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Ubisoft Will Pursue NFT Plans Despite Blowback

Ubisoft will continue to pursue non-fungible tokens (NFTs) despite blowback, according to recent statements made to Decrypt.

Despite the intense backlash, Ubisoft has no intention of abandoning its NFT plans.

Ubisoft launched its NFT platform, Ubisoft Quartz, earlier this month and began to offer tokens for its Ghost Recon franchise. Now Didier Genevois, Ubisoft’s Blockchain Technical Director, says the company still plans to work with NFTs despite the backlash.

Genevois said that the firm has listened to “both the encouragement and the concerns” of those who sent feedback. He also called the adoption of NFTs “a major change that will take time.”

He added that the company will “stay true to…three principles”—namely, the responsible use of technology, the commitment to a safe environment for users, and the exclusive use of energy-efficient blockchains.

Not only will Ubisoft continue with its plans, the company will also partner with the blockchain startup Aleph.im to provide decentralized storage for NFTs on the Ubisoft Quartz platform. That partnership was announced in a press release on Dec. 21.

Ubisoft’s Quartz announcement saw massive backlash, as a trailer for the platform received 95% dislikes after it was posted on YouTube on Dec. 8.

The energy cost of crypto mining seems to be the reason for the criticism, with the French trade union Solidaires Informatique calling the plan “a useless, costly, ecologically mortifying technology.”

That complaint overlooks the fact that Ubisoft has chosen to use Tezos, an energy-efficient blockchain that does not rely on mining at all. In fact, Tezos Foundation representatives claim that the chain’s last 50 million transactions used “less energy than just 17 people.”

Nevertheless, Ubisoft’s NFT plans appear to be underwhelming. On Sunday, Liz Edwards, a member of EA’s Apex Legends team, highlighted the fact that Ubisoft’s NFTs have sold just 15 non-fungible tokens to date, amounting to a mere $400 in transaction volume.

Ubisoft is also facing employee resignations due to unrelated reasons such as low pay and misconduct—though some speculate that the PR issues around NFTs have played a part.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
Our team’s (Reviewscenter) Articles :

What is metaverse? Why is it matter ?

Axie Infinity; A platform to play and earn money in metaverse

Elon Musk says the metaverse seems more like a marketing buzzword right now than a reality

  • Tesla chief Elon Musk said the metaverse is more of a marketing buzzword than a practical concept.
  • He made the comment after tweeting a video of David Letterman criticizing the idea of the internet.
  • Many see the metaverse as a massive investing opportunity.
    The metaverse is just marketing jargon at this stage.
    That’s according to Elon Musk, who said in a late Sunday tweet that the metaverse, also known as Web3, is basically a “marketing buzzword.”
    The tweet was a reply to a TikTok video he shared of David Letterman criticizing Bill Gates over the then-nascent idea of the internet. The video’s creator compared the early days of the internet to that of the metaverse. To which Musk said, “Given the almost unimaginable nature of the present, what will the future be?”
    In the following tweet, the Tesla chief said, “I’m not suggesting web3 is real – seems more marketing buzzword than reality right now – just wondering what the future will be like in 10, 20 or 30 years. 2051 sounds crazy futuristic!”

    The metaverse is still a broad and somewhat vague term that nods to the future of the internet. In general,it refers to a virtual world where people can play games, socialize, work, attend events, and more. Many, especially crypto enthusiasts, view this next phase of the internet as decentralized, or getting away from the control of tech giants. Meanwhile, companies like Facebook-parent Meta are charging into Web3.

    Despite the its loosely defined current state, the metaverse is gaining traction on Wall Street. Metaverse-related crypto tokens like Sand and Decentraland have surged this year, handily beating the gains of other cryptocurrencies like bitcoin, Macro Hive found. And the metaverse as a whole presents a $1 trillion annual revenue opportunity in areas like advertising, digital events, and more, according to crypto giant Grayscale.

Ethereum Launches Kintsugi Testnet to Prepare for Merge

Ethereum has launched its Kintsugi testnet, the latest step toward replacing its Proof-of-Work consensus mechanism with Proof-of-Stake.

Ethereum Foundation member Tim Beiko posted today that the Kintsugi testnet is now live. Though little will change for app developers, they and others are encouraged to use the testnet.

“The Kintsugi testnet provides the community an opportunity to experiment with post-merge Ethereum and begin to identify any issues,” Beiko wrote in his announcement.

