Latest News, Reviews and Manuals for Passive Income and Earning Free Bitcoins

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  2. 32
    Web3 Casino Game House of Slots Goes Live Seattle, UNITED STATES, 7th March, 2023, ChainwireMassive Gaming, NEOWIZ’s overseas affiliate, successfully launched House of Slots on March 6. House of Slots is a social casino game that combines Web3-based Play and Earn content and blockchain technology. House of Poker, a global social casino hold’em game, will be released as a follow-up. Before launch, users received a token airdrop, with further reward opportunities to follow through the Play and Earn system integrated into House of Slots. House of Slots will offer over 80 different social casino slot machine games and provide users with a realistic and fair gaming experience. Through the Play and Earn system, users will be able to unlock rewards in the game’s decentralized economy and generate more value from their playing time. House of Slots utilizes USDC, a stablecoin fixed to the value of the US dollar. Global users can play various social casino games for free and earn USDC with specific goods provided by the game. This will alleviate sell pressure on the game’s native token, which has been the most notable issue with web3-based games so far. The Play and Earn system will see users paid in USDC as a reward, ensuring stability in value. To date, small and medium-sized game developers have experimented with the combination of Play and Earn games based on blockchain technology, but the in-game economies have not provided a stable structure that produces fair benefits to users. House of Slots applies a Play and Earn structure that fairly rewards users thanks to reliance on USDC in the game. Information regarding House of Slots-related airdrops and free NFT minting events can be received via Discord, Twitter, and Telegram. Links to the airdrop page can be found on Gleam. Users who would like to participate in each event must first install the IntellaX wallet in order to receive rewards. Wallet installation can be done through a simple registration or email linkage which makes it easy to participate. Users can unlock additional reward benefits by completing missions in House of Slots. For example, users who own NFTs will receive more valuable rewards during the “NFT Holder” limited-time event after launching. Players are encouraged to join the Discord server to relive their big wins. Players can also learn even more about all of the upcoming events on the project’s Medium page. Discord | Telegram | Twitter | Medium About Massive Gaming Massive Gaming is an affiliate of NEOWIZ, focused on the production and publication of crypto-enabled games and services. Learn more by visiting Massive Gaming Medium or the official website.ContactPR ManagerWilliam MurphyMassive [email protected]

    07 Mar
  3. 36
    Thailand Offers Tax Breaks for Investment Token Issuers The Thai cabinet has agreed to offer tax breaks for corporate income and value-added tax for companies issuing digital investment tokens. Reuters reports that Thailand’s cabinet on Tuesday agreed to waive income and value-added tax for companies that issue digital investment tokens. Rachada Dhnadirek explained to reporters at a news conference that companies will be given alternative ways of raising capital through investment tokens in addition to traditional debentures. Dhnadirek added that the Thai government estimates there will be around 128-billion-baht ($3.1 billion) worth of investment token offerings over the next two years. The government would lose out on tax revenue worth 35 billion Thai baht. Crypto Grows in Popularity as SEC Regulates the Sector According to Reuters, cryptocurrencies have gained massively in popularity recently after the Thai Securities and Exchange Commission (SEC) started regulating the sector. In March 2022, the country eased crypto regulations to drive industry growth. The rules mean that tax burdens on crypto investors in the country have been lowered from April 2022 until the end of 2023. However, Thai regulators and the country’s central bank were forced to implement stricter policies last year as the crypto market experienced significant difficulties. The SEC announced a total ban on using cryptocurrencies as payment methods, arguing that it could impact the country’s financial stability and the overall economy. In December 2022, the SEC also announced that it is preparing to implement stricter regulations for digital assets. Earlier in the year, the SEC issues new rules for companies offering crypto custody services. The SEC detailed that businesses that offer crypto custody services for clients’ digital assets must “establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure the safety of clients’ assets.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    07 Mar
  4. 47
