEC challenges, the TON Foundation, led by Anatoliy Makosov and Kirill Emelyanenko, played a crucial role in reviving and reshaping TON into a secure and technologically advanced platform, called the TON Foundation. ➢TON stands out with its scalable infrastructure while having cross-chain interoperability, TON DNS, Storage, and Sites. With over 551 applications live, TON offers a comprehensive platform for users and developers. Through initiatives like TON Contests, the TON Ambassador Program and more, TON fosters active community involvement and collaboration. TON recently broke a world record and surpassed Solana, Visa, and Mastercard among others, with an impressive speed of 104,715 TPS, marking a significant milestone.
Introduction Welcome to the world of TON, The Open Network that’s more than just a blockchain platform – it’s a story of innovation, and resilience, boosting our spirit of decentralisation. TON’s journey, filled with ups and downs, is a testament to the unwavering dedication of its community and developers, leading to the birth of a DeFi ecosystem poised to make waves in the blockchain industry. Let’s rewind to 2019 when the popular messaging app Telegram ventured into the blockchain space. They initiated an ambitious project with an ICO for $GRAM, laying the foundation for what would become TON. However, this bold move caught the attention of the SEC, leading to a hefty fine and a mandated refund of the massive $1.2 billion raised, as $GRAM was classified as a security. Despite the setback, the flame of TON was kept alive by the TON Foundation, a decentralised community spearheaded by Anatoliy Makosov and Kirill Emelyanenko. They diligently worked for ten months, bringing the network’s infrastructure back online while focusing on establishing a secure and technologically advanced platform. TON officially re-emerged in November 2021, with 2022 witnessing concentrated development efforts to fortify its security and technological framework. Today, TON is at the top #20 crypto protocols by market cap, marking a new chapter in its compelling narrative. In this article, we take a deep dive into TON’s ecosystem, exploring its architecture, history, and the promising DeFi ecosystem that’s been years in the making.
Background and Development of TON The story of TON, or The Open Network, is a tale of resilience, innovation, and community-driven development. It began in 2018, when the Telegram messaging platform, led by brothers Pavel and Nikolai Durov, embarked on a journey to create a blockchain solution that could seamlessly integrate with their massive user base.
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Origin and History The Durov brothers envisioned a decentralised network that could handle the immense scale of Telegram’s transactions while maintaining high speed, low fees, and user privacy. To achieve this, they sought to develop a layer-1 blockchain, a foundational network where other applications could be built. They named their creation Telegram Open Network or TON. Key Milestones and Development Phases In 2018, Telegram conducted a private sale of TON tokens, also known as Grams, raising an impressive $1.7 billion, one of the largest cryptocurrency ICOs back then. This funding fueled the development of TON, and in 2019, the Telegram team released a series of technical documents outlining the network’s design. The first TON testnet was launched in the spring of 2019, followed by a second testnet in November of the same year. These testnets allowed developers to experiment with TON’s capabilities and provide feedback for further improvements. The Legal Hurdles and the Community’s Rise In October 2019, TON’s development took an unexpected turn when the U.S. Securities and Exchange Commission (SEC) sued Telegram, alleging that their TON token sale was an unregistered securities offering. This legal battle cast a shadow over TON’s future and forced Telegram to postpone its launch. Despite the legal challenges, a small group of dedicated developers, known as the NewTON team, remained committed to TON’s vision. They continued to work on the codebase, architecture, and documentation, ensuring that TON’s development would not falter. In May 2020, Telegram decided to cease the development of TON and support for the testnets. They reached a $18.5 million settlement with the SEC and agreed to return funds to investors. This decision marked a turning point for TON, as it shifted the responsibility of the network’s future to the community. The Transformation into the TON Foundation Undeterred, the NewTON team stood up and formed the TON Foundation, a non-profit community organisation dedicated to supporting
and developing TON. They continued to refine the network’s code and infrastructure, keeping the community informed through regular updates and open communication channels. In 2021, the TON Foundation successfully transitioned the network from a testnet to a mainnet, marking a significant milestone in TON’s journey. This transition opened the door for developers to build dApps on the TON blockchain. Today, TON stands as a testament to the power of community-driven innovation. The network has attracted a thriving ecosystem of developers, projects, and users, and its future looks bright as it continues to evolve and expand. The Team It all started in 2018 with two brothers, Pavel and Nikolai Durov. Now, the TON Foundation is something that many projects would be jealous of, being open-sourced, community-driven and having no direct team that shapes the trajectory of TON in their favour. The TON Foundation was established in Switzerland in 2023, embodying the spirit of community-driven progress within The Open Network ecosystem. It is a non-profit entity, that operates with the primary goal of nurturing and advancing TON through active community engagement and support. The Foundation’s Role and Philosophy At its core, TF functions as a facilitator rather than a controller within the TON network. It operates on the principles of decentralisation, empowering projects and innovations without exerting direct control over TON’s technological aspects. The foundation plays a crucial role in aligning community efforts with the overarching mission of TON, ensuring that the network remains a collaborative, open-source project accessible to all. Grants and Community Support One of the key initiatives of the TON Foundation is its Grants Program, aimed at fuelling the growth of community-driven projects. This program offers crucial support, including financial grants, to projects that resonate with the community’s needs and aspirations. By recognising and nurturing these initiatives, the foundation accelerates the development and adoption of TON, enhancing its utility and reach.
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Image by TON website
Foundation Council and Team Dynamics The TON Foundation Council (see pic above) comprises a diverse group of contributors from the TON community. These individuals bring their expertise across various domains, contributing to the development and strategic growth of TON. Their collaborative efforts are instrumental in shaping the trajectory of the project, ensuring that it remains adaptable, innovative, and aligned with the evolving needs of its global user base. The Technology Behind TON TON represents an innovative blend of components forming a robust, decentralised platform. The ecosystem consists of the TON Blockchain, TON DNS, TON Storage, and TON Sites, all synergising to foster an expansive digital network. TON Blockchain: The Core Product At the heart of TON lies the TON Blockchain, a core protocol that binds the network’s components into a cohesive ecosystem. It is referred to as a superserver, able to support a variety of services and products. This blockchain is not just a digital ledger but is designed to be scalable, secure, and capable of handling millions of transactions per second (TPS). The ultimate goal for TON is to serve hundreds of millions of users, making it a scalable solution to meet the high demands of digital interactions we have today.
Cross-chain Interoperability and Scalability One of the standout features is its commitment to cross-chain interoperability, a crucial aspect of a network eyeing wide adoption and versatility. This feature allows TON to interact seamlessly with various blockchain networks, enhancing its utility and appeal. Moreover, TON’s infrastructure is highly scalable as well. Unlike traditional blockchains that struggle with high transaction volumes, TON’s infrastructure can process transactions at a remarkable scale, aiming for millions of TPS without compromising on security or efficiency. DNS, Storage, and Sites Beyond these, TON has additional components like TON DNS, Storage, and Sites, each contributing uniquely to how the network functions.
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TON DNS simplifies user interaction by translating complex addresses into humanreadable formats. TON Storage offers decentralised file storage solutions, integral for various applications. TON Sites open up possibilities for decentralised web hosting, paving the way for a new generation of internet services.
Together, these components are enhancing the user experience, while expanding the range of possible applications built on TON, making it a comprehensive platform in the blockchain industry. TON did not create another layer-1 blockchain, but an all-encompassing digital ecosystem. Its focus on interoperability, scalability, and a broad range of services, positions TON as a formidable player
among its competitors (e.g. Ethereum and Solana). Ecosystem Overview The TON ecosystem offers something for everyone, with a vast array of applications, tools, and services. From validators to wallets, exchanges, and social platforms, it maintains a versatile and secure environment for users, developers, and businesses. Validators and Staking TON uses a Proof-of-Stake consensus mechanism to secure the network. Anyone can become a validator or join a validator pool, contributing to network security while earning $TON. Even with a small number of tokens, users can participate in validator pools like Tonstakers, TON Whales, and TON Validators through smart contracts, ensuring control over funds and rewards. This inclusive approach to network maintenance strengthens security and promotes participation in its governance. Wallets and Payment Integration TON simplifies global payments, enabling businesses and individuals to accept Toncoin and Jettons with minimal intermediaries and low fees. Integrating TON into websites or services is streamlined using third-party services, eliminating the need for extensive development. The wallet offers functionalities like staking and receiving payments, enhancing user convenience. Moreover, TON uses advanced cryptography to ensure secure transactions, with tools like Tonguard offering AI-driven monitoring capabilities for transaction analysis.