Kintsugi helps prepare for Ethereum 2.0’s “merge.” The merge will combine Ethereum’s current mainnet, which handles transactions, with Ethereum 2.0’s beacon chain, which handles staking. If successful, this will replace Ethereum’s Proof-of-Work consensus mechanism with Proof-of-Stake, effectively ending the energy-intensive process of mining.

Though there have been shorter-lived “ephemeral devnets,” Beiko says that the Kintsugi testnet will be longer-lived.

It appears that the testnet went live several days before it was widely announced, as early as Thursday, Dec. 16 .

Ethereum 2.0 went live in December 2020 with “Phase 0.” This step involved the launch of the beacon chain, which introduced staking as a means of generating rewards for node operators. It did not employ staking for consensus purposes, as the merge intends to do.

The merge between the mainnet and beacon chain is scheduled for Q1/Q2 of 2022. Earlier discussions suggested that this merge could be fast-tracked to arrive before the end of 2021, but this appears to have failed. The merge is also known as “Phase 1.5.”

Following the merge, Ethereum 2.0 will move toward “Phase 2.” This will introduce sharding, a scalability feature that will improve fees and transaction times. Sharding is expected to arrive in late 2022.

Over 8.4 million ETH has been staked on Ethereum 2.0’s beacon chain, according to a November report from ConsenSys .

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

Important Article:

What is Diem? Everything about Facebook cryptocurrency

Bill Gates :Most upcoming business meetings are in Metaverse

Bill Gates has opined about future world changes: “I think that in the next three years, the number of working sessions with the presence of avatars will be more than in the real world. The founder of Microsoft believes that in the next two to three years, meetings will be transferred from 2D virtual environment to Metaverse and 3D space, and digital avatars of humans will hold these meetings.
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Microsoft announced in November that it wanted to launch the Mesh app with the goal of creating a 3D workspace. Gates also predicted that digital and virtual activity would increase in the future.
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WhatsApp launches cryptocurrency payments pilot in the US

WhatsApp has launched a new pilot that lets a “limited number” of people in the US send and receive money from within a chat using cryptocurrency. The feature is powered by Novi, Meta’s digital wallet that launched as a pilot six weeks ago, with payments made using Pax Dollars (USDP), a stablecoin pegged to the US dollar issued by Paxos. The news was announced by Novi’s incoming head Stephane Kasriel and WhatsApp’s Will Cathcart.

According to Novi’s website, sending a payment works much like sending any other attachment in WhatsApp. You access the feature via the paper clip icon on Android or the + icon on iOS, and then select “Payment” from the menu that appears. Novi’s site notes there are no fees for sending or receiving money, no limits on how often payments can be sent, and no fees to keep a balance in your Novi account or to withdraw it to your bank account. Payments are transferred instantly.
Stephane Kasriel twitted:
There’s a new way to try the @Novi digital wallet. Starting today, a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message

The Novi pilot was originally available in the US and Guatemala, but WABetaInfo notes that users in Guatemala won’t be able to access the new WhatsApp payments functionality. Instead, they’ll have to continue using the standalone Novi app. Payments do not affect WhatsApp’s end-to-end encryption, which is in place by default for all personal conversations. The WhatsApp Novi pilot is available in both English and Spanish.

The new pilot has its roots in Facebook’s (now Meta’s) much-hyped cryptocurrency plans, which were officially announced in 2019. At the time, Facebook (as part of the Libra Association) planned to develop and launch a cryptocurrency called Libra, which would be pegged to a basket of low-volatility assets rather than any one specific currency. This would integrate with a Facebook-developed digital wallet called Calibra. The whole system was designed to offer a way to send money around the world with lower fees than traditional methods.

These plans have shifted considerably since then. Libra has become Diem, the Libra Association has lost several of its most high profile members and become the Diem Association, and Calibra has become Novi. Perhaps most notably, Novi has ended up launching without the Diem cryptocurrency. Instead, Pax Dollars are the work of a separate company called Paxos, and Meta is relying on cryptocurrency exchange Coinbase as its custody partner.

Meta’s then head of Novi David Marcus said that the company is still committed to Diem when he announced the launch of the Novi pilot in October. “We intend to launch Novi with Diem once it receives regulatory approval,” Marcus tweeted. David Marcus subsequently said he was leaving the company at the end of the year. He has called the pilot of Novi in WhatsApp “the best farewell gift from the best team ever!”