    The Wild West Of Data Privacy In 2021, online payment fraud grew 14%, from $17.5bn to over $20bn. At the same time, 46% of organisations surveyed by PwC reported experiencing fraud, corruption, or economic crimes in the last 24 months, with 70% of those coming via an external attack or collusion. There are hundreds of different statistics that all mark the same point: the internet can be a dangerous place where there’s money changing hands. When you compound that with the rise of remote working, new digital security issues, and corporate information policies, data appears more exposed than ever. Cybercrime has surged over the last decade, as more and more platforms create new opportunities for digital thieves and hackers to scam and swindle at will. However, it’s really in the last three years that the data has taken a giant leap. Of all global fraud, it’s thought that around 40%, though likely more, is platform fraud, with the scams originating on platforms including social media, streaming services and marketplaces. Anywhere that a user can attempt to build trust or make communications there is an opportunity for cybercrime to take place.  That’s the unfortunate reality of Web2. It is the Wild West of data privacy. What Did Web 2.0 Get So Wrong?  The first thing to acknowledge is that they probably didn’t set out to. The internet was never designed to be secure internally, it assumed that if you were on the network you could be trusted. Nor was the World Wide Web designed to be secure, it was just a way of making data stored for public consumption on the Internet accessible. Web 2.0 brought the age of platforms with vast numbers of users consuming often ephemeral, but highly addictive  services, the problem was how to make money from them. When the answer turned out to be data and advertising based on data the problems started:  Verification - With Web2.0, you have to prove you are you. It’s a usually asymmetric, and always deeply flawed system which relies more heavily on assumptions and inference than it does on actual data.  SMS codes, uploading your ID, or taking selfies do little to actually protect users or platforms, but they do help build valuable data sets. From the consumer's perspective this whole premise is flawed. Our identity should be ours, and it should be possible to confirm it online as effectively as we do at passport control. Web2.0 never figured out how to make that happen, or perhaps it didn’t want to, because giving you back your data meant giving away their control. Data Storage - Our data is not under our control. Do you want your credit report? You need to apply for it. Do you want to know your spending history? Ask Mastercard or your bank. Do you want to know about your insurance, mortgage, and student loans? All of that data exists at their end, not yours, and you have no choice but to trust that they will take care of it. How many hundreds of millions of trusting people has that stung in recent years? Passwords - The fraudsters’ holy grail. Most of us are bad at creating, managing and remembering them, and we’re lazy. So passwords are an open goal for anyone wanting to steal our data and feature in most of the biggest data breaches.   Inconvenience - In trying to tame the excesses of Web 2.0 regulators have imposed ever tougher restrictions on what can be done with consumer data. GDPR, Cookie preferences CCPA, the list goes on. While there have been some significant consumer benefits, the biggest impact has been in how inconvenient using the internet has become. Much of the value of the regulations has been eroded because it’s simply easier to click “accept all '' and then your data is gone from your control forever. Impersonation - You could quite easily gather enough information about your best friend or a family member to make a strong fake profile and impersonate them for a joke. But, what if it was a stranger, it wasn’t a joke, the intentions were malicious, and they already had your data without you knowing it? Your digital identity is up for grabs in Web2.0, and all it takes is a few clicks to create a false identity.  The Value Exchange is Broken - the native currency of Web2.0 is data, and the biggest spender is the advertising industry. Remember, when you use Facebook, Instagram, or Twitter, you are not the consumer, you are the product. The business model relies on them using your data to target ads to you. All of these platforms are cleverly designed to farm your attention and put you in front of more and more ads Fixing the problems of  Web2.0 with Web3 At the dawn of Web 2.0, nobody knew that was where they were. Web3 is different, apes aside, it is very deliberate in its intent to fix the problems of Web 2.0. Our personal data has been used and abused for far too long, and Web3 is about taking a stand, stamping out data exploitation and creating a better way forward, giving you back your data so that you control your identity exactly as you wish. It is also minting a new data model for platforms to follow, one where the owner of the data can benefit, whilst the platforms and advertisers can provide a service that has synchronous value.   One such solution is Self. Where similar protocols such as Civic and Web5 are looking to identify users through better code, trustless systems and online verification processes, Self is building trust by extending real world verification of humans into the Web3 space, so you know exactly who you are dealing with at all times.Trustless systems are great at controlling the interaction between machines by relying on keys, but sometimes, actually most times, we need to know who has the keys and that’s where Self comes in. Their use of Web3 technology to tie humans to the technology they rely on has fixed things: Verification - You verify yourself when you join the app, and this self-verification grants you access to partnered services, without having to hand over your data Passwords - No passwords, just biometrics Inconvenience - By supporting the concept of regulation, Self makes the Web frictionless again.  