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Designing the metaverse: Location, location, location

When it comes to designing a metaverse map, it’s more about the vibe than practicality. From space pods to jungle islands and celebrity neighbors, users want to feel like they are someplace special.

What considerations go into designing a metaverse platform? Insiders explain that one key factor is that virtual worlds need to be created with features familiar to their human users — even if such elements, like beaches and nature preserves, offer no practical benefits in virtual reality. Old habits die hard, and people prefer spaces that are familiar and, ideally, neighboring a celebrity like Snoop Dogg.

Alexis Christodoulou, a 3D architect who has been creating virtual spaces for 10 years and NFTs for two, recently got the job to design 2117, a space-themed metaverse platform imagining the United Arab Emirate’s stated goal to colonize Mars in the year 2117.

“If I was told to just build a metaverse, I’d have had a proper nervous breakdown — starting with a space pod was intuitive.”

Outer space, like the metaverse itself, is a foreign environment for humans. Looking 100 years into the future, it is easy to imagine a creepy, inhuman, alien-like ship without many points of familiarity. Instead, Christodoulou has aimed to form the environment into one that appears comfortable, familiar and inviting. 

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Crypto City: The ultimate guide to Vancouver

Vancouver hosts a massive mural in honor of Polkadot, and entire city blocks here are heated with Bitcoin mining. The site of the first Bitcoin ATM, the city has also hosted a blockchain wedding overseen by a “Doge Preacher.” Home to Dapper Labs and other blockchain projects, there is also a share of mystery, like the crypto exchange CEO who allegedly died in India.

Fast facts

City: Vancouver
Country: Canada
Population: 2.64 million (Metropolitan Area)
Established: 1886
Languages: English and French

Overview

Situated on Canada’s west coast in the province of British Columbia, Vancouver makes up the country’s third-largest metropolitan area. Consistently rated among the world’s most livable cities, Vancouver is notable for its ethnic and linguistic diversity brought on by waves of immigration, and less than half the population speaks either of Canada’s official languages, English and French, as their first language. Nestled between mountains and the ocean and aiming to become the world’s greenest city under an urban planning philosophy called Vancouverism, it rates among the most expensive cities in the world in terms of housing.

Downtown Vancouver is surrounded by water, so land is scarce. (Source: Pexels)

Originally settled by indigenous peoples over 10,000 years ago, the modern city grew around a tavern on the edge of a sawmill built in 1867. Its prominence grew with the introduction of the Canadian Pacific Railway. Very close to nature and various climates, it is a major tourist hub offering whale watching, skiing, old-growth forests and other outdoor activities. It is today a major port city and travel hub, serving as a gateway to the far east both via Vancouver International Airport and in terms of culture, with people of Chinese ethnicity alone making up 27% of the population. The city hosted the Winter Olympics in 2010 and is sometimes called “Hollywood North” due to its notable film industry.

Compared to the more business-like Toronto, which is a 4.5-hour flight away, Vancouver takes after the United States west coast with a more casual atmosphere — perhaps helped by the far milder weather, which makes Eastern Canada with its freezing rain seem a world away. Despite its relatively small population of 38 million, Canada is an outsized contributor to the blockchain industry, perhaps most notably as the birthplace of Ethereum.

Downtown Vancouver is surrounded by water, so land is scarce
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Blockchain and the world’s growing plastic problem

Everything makes its way to the sea, and none more so than plastics. There are now five floating plastic islands in different oceans across the world, with the largest island even having a name, the Great Pacific Garbage Patch, which is three times the size of France. Lying between California and Hawaii, it is the world’s biggest ocean waste repository, with 1.8 billion pieces of floating plastic that kill thousands of marine animals each year.

Of course, we now know that 35% of waste originates from wealthy countries and 50% of this waste is exported to developing countries. At the same time, 70% of developing countries mismanage their own waste and lack the infrastructure to collect and recycle waste. Finally, 90% of all plastic waste enters the oceans through rivers, mostly through a few hundred rivers in Asia, Africa and Latin America.

Many projects have sprung up looking to tackle the problem of plastic pollution at the end of its journey. On Bitcoin Beach in El Salvador, one of the projects funded by Bitcoin philanthropists is the collection of plastics in the river before they reach the sea. 

Plastiks.io is another project that addresses the end games, identifying credible recycling and cleanup projects typically in developing countries that are funded by business or philanthropic individuals in the west.