While WhatsApp’s US payment plans revolve around Novi and cryptocurrency, elsewhere in the world it’s already offering payments using traditional fiat currencies. The feature got a widespread rollout in India last year, and has also launched in Brazil.

 

Visa launches crypto consulting services

  • Visa said Wednesday it is launching an advisory practice to help clients navigate the world of cryptocurrencies.
  • The payments processor hopes it can help further mainstream adoption of bitcoin and other digital currencies.
  • Visa and its rival Mastercard see crypto as a key growth opportunity as they expand beyond card payments.
    Visa is launching new consulting and advisory services to help its clients navigate the world of cryptocurrencies.
    The payments processor said Wednesday its crypto advisory practice, housed within its consulting and analytics division, will offer advice to financial institutions, retailers and other firms on everything from rolling out crypto features to exploring non-fungible tokens.

    Visa named American bank UMB as a client that’s already using its crypto advisory services.
    The move marks Visa’s latest attempt to push deeper into the crypto industry. From Oct. 1, 2020 to Sept. 30, 2021, the company processed $3.5 billion in digital currency transactions through its crypto-linked card schemes, according to Nikola Plecas, Visa’s European crypto lead.
    “Some of these leading exchanges have millions or, in some instances, tens of millions of users,” Plecas told CNBC, adding that the company allows users to spend their crypto at over 80 million merchants.
    The company is also developing products geared toward stablecoins — virtual tokens tied to the value of sovereign currencies, typically the dollar — and central bank-issued digital currencies.
    Visa hopes its crypto consultancy can help further mainstream adoption of bitcoin and other digital currencies. Like rival Mastercard, the credit card giant sees cryptocurrencies as a key growth opportunity as it expands into areas beyond card payments.

    Major payment networks have faced increased competition from an influx of new financial upstarts in recent years. Emerging trends such as open banking, which aims to open up consumer bank information and payment capabilities to rival fintechs, threaten to disrupt their business model.
    Meanwhile, Visa is also under pressure from large tech companies. Amazon last month said it would stop accepting Visa credit cards in the U.K. due to the company’s “high fees.” The e-commerce titan has taken similar steps against Visa in Australia and Singapore.
    “Crypto for us is a huge new vertical and growth opportunity. And we will be continuing to focus on growing this business moving forward,” Plecas said.
    A study released by Visa Wednesday said 94% of people now have some level of awareness of crypto, while nearly one third have used it as an investment or medium of exchange. More than 6,000 people globally were surveyed for the research, which was conducted in partnership with marketing services firm LRW.

Miami Will Monitor Air Quality Using ‘Carbon-Negative’ Blockchain Algorand

Miami, Florida, is set to be the first U.S. city to incorporate a blockchain-based decentralized solution to monitor air quality.

What Happened: In an announcement at Miami’s DeCipher event last week, Miami Mayor Francis Suarez said that the city would deploy an air-quality monitoring solution built on the Algorand (CRYPTO: ALGO) blockchain.

The sensor-based system was developed by PlanetWatch (CRYPTO: PLANETS), a French company that has already implemented its solutions in several European cities.

PlanetWatchers will supply air-quality sensors and collect green data that will be transcribed onto the Algorand blockchain. People who get the sensors and contribute to the project will then receive PLANETS tokens as compensation.

According to PlanetWatch, the information will be used to detect pollution hotspots and provide a database of environmental analytics to protect the health of Miami’s inhabitants.

“Algorand is a carbon-negative blockchain, and the data from this project will play a crucial role in our climate adaptation efforts as well as our ambitions to make Miami an epicenter for digital capital markets,” said Mayor Suarez.

Algorand has also caught the attention of SkyBridge Capital’s Anthony Scaramucci, who launched a $250 million ALGO fund earlier this year.

Price Action: As of Monday at publication, ALGO was trading at $1.69, down 2.76% in the last 24 hours. The coin’s trading volume was up by 52.38% over the same period and was more than $983 million.

Bitcoin (CRYPTO: BTC) was down 0.74% at $48.844.05 and Ethereum (CRYPTO: ETH) was up 0.19% at $4,156.07.