Data Storage - All identifiable information is encrypted on your device, in a highly secure app. There’s nothing retained on Self’s network Impersonation - Impossible. Only you have the potential to verify yourself and your credentials. Nobody else could get as far as verifying themselves unless they had access to you physically, as well as all of your documents Value Exchange - Services must pay a microtransaction fee to engage with you, and in time, you’ll earn a share of this. Imagine being paid to give companies access to your data! Verdict: Web 3 - Ending the Wild West  By owning and controlling data which is about us we can shift the balance of power over data away from the web 2.0 platforms. By being able to verify facts in real time we can prevent fraudsters from stealing from us and the people we care about and by controlling and democratising communications we can simplify and remove friction from the web experience. Barbed wire brought the Wild West to an end. Platforms like Self, Civic and Web5 are deploying technology that, once it starts to gain mass adoption, will cut cyber criminals out of the equation, just as the barbed wire did for the cowboys.   Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    07 Mar
  5. 78
    Bware Labs is disrupting the industry paradigm with the... Bucharest, Romania,7.03.2023 - Bware Labs, a leading blockchain infrastructure provider, is launching today the mainnet of their blockchain API platform, Blast.  Blast is a blockchain API platform, designed to provide easy blockchain access to the most relevant networks in the blockchain space. Using Blast, developers are able to get RPC, REST and WebSocket access to an ever-growing number of blockchain networks in just a couple of simple steps.  With the launch of Blast’s mainnet, Bware Labs brings about a new generation of blockchain APIs. The speed and reliability of the API platform will rely mainly on the platform’s Proof of Quality protocol, which refers to enabling node owners to permissionlessly join the Blast Protocol as Node Providers, under the condition that their nodes can satisfy the platform's performance and data integrity standards. To participate in Blast's protocol, Node Providers will need to stake tokens, while all other users can earn an APY by delegating to a Node Provider using Blast's delegation explorer. Blast's token holders will also play a critical role in governing the platform's future development initiatives and improvements for the Decentralized Infrastructure Protocol. Moreover, according to Bware Labs CEO Flavian Manea, Mainnet brings the chance for the community to participate in the protocol by delegating the company's INFRA tokens to available staking pools.  “The biggest challenge is being true to your word when it comes to what you want to bring to the table. Maintaining above industry-level standards in terms of quality while running the platform in a decentralized manner is definitely not easy” states Flavian. “In order to tackle that we had to find our own routes and methods, that could ensure that the nodes on Blast present the required performance and that would not prohibit the scalability potential of Blast. Now, decentralization is in sight - all hands on deck lads, let’s launch this ship!” Blast’s mainnet launch is part of Bware Labs’ ongoing commitment to support Web3 developers throughout their entire blockchain journey by providing high-quality solutions that can help them scale their products faster and easier.  The mainnet launch will roll out in stages, and following the end of the Houston Testnet, Bware Labs will start onboarding the testnet participants, while the permissionless onboarding for anyone who wants to become a Node Provider in Blast will come in the following two weeks, along with the launch of the INFRA token and the possibility to delegate it in available staking pools.  Keep your eyes on the announcements from Bware Labs, and be prepared to jump in one of the biggest blockchain infrastructure providers of the year.  About Bware Labs Bware Labs is creating an infrastructure and development ecosystem to support Web3 builders throughout their entire blockchain journey. The company aims to play a decisive role in worldwide blockchain adoption. For more information visit the Blast website or contact Bware Labs at [email protected] Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

    06 Mar
  6. 79