Canada-based Plastic Bank also works to incentivize stewards to collect plastic from the oceans and, to date, claims that its Ocean Stewards have stopped more than 64 million kilograms of plastic from entering the ocean.


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FTX goes up in flames and impacts broader crypto industry, causing regulators to respond: Hodler’s Digest, Nov. 6-12

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

FTX and Binance’s ongoing saga: Everything that’s happened until now

An earthquake rattled the crypto space this week, its impact felt in numerous related stories regarding FTX, Alameda Research and Binance. Although the bad news came rolling in this week, suspicions relating to FTX’s status appear to have started on Nov. 2. The concerns had to do with a large number of FTX Token (FTT) held by Alameda (Sam Bankman-Fried, aka SBF, founded Alameda and co-founded FTX). By Nov. 6, Binance had decided it would sell its sizable position in FTT. FTX withdrawal issues surfaced on Nov. 7, symptomatic of a bank run. Binance expressed interest in buying FTX but declined the purchase, citing concerns on Nov. 9. 

Other developments throughout the week included SBF reportedly requesting $8 billion to cover exchange withdrawals and news of the situation affecting other big players such as Sequoia Capital, as well as related regulatory headlines

Nov. 11 saw SBF’s resignation as well as FTX, Alameda and FTX US applying for Chapter 11 bankruptcy in the United States. About 130 entities under FTX Group are filing for bankruptcy.

Breaking: Bahamas securities regulator freezes FTX assets

On Nov. 10, FTX saw its assets frozen and its registration suspended by the Securities Commission of The Bahamas, based on suspicions of mishandled client funds. A provisional liquidator was elected by the Bahamian Supreme Court, meaning FTX must now obtain permission to touch any of its assets. FTX is primarily based in the Bahamas, falling under its jurisdiction. The situation regarding FTX user withdrawals has been touch and go, with some withdrawals seemingly approved and funds leaving the exchange. Additionally, FTX negotiated a deal with Tron to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX to external wallets without penalty.


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How to stop your crypto community from imploding

Crypto communities can often implode, despite the best intentions of everyone involved.

Genuine communities with plausible but convoluted project ideas can fail just as easily as projects like DeFi Wonderland, which imploded because of its CFO’s connection to the controversial, defunct Canadian exchange QuadrigaCX.

Plausible projects face scaling challenges like Zilliqa or project management problems like Bitcoin Diamond… or simply run out of money like any startup. So, they need a strong and well-coordinated community to ensure they can survive if and when things go wrong. 

So, what can be done to help create a healthy community that pulls together to achieve its objectives? Here are some reflections from founders and community managers. 

But for starters what even is a crypto “community?”

Aragon DAO’s appointments are made public on its website. (Source: blog.aragon.org)
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Musk continues Twitter overhaul, Instagram to host NFT tools and JPMorgan makes public blockchain trade: Hodler’s Digest, Oct. 30-Nov. 5

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

JPMorgan executes first DeFi trade on public blockchain

A cross-border currency swap was carried out on a public blockchain by JPMorgan as part of a pilot program involving the Monetary Authority of Singapore’s (MAS) Project Guardian, SBI Digital Asset Holdings, Oliver Wyman Forum and DBS Bank. The Polygon blockchain hosted the swap between tokenized deposits of the Japanese yen and the Singapore dollar, helped by smart contract technology from Aave.

UnionBank of the Philippines launches Bitcoin and Ethereum trading

Philippine banking giant UnionBank now offers certain retail clients access to Bitcoin and Ether trading and custody, thanks to a collaborative pilot between the bank and crypto company Metaco. The offering from UnionBank utilizes Harmonize, a platform from Metaco. UnionBank operates under the regulatory approval of the Bangko Sentral ng Pilipinas, the central bank of the Philippines. The offering has been almost a year in the making, the result of a January 2022 partnership between Metaco and UnionBank. This is also not UnionBank’s first foray into the crypto sector.

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Crypto PR: The good, the bad and the shoddy


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Andy Warhol would have loved (or possibly hated) NFTs

If Andy Warhol — the most famous artist of the 20th century — were alive today, he would make NFTs. The reasoning is simple: because for Warhol, business was art. So, I decided to do some digging and speak to Warhol experts to see if there is a case.