Image by TON website
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Diverse Applications At the time of writing, their ecosystem has over 551 apps, including exchanges, staking apps, wallets, explorers, and bridges for asset transfer between chains. It extends to utilities, social networks, gaming platforms, NFT collections, and more, all powered by the TON Blockchain. This diversity reflects their commitment to creating a comprehensive and user-friendly platform, adjusting the needs and interests of every user. From secure VPN services to launchpads for new projects, it is truly a testament to how blockchain platforms should work. Toncoin (TON) Toncoin stands at the forefront of The Open Network (TON), showcasing a breadth of uses that extend well beyond typical cryptocurrency applications. With a total supply of 5,097,976,463 and a steady annual inflation rate of 0.6%, it’s designed for long-term sustainability. Here’s a breakdown of how Toncoin can be used:
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Transaction and Smart Contract Fees: Toncoin is used for processing fees, whether for regular transactions or executing complex smart contracts. Payments in DApps: It’s the default currency for payment services in various dApps built on TON. Network Security through Staking: Users contribute to the security and integrity of the network by staking Toncoin. Cross-Chain Transactions: The token facilitates cross-chain transaction fees, an essential feature given TON’s expansive blockchain capabilities. ➢ Governance Participation: Holding Toncoin is a ticket to participate in on-chain governance, influencing the network’s future. ➢ Blockchain-based DNS Payments: Toncoin can also be used for purchasing blockchain-based domain names, a growing area in the blockchain industry. ➢ Validator Stakes: TON is the backbone of validators’ stakes, essential for maintaining and operating the TON blockchain. ➢ TON Proxy Payments: Soon, Toncoin will be used for accessing TON Proxy, expanding its utility further. ➢ Data Storage: The token can be used as a medium of exchange for TON’s decentralised data storage services.
Practical Uses and Governance Toncoin’s practicality extends to everyday use, particularly evident in its integration with Telegram. Users can manage Toncoin transactions seamlessly within the Telegram app, enjoying fee-free transfers, a feature that enhances its usability even further. Moreover, as TON evolves into a DAO, Toncoin holders gain a more significant role in shaping the protocol’s trajectory through voting and active governance participation.
Market Dynamics & Current Stats From its inception, Toncoin has navigated the volatile crypto market, reflecting the dynamic nature of digital currencies. Its trading history, starting at modest valuations and experiencing substantial fluctuations, mirrors the broader trends and sentiments in the cryptocurrency space.
stats by CMC as of 18/11/23
Community Involvement & Initiatives The TON network stands out not just for its technological prowess but also for its vibrant, engaging community. Here, individuals from various backgrounds come together, contributing to and benefiting from TON’s diverse ecosystem. So how exactly can you join TON and be a part of all of this? TON Contests
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There are many contests from time to time. The most recent one was the TON Tact Challenge, inviting both seasoned and aspiring developers to explore Tact, a language designed for the TON blockchain. With a prize pool of $30,000, that contest offered rewards for skills and encouraged exploration and innovation in blockchain technology.
Hackathons
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Echoing the spirit of Hacktoberfest, Hack-TON-berfest 2023 was a month-long celebration of open-source contribution. Participants from around the globe came together to enhance TON projects, exchange knowledge, and earn rewards, including unique NFTs, exclusive merchandise, and access to valuable ecosystem resources.
TON Ambassador Program
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Perhaps the most appealing initiative, the TON Ambassador Program is an invitation to engage deeply with the TON ecosystem. You gain early access to developments, direct ties to founders, and exclusive meetups, fostering a pathway to potential internships, jobs, and significant roles within the TON Foundation.
TON Events
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➢ These events exemplify TON’s commitment to community and innovation. The last one was at the time of writing, Nov. 16th 2023 in Istanbul. This event brought together industry leaders, developers, and enthusiasts to discuss TON’s integration with Telegram and its implications.
Community Initiatives
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Last but not least, TON encourages community members to organise local events, from breakfast meetups to informal gatherings. These initiatives foster a sense of belonging of some sort and offer a platform for like-minded individuals to share ideas and collaborate on different projects.
Image by TON website
TON’s Roadmap As we look forward, TON is gearing up for some exciting developments. T They have an interactive roadmap, adding things as they come to light, so users and the community are always aware of what’s happening and what to expect. The roadmap for Q4 2023 is already live:
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Jetton Bridge: This bridge will enable cross-chain transfers of jettons from TON to Ethereum and BNB Smart Chain, enhancing interoperability. Collator and Validator Separation: A significant structural change aimed at boosting TON’s capacity to manage largescale operations. Scalability and Speed Showcase: They do extensive tests on the network to showcase TON’s capability to handle large amounts of transactions while scaling under heavy load. Sharing Guidelines and Tools: Providing resources and examples for effectively managing high-load operations in exchanges, payment systems, and TON services. Slashing Optimisation: This will improve the detection and penalisation processes for underperforming validators to maintain the integrity of the network. Elector and Config Update: This update aims to streamline the staking smart contracts while enabling pool participants to vote in network-wide decisions. Extra Currencies and Crosschain Bridges: TON will introduce additional cryptocurrencies to be supported and facilitate transfers of BTC, ETH and BNB to the TON Blockchain.
These advancements signify the commitment to scalability and efficiency but also position TON as probably the most versatile and robust network in the blockchain industry. Final Remarks TON’s latest achievement set a new record with a staggering 104,715 TPS, breaking a world record. To put it simply, TON surpassed giants like Solana, Polygon, Visa, and MasterCard, highlighting its extraordinary capacity and speed. This record, set during a public performance test, solidifies TON’s status as not just a fast blockchain, but a scalable and efficient one. With such capabilities, TON is positioning itself as a formidable competitor to established payment systems and blockchain networks. The latest integration of TON with Telegram, which reached an impressive 800 million user base, is another feat that has fueled the protocol’s bullish trend. The TON wallet launching on Telegram will enable users to engage with crypto even easier than before, although with regional restrictions. This move is a significant step towards mass adoption, making TON more accessible than ever. Looking back, TON is a testament. When you have a solid plan, you are genuine, and you nurture your community, you can achieve anything. With innovative developments, remarkable performance achievements, and strategic alliances, TON is not just keeping pace with the evolving blockchain industry but is poised to change it. I believe their future looks bright, but what do you think?
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written by Daniel Jimenez
Explained:
Identity Management and Decentralised Identity in Crypto
“Digital identity is the new focus for many businesses, regulators, and governments in a hyper-connected, data-driven world” Deepak Gupta.
We connect to the digital world in ways that previously seemed unimaginable: Apps, services, and devices everywhere to access a variety of experiences that allow our physical and digital lives to be more closely linked. But identity data has too often been exposed in leaks, affecting our social, professional, and financial lives. Yet there may be a better way.
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Decentralised Identity (DID): What is it? Decentralised identities are digital identifiers stored on the blockchain, and the associated data is stored on personal devices, allowing individuals to control their identity and associated attributes. Unlike traditional digital IDs, DIDs reside on nodes deployed in the blockchain network and not on a single central server of the provider or organisation providing the identity, making them less vulnerable to data theft. An important aspect is that users can create their own DID or ask a DID provider to create a decentralised credential. Then, issuers (governments, banking, schools) are called upon to file claims against you for verification. In general terms, this is how DIDs work. If you have a DID, your wallet will generate unique identifiers of your credentials for which you have a private key. The public key of these identifiers gets later published in a distributed ledger.
