Metaverse will shape new digital future for humanity: Sheikh Hamdan

Dubai is set to consolidate its status as a testbed for future metaverse technologies, the Crown Prince of Dubai said on Wednesday. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Chairman of The Executive Council of Dubai and the Chairman of the Board of Trustees of the Dubai Future Foundation, also stated the metaverse .

More than 20,000 attended the first day of the event using virtual platforms and metaverse technologies, the Media Office announced. Over 500 global experts and policymakers, and more than 40 leading local and international organisations specialised in the metaverse and digital technologies, are participating in the two-day event. He said, “Dubai is emerging as a major contributor to shaping a new global vision for advanced technology.

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​Types of Blockchains

While blockchain, as new technology is undoubtly, is revolutionary, there are different kinds of blockchains. The major types are:

▪️Public Blockchain — completely open to everyone, doesn't have restrictions and is not owned by anyone. In such a blockchain, all the nodes in the network hold the copy of other nodes and can perform transaction verification.

▪️Private Blockchain — not as decentralized as the public blockchains because only the selected nodes can participate in transaction validation, making it more secure than the others.

▪️Hybrid Blockchain — a mixed type of blockchain combining characteristics of the private and public ones, where a specific organization controls some parts while the rest of the functions are available to the public. In such a system, even though there's a single owner of the entire blockchain, it cannot alter the transaction data as in the case of private blockchains.

▪️Consortium Blockchain — also known as Federated Blockchain, is a novel approach that solves the needs of various organizations. It is a semi-decentralized network in which members are not granted to a single entity. Instead, it is granted to a group of individuals or 'nodes.' It offers network security that public chains don't have, while providing a significant degree of control, faster processing, and more efficiency than the other blockchain types.

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Overall NFT sales might be down significantly from earlier this year, but collectors are using the bear market and the falling price of ETH to snap up relatively good deals on desirable digital art pieces.

For example CryptoPunks NFT #2924 just sold this afternoon for nearly $4.5 million worth of ETH—the largest single NFT sale in recent memory. Measured in ETH, the 3,300 ETH sale price is the fourth-largest all time for CryptoPunks.

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PwC Hong Kong Signs Collaboration Agreement With Metaverse Developer TerraZero Technologies Inc.

TerraZero's business model is focused on Metaverse product and service development, Metaverse experience creation and deployment, and platform development. Together, PwC and TerraZero are devising a go-to-market strategy to help businesses across all sectors attain, reclaim and invite new audiences.

As well as public Metaverse experiences with B2B, B2G and B2C applications, PwC will work with TerraZero to explore new ways in which companies can build privately hosted metaverse experiences. These will have the enterprise level safety, privacy and security features that big brands need in order to interact and transact with their customers in ways that build trust with users. There must be secure solutions for all," says TerraZero CEO Dan Reitzik.

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NFT space bridges passions for tennis legend Maria Sharapova

Maria Sharapova sat down with Cointelegraph at Binance Blockchain Week Paris to discuss her growing interest in NFTs and passion for bringing more women into Web3. Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs).

During an exclusive interview with Cointelegraph, Sharapova mentioned that “she is exposing herself to this new world of crypto and Web3,” noting that the sector will help her better engage with her fans. Sharapova was also one of the strategic investors behind MoonPay’s Series A financing round, yet she mentioned that she aims to bridge her personal experiences to the digital world moving forward. It’s also an entirely new revenue stream that both artists and women are discovering.

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​Permissionless vs. Permissioned Blockchains

A permissionless blockchain is also known as a trustless or public blockchain, implying it is available to everyone to participate in transaction validation. These blockchains are used where high transparency is required.

Characteristics:
▪️No central authority
▪️Open-source
▪️Transactions transparency
▪️Heavy use of tokens

Advantages:
▪️Everyone can participate
▪️Trust among users
▪️High level of transparency
▪️Broad decentralization

Disadvantages:
▪️Poor energy efficiency due to extensive network
▪️Low scalability
▪️Less privacy

Permissioned blockchains, on the other hand, are closed networks available to a specific group of entities only, who are allowed to validate transactions. They are used in the networks where high privacy and security is required.

Characteristics:
▪️Transparency based on the objective of the organization
▪️Lack of decentralization as only a limited number of users are allowed to use it
▪️No central authority
▪️Developed by a private entity

Advantages:
▪️Faster than permissionless, as it usually has ready nodes for transaction validation
▪️Customizability
▪️Strong privacy as permission is needed for accessing transaction information
▪️High efficiency and scalability as few nodes are involved

Disadvantages:
▪️Not truly decentralized as it requires permission
▪️Risk of corruption as only a few participants are involved
▪️The owner of the blockchain (i.e., the developers) can change the rules at any time at their own will

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​Blockchain Basics

The blockchain's primary application is to perform transactions in a secure network. That's why people use blockchain in different scenarios. For example, one can set up a blockchain to prevent unauthorized access to sensitive data unavailable to the public.

