Crypto News

A Valuable DeFi Trend You Should Know About: Data Finance (DataFi)

Since 2019, decentralized finance (DeFi) proved a valuable utility for cryptocurrency and likely kickstarted the bull market. Yield farming, staking and lending earned many cryptocurrency investors annual interest rates in double- and even triple-digit territory. Unheard of in traditional finance! But with high returns, investors faced high risks too. Numerous exploits of smart contracts where user funds were drained and malicious activity of DeFi protocols that suddenly withdrew large amounts of cryptocurrency resulted in a healthy amount of skepticism. Also, DeFi moved backstage since speculation around NFTs became a lucrative investment alternative, allowing investors to achieve immense multipliers by flipping JPEGs. But whilst the focus of crypto enthusiasts has shifted towards NFTs, DeFi has developed into a broader ‘Web3’ movement. Providers like Bancor continuously developed their protocols to provide a safer environment for stakeholders. Others, like Ocean Protocol, improved and implemented DeFi infrastructure to disrupt multi-trillion-dollar industries. Bottom line, the foundation is set and DeFi may just be on the verge of taking the center stage again to push the broader cryptocurrency market capitalization to new all-time highs. With the NFT market being valued near 50 billion dollars and projects featured on the Superbowl, it might be worth looking for other trends. An unexplored DeFi utility: data Data is the world’s most valuable resource. Our future depends on technologies like artificial intelligence, which can only function successfully when large amounts of data are available. But right now, less than 0.5% of the world’s data is accessible. Like traditional resources, data is exploited by large corporations creating an unfair, monopolistic market power. Ever wondered why Google’s analytics are the best in the world? They’ve got the most data. The data economy is a trillion-dollar opportunity yet to be explored. There is one project in the DeFi space that aims to unlock this opportunity. It’s called Ocean Protocol, which was recently awarded the Technology Pioneer by the World Economic Forum. Ocean also has an agreement with the European government and German Central Bank, which stated that their technology ‘does not have any comparable competitors’ in the space. Ocean is building a decentralized, multi-chain data marketplace built on DeFi infrastructure. The objective is to make their native token OCEAN the underlying currency for an open data economy. When the Ocean Data Market V4 launches in Q1/2022, data owners can tokenize their dataset into an NFT, which proves the exclusive right to the data. It’s similar to owning a Bored Ape, but instead of a JPEG file, Data NFT owners own the right to a dataset. Data NFT owners can also create a supply of Datatokens, which are built on the ERC20 standard. Datatokens allow for any DeFi activity to take place, all while the assets are backed by real-world data. A breakthrough! On Ocean Protocol’s Data Market, data investors can stake on Datatoken liquidity pools or can simply bet on the value of a dataset increasing by swapping OCEAN for Datatokens. If someone is interested to access the dataset itself, data buyers can purchase Datatokens to access the data. This proves a valuable utility, because Data NFT owners can actively generate revenues by selling Datatokens to data buyers. All functions are regulated by blockchain technology on Ethereum, Polygon, Binance Smart Chain or Polkadot’s Moonriver DataFi Infrastructure There is a growing community surrounding the Ocean Protocol ecosystem. Those that understood the magnitude of Data Finance have not left. Ocean Protocol’s DAO funds third-party teams to build valuable infrastructure that accelerates adoption of data as a valuable DeFi utility. DataX for example is building Datapolis, a data finance protocol offering a ‘Data DEX’ that is building towards data-backed lending and much more. Another project is Data Whale’s ALGA mobile Datatoken wallet for iOS and Android, where users can track their data assets and stake or swap on the Ocean Data Market through their phone. If you are interested to learn more about DataFi, head over to Data Whale’s website and complete the Ocean Data Market tutorials. Read up on definitions and watch our simple explainer videos on our Web3 Data Economy YouTube Channel.   Photo by Luke Chesser on Unsplash

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What Is Decentralized Marketing and Why is it Gaining Popularity?

What Is Decentralized Marketing and Why is it Gaining Popularity?