Photo by Denys Kostyuchenko on Unsplash

IXFI New Exchange Platform – a Complete Alternative to Banks

IXFI has just announced the official launching of a new crypto trading platform, on December 1st, the Great Union day of Romania. The web version is currently available worldwide and it will give users access for trading to 500 coins and over 1000 pairs. This product serves as a complete alternative to banks, as it ensures fast and secure transactions, access to crypto loans and card solutions for a pleasant trading experience.

“My vision is to create a safe and friendly ecosystem that would facilitate trading even for the less experienced people. IXFI is about giving people a greater choice, independence and opportunity to participate in the crypto currency and investment movement. Our aim is to encourage people to think big and open their minds regarding exchanges, by creating features that all of us have been longing for.”  says Cristian Andrei – Founder and CEO of IXFI.

Nowadays, the biggest existing crypto exchanges still remain too complex with both beginners and experienced crypto traders, who often face product issues along with high trading fees, lack of liquidity and adequate customer support. IXFI is here to fix it with a next-generation solution – a state-of-art, highly sophisticated crypto exchange built to ensure a seamless user experience with fast transactions, high liquidity, high-grade security and zero hidden fees.

Built by investors, for investors

IXFI platform is a Centralized Finance crypto exchange, built with the purpose of becoming an all-in-one alternative to banks for users worldwide. The IXFI wallet supports at the moment 500 coins, giving users high flexibility and even an option for automated trading through the accurate reports and data the company provides in real time. Traders can choose between spot trading and crypto swap and this first release allows them to buy crypto with a credit card, in an extremely secure and compliant way, while counting on 24/7 support from the team.

Features Under Development

The platform is in continuous development, announcing a mobile version available for testing in February. The tool is designed to meet the user’s needs and the new release will be improved with much-awaited features by investors and traders across the world. IXFI’s roadmap is daring and consists of milestones for the next couple of years, some of the new functionalities being already under development.
Playground Environment – when it comes to trading, the company is taking a different approach. Investors understand some traders are afraid of jumping into the pool as they do not want to lose money. Because of that, the platform provides a safe playground environment, where one can practice their trading skills. Through the practice area, users can access virtual currencies for free to use for honing their skills and learning at no risks. The best part is to practice generating experience points and rewards that can be used in the central IXFI exchange. The practice area will be a replica of the main IXFI exchange where you can practice trades and earn rewards for them.  Users can invite their peers who have an interest in trading but are afraid to try.
Crypto Loans – Loans are a typical product of any banking or financial institution, but a premiere in crypto exchanges. Through IXFI, users can borrow loans against their current assets. Their assets will act as collateral, and even though they will be held in the loaning period, they can continue accruing interest depending on the borrower’s activities. There is a wide range of cryptos on the platform. The best part of it is that you can access the borrowed crypto immediately.
Earn Program – The IXFI earn program gives users the chance to stake their crypto balance and increase their earnings. They will enjoy competitive APY rates on their cryptos and that includes stablecoins. The platform will use the centralized finance model whereby their money gets compound interest. To stake, a user will be required to open an individual interest account or participate in the investment pool.
Card Solutions – IXFI card will be a complete alternative to banks, multi-tiered with point-of-sale enabled. That means that merchants and businesses in different areas can receive payments in crypto. The card will be available to other users depending on their region and local regulations.
No wallet addresses required – One of the main challenges crypto enthusiasts struggle with is the extended characters on their addresses. IXFI has that in mind, which is why it is working on the standardization of the industry. The platform allows the user to send or receive funds in the wallet without having to master their crypto wallet addresses. This will only work if both parties are registered on the platform. Users need the recipient’s email or phone number to search them on the network and connect if they want to make a transaction. Moreover, the fast funds feature works not only for crypto but also for fiat currencies.
NFT Barter Exchange Program – The platform is working on a future NFT barter trade option that allows users to trade their NFTs for different NFTs. This is a unique and revolutionary feature of the platform compared to other exchanges.
This platform is in a constant state of improvement and more features are under development, waiting to be implemented in the near future – all to ensure users satisfaction. Additionally, IXFI aims to support beginners to enter the investments world, thus planning to launch IXFI Academy, an educational program that will teach and empower everyone who wants to learn, understand and act like an investor.

