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Web3 Weekly Wonderland | Edition #15 – Nov 2022
Hey there, Web3ers!
Considering the current events that are gripping the Web3 world as of late, we have decided to shorten our Web3 rollercoaster ride to bring you the major weekly Web3 affairs. Same thrills, just more short and sweet.
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The week's Top 10 news from the decentralised world ―
New arrivals in the DeFi space: Apple is taking a bite into the virtual world by bringing a 3D video service and a metaverse-like extended reality environment to the upcoming Apple VR headset. At the same time, LandX is landing into the DeFi world by soon launching its perpetual commodity vault protocol.
Straight from the football field, we had Cristiano Ronaldo grabbing headlines for releasing his first NFT collection as part of an exclusive, multi-year partnership with Binance. The GameFi ecosystem was also fueled by RealFevr securing ~$10.3M (€10m) to build the Ultimate Web3 GameFi Sports Ecosystem.
Companies seemed to be focusing on users' needs the past week – with UK-based trusted data network cheqd building a decentralised identity network, enabling individuals and organisations to take full control of their data, and MakerDAO making the bulletin for its ability to now handle “near-instant” transactions and faster withdrawals across the Ethereum blockchain and layer-2 networks for its $6 billion stablecoin, DAI.
In the DLT sphere, while the Australian Securities Exchange cancelled the Blockchain-Based Clearing System at a cost of $168M, digital wallet platform Liminal concluded integration with Tezos blockchain.
Getting ahead in the race, Uniswap became the second-largest exchange after Binance for Ethereum trading after overtaking Coinbase for Ethereum trades amid the FTX fallout. Moreover, Sony – which applied for a patent in 2021 for a system of tracking digital assets in video games using blockchain technology (specifically NFTs) – made the patent public on November 10, 2022.
Web3 Word Of The Week
Proof of Reserves: A Proof of Reserve (PoR) is an independent audit conducted by a third party to verify whether a custodian (such as a centralised crypto exchange) owns the assets it claims to own. Proof of Reserve allows customers to have the indisputable assurance of a claim, going back to the fundamental principle of crypto – “don’t trust, verify.” Proof of Reserve works by utilizing something called the Merkle Tree (also known as the “hash tree”). The Merkle Tree is a cryptographically secure method of verifying assets held in reserve.
Don't forget to check out this Web3 delight 🍩 over the weekend for a peek into the Web3 realm, fresh from ‘The Whitehouse’!
That's all for now!🤘
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Our latest publications include diving into The Bedrock of Investments: BlackRock’s FinTech Foray and Opening Doors for Open Banking in the GCC
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