The marketing landscape has evolved significantly following the invention of the internet. Back in the 90s, print media was the most popular form of advertising. This has now changed with digital advertising taking over a larger share of the market; according to the latest metrics by Statista, brands spent over $455 billion on digital advertising […]

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What’s Intel CEO Pat Gelsinger Saying While Promoting The Bitcoin Mining Chip?

What is Intel ’s Pat Gelsinger doing? Who is he talking to while promoting Intel’s new bitcoin mining chips? In a recent Bloomberg interview, Gelsinger uses every ESG buzzword in the book to promote their “energy-efficient ASIC chip.” Is this the right strategy? Who will be Intel’s clients? And why is this man lying about bitcoin’s energy consumption when the real numbers would do just fine? The host, Emily Chang, starts by asking him about 2019, when the Intel CEO said that Bitcoin was badly designed, “extreme, and climate intolerant.” Does Gelsinger still hold that opinion? Of course, he does. And that’s just the beginning.  Intel CEO regurgitates ESG FUD talking points while shilling for his new #Bitcoin mining chip. Feb 14 2022 pic.twitter.com/x7r31FCwp9 — 🐝🇸🇻⚡BITC0IN 🐦🐦🐦 (@BITCOINALLCAPS) February 17, 2022 The Intel CEO Is Here To Fix Bitcoin Gelsinger starts by saying that when he misdiagnosed bitcoin that one time, “most of the uses where illicit.” In 2019? Nothing could be further from the truth, Sir. Bitcoin’s first use case, the unbanked, were discovering the solution to their problem little by little. And the seeds for everything that has happened in the last few years were already planted. Was bitcoin also used for illicit purposes? Of course. Bitcoin is money for your enemies. Everyone can use it.  Another thing the Intel CEO believed about bitcoin is that “it couldn’t be regulated, so it couldn’t become a currency for nations and for people to use broadly.” Well, considering it’s already currency in one nation, El Salvador, we could say that Gelsinger’s predictions are pretty much off the mark. The idea of an American ASIC mining chip, though, that’s a great one. And if it consumes less energy, so be it. Even though people will probably just push the pedal to the metal and mine more. In any case, the Intel CEO informs us that one of the company’s mantras is that they’re “shaping technology as a force for good.” It sounds like Google’s “Don’t be evil,” and we all know how that turned out. In any case, Gelsinger thinks the easily debunkable attack points he exposed make bitcoin a controversial character. However, “that doesn’t mean it’s not a good technology, but we’re not using it good yet.” So, Intel is here to fix it. BTC price chart for 02/19/2022 on Fx | Source: BTC/USD on TradingView.com What’s Gelsinger Promising, Exactly? One thing’s for sure, Intel is very confident about their product. The CEO said: “Intel is about to bring forward a blockchain chip that’s dramatically better. That is orders of magnitude better in terms of power performance. So, we’re helping solve the climate issue.”  Are they, though? In any case, a “dramatically better” chip is always welcome. When the company announced their first clients, we quoted their press release: “Today, we at Intel are declaring our intent to contribute to the development of blockchain technologies, with a roadmap of energy-efficient accelerators. Intel will engage and promote an open and secure blockchain ecosystem and will help advance this technology in a responsible and sustainable way.” And we, jokingly and earnestly, applauded their efforts: “That’s right, they’re tackling the problem “in a responsible and sustainable way.” And they’re calling the mining chips “accelerators” for some reason.” However, the Intel CEO raises doubts. “We want to work with the industry to find ways that technologies like blockchain can be properly regulated, managed, as well. So they truly can be fully realized,” he said. Forgetting that Intel just arrived to the space and was here to make chips. “This is one of those areas that, yeah, we’re going to work on fixing this one. Because this is a powerful technology. An immutable leveraged digitized entry system can transform currency, transactions, supply chain, so, yeah, this one is exciting.” This man doesn’t have the faintest clue about bitcoin’s real power. And, what’s an “immutable leveraged digitized entry system” anyway? There’s a popular saying in the bitcoin community: “You don’t change bitcoin. Bitcoin changes you.” It seems like Intel is going to find that to be true the hard way. Featured Image: Gelsinger on Bloomberg, screenshot from this video| Charts by TradingView