Blockchain can also be available to a specific organization only and require authorization. The type of blockchain greatly depends on the organization or entity developing it and can serve various purposes.

The major advantages of using blockchain include:
▪️Greater trust among users
▪️Better data security
▪️Reduced production cost
▪️Invocation and tokenization
▪️Immutable records
▪️Smart contracts

The major disadvantages of using blockchain include:
▪️Data modification is not possible
▪️Large data storage is required
▪️The owner cannot reaccess the private key if they forget or lose it

And the two major types of blockchains include permissionless and permissioned blockchains, which will be covered in the next lesson.

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​Blockchain Use Cases

Blockchain technology's core characteristics include decentralization, transparency, immutability, and automation. These elements can be applied to various industries, creating many use cases.

While the technology is still relatively novel, it has already found grounds in nearly every possible industry around the globe - from healthcare, governments, and trading to manufacturing and media.

While below is just a brief overview of blockchain applications, we will cover the use cases with real-life examples in the coming posts.

▪️Every Industry: Information-sharing across organizations; coordinate logistics, payments, financial terms, and contract rules; end-to-end visibility and tracking of supply chain process in real-time; auditing — Records can be instantly independently verified; business contracts — Set pre-defined rules for transactions between two or more companies engaged in a partnership.

▪️Automotive: track the vehicle's entire history from pre-production to sale; supply chain parts management.

▪️Banking, Financial, Fintech: streamline payments processing with high efficiency, fast and secure transactions; Empower global transactions, tearing down national currency borders; Minimize auditing complexity for any financial ledger.

▪️Charity: tracking donation allocation, accountability, and integrity; reducing overhead and complexity of donation payment processing; providing an auditable trail for donations to prevent fraud; ensuring crowdfunded campaigns receive donations and contributors are compensated.

▪️Education: digitizing, verifying academic credentials; federated repository of academic information specific to class, professor, and student.

▪️Energy: bypass public grids to allow for cheaper, peer-to-peer energy transfer; smart utility metering.

▪️Government and Voting: reduce voter fraud and inefficiencies with verifiable audit trails; minimize government fraud, digitize most processes; increase accountability and compliance for government officials; identity validation.

▪️Insurance: improve multi-party contracts; streamline risk contract efficiency; streamline claims adjudication; reduce disputes with transparency of shared data.

▪️Law enforcement: integrity of evidence, resistance to falsification of case data; documentation of the time-stamped, chronological chain of facts;

▪️Legal: smart contracts with defined rules, expiration, and accessibility for relevant parties.

▪️Media: control of ownership rights; anti-piracy / copyright infringement; use of smart contracts for artist compensation/legal proceedings.

▪️Medical / Healthcare: drug supply chain integrity; patient databases; claims adjudication; medical supply chain management; transparency and automation within the patient-to-hospital or patient-to-doctor transactions; clinical trial provenance — integrity with an auditable trail of data exchange

▪️Real Estate: transparency within agreements; verify property information, update and decentralize records; reduce paperwork, digitize transactional processes; record, track, and transfer land titles.

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Sushi DAO votes Jared Grey as new 'Head Chef'

The Sushi DAO community has a new “Head Chef,” following the outcome of a governance vote. The vote began on September 26 and ended at 08:00 AM EST today with Jared Grey emerging as the winner. Grey was among five candidates for the Sushi chief executive (Head Chef”) position. Today’s vote could mark the end of the Sushi DAO leadership saga that has gone on for almost as long as the protocol has been in existence. It all began in September 2020, when the pseudonymous “Chef Nomi,” Sushi’s first Head Chef stepped down. This came after accusations that Nomi tried to “rug pull” SushiSwap users by siphoning over $14 million from the project. Chef Nomi later returned the funds as well as control of the SushiSwap

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According to reports, HUGO’s new collection for Imaginary Ones NFT of 1,001 3D animations, titled “Embrace Your Emotions” (EYE) will be launched early next November 2022.

The idea is to encourage everyone to get in touch with their emotions and share the message that all feelings, positive and negative, are valid and should be embraced. And indeed, the 1,001 NFTs depict five characters representing joy, sadness, fear, anger and love.

Not only that, on World Mental Health Day, 10 October, a special sixth character that brings together all five emotions will be auctioned off and 100% of the proceeds will be donated to Youth Aware of Mental Health (YAM).

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A non-fungible token (NFT) in The Bowie Estate’s exclusive collection with OpenSea sold on Monday night for 96.5 ether (ETH), or about $127,000.

The 15-piece NFT collection commemorating the British pop legend and the colorful motifs used throughout his careerwill initially be listed on the OpenSea on Sept. 30, featuring artwork from nine artists across the NFT landscape.

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