About IXFI

IXFI is a crypto trading platform that aims to provide a complete alternative to banks. Initiated by a Romanian, Swiss and Indian team of experienced and dedicated entrepreneurs who want to empower newcomers in the market, this exchange platform will ensure fast transactions, access to crypto loans and card solutions for a pleasant trading experience, fully secured and with no hidden fees. Through IXFI users can stake, trade, get loans, access card solutions, practice their trading skills and participate in NFT barter trade.
For more information visit the official website on www.ixfi.com.

Elon Musk’s Brother Claims Web3 Could Unlock $100 Billion Per Year for This Segment

Kimbal Musk has taken to Twitter to share that the implementation of Web3 in philanthropy could unlock twelve-digit funds for the philanthropy segment.

Kimbal Musk news: This jaw-dropping sum can be added to the volume of money in this sphere just in the United States, let alone in other countries. Bringing decentralized instruments to charity can significantly advance its resource efficiency.
Namely, Web3 tools are going to eliminate the unnecessary elements of bureaucracy from this trending sphere.
Kimbal Musk Twitter audience agreed with his statement, while some commentators added that Web3 instruments could eliminate corruption—not only bureaucracy—from philanthropy.
Kimbal Musk has taken to Twitter to share that the implementation of Web3 in philanthropy could unlock twelve-digit funds

Crypto and charity: long road ahead

In 2021, numerous charity initiatives somehow utilize Web3 instruments. Typically, major charity foundations add mainstream cryptocurrencies as payment tools.
As covered by U.Today previously, DEFI project Munch created a purpose-made platform for The Giving Block charity conglomerate that features 200 non-profits.
Also, many NFT products are conducting charity giveaways. Namely, Binance and Tron-backed APENFT co-hosted the Charity Mystery Box event to support environmental charities One Tree Planted and Koala Clancy Foundation.

Everything You Need to Know About Cryptography

What you are going to read about in this article:

  • What does Cryptography do?

    Cryptography lets digital assets be traded and verified without the requirement of a trusting third party. Cryptography places the “crypto” in cryptocurrency. It has existed much longer than our digital age and has developed gradually, just like languages over the centuries.

    The meaning of Cryptography

    Cryptography is the science of making the information safe and secure by changing it into a form that only intended recipients can perform and read. The first known usage goes back to the year 1900 BC. Since hieroglyphics in an Egyptian tomb. The term itself comes from the Greek words kryptos and graphein. which means hidden and to write.

    The history of Cryptography

    One of the most well-known employment was developed by Julius Caesar around 40 BC. And it was appropriately named Caesar’s cipher. A cipher uses a secret piece of information that shows you how to get up and make an effort. Therefore unscramble a message. Caesar used a substitution cipher. To demonstrate each letter of the alphabet was replaced by a letter in a different fixed position further up or down in the alphabet. For example, the alphabet can be moved into five places to the right. The meaning of the letter “A” would now be “F”, “B” would now be “G” and … This showed us that he could transfer messages without having any fear that they would get translated. for the reason that it was only his trusted people that knew how to restore the message.

    Who made Cryptography?

    Giovan Battista Bellaso was a 16th-century cryptologist. He designed the Vigenere cipher (But, by mistake it attributed to diplomat Blaise de Vigenere). We believed he is the first cipher that used an encryption key. He wrote the alphabet across 26 rows, with each row changing a letter to create a grid. He wrote the encryption key out to match the length of the message. After that, the grid was used to encrypt the message, letter by letter. At last, the sender shared the encrypted message and the secret keyword to the recipient, who would have access to the same grid.

    Then we had computers, which allowed much more sophisticated cryptography. However, the goal stays the same. It is to transfer a readable message (plain text) into something an unintended reader cannot understand (ciphertext). We know the process as encryption and also it is how information can be shared across public internet connections. The information about how to decrypt, or unscramble, the data is known as the key and only intended parties should have access to this information.

    How does Cryptography work?

    cryptography

    There are many ways in which to encrypt information, and the levels of complexity depend on the degree of protection the data may require. But we commonly see three types of cryptographic algorithms.