In this way, you can present these decentralised identifiers to the relevant entities that need to verify your credentials, giving you access to verification anytime. More interestingly, you can revoke access anytime, allowing control over what you want to display, where you want to show it, and for as long as you wish. In retrospect, a decentralised ID has three key components that make it up: the issuers, the verifier, and the ID owner.
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The above components ensure that a decentralised identifier (DID) (a three-part text string) can smoothly function when required by a verifier.
A simple example of a decentralised identifier (DID) - W3.org
Why we need DIDs Our digital identity at home shapes our interaction with apps, services, and devices and works in an increasingly digital context. This identity is influenced by everything we do, experience, and say, including ordering food, checking into hotels, and buying event tickets. Unique identifiers link personally identifiable data in many ways. These links are in the digital realm (such as a URI or URL) and the physical realm (such as barcodes or passport identification numbers). These identifiers that are unique and specific to us pose a problem because we have to manage them. Entities external to us provide most of them, and then most consider the purpose and circumstances of their use, and those may decide to remove the identifier. Specific external sources are unknown to us but influence our information.
In general, the status quo for users is to consent to numerous applications and devices, creating a high degree of surveillance over who has access to what information. Even more worrying is that these identifiers can disappear if the organisation issuing them disappears, or worse, they can reveal personal information unnecessarily and unintentionally. Perhaps not so unintentional, but the case of Facebook is emblematic in this respect of what can happen with the control of unique credentials in the hands of dishonest third parties. And if that wasn’t enough, the possibility of ‘identity theft’ is becoming an increasingly common practice in the digital world, especially in the crypto industry (SIM Hacking - sound familiar?).
Mechanisms such as the KYC standard, CAPTCHA Turing tests, social trust, and graphs exist to deal with such impersonation attempts; not all of them provide privacy and anonymity, requiring users to share their personal identification information with some entities such as names, address, passport number, etc. In this adverse context, decentralised identifiers (DIDs) can have a scope suitable for different contexts, allowing the typical user to interact with other persons, institutions, or systems that require entities to selfidentify but from a perspective of control over the personal or private data disclosed in a given environment. In addition, DIDs allow users to display specific data fully or partially with the entities requesting their verification. Suppose a website only needs to verify your age for login. In that case, it can share an identifier associated with a document that allows you to prove your age without needing additional data such as your residence or credit card details.
Benefits of decentralised identity The benefits of decentralised identity are outlined in five broad areas: 1- Empowering the user: As mentioned above, the user has custody of their identities, eliminating the need to rely on centralised third parties for verification and authentication. In addition, the user decides what data to share with certain entities according to their needs.
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2 - Data protection: DIDs minimise the risks of being vulnerable to credential theft or data vulnerabilities from cyber-attacks and breaches by companies that manage unique identifiers. Leverage DID protocols to communicate your data to companies while preventing it from being stored on their untrusted centralised servers. 3 - Regulatory compliance: For users and businesses, using decentralised identity enables compliance with global data privacy regulations while maintaining credible and verifiable KYC paths in a simple and secure environment. 4 - Unified identities: One of the biggest problems in the industry is undoubtedly Sybil’s attacks (management of multiple identities by the same user). With DID, you have all the information about an individual in a single version of the truth, eliminating the need to create multiple identities for as many platforms as necessary and controlling the malicious use of multiple identities for fraudulent use in DeFi or similar protocols. 5 - Interoperability and portability: One of the great benefits of decentralised identity is its interoperability between different blockchain networks, allowing users to share data without friction or the cumbersome use of multiple DID protocols for each platform or service they wish to access.
The role of cryptocurrencies and Blockchain in DIDs A fundamental component in the functioning of DIDs is undoubtedly blockchain technology or distributed registries. Of course, within this equation, cryptos play a significant role in supporting decentralised identity ecosystems. It is possible to incentivise the ecosystem’s use by procuring transactions in a secure and decentralised environment for identity management, using crypto assets through cryptographic proofs such as ZKs. These protocols rely on blockchain as the underlying technology to record and authenticate identity-related transactions. This blockchain constitutes an indisputable and certifiable ledger. Automating smart contract management in a distributed and decentralised environment achieves secure and seamless identity verification, allowing end users to control their unique identifiers and eliminating the need for intermediaries or third parties. This technology facilitates data usage, access control, and sharing. Identity systems commonly used today have particular challenges, generating increased interest in decentralised identity protocols (DID) as a possible solution.
For seven years, Polaris market research data suggests a dizzying expansion in the size of this domain, which will experience a compound annual growth rate of 89.1%. This sector is forecast to approach a minimum valuation of $46,457.5 million and exhibits impressive potential.
The goal of creating a distributed digital identity system has been around for decades as the internet became more popular, Sybil attacks increased, and human behaviour became simpler. But only through blockchain technology can we see progress in meeting the challenges of an era increasingly dominated by artificial intelligence bots and malicious actors pretending to be others.
Self-Sovereign Identity (SSI) as a method of Authentication One type of decentralised digital identity that has gained traction in the industry in recent years has been Self-Sovereign Identity (SSI), especially in cases where online authentication is required. SSI is a model that enables online authentication by allowing users to control their digital identity completely when authenticating to decentralised applications, providing a much more secure and efficient solution for data protection and privacy in an increasingly digital world.
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Given the many cases of centralised database hacks we have witnessed over the years and the millions of passwords and private user data stolen online, self-sovereign identity presents a promising approach to online authentication that puts privacy and security at the centre of its design. Using cryptographic keys, SSIs eliminate the need for traditional passwords, reducing the possibility of theft and password-based attacks and vastly improving the user experience. Like the rest of the decentralised identity market, SSIs still have challenges to overcome, but their potential to transform online authentication in DeFi protocols, Metaversos, and even trading is undeniable.
Decentralised Identity Market Players As seen in the Polaris chart above, the opportunities for the decentralised identity market are enormous. Whether you are a traditional crypto investor or a decentralisation maximalist, it is essential to know some of the key players in the industry that promise to capture some of the 89.1% annual growth projected by Polaris’ market analysis. Let’s look at some options to capitalise on opportunities, remembering that you must do your due diligence and under no circumstances should you take the following as financial advice. According to the user ‘drew’ on social network X, the web3 identity market fits into six categories: Profiles and Social Identity, Reputation and Credentials, Governance and Contribution, Ownership and Transactional Identity, Authentication and Risk Assessment, Data and Infrastructure.
Let’s look at some notable examples from the industry, considering that each category and each actor in the categories above play an essential role in the emerging decentralised digital identity ecosystem.
Fractal ID: Fractal ID provides decentralised identity solutions for web3 ecosystems. It presents idOS - the identity layer of web3 as part of its product vertical to bring DID to reality. Fractal has its FCL token, which serves as a way of payment for the services it offers within the protocol: KYC verification, online authentication, identity verification, etc.
In the last year, the protocol established strategic partnerships with Polygon ID, XRP Ledger, and Gnosis for decentralised identity management. Its idOS web3 identity layer, idOS, was introduced in late Q3-2023 as a composable decentralised storage and access management solution to enable autonomous identity management in web3. idOS developed between NEAR, Gnosis, Kiwil, Aleph Zero, and Fractal ID as the main drivers. Users can trade The FCL token on DEXs like Uniswap and centralised exchanges like Bitfinex.
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Polygon ID: It was launched in 2022 as a blockchain identity verification system that enables self-sovereign, decentralised, and private digital identities on the blockchain. Zero-knowledge (ZK) cryptography powers the project, with the primary goal of giving greater control over data to users by providing a private and scalable on-chain identity verification system to drive the use of dApps, especially in the decentralised finance field. The solution aims to develop a simple user interface for an integrated digital identity solution for fast KYC/AML checks in the web ecosystem3. Polygon’s native token, Matic, available on the industry’s top-tier exchanges, powers the ecosystem. Goldfinch: Goldfinch is a decentralised credit protocol that allows for crypto borrowing without crypto collateral—with loans instead fully collateralised off-chain. Unique Identity (UID), a non-transferrable NFT representing KnowYour-Customer (KYC), Know-Your-Business (KYB), and U.S. Investor Accreditation verification on-chain, got presented in November 2021 as ‘the first NFT for identity’ by the protocol community.