    Functional Metaverse Spaces Will Open New Opportunities Metaverse technology is making a resurgence at the start of 2023, after the recent revival of the cryptocurrency market and the recent and significant advances in AI technology. With a change of fortunes in the market encouraging further development in the metaverse space, new opportunities are on the horizon.  For the metaverse to truly succeed and reach its full potential, however, it must become multi-functional and future-proof. What is meant by this is that it needs to be a space where people can engage with content, gaming, fashion, other people, income-generating opportunities, creative expression, businesses, arts, competition, and so much more. Less niche, more inclusive. What this indicates to developers is a need for dynamism, adaptability, and intelligent design that allow for the integration of a diversity of industries, users, and technologies. Nobody should feel excluded from the Metaverse if it really wants to transform the way people work and play. Who Benefits Most from a Multi-Functional Metaverse? Objectively speaking, those who will benefit most from a multi-functional metaverse will be those who grab the bull by the horns and attempt to do the most with it, and perhaps those who move first to get that early-mover advantage. Those who invest the most have the largest risk-reward opportunity, and those who explore numerous metaverses will have the best chance of finding their unique and potentially lucrative space. Beyond the builders and architects who structurally form the metaverse spaces with their code, it will be the creatives who will bring life and colour, showcasing and monetizing their work in new and unconventional ways. Those who embrace the risk-reward opportunity. Those who innovate and accelerate. Those who create and express. The artists, musicians, and performers will use the metaverse to reach global audiences without the limitations of physical space or time, as artists like Steve Aoki, Travis Scott, and Ariana Grande have proven. NFT art galleries and virtual venues already exist in small niche metaverses, but as the ambition of their immersive spaces grows, they will be able to engage and interact with new audiences on deeper levels than previously thought possible.  Another aspect of digital experience that will create new opportunities is how we present ourselves in the metaverse. Fashion designers will be keen to leverage the use of avatars to explore their ideas for the fashion industry. Not only can digital fashion and accessories be monetized in metaverse spaces, but they can also be used as trials to see what is popular and grabs attention. There already exist phygital metaverse spaces where avatars are created to your exact body measurements so that users can pre-wear clothes in digital form before making the physical order. The potential to use colours, patterns, and materials that may not be feasible in the physical world adds another layer to the potential creativity that can be explored. Beyond music, art, and fashion, a multi-functional metaverse needs games, and this is something many of the larger projects in development are focusing on. Gaming is often considered the segue to success for the metaverse. If the gamers get on board, others will follow, and that’s why Fortnite, Roblox, and Minecraft were among the first to create their metaverse projects and make their games social as well as entertaining. Instead of selling consumables in a one-way transaction system, metaverses are holding land sales for advanced customisation and gaming integration. Metaverses like Heroes of NFT’s ‘Luminoria’ are building out unique reward paths, introducing economic models for real-world gain such as virtual real estate, selling advertising and sponsorship deals to major brands, and even designing competitive PvP gaming with tangible prizes. All the signs point towards a fun and engaging metaverse experience for future participants.  Another aspect of great importance for any successful multi-functional metaverse is communication. This will play a huge role in opportunity creation in the metaverse. Major players like Facebook, Twitter, and Instagram are already developing their metaverses and experimenting with the technology. How soon before the timeline disappears and our updates are connected to avatars wandering around in virtual realms, blending art, gaming, social media, and more into one space? What if, rather than uploading a photo to a stream of other photos, like on Instagram, your avatar is able to hang up the image in their own virtual gallery, living room, or store, for others to visit and admire or interact with? What if #hashtagged content leads you to thematic worlds for deeper engagement, learning, and new revenue opportunities? The potential is yet to be truly discovered. The Economic Opportunity & Beyond Beyond creators monetizing the content they create to enhance the metaverse experience, the industry will generate millions of economic opportunities in the form of jobs, advertising opportunities, P2E gaming mechanics, entertainment (imagine Netflix partnering with a metaverse to premiere their shows in advance), and phygital sales (the combination of physical and digital in the retail experience). The industry will need developers, architects, designers, marketers, publicists, and so much more to bring their skills to the table. At the same time, metaverse-related sectors will emerge, creating untold entrepreneurial opportunities and micro-businesses for users of the metaverses who form ideas for what they can uniquely bring and capitalise on. A truly rewarding human-centric and multi-functional metaverse takes into account the diverse needs and preferences of its users and caters to those needs. Opportunity is not simply about financial gain. For example, it may offer social spaces for communication to those who are isolated, entertainment spaces for gaming or events to those with physical limitations, educational spaces for learning in countries where education is under threat, and workspaces for collaboration for globally distributed teams. These functions can be combined and customized to create unique experiences for each user, all around the world. A human-centric multi-functional metaverse prioritizes accessibility, inclusivity, and privacy, ensuring that everyone can participate and feel comfortable in the virtual environment. The metaverse has the potential to revolutionize the way we work, play, and interact with each other, leading to a new era of economic growth, innovation, and human connection.  