But Warhol was an artist who defies easy definitions, and not everyone was keen to explore the highly speculative nature of the hypothesis. Professor Golan Levin, professor of electronic art at Carnegie Mellon University, said he couldn’t help and instead suggested that I “ask a Warhol biographer or a psychic medium.”

Fair enough. So, I messaged Warhol’s renowned biographer, Blake Gopnik, author of Warhol.

And then I found a Warhol psychic.

Gopnik is an art critic and a regular contributor to The New York Times. He’s the author of Warhol, a definitive biography of the pop artist.

Warhol
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Musk fires Twitter execs, research stirs blockchain energy debate and CFTC brass shares crypto concerns: Hodler’s Digest, Oct. 23-29

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Twitter’s top brass gutted as Elon Musk’s takeover begins

Elon Musk’s purchase of Twitter became final this week, after which he reportedly fired three top-level executives: CEO Parag Agrawal, head of legal and policy Vijaya Gadde and chief financial officer Ned Segal. Musk reportedly claims the three were dishonest about Twitter spam accounts — an issue that almost caused Musk to abandon the Twitter deal. On a more positive note, Musk said he has big plans for Twitter, including ensuring free speech on the platform. Twitter also commanded other headlines this week as Binance invested $500 million in the platform, and the New York Stock Exchange delisted the now-private company.

Kazakhstan to build central bank digital currency on BNB Chain

Binance’s BNB Chain will host Kazakhstan’s central bank digital currency (CBDC), according to Binance CEO Changpeng Zhao. CBDCs have made headlines in recent years as regions across the globe have taken various steps toward the new form of money. The digital tenge, a product of the National Bank of Kazakhstan, will operate on BNB Chain. Binance has made regulatory strides in Kazakhstan — a country that has shown interest in crypto.

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Are CBDCs kryptonite for crypto?


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Building community resilience to crises through mutual aid and Web3

It seems that every time one turns on the TV, something, somewhere, is going catastrophically wrong. Whether it be Hurricane Ian tearing through Cuba and Florida, war raging in Eastern Europe, or floods devastating Pakistan, there has been no shortage of crises in 2022 — both natural and human-caused. 

And as the climate continues to warm, extreme weather events and other natural disasters are only expected to occur more frequently, which may also potentially lead to greater overall regional and global instability. In response, some groups working to build decentralized community resilience are now turning to blockchain and Web3 tools to help strengthen their initiatives.

The United States experienced one of its worst natural disasters in modern history when the Category 5 Hurricane Katrina slammed into the New Orleans area on Aug. 29, 2005. The morning prior, the National Weather Service had issued an ominous warning to the residents of the city and the surrounding area:

“MOST OF THE AREA WILL BE UNINHABITABLE FOR WEEKS…PERHAPS LONGER. […] POWER OUTAGES WILL LAST FOR WEEKS…AS MOST POWER POLES WILL BE DOWN AND TRANSFORMERS DESTROYED. WATER SHORTAGES WILL MAKE HUMAN SUFFERING INCREDIBLE BY MODERN STANDARDS.

Unfortunately, the bulletin proved to be accurate. Thousands of people lost their lives, and millions were left homeless after the city’s outdated, flawed levee system was overwhelmed by flood waters.


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Crypto City: Guide to San Francisco Bay Area

This “Crypto City” guide looks at the San Francisco Bay Area’s crypto culture, its most notable projects and people, its financial infrastructure, which retailers accept crypto, and where you can find blockchain education courses. You really might leave your heart in San Francisco with all the projects in the Bay Area.

Fast facts

City: San Francisco

Country: United States

Population: 887,711

Founded: 1776

Crypto City: Guide to San Francisco Bay Area
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Mastercard and Paxos help banks offer crypto, Jack Dorsey details new social platform and Tesla hodls BTC: Hodler’s Digest, Oct. 16-22

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Mastercard taps Paxos to launch crypto trading for banks

Banks will soon be equipped to offer clients crypto trading and custody thanks to a new program called “Crypto Source” from Mastercard and Paxos Trust Company. As part of the program, Mastercard will cover some of the compliance, security and interface details while Paxos handles crypto custody and trading. Expected in the final quarter of 2022, the Crypto Source program will essentially provide the underpinning that will let banks offer crypto trading and custody to their clients.