This NFT is based on the ERC-1155 standards and can be obtained from OpenSea to be used freely for any DeFi protocol.
Bright ID: According to its website, BrightID is a privacy-first social identity network that allows you to prove to applications that you are accessing them somewhat with only one account. Proof-of-Humanity (PoH) is the project’s base, thus placing it in the same category and vision as its similar and controversial WorldCoin Project, where the philosophy is that humans can benefit from demonstrating their uniqueness while maintaining their right to privacy. The platform can be used for Universal Basic Income, voting, polling and e-commerce, among other areas. Unlike WorldCoin, Bright ID does not use biometric data for its proof of humanity. In contrast, it uses relationships between close friends and family members to verify unique personalities. Its BRIGHT token is regularly delivered in ‘fairdrop’ to platform users through fair distribution mechanisms and can be traded on some centralised low-tier exchanges for the time being.
Some other projects comprising the broad scope of the blockchain industry’s decentralised identities (DIDs) ecosystem include Gitcoin DAO, UniPass, Tally, Ceramic and Lens Protocol, among others. In addition, it is essential to note that DID is not only visible in crypto, given that there are also industry leaders such as Microsoft, Accenture and Avast, among others, who have been actively working on developing and applying this technology. With increasing regulatory compliance and security concerns in the digital world, there is no doubt that this segment of the identity management market will continue to grow in the coming years. Blockchain technology expects to leverage the benefits of technology to return data ownership to users, protecting them from exploits and fraud.
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Top 10 Crypto Gifts For Xmas Written by Samantha Jimenez
This holiday season, surprising cryptocurrency enthusiasts with clever gifts is a kind gesture and an opportunity to elevate their experience in this fascinating digital financial world. How do we surprise and delight these digital enthusiasts? The key lies in choosing gifts that meet their expectations and reflect the uniqueness of crypto. The following ideas shared are essential for those who have integrated cryptocurrencies into their daily lives. Here is a list of original gifts for cryptocurrency lovers, perfect for this holiday season. 1. Subscription to crypto signals with GSIC: Exploring cryptocurrencies.
https://gettingstartedincrypto.com/paid-signals/ A GettingStartedinCrypto.com (GSIC) subscription could be an excellent option for those interested in cryptocurrencies or wishing to begin their journey into this exciting space, given that it provides trading signals and also offers access to a treasure trove of educational knowledge through e-books and publications. In addition, the ability to participate in weekly live briefings with Lisa and join an active community adds a personal and educational touch to the experience.
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Behind this innovative platform is a leading figure in the world of cryptocurrency trading: Lisa N Edwards. With over 25 plus years of experience and a specialisation in Elliott waves, Lisa leads GSIC and positions herself as a top trader on leading platforms such as TradingView.com. Lisa reports the ideal times to enter the market and provides detailed insight into the latest charts of specific currencies, using cash labels such as $BTC. So, by enabling notifications, you can receive signals as soon as they are published. In addition, GSIC offers an exclusive Crypto Bytes section for free. Here, different ways to generate cryptocurrencies are revealed, from NFT launches to IDOs, ICOs and much more. Each new Byte ensures you take advantage of the opportunity to dive into exciting crypto activities to generate rewards.
Users with this subscription can enjoy a fascinating weekly digest where Lisa shares her knowledge in a live call every Monday. You can join in real-time, ask questions and learn directly from a cryptocurrency expert. In addition, past recordings and educational videos are available, providing a unique opportunity for continued growth. In addition, the platform has a GSIC education hub that goes beyond being a simple resource; it is a comprehensive library of educational publications. From Elliot Wave Theory to advanced trading strategies, these books are the source of information you need to understand the world of cryptocurrencies fully. Lisa shares her lifelong experience, providing a unique approach to finding the best signals—a gift you can see from USD 69.
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2. Subscription to crypto bot for trading (LisaBot) https://gettingstartedincrypto.com/lisabot/ The investor gets exclusive access to automated trading signals through this gift. The bot captures signals published on GSIC, automatically sets buy levels, and stops losses and profit targets, allowing it to execute trades efficiently and effectively. In addition, LisaBot offers the flexibility to customise trading strategies to individual preferences, giving you complete control over your trades. If you are one of those people who are worried about not having enough time to trade cryptocurrencies, this is an option that fits you or the person you are thinking of.
The LisaBot Monthly package, available for $169.00 per month, makes automating these signals an easyto-achieve reality. You get full access to the bot and paid signals package with no hidden fees. You keep 100% of your profits. Bot configurations are unlimited too. Plus, you enjoy full access to live chat, weekly overview, CryptoBytes and more. GSIC with the LisaBot is the perfect gift for those looking for a complete and enriching cryptocurrency trading experience. 3. The elegance of security: Cryptographic wallet https://shop.ledger.com/pages/hardware-wallets-comparison Once LisaBot has optimised its operations and maximised its profits, the next logical step is to safeguard those digital assets. And why not do it with a touch of elegance? Here’s another excellent idea: The Ledger Nano S Plus, an ideal gift for those who value protection and style in the ever-changing cryptocurrency universe.
Priced at €79.00 and with over 1542 reviews, the Ledger Nano S Plus is the perfect choice for security and style. Its matte black design, or other vibrant colours, offers an exceptional user experience. Other options include the Ledger Nano X, a more advanced option priced at €149.00.
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Since its inception in 2015, Ledger has evolved from an innovative idea to a cuttingedge platform that millions of people and businesses prefer. The Ledger Nano™ series has set the standard in security hardware, with over 6 million units sold and no security breaches. Every device offered by Ledger, without exception, is equipped with an industryleading Secure Element chip and backed by its patented operating system. This robust combination safeguards your cryptocurrencies and NFT, even against sophisticated attacks. And remember that after the collapse of FTX and all that it generated in the crypto market, users are alert to the risks of leaving cryptocurrencies on centralised exchanges. For this reason, investors are increasingly turning to hardware wallets to protect their cryptocurrencies. 4. Protect your digital treasures with Billfold https://privacypros.io/products/the-billfodl/?p1 Now, why not give something more durable? This year, consider the gift that stands the test of time and protects your digital treasures: the Billfodl. Regarding cryptocurrencies, the words “recovery seed” may sound like science fiction, but to those in the know, this is the master key to securing your digital assets. Whether setting up a hardware wallet or an app on your phone, a series of 12 to 24 words, the recovery seed, is provided. These words are the last resort, the vital backup that will ensure that even if the physical wallet is lost, stolen or destroyed, the funds are still safe.
The risk of ink on paper and the innovative solution: Billfodl Most people write these words on paper, but the risk is obvious: what if a natural disaster or an accident happens at home? Well, Billfodl becomes an ingenious and valuable gift. This compact and sturdy stainless steel case offers a durable and elegant solution. Goodbye to paper vulnerability; Billfodl features a set of laser-engraved character tiles for easy and secure set-up. The great thing about Billfodl is its versatility. Compatible with all types of seeds and keys, whether hexadecimal, BIP-39 seed phrases or alphanumeric. Unlike other products on the market, which can cost a fortune, Billfodl offers this flexibility for an affordable price of $99.00. It is an excellent choice for the Christmas gift list while providing our loved ones the security their cryptocurrencies deserve. 5. Bolt Card by CoinCorner
CoinCorner’s Bolt Card is a contactless Bitcoin Lightning card that could change our thoughts about Christmas presents. More than a card, it’s a ticket to the financial future. It is the world’s first contactless Bitcoin Lightning card, opening the door to fast and efficient payments at the touch of a compatible point-of-sale device. Imagine holding a card that connects you to the impressive Lightning Network, the power behind ultra-fast Bitcoin transactions, but also incorporates NFC technology to offer you the ease of contactless payments. You need to imagine no more because the Bolt Card is that reality.