What Will Most Functional Metaverses Look Like? As metaverses and their technology evolve, we will witness progress, disruption, and a digital revolution happen before our eyes. Advances in audio, video, tokenomics, communications, and more will all develop side-by-side as we enter the future of social interactions. In this future, it will not only be gamers who spend hours engaging with the content, but businesses, advertisers, communities, designers, creatives, and more. All of those who are not yet playing around with existing metaverses will be looking for the project-in-development that really offers the multi-functional requirements needed to serve an enormous audience.  An example of a project that is building a functional metaverse space is Heroes of NFT. This futuristic world, built on the Avalanche blockchain which is low-fee and scalable, gives the affordability and technological foundations for a thriving and limitless metaverse. Phosphania, the primary space station inside the Luminoria metaverse, will offer incredible social and entertainment spaces, like cinemas, plazas, and malls, to make the experience realistic and futuristic at the same time. Key to the success of this Web3 space will be a functioning economy that finds ways to incentivise long-term gameplay, continuously integrates new ideas, and encourages creators to innovate and contribute. The creator economy will see HON’s virtual spaces as burgeoning playgrounds for expression, reward, and adventure.  Human-centric metaverse spaces like Luminoria will do something that few developments have done before - effectively collaborate and integrate other worlds and ideas by way of cross-chain development. Everyone loves when their favourite TV shows cross over, but what if your favourite videogames, social media channels, celebrities, artists, and brands could all merge into the same space? That’s the kind of truly functional, opportunity-laden metaverse we can expect to see one day. Final Thoughts: Metaverse Opportunities Need Human Drivers Ultimately, human-centric functional metaverses will bring with them spaces that enable people to achieve their goals, connect with others, and explore new possibilities in a safe and engaging way. By prioritizing the human experience, the metaverse can create new opportunities and unlock the full potential of digital technology for the benefit of society, as well as for personal financial gain and creative expression. This is, by all means, the best-case scenario for the development of these virtual words.  Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    06 Mar
  7. 85
    Multicoin’s hedge fund down 91.4%, crypto daily tv 6/3/... In Todays Headline TV CryptoDaily News: The crypto industry has 'already started' moving outside US. The United States Securities and Exchange Commission’s regulation through “enforcement” is not a “healthy way” to regulate an industry, and may result in the U.S. being a less attractive location for crypto firms, suggests Ripple’s CEO. Multicoin Capital’s hedge fund lost 91.4% last year. Multicoin Capital’s hedge fund lost 91.4% in 2022, according to the firm’s annual investor letter. The letter attributed last year’s decline to a turbulent year for cryptocurrencies, as well as direct and indirect impact from the collapse of crypto exchange FTX. LDO token sinks following SEC Notice rumors. Lido’s LDO token tanked 10% following a rumor that the U.S. Securities and Exchange Commission served the largest Ethereum staking service with a Wells Notice. A Lido spokesperson declined to comment. BTC/USD rose 0.3% in the last session. The Bitcoin-Dollar pair gained 0.3% in the last session. According to the Williams indicator, we are in an oversold market. Support is at 220801 and resistance at 225381. The Williams indicator points to an oversold market. ETH/USD traded sideways in the last session. The Ethereum-Dollar pair traded sideways in the last session. The RSI's negative signal is in line with the overall technical analysis. Support is at 1537.7067 and resistance at 1591.5267. The RSI is currently in negative territory. XRP/USD dove 1.3% in the last session. The Ripple-Dollar pair dove 1.3% in the last session. The Stochastic indicator's positive signal contradicts our overall technical analysis. Support is at 0.3625 and resistance at 0.3854. The Stochastic indicator is giving a positive signal. LTC/USD rose 0.8% in the last session. The Litecoin-Dollar pair rose 0.8% in the last session after gaining as much as 2.7% during the session. The Ultimate Oscillator is giving a negative signal. Support is at 85.9733 and resistance at 92.5133. The Ultimate Oscillator is giving a negative signal. Daily Economic Calendar: US Factory Orders The Factory Orders is a