Jack Dorsey unveils decentralized social with algo choice and portable accounts

Under the supervision of former Twitter CEO Jack Dorsey, a new social media platform called “Bluesky Social” has entered its private beta phase after years of anticipation. Underpinning the platform is a protocol known as the Authenticated Transfer Protocol (formerly named ADX). The protocol essentially removes the walls around user data, letting users move their accounts from platform to platform rather than having their profiles and information locked on a single platform.

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Features

Old-school photographers grapple with NFTs: New world, new rules


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Mastercard and Paxos help banks offer crypto, Jack Dorsey details new social platform and Tesla hodls BTC: Hodler’s Digest, Oct. 16-22

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Mastercard taps Paxos to launch crypto trading for banks

Banks will soon be equipped to offer clients crypto trading and custody thanks to a new program called “Crypto Source” from Mastercard and Paxos Trust Company. As part of the program, Mastercard will cover some of the compliance, security and interface details while Paxos handles crypto custody and trading. Expected in the final quarter of 2022, the Crypto Source program will essentially provide the underpinning that will let banks offer crypto trading and custody to their clients.

Jack Dorsey unveils decentralized social with algo choice and portable accounts

Under the supervision of former Twitter CEO Jack Dorsey, a new social media platform called “Bluesky Social” has entered its private beta phase after years of anticipation. Underpinning the platform is a protocol known as the Authenticated Transfer Protocol (formerly named ADX). The protocol essentially removes the walls around user data, letting users move their accounts from platform to platform rather than having their profiles and information locked on a single platform.

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Features

The Lizard People Invented Bitcoin: Crypto is a Hotbed for Conspiracy Theories


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DeFi abandons Ponzi farms for ‘real yield’

Decentralized finance is beginning to embrace a hot new phrase: “real yield.” It refers to DeFi projects that survive purely on distributing the actual revenue they generate rather than incentivizing stakeholders by handing out dilutionary free tokens.

Where does this real yield come from? Are “fees” really a sustainable model for growth at this early stage?

It depends on who you ask. 

The DeFi ponzinomics problem is our natural starting point.

Ponzi farming

DeFi started to arrive as a concept in 2018, and 2020’s “DeFi summer” saw market entrants — DeGens — piling headfirst into DeFi to early mind-blowing returns of 1,000% a year for staking or using a protocol. Many attributed the real explosion of interest in DeFi to when Compound launched the COMP token to reward users for providing liquidity. 

Yield farming was behind ‘DeFi Summer’
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DeFi abandons Ponzi farms for ‘real yield’

Decentralized finance is beginning to embrace a hot new phrase: “real yield.” It refers to DeFi projects that survive purely on distributing the actual revenue they generate rather than incentivizing stakeholders by handing out dilutionary free tokens.

Where does this real yield come from? Are “fees” really a sustainable model for growth at this early stage?

It depends on who you ask. 

The DeFi ponzinomics problem is our natural starting point.

Ponzi farming

DeFi started to arrive as a concept in 2018, and 2020’s “DeFi summer” saw market entrants — DeGens — piling headfirst into DeFi to early mind-blowing returns of 1,000% a year for staking or using a protocol. Many attributed the real explosion of interest in DeFi to when Compound launched the COMP token to reward users for providing liquidity. 

Yield farming was behind ‘DeFi Summer’
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‘Terra hit us incredibly hard’: Sunny Aggarwal of Osmosis Labs

Sunny Aggarwal has vivid memories of some of the worst days of his life earlier this year. The blockchain co-founder and his Osmosis protocol were hit hard by the Terra–LUNA collapse and are still recovering from its fallout today.

“The Terra crash hit us incredibly hard because we were one of the biggest DEXs for providing liquidity to TerraUSD and Luna Classic,” he explains, “At one point, it made up over 50% of our liquidity.” 

“I always tell people that the Terra Luna protocol was created by someone with either an IQ of 50 or 150. And frankly, I can’t tell which one.”

Aggarwal is a co-founder and leads the development of the $225-million Osmosis DEX, which, at one point, eclipsed $2 billion in TVL before the coming of the crypto winter.

The rise of cross-chain bridges 

Osmosis is a decentralized exchange (DEX) operating on Cosmos, the creator of the interblockchain communications protocol (IBC).


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‘Terra hit us incredibly hard’: Sunny Aggarwal of Osmosis Labs

Sunny Aggarwal has vivid memories of some of the worst days of his life earlier this year. The blockchain co-founder and his Osmosis protocol were hit hard by the Terra–LUNA collapse and are still recovering from its fallout today.

