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The Blockchain Archipelago: A Safe Travel Guide to the Risks of Cross-Chain Bridges.Imagine the blockchain world as a vast archipelago. Each island represents a unique blockchain network. While rich in resources, these islands often stand isolated. Cross-chain bridges like magical pathways connect islands and allow treasures to flow freely between them. However, these bridges have weak spots. Pirates (malicious actors) have already exploited some weaknesses, not only stealing assets but undermining the bridges' credibility. DefiLlama reports over $2.83 billion lost to cross-chain bridge hacks. Understanding vulnerabilities is your first line of defense. DefiLlama states cross-chain bridge hacks have resulted in over -
Where Web3 Is BoomingWeb3 is still only emerging as a widespread instrument for the average user. Though its benefits and applications have already been appreciated in full by businesses, the latter are powerless in terms of advancing the adoption of their Web3 products if the users are either not interested or engaged in the space. This dilemma is felt most acutely in the west, where a large number of Web3 developers are based, and where they are testing and fielding their applications. But that self-imposed limitation is precisely what hinders the development of Web in that part of the world, since there is another part that is not only open to Web3, but has al
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The Tokenization of Real-World AssetsThe concept of tokenization has been around for quite a while, with the idea of translating real-world assets into their digital representations for subsequent sale in the cryptocurrency domain in the form of tokens. By creating such a virtual investment vehicle, companies can tokenize anything from commodities like gold and silver to real estate, opening up opportunities for their sale on platforms in the on-chain environment. The latters offers considerable liquidity inflow options, given that it is more accessible to non-institutional and retail investors with no access to traditional sales venues. Most importantly, tokenization leverages
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The Benefit of On-Chain AppsMany people believe that buying something as simple as a movie ticket or an airline ticket online, or on-chain using the decentralized network, is more of an unnecessary complication. The logic is that tickets and other similar products and services have been traditionally purchased off-chain since time immemorial and there is no need to break with tradition. However, logic and traditional thinking have little to do with a progressive outlook that is based on the capabilities offered by innovation. The power of the blockchain and what it has to offer in terms of revolutionizing or even disrupting traditional concepts has yet to be evaluate
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DEXs As The Only Real Exchanges in CryptoThe blockchain entails decentralization. However, paradoxically, the exchanges that have operated in the blockchain and crypto space since its inception were all centralized. If we look at the landscape of cryptocurrency exchanges and examine their development from the standpoint of their basis, detached from the legal and regulatory requirements, we will notice that all of the major ones like Binance were deployed by a group of people who later took custody of the legal entity and the funds entrusted to it by the users. The collapse of several exchanges like FTX in 2022 and the ensuing crackdown on the part of the US Securities and Exchan
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NFT Uses Beyond Web3The NFT, or Non-Fungible Token, phenomenon made its splashing debut in 2020 on a global scale with the launch of dozens of art-oriented projects that offer proof of ownership and the tethering of real world assets to their digital counterparts. Since then, NFTs have evolved to tackle multiple challenges in a wide variety of industries that encompass many areas of the economy. Be it art, gaming, real estate or even logistics, NFTs can be found in any of these domains with varying degrees of success. The fact that NFTs can be used outside their originally intended realm of Web3 is a powerful signal that blockchain-based technologies and solu