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You can adjust it according to your preferences: either as a debit card connected to your CoinCorner account or as a gift card loaded with Bitcoin. The customisation is up to you. Purchase it for £4.99 from their website. Activation and funding are straightforward with your CoinCorner account, and once set up, you can enjoy using Bitcoin in the physical world. The most fascinating thing about the Bolt Card is its appearance, which resembles a conventional credit card, making it easy to carry in your wallet or purse. Plus, the ability to personalise it with stylish designs adds a touch of personal style. So, beyond a card, it’s a way to invite your loved one to explore what decentralised finance has in store, whether for a last-minute gift or to surprise a tech-loving friend, the Bolt Card adapts - and delivers - to different situations, given its versatility. 6. Coinbase gifts - you decide how much! https://www.coinbase.com/es While the Bolt Card offers an innovative option, cryptocurrency exchanges are a practical way to gift Bitcoin but any other cryptocurrency. In this case, we take Coinbase as an example. Considering that you are already part of this crypto family, the process will be quick and easy. You must select the cryptocurrency you want to share, choose the amount and specify the recipient’s email address. With this, you have sent a digital gift that could pleasantly surprise anyone.
You also have the opportunity to add a personal touch to this crypto gift. The platform allows you to attach a personalised note on an e-card. As you can see, this gift is tailor-made for you; you decide how much to give and how to make it memorable. Providing cryptos through these platforms lets you share a little piece of this exciting digital world we have immersed in. 7. Exclusive products: Metavertu a Web3 smartphone https://vertu.com/collections/metavertu If you are looking for a Christmas gift that will dazzle, METAVERTU is a perfect choice. This luxury smartphone, created by VERTU, offers cutting-edge technology and dives into the exciting world of cryptocurrencies.
This device features a custom Web3 operating system alongside the standard Android platform, an integrated hardware wallet, an app store and the ability to run a lightweight Ethereum node. It even allows you to convert a photo into an NFT with a single click, taking the cryptocurrency experience to a new level. Entry-level models range from USD 3,600 to high-end crocodile skin-covered models at USD 9,300. The METAVERTU’s specifications range from screen resolution to battery life, emphasising its performance and advanced capabilities. With high-resolution cameras, a long battery life and 5G technology. Its dualsystem design and ample ten terabytes of storage ensure a smooth and efficient experience in the Web3 world, where fast and secure transactions are essential. Another aspect that has caught my attention and is worth mentioning is the state-of-the-art A5 security chip integration in these devices and an encrypted communication application called VTALK, which translates into the customer feeling that their data is safe. This magazine is sole property of themoonmag.com and is not to be redistributed in any form anywhere else.
VERTU’s METAVERTU series has conquered the market by meeting the demands of high-end customers. Its design with premium materials such as carbon fibre, sapphire glass and high-quality leather gives this phone distinctive looks and exceptional performance. This line would be the first in the Web3 world. In addition to advanced technical features, the METAVERTU integrates ChatGPT and allows running a lightweight Ethereum node, immersing users in the Web3 ecosystem. 8. Ethereum naming service https://ens.domains/es/ Shifting the focus of these gift ideas for Christmas, the Ethereum Name Service (ENS) is accessible and adds a differential value. The ENS works similarly to the DNS system on the internet, but its purpose is to transform how we interact with addresses in the crypto space. The average cost of an ENS is about $5 per year for names of 5 characters or more. Names of 4 characters cost $160 per year, and names of 3 characters cost $640 per year. Fees get paid in ETH.
In other words, ENSs give us an easier way to use our crypto wallets. It’s as if we can customize them. Instead of those long addresses appearing, we can simplify them into something like “YourName.eth”, making them noticeably less confusing. Built on Ethereum smart contracts, they also stand out for their security, privacy and resistance to censorship. It departs from the traditional Domain Name Service (DNS) model by not pretending to replace it but working with it and providing reliable distributed name resolution for Web3 resources, such as blockchain addresses and distributed content. It also collaborates with the IPFS file storage system to build the decentralized web. You can browse decentralized websites, such as almonit.eth, without the need for MetaMask or unique browsers, showing how the ENS is building bridges between Web3 and the traditional DNS. 9. Cryptography books https://www.amazon.com/bitcoin-Books/s?k=bitcoin&rh=n%3A283155 Books are a safe bet when it comes to gifts. However, we should consider the interests and knowledge of the recipient before choosing one. After all, books not only teach us, they are also a window to inspiration and entertainment. You can find a wide variety of books on this topic On Amazon. However, we would consider reading “Mastering Bitcoin” by Andreas M. Antonopoulos: This book dives into the heart of Bitcoin through Antonopoulos’ expert guidance. It is a book that helps you understand how to use the technology behind Bitcoin and how to master other digital currencies. Another option is the book by Saifedean Ammous: “The Bitcoin Standard: The Decentralized Alternative to Central Banking”, which is a narrative that highlights and shows how Bitcoin can be a great alternative to traditional banking systems. It is not only what but why. This magazine is sole property of themoonmag.com and is not to be redistributed in any form anywhere else.
10. Cryptographic Commodities https://thecryptomerch.com/ https://notjustclothing.co.uk/ Another one of our options is cryptomerchandise, yes. The truth is that they are very versatile and can adapt to a wide range of interests. For that, we have some recommendations on where to place these gifts. Crypto Merch, for example, could be a perfect destination. At Crypto Merch, diversity is key. From caps and t-shirts to mugs, jumpers and key rings, they offer a wide range of products at different price points for both men and women.
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I hope you enjoyed exploring the crypto gift options for Christmas as much as I did. Each choice has its charm, from the modern Bolt Card to the robust security of Billfodl and the unique and traditional experience of gifting Bitcoin.
Gifting cryptocurrencies is not just about sending a digital gift; it’s about sharing a piece of the financial future. Every transaction, every hardware wallet, every exciting moment of receiving a subscription from experts, or the security of storing seeds in a Billfodl contribute to the ever-evolving story of cryptocurrencies. In this festive spirit, remember that purposeful gifting goes beyond material objects. We are conveying excitement, knowledge and a glimpse into the exciting crypto universe. At the heart of every gift is a story of innovation and a connection to the future of finance. So, as we bid farewell to 2023, I wish you all a Merry Christmas filled with joy, innovation and discovery. May every crypto gift convey the value of investment and the promise of a more inclusive and decentralised financial tomorrow. Happy holidays, and may the coming year be filled with more exciting crypto adventures!
Top 10 Trends To Watch in 2024 Written by Chris
As 2023 draws to a close, the cryptocurrency industry reflects on a year filled with significant milestones and shifting dynamics. A few weeks back, Bitcoin broke through the $35,000 barrier for the first time since May 2022. Now, we find ourselves in a much better spot, but it’s clear that volatility still is the lady of the game. This year, the market gained momentum and we had widespread excitement about the potential approval of the first BTC spot exchange-traded fund (ETF) by the U.S. SEC. This development might well be the most notable event of the year. This growing interest in cryptocurrencies set the stage for what could be a bullish run in 2024.
So, what narrative or event should you watch out for in 2024? Here is the summary of the top 10 trends to watch out for: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Bitcoin Halving Crypto ETFs ZK Rollups Layer 2 Smart Contract Updates Global Regulation GameFI New Methods of Fundraising DAOs AI in Crypto and Blockchain Security Solutions
Each of these trends represents a key area of growth and innovation in the crypto and the broader blockchain industry, offering a glimpse into what 2024 may hold for investors, developers, and enthusiasts alike. Of course, it’s still early but it’s never too late to be aware, right?