    Advantages of Cryptography

    By using cryptographic knowledge we can:

    1. Ensure the confidentiality of information

    For example, James wants to send a message to Anne. If James’s message is normally transmitted to Anne, anyone on the message path can know the contents of the message. Using cryptographic technology, James can encrypt his message and send it to Anne. Anne receives James’s message in encrypted form. But can Anne unlock the message?
    So before sending the message, James must teach Anne how to unlock the encrypted message. In fact, James and Anne have to agree to both use the same cryptographic protocol. From now on, all of James’s messages will be sent to Anne in secret.
    2. Make sure the message is sent by the sender of the message
    In the previous example, suppose Anne waits to receive a message from James and receives a message. Can Anne be sure that the sender of the message is James? Anne can use James’s knowledge of cryptography and digital signature to verify that the sender of the message was James. Of course, it should be noted that this is in a situation where James has used his digital signature to send the message.
    3. Make sure the sender does not change the message on the network
    Consider the circumstances in which James wants to receive his money from Anne and sends his bank account number to Anne in a message. It is possible that someone will see this message and change James’s account number and leave his account instead and deliver it to Anne. But if James sends his message using cryptographic technology, even if someone sees it along the way, he can not change its contents.
    4. Prove that the sender sent the message
    Now suppose James sends a message to Anne. Anne read the message and acted on James’s request. The next day, James denies sending a message to Sara. Cryptographic technology helps us to avoid this problem.

    What is Symmetric encryption?

    Symmetric encryption or we can call it secret-key encryption, depends on a single key. This shows that the sender and receiver of these data, of them, share the same key. After that, they used both to encrypt and decrypt the information.
    Symmetric Encryption
    To perform such an act, the secret key requires to be agreed upon ahead of time. While it is still a good source of encryption. The fact that there is only a single key keeping the information safe. It means there is some risk as sending it over unsure connections. Just think that you want to share your front door key with a friend by hiding it under your doormat. Your friend will have access to your house. But there is also the chance that a stranger finds the key and enters your house without your permission.

    Asymmetric encryption

    Asymmetric encryption – or public-key encryption – uses a pair of keys. This added level of security instantly increases the protection of the data. In this case, each key serves a single purpose. There is a public key that can be exchanged with anybody, over any network. This key has the information on how to encrypt the data and anyone can use it. But there is also a private key. The private key is not shared and holds the information about how to decrypt the message. Both keys are generated by an algorithm that uses large prime numbers to create two unique, mathematically linked keys. Anyone with access to the public key can use it to encrypt a message, but only the private key holder can decipher the message.

    It works very nearly like a mailbox. Anyone can put a message into the deposit gap. However, only the owner of the mailbox has the key to open it and read these messages. This is the basis for most cryptocurrency transactions.

    Hash functions

    Hash functions are another way cryptography can secure information. But instead of using keys, it relies on algorithms to turn any data input into a fixed-length string of characters.

    Hash functions also differ from other forms of encryption because they only work one way, meaning you cannot turn a hash back into its original data.

    Hashes are essential to blockchain management because they can encrypt large quantities of information without compromising the original data. Having an organized way to structure data not only increases efficiency, but hashes can also act like digital fingerprints for any data that’s been encrypted. This can then be used to verify and secure against any unauthorized modifications during transport through networks. Any changes to the original data would result in a new hash, which would no longer match the source and therefore would not be verifiable on the blockchain.

    Digital Signatures

    A digital signature is another key aspect of ensuring the security, authenticity, and integrity of data in a message, software, or digital document. As their name suggests, they act similarly to physical signatures and are a unique way to bind your identity to data and therefore act as a way to verify the information. But rather than having a unique character to represent your identity like with physical signatures, digital signatures are based on public-key cryptography.

    The digital signature comes as code, which is then attached to the data thanks to the two mutually authenticating keys. The sender creates the digital signature by using a private key to encrypt the signature-related data, with the receiver getting the signer’s public key to decrypt the data. This code acts as proof that a sender created a message and it has not been tampered with while being transferred, and it ensures that the sender cannot deny they sent the message.

    If the recipient is unable to decrypt and read the signed document with the provided public key, it shows there was an issue with the document or signature, and so the document cannot be authenticated.

    Cryptography and Crypto

    A large draw of cryptocurrencies is their security and transparency on the blockchain. All of that relies on cryptographic mechanisms. That is how most blockchain-based cryptocurrencies maintain security, and therefore it constitutes the very nature of cryptocurrencies.

    It was on a cryptography message board back in 2009 that Bitcoin creator Satoshi Nakamoto suggested a way to solve the double-spend problem that had long been the Achilles heel of digital currencies. The double-spend problem occurs when the same unit of crypto has the potential to be spent twice, which would destroy trust in them as an online payment solution and make them essentially worthless.