measure of the total orders of durable and non durable goods which can offer insight into inflation and growth in the manufacturing sector. The US Factory Orders will be released at 15:00 GMT, the US 3-Month Bill Auction at 16:30 GMT, the US 6-Month Bill Auction at 16:30 GMT. US 3-Month Bill Auction Treasury bills are short-term securities maturing in one year or less. The yield on the bills represents the return an investor will receive by holding the bond until maturity. US 6-Month Bill Auction The auction sets the average yield on the bills auctioned by US Department of Treasury. Treasury bills are short-term securities maturing in one year or less. The yield on the bills represents the return an investor will receive. EMU Retail Sales The Retail Sales measures the total receipts of retail stores. Monthly percent changes reflect the rate of change of such sales. The Eurozone's Retail Sales will be released at 10:00 GMT, Japan's Labor Cash Earnings at 23:30 GMT, Japan's JP Foreign Reserves at 23:50 GMT. JP Labor Cash Earnings The Labor Cash Earnings shows the average income, before taxes, per regular employee. It is an early indicator of consumer consumption. JP JP Foreign Reserves The Foreign Reserves are the total of a country's gold holdings and convertible foreign currencies held by its central bank.  Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    06 Mar
  8. 86
    Creating A Future Of Trust By Cutting Out The Middleman The way we handle data is broken There’s an elephant in the room. It’s data intermediaries. These intermediaries, or middlemen, are the mediator between those who make their data available (you), and those who want to leverage that data for profit (companies). They govern your data, chop it up into data sets, and sell it or make it accessible, all while convincing you that they can be confidently trusted to take care of that data. Of course, you wouldn’t just give anyone your personal data, so there needs to be an exchange of services. Some data intermediaries you’ve likely already given your information to include Google, Facebook, Instagram, Tinder, Uber, Strava, PayPal and WhatsApp. That’s just scratching the surface.  The more you think about how many online services and apps hold your personal data, the more you consider how much of the advertising you see has been tailored specifically to you. The traditional Web 2.0 exchange of your data in exchange for access to digital services has often unknowingly turned the consumer into a marketable product. Let it not be forgotten that the collection of your data goes beyond your details and behaviour, but also includes information from facial recognition and voice messaging.  Intermediary data isn’t always used honestly either. Fraudsters use legitimate datasets gathered from the big social, marketing and ecommerce platforms to correlate the sets of data stolen by hackers and sold on the dark web. That allows them for example to know they have the right address for you from the location data on the cat pictures you post publicly to instagram. Our data is valuable and often nowhere near as benign as we think when it’s in the hands of a bad actor.  Web3 isn’t happy about the old deal, and for good reason. We’re seeing disruptions that change the role of data intermediaries and put the power and control back into the hands of the user in the form of things like data unions and Self Sovereign ID. But like the platforms of Web2.0 these things are still still too siloed. Real control needs further change.  The Current Asymmetrical Face of Data  For those unfamiliar with the concept of data asymmetry, in layman’s terms this is where there is a data accessibility disparity between two entities. Essentially, the steward of the data is able to unlock more value than the contributor. The lack of fairness in this exchange is a key concern for Web3 developers. Here’s an example. You use Google Maps for directions and location services to get from point A to point B. So do many of the other cars around you. Google now knows how many cars are in the area, how bad the traffic is, and where you are all going. Aggregated over time, this data shows them when traffic surges, where the biggest bottlenecks are, and the general flow of cars at different times of the day. Google now has a lot of aggregated data that they can sell to third parties, typically for marketing and advertising purposes. As we become more aware of how our data is collected and sold, for many of us, the result is frustration. Why are we not profiting and being rewarded? Is access to a service a fair exchange? Web3 says it isn’t. Web3 is decentralising data so that a world in which organisations no longer buy and sell aggregated data becomes a reality. Instead, for access to your information, they’ll pay you directly. When the data and services exchange becomes equal and both parties receive a balance of value, we will have achieved data symmetry. This is one of the goals of Web3. Paul Mitchell, Senior Director of Technology Policy at Microsoft, who predicted the future of data symmetry (pre-Web3) back in 2014, said “Data-driven economies are reliant on a dependable supply of data to be sustainable. The current imbalance between the amount of data about individuals held by or accessible to institutions, and the inability of those same individuals to control the use of that data has created an asymmetry of power, resulting in a crisis of trust.”  