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Bitcoin Halving Come 2024, the crypto community lives to experience another halving event, a mechanism intrinsic to Bitcoin’s design. It’s all about maintaining scarcity and controlling inflation. Essentially, this event slashes miners’ rewards for verifying transactions in half, a move that happens every 210,000 blocks. Why? It’s Bitcoin’s way of ensuring its supply remains limited, echoing the principles of scarcity and value. Below are the actual halving events throughout the years:
The Impact of Halving The halving is more than a technicality; it’s a market mover. Historically speaking, Bitcoin’s price responds to this event, often with increased volatility and price surges. However, not all is about the price; it’s about the economic impact that Bitcoin will have. With reduced rewards, miners need to adapt, striving for efficiency and effectiveness, which affects Bitcoin’s overall network security and performance. Economic and Market Dynamics The halving events have historically triggered a ripple of excitement and speculation. Reduced block rewards mean fewer new BTC coins entering the market, potentially leading to a supply-demand imbalance. This imbalance often fuels market speculation, sometimes driving prices up. It’s a reminder of Bitcoin’s journey from a novel idea to a globally recognised financial asset.
The Bigger Picture The halving should not be just a date on your calendar. It’s a checkpoint in the evolution of cryptocurrencies in general, a moment that encapsulates the delicate balance of technology, economics, and market psychology in the crypto industry. As we gear up for this event, it’s a time for reflection and anticipation, considering how past trends might inform future movements.
Crypto ETFs Crypto ETFs are unique in that they either invest directly in companies leveraging blockchain technology or track the performance of cryptocurrencies like Bitcoin and Ether through investment products, futures, and options. This approach extends the use case of blockchain, allowing investors to track the market movements of leading cryptocurrencies without direct holdings. Unlike traditional ETFs that hold the underlying asset, crypto ETFs typically have cryptocurrency futures, options, or other related securities. This method aims to mirror the price fluctuations of the underlying cryptocurrencies. However, there can be disparities, as these ETFs don’t hold cryptocurrencies. Why They Matter Crypto ETFs are a game-changer for diversifying investment portfolios, offering exposure beyond traditional securities markets. They provide a way to invest in digital assets like Bitcoin or Ether without the complexities and risks of direct ownership. The Benefits Investing in crypto ETFs comes with several advantages:
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➢ Affordability: They offer a cost-effective way to invest in a volatile asset class, opening the door for retail investors. ➢ Simplified Learning Curve: The analytics are managed by professional traders, making it an ideal choice for novice investors. ➢ Reduced Costs: Investors save on custody charges and network or transaction fees. ➢ Security: ETF providers are responsible for fund safety, mitigating risks like phishing attacks or crypto thefts. ➢ Accessibility: They allow diversification without the need to purchase individual tokens directly.
Safety and Regulations While regulatory uncertainty looms, crypto ETFs are gaining traction as they are issued by regulated entities and traded on reputable exchanges. This regulatory oversight adds a layer of confidence for investors, although it’s crucial to be aware of the risks, including cybercrime and market volatility.
The Emergence of Crypto ETFs This year has marked a notable shift with giants like BlackRock leading the charge in filing for a spot BTC ETF in June ‘23. This move signalled a broader trend: crypto ETFs are carving a new path for investors to access digital assets. They offer a regulated, user-friendly approach, eliminating the complexities of direct asset management.
ZK-Rollups Zero-knowledge proof is a cryptographic method allowing the validation of a statement’s truth without revealing any related information. Its three core characteristics - completeness, soundness, and zeroknowledge - make it exceptionally suited for privacy protection, and designing sensitive systems or contracts in blockchain applications. In 2023, they gained quite the attention of media and venture capitalists, and have shown remarkable progress, especially in launching testnets and mainnets. But the question remains: Are ZK rollups the future of Ethereum’s scaling solutions? The Edge Over Other Solutions ZK rollups stand out from other rollup solutions, like Optimistic rollups in several aspects, including their underlying logic, ease of use, and privacy transactions. Despite their slower expansion due to technological limitations, they are poised to become the mainstream rollup solution in the future. However, the current landscape of rollup solutions is quite homogenous, and ZK rollup operators could differentiate themselves by offering value-added services to simplify application migration. Venture Capital Enthusiasm and Market Valuations The ZK rollup sector has caught the eye of venture capitalists, with leading projects like Starkware and ZKSync valued at around $8 billion and $1 billion, respectively. Yet, from an investment perspective, the technology, while excellent, may not be the best choice at this stage due to its still-developing nature and the risks involved in investing in such nascent technologies. This magazine is sole property of themoonmag.com and is not to be redistributed in any form anywhere else.
Addressing Blockchain’s Pain Points ZKPs solve two major issues in blockchain development: privacy and performance. The zero-knowledge aspect tackles the transparency problem inherent in blockchain consensus mechanisms, while integrity focuses on improving performance through lightweight proofs. The Current Landscape and Challenges ZK rollup technology faces significant uncertainties. While its potential annual revenue could reach $1-$10 billion, its growth rate and technological validation remain unpredictable. Projects like ZKSync’s Layer3 project HyperLink hint at a future where ZK rollups could offer customisable solutions with enhanced security and performance compared to current layer-2 solutions.
The Broader Picture While ZK rollups show promise in advancing Ethereum’s scaling solutions, their journey has technological challenges and market uncertainties. Investors and developers alike are keenly watching, as ZK rollups hold the potential to unlock new levels of efficiency, privacy, and scalability in the blockchain industry.
Layer-2 Smart Contracts Updates In simple terms, layer-2 technology improved the Ethereum blockchain, making it more efficient and affordable. Ethereum was limited to processing about 15 TPS, so it is easy to see why this innovation was critical. The congested network, akin to a busy motorway, often resulted in higher costs and slower transactions (even today). Compared to Visa’s capacity of processing 2,000 TPS back then, the need for layer-2 solutions became glaringly obvious.
Layer 2 Scaling Solutions Various types of layer-2 solutions are reshaping the blockchain industry. Some of the most impactful ones: Zero-Knowledge Rollups (ZK-Rollups): • ➢ ZK-Rollups bundle numerous blockchain transactions, significantly reducing the data required for block validation. • ➢ They offer immediate transfer from layer-2 to layer-1 without delays, preserving the decentralised and secure state of the network. • ➢ Notable ZK-Rollup projects include Starkware, Loopring, and Polygon’s Hermez network. Optimistic Rollups: • ➢ These enable several smart contracts to run on Ethereum without bogging down the network. • ➢ They increase scalability by 10-100 times, depending on the transaction, by solving computation bottlenecks. • ➢ Projects like Fuel Network and Boba are leading the way in Optimistic Rollup development.
Plasma: • ➢ Introduced by Ethereum co-founders, Plasma creates side chains that are small replicas of Ethereum, allowing for faster and more cost-effective transactions. • ➢ They are highly customisable, with projects like Polygon and OMG Network utilising modified Plasma frameworks. Interoperability and Security Concerns The layer-2 scaling solutions face challenges like interoperability between different sidechains, potentially dividing marketplaces and liquidity. Security also remains a concern, as layer-1 chains like Ethereum provide more robust security when compared to newer layer-2 networks. Impact on Transaction-Intensive Applications Layer-2 solutions are game-changers for dApps requiring intense transaction processing like DeFi, NFT minting, and smart contracts. They try to balance the blockchain trilemma - scalability, decentralisation, and security - these solutions pave the way for more sustainable and user-friendly blockchain applications.
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A Look at the Future As layer-2 solutions mature, we’ll see even more innovative uses of smart contracts. Imagine streamlined supply chains, more secure digital identities, off-scale solutions and a host of other dApps, currently beyond our reach. For mass adoption to be a reality, blockchains need to be scalable, secure and decentralised.
Global Regulations We’ve experienced a wild year, marked by remarkable achievements and significant setbacks like allegations from the SEC to major CEXs, rug pulls and cyber attacks. These events have highlighted the urgent need for robust, globally coordinated regulatory frameworks to ensure the industry’s stability and integrity.
Strides Towards Proper Regulations Efforts are underway by major global bodies like the Financial Stability Board and the Financial Action Task Force to establish clear regulatory standards. The European Union is progressing with its Markets in Crypto-Assets Regulation (MiCA bill), aiming to bring much-needed clarity to the sector. Regional Developments Innovative regulatory approaches are emerging worldwide as well. Dubai is spearheading this with the world’s first dedicated authority for virtual assets, while the UK government plans to recognise crypto assets as regulated financial instruments. In the US, despite ongoing legislative developments, the exact timing and nature of crypto regulations remain uncertain. Implications for the Financial Sector These regulatory advancements offer traditional financial institutions a clear pathway to engage with cryptocurrencies. Conversely, crypto-native firms might need to adapt to these new regulations, aligning their operations with global financial standards.
The Road Ahead Despite the challenges faced, there’s optimism in the air for 2024. The regulatory landscape, marked by judicial pushbacks and enforcement efforts against fraud, hints at a more balanced and pragmatic approach to crypto regulations. There is going to be more clarity in the upcoming months, and we are poised to see grey areas becoming much clearer. The path forward involves harmonising global regulatory efforts, ensuring market stability and fostering innovation.
GameFi The blockchain gaming market is already valued at over $8 billion and is predicted to grow exponentially to more than $50 billion by 2025.
Many early GameFi projects stumbled, primarily due to a focus on monetary aspects over gaming quality, leading to a belief that GameFi might be waning. These projects often needed more high-quality graphics and balanced tokenomics, resulting in their downfall as withdrawals outpaced inputs. However, a potential crypto bull run in 2024-2025 could reignite GameFi, pivoting the focus towards immersive gaming experiences and well-structured tokenomics, alongside resolving gamification issues. Blockchain’s Role in Empowering Players • ➢ Asset Ownership: In play-to-earn (P2E) games, players have complete control over their acquired assets, which they can sell on secondary markets, showcasing the ownership and authenticity of in-game items. • ➢ Economic Model: GameFi leverages blockchain, cryptocurrencies, NFTs, and the P2E model to establish the economic foundations of games.
Challenges and Future Directions For GameFi to reach a wider audience, educating players about crypto basics is essential. The entry of traditional gaming publishers into the GameFi space could be a huge driver for growth in the industry.
Ensuring that games are enjoyable and not solely focused on monetisation is critical. GameFi should offer compelling gameplay and storylines with NFTs and economic elements integrated seamlessly, not overshadowing the gaming experience. With that being said, GameFi is poised to transform the gaming industry by merging the excitement of traditional AAA games with the innovative potential of DeFi. Its success lies in striking a balance between fun, engaging gaming experiences and sustainable economic models.
New Methods of Fundraising Fundraising in crypto projects has changed over the last few years. Initially, it was all about ICOs, which later evolved into IDOs and more structured STOs (Security Token Offerings) and IEOs (Initial Exchange Offerings). With the advent of NFTs and web3, we’re now witnessing a new era of fundraising, blending creativity with technology. Innovative Platforms and Approaches • ➢ NFTs and Entertainment: Platforms like coinrunnersmovie and Mogul Productions are revolutionising how fundraising should look like and how users can interact with entertainment. By purchasing NFTs related to a movie, backers can receive unique rewards like set visits or props from the film, blending investment with exclusive experiences and movie royalties. . This magazine is sole property of themoonmag.com and is not to be redistributed in any form anywhere else.
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➢ Crowdfunding: Tallycoin represents a new wave of crowdfunding, allowing direct BTC donations with zero fees and complete control of the fundraiser. ➢ Community Engagement: Holding specific tokens like STARS, as seen with Mogul Productions, unlocks community perks and discounts, creating a more engaging and rewarding investment experience. ➢ Web3 Gaming: Platforms like gamefi.org are at the forefront of integrating gaming with DeFi and NFTs, offering novel ways to raise funds within the gaming community. ➢ Diverse Crowdfunding: Websites like cryptoslate.com showcase an array of cryptocurrencies dedicated to crowdfunding, each offering unique features and opportunities for backers and creators.
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From Traditional to Transformative
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➢ Enhanced Community Involvement: Modern fundraising methods are not just about collecting funds; they’re about building communities around projects. Backers are no longer just investors, they are part of the project’s journey. ➢ Blending Art and Investment: NFTs have opened a new border where art and collectables become investment opportunities, allowing creators to fundraise in many ways. ➢ Increased Accessibility and Autonomy: Platforms like Tallycoin democratise fundraising, offering greater accessibility and autonomy to creators and backers alike.
The Road Ahead As we step into the future, the possibilities in fundraising are boundless. The integration of blockchain technology, NFTs, and web3 is creating a more inclusive, transparent, and interactive environment for fundraising. These new methods are not just about raising capital; they are fostering a sense of ownership, community, and direct engagement between creators and supporters.
DAOs DAOs have emerged as a novel and influential concept within the crypto and DeFi industry. Initially conceptualised to challenge traditional organisational structures, DAOs have quickly garnered attention for their revolutionary approach to governance. Navigating Legal Complexities DAOs, operating on decentralised networks, often lack a specific physical location, raising questions about jurisdictional authority. The evolving regulatory landscape presents challenges, with no definitive guidelines currently established for DAO oversight. The issuance of digital tokens by DAOs could fall under existing securities laws, necessitating adherence to various regulatory demands. Varied tax laws across jurisdictions complicate compliance for DAOs, especially given their global nature. These are a few of the challenges DAOs face. But seeing the new regulations and a promise to clear grey areas, we might see another ‘’bull’’ for DAOs.
DAOs as Economic Entities of Web3
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➢ DeFi Governance: DeFi protocols frequently utilise DAOs for governance, illustrating their integral role in a Web3 ecosystem ➢ Global Fundraising and Ownership: Entrepreneurs increasingly use DAOs for global fundraising, transferring ownership to community members, as seen with projects like Axie Infinity.
Balancing Relationships and Decision-Making
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➢ Reciprocal Relationships: DAOs create a dynamic of constantly renegotiated relationships, balancing various values and objectives within their organisation. ➢ Intuitive Governance: Successful DAO governance requires more than algorithms; it demands a nuanced understanding of relationships and organisational dynamics, akin to Pierre Bourdieu’s concept of a ‘’sense of the game.’’
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Challenges and Opportunities Ahead The journey of DAOs is long. There has to be a balance between future legal frameworks and decentralisation. However, the potential of DAOs to transform organisational structures is immense, promising a future where governance is more participatory, transparent, and aligned with community interests.
AI in Crypto and Blockchain AI cryptos are reshaping the blockchain industry. You can imagine the future potential. This year was just the beginning of this narrative, with ChatGPT, Midjourney and many other contenders rising. These tokens enable users to leverage the AI’s capabilities, enhancing the functionality and efficiency of blockchain applications. The transparent framework of blockchains complements AI’s advanced problem-solving skills. This combination boosts the trustworthiness of data used by AI, ensuring accuracy and reliability. By connecting AI models to automated smart contracts, the speed and efficiency of AI operations will be unmatched.
Revolutionising Various Sectors The convergence of blockchain and AI holds immense potential across various industries. In healthcare, it could lead to improved diagnostic recommendations, by leveraging vast, secure databases. Supply chain management could see enhanced traceability, particularly in food safety and logistics. The finance sector might benefit from precise, real-time market predictions, assisting in stock and real estate investments . The Broad Benefits of AI and Blockchain Confluence The fusion of AI and blockchain is creating what could be the world’s most reliable and secure technologydriven decision-making system. This blend is not just enhancing existing processes but is paving the way for groundbreaking innovations: • ➢ Business data models are becoming more sophisticated and insightful. • ➢ Verification systems on a global scale are now more robust and secure. • ➢ Audits and compliance systems are witnessing innovative advancements, raising accountability standards. • ➢ The finance sector could have smarter solutions along with more transparent governance models. • ➢ The retail industry is benefiting from intelligent predictive analysis, enhancing consumer experiences. • ➢ Digital intellectual property rights can be managed more effectively, providing better protection and control.
This integration marks the beginning of a new era in cryptocurrencies, where AI and blockchain address existing challenges and open up new possibilities. The potential for creating smarter, more secure, and efficient systems is becoming increasingly popular.