What Does a World of Data Without Intermediaries Look Like? Perhaps the best way to explore this potential future is by looking through the lens of Self. This anti-fraud solution looks to tackle the problems caused by how we handle data today by giving control of identifiable data back to the user and making personal data and communication part of identity.  Self makes no secret of its position on the mismanagement of data in Web 2.0, and is effectively solving it with every new user and business that joins its service. The cost of data fraud and cybercrime globally was over $6 trillion in 2021, most of which is an avoidable cost for both people and organisations. By connecting with their customers through Self, companies can get access to verified information without having to collect it. This protects the users personal data while allowing companies to process user data without it containing personal information. Why gather data, store it and rely on it even if it’s not accurate when you don’t need to. Self sees today's data middlemen as the data partners of the future. Tailoring advertising and marketing more effectively and being useful not just to the companies, but to the consumer.   Self’s messaging system is another revelation. We’ve seen that Telegram and Signal could win millions of users simply by encrypting communications and stopping data from being collected, but Self goes beyond that. As well as end-to-end encryption between the two parties in a chat or call, both participants need to be fully verified. With Telegram or Signal, an encrypted chat can’t stop you from being scammed, but with Self, it can. As you build up your verified contact list, you build a genuine network of people and businesses that you don’t need to trust blindly, you have the knowledge that they are who they say they are. Even if it’s someone you don’t know personally like an employee at your bank.  The Single Digital Identity Identity is about more than the documents and accounts conferred upon us by governments and companies. Our identities online encompass our voices - what we say and write, our data, everything about us and what we do and our credentials, everything from passports to degrees and employment references. That vision of identity lends itself to a single digital identity, just as we have a single identity in real life. The elements discussed above, including taking control of our data, securing and distributing communications, and creating a web of trusted connections all also lead towards that single digital identity.  Right now, each time you want to join a website, you either have to type in your personal data, or make a sign-up connection with Google, Facebook, or Apple (to name but a few). The latter is certainly easier, but it does mean contributing even more data to these mega-middlemen. When you consider that the average person visits around 100 websites per day, this is a lot of data being given away, and it’s not just your credentials, it's your behavioural data too. How you use a website, where you click, how long you spend on a page, and whether you convert are all collected and used.  Alongside website use, we must bring apps into the equation. On average, Smartphone users have 40 apps downloaded (not including pre-installed) and cycle through about 18 of them on a daily basis. Your interactions with these apps are tracked for behavioural data too, and in many of these apps, you give away heaps of identifiable personal information. Strava, Uber and Google Maps give location information, Tinder, Bumble and Grindr reveal personality and dating habits, while PayPal, Venmo, and Zelle all show your spending habits and more. For all of these websites and all of these apps, which can number into the hundreds for some users, the data exchange is hugely imbalanced, you have many passwords to remember (or even worse, you are using the same one for all of them), and you are easily identifiable. The single digital identity, such as that envisioned by Self, will eventually allow you to bring everything into an app representing you, where you control your data and what is shared. Even better, in time you will be rewarded financially for allowing companies to use your data, or market to you. Data aggregation platforms that profit from collecting your data will even stand to benefit, because they can operate more freely on anonymous data, allowing their clients to serve customers more effectively while protecting their personal data Verdict: It’s Time to Put Users in Control.  Data gets old really fast. Simple changes like replacing personal information in company records with anonymised identifiers very quickly breaks down the fraudsters model. Creating symmetrical relationships between companies and users builds stronger trust and removes the role of the company as a provider of identity in its relationships with its users. Both changes lead to a much-needed single digital identity, but they come with unique challenges. Convincing businesses that they can be more profitable and successful while protecting their customers will be key to achieving mass adoption.  Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    06 Mar
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