Security Solutions Since Bitcoin’s inception in 2008, blockchain technologies have been acting as a ledger for recording transactions and captured the interest of researchers and practitioners alike. While blockchain inherently makes transaction records public, this openness raises questions about privacy in the digital financial realm. In contrast to traditional banking’s confidential record-keeping, blockchain’s transparency challenges the conventional notions of privacy and security in financial transactions. Privacy Concerns One way to manage privacy issues in blockchain is through the creation and management of digital identities, coupled with tailored rules and policies. This approach aims to balance the blockchain model’s transparency with the need for privacy in ownership and control.
The traceability of transactions and operations of smart contracts is a crucial concern for businesses and individuals alike. However, measures like pseudonyms are not sufficient to ensure transactional privacy. This is where innovations in blockchain security play a pivotal role.
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Smart Contract Vulnerabilities To mitigate the vulnerabilities of smart contracts, several proposals and solutions have been suggested:
• •
➢ Restricting Programming Language Expressiveness: Limiting the complexity of the underlying programming language can reduce the risk of vulnerabilities. ➢ Smart-Contract Checkers: Tools for tracing vulnerabilities in smart contracts are crucial. They help in verifying the fairness and correctness of these contracts, ensuring they operate as intended without loopholes.
The Future of Blockchain Security The focus is on developing more robust security solutions that can address the unique challenges posed by blockchain and smart contracts. This includes enhancing the verification processes and creating more secure frameworks for transaction and contract execution. As blockchain technology continues to evolve, so does the need for advanced security solutions.
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Crypto Crossroads
Corporate Control vs. Entrepreneurial Energy written by Josh
An opinion article that might not make it past the approval process for the Moon Mag! As a focus on optimism and highlighting the best of crypto in general, I realise this article might bend the line between informative and opinion-turned-rant!
At this point, I’m aware that my way of ‘doing business’ may just be a personal preference so let’s take a look at the wider scale and ideas that need to be analysed and discussed in order to find a route for crypto moving forward into the future.
If you are reading these words in a published edition of the Moon Mag, however, then either I’ve toed the line perfectly or this content slipped through the net somehow….
Compliance vs Innovation
I speak personally from a creative bias. As someone who has spent their life so far being an entrepreneur or, in a less flashy way of describing it, doing things from scratch and building as we go, I’ve never had a corporate-style job. I’ve never owned a shirt and tie specifically for the ‘office’ and I don’t think I’ve ever used the term KPI in a meeting. Wait, what’s this ‘meeting’ thing you talk about? I have had my fair share of corporate events, conferences and networking evenings though. Through my ventures, I’ve had the pleasure of meeting some amazing people but that has often happened by coincidence, usually outside of work, than where and when it theoretically should materialise. A bit like how they say the best ideas happen when you’re in the shower or walking the dogs and not in front of the computer at the desk. I think the bureaucracy of corporate events stifles us and sets a rigid agenda where we feel like we need to adhere to a certain social etiquette. In fact, the breaking down of the structure and dressing down of rules, literally as well as figuratively, would induce the comforts and creativity that people naturally need to allow conversations and relationships to develop.
A corporate approach to crypto often involves meticulous and detailed adherence to regulatory systems. This compliance can bring trust among traditional financial institutions, attracting more significant investments and fostering mainstream adoption. Let’s face it, the corporate regime has been tried and tested and for the majority, comes with a ‘If it ain’t broke, don’t fix it!’ way of doing things. Fair enough. Certainly, the wild, wild West of crypto has attracted a lot of bad players who, by their very nature, thrive on a lack of laws and governance. A company with a reputation in good stead would want to maintain that and seek the assistance of other firms currently doing this to allow them to seamlessly ease into crypto, rather than dive in head first. However, entrepreneurial ventures thrive on innovation and agility, which has driven the rapid development of new technologies and solutions in the crypto arena. There is no shortage of imagination in crypto. This approach can and has led to incredible ideas that have the potential to reshape industries and push the boundaries of what is possible with crypto. A corporate setup typically leads with protocols and establishes norms so progress, innovation and integration are usually very, very slow! Just look at how quickly the crypto market has grown. It’s currently sitting at just under $1.5 TRILLION in economical size.
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SOURCE: https://www.statista.com/chart/27561/evolution-of-the-crypto-economy/
Institutional Backing vs Decentralisation Corporations are corporations for a reason. They often have huge cash reserves and powerful influences and connections. Therefore, there is no lack of resources to engage in large-scale projects, infrastructure development, and research, contributing to the maturation of the crypto space. This institutional backing can lead to increased credibility and acceptance in the broader financial ecosystem. It can take creative, entrepreneurial startups months, if not years, to raise traditional finance from enough trusted partners to finally kickstart their plan. That’s often before they have taken the product to market too! Corporations can leverage the power of money on their own ideas. Again, this usually comes once the CEO has put the idea in motion through to the board, it’s been approved, sent to the next board in the ranks, been approved, followed by the shareholders, investors….you get the idea.
The entrepreneurial spirit is closely aligned with the decentralized nature of crypto however. By promoting decentralized applications (DApps) and community-driven initiatives, this approach contributes to a more inclusive and democratic crypto ecosystem. It enables real talent who might not have had the backing of money before to take priority and lay bare their work for all to see, critique and hopefully, as we see in DAOs, the community to decide on the direction. It’s all-encompassing. Often within one scheduled vote, the direction is chosen for the project at hand and everyone can move forward efficiently and quickly. Funding can also happen quickly and the vote of confidence is by the retail crypto crowd who can invest in a very accessible way. Just look in the image at the number one spot for capital raised by a crowd in 2017. A blockchain project!
SOURCE: https://www.statista.com/chart/8253/crowdfunding-campaigns/
Stability vs Adaptability Corporations, with their established structures, can provide a stable environment for the growth of crypto as we discussed in compliance vs innovation. Rigorous security measures and risk management protocols can mitigate the vulnerabilities associated with crypto, assuring users of the safety of their investments. This ‘measure twice, cut once’ approach does generally ensure the majority of people can trust, dare I use that word, that their money is safe. However, it generalises people and does not take into account the fact that others may wish to do their own research, come to their own conclusions and make decisions on what to do with their time, investments and money.
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Entrepreneurs are often quick to adapt to market trends and changing consumer preferences. This adaptability enables the crypto industry to stay ahead of the curve, responding effectively to challenges and opportunities in an evolving landscape. The flexibility allows projects to change direction on a pinhead and respond to new innovations or demands. The connection between the business and the customer is tangible. People know they are being heard and that they have influence. Whilst this is powerful, it could encourage a mob rule mentality and behaviours, which can be its own self-destructive force, if enforced in malicious ways. That hasn’t stopped DAOs from establishing a firm presence in the crypto arena though.
SOURCE: https://messari.io/
Corporate vs Entrepreneurial In conclusion, it seems there has to be a balance. We all want self-custody, self-rule, self-regulation, and self-reliance but can we trust ourselves? Do we know better? Crucially, are the decisions we make for ourselves, the best decisions for ourselves? I can see both sides to this but I find it difficult to see where the balance can be made when everyone has their own perspectives and opinions. I, for one, would still approach this from an entrepreneurial standpoint however I’m not suggesting that I’m sat wholly on the side of asking the world to leave us alone and let us get on with it though. I think regulation is critical for crypto and that it’s going to require a lot of current world corporations, businesses and traditions to mould and shape it with us. The door is open for it to happen and we should let them in but with our ideas and values taking precedence in discussions. If we’re holding the party, they need to turn up in jeans and a T-shirt. No suits here! It’s going to be a fascinating collision of tectonic magnitude, happening slowly but surely. Hopefully seamlessly too, as a volcano of volatility is least preferential for everyone involved! Traditional corporates trying to strong-arm the crypto industry with current methods, however, would be like taking a square peg and hammering it into a round hole. It fits by force but not by nature. And nature always finds a way.
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