“The Terra crash hit us incredibly hard because we were one of the biggest DEXs for providing liquidity to TerraUSD and Luna Classic,” he explains, “At one point, it made up over 50% of our liquidity.” 

“I always tell people that the Terra Luna protocol was created by someone with either an IQ of 50 or 150. And frankly, I can’t tell which one.”

Aggarwal is a co-founder and leads the development of the $225-million Osmosis DEX, which, at one point, eclipsed $2 billion in TVL before the coming of the crypto winter.

The rise of cross-chain bridges 

Osmosis is a decentralized exchange (DEX) operating on Cosmos, the creator of the interblockchain communications protocol (IBC).


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Google and Coinbase strike a deal, BNY Mellon begins crypto custody and WisdomTree’s Bitcoin ETF gets denied: Hodler’s Digest, Oct. 9-15

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Starting in early 2023, Coinbase’s payment service, Coinbase Commerce, will facilitate crypto payments for customers purchasing Google’s cloud services thanks to a deal between the two companies. Google will only allow certain crypto assets for payment, including Bitcoin. Initially limited to certain participants, the option to pay with crypto will eventually be expanded to other customers, an executive at Google Cloud told CNBC. Google Cloud has taken several other steps toward crypto and blockchain industry involvement in 2022. 

BNY Mellon, America’s oldest bank, launches crypto services

Banking giant BNY Mellon has entered the crypto custody field, offering certain customers Bitcoin and Ether custody services via a new platform. The 238-year-old bank will provide bookkeeping for clients’ crypto in a similar fashion as it does for traditional assets, while also handling clients’ private keys. BNY Mellon’s CEO of securities services and digital, Roman Regelman, said: “With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital assets space, while embracing leading technology and collaborating with fintechs.”

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Features

Attack of the zkEVMs! Crypto’s 10x moment


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Google and Coinbase strike a deal, BNY Mellon begins crypto custody and WisdomTree’s Bitcoin ETF gets denied: Hodler’s Digest, Oct. 9-15

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Starting in early 2023, Coinbase’s payment service, Coinbase Commerce, will facilitate crypto payments for customers purchasing Google’s cloud services thanks to a deal between the two companies. Google will only allow certain crypto assets for payment, including Bitcoin. Initially limited to certain participants, the option to pay with crypto will eventually be expanded to other customers, an executive at Google Cloud told CNBC. Google Cloud has taken several other steps toward crypto and blockchain industry involvement in 2022. 

BNY Mellon, America’s oldest bank, launches crypto services

Banking giant BNY Mellon has entered the crypto custody field, offering certain customers Bitcoin and Ether custody services via a new platform. The 238-year-old bank will provide bookkeeping for clients’ crypto in a similar fashion as it does for traditional assets, while also handling clients’ private keys. BNY Mellon’s CEO of securities services and digital, Roman Regelman, said: “With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital assets space, while embracing leading technology and collaborating with fintechs.”

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Features

Tim Draper’s ‘odd’ rules for investing in success


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Attack of the zkEVMs! Crypto’s 10x moment

Crypto is currently languishing like the internet did in 1996 with slow speeds and few practical use cases, says Steve Newcomb, chief product officer of Matter Labs.

But a major increase in bandwidth and security soon after saw the internet become a crucial part of daily life across the globe — and we’re right on the cusp of that happening for crypto in the next few months.

“Nobody trusted their credit card on it and everybody thought it was a fad and there weren’t any use cases for it,” Newcomb explains. 

“And then we had 10x moments in bandwidth and then SSL came, and HTPS where you got that lock — that was a 10x moment in trust. Suddenly in 2005 ecommerce just went through the roof.”

Crypto’s ‘10x’ moment could finally be here, with zkSync’s Ethereum Virtual Machine compatible mainnet launching on October 28. EVM is essentially the operating system for Ethereum and enabling it to work using zero knowledge rollups means everything running on Ethereum can seamlessly port over to experience a huge jump in speed and lower costs. 

Ethereum co-founder Vitalik Buterin says zk rollups mean crypto can be finally be used for payments again
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Attack of the zkEVMs! Crypto’s 10x moment

Crypto is currently languishing like the internet did in 1996 with slow speeds and few practical use cases, says Steve Newcomb, chief product officer of Matter Labs.

But a major increase in bandwidth and security soon after saw the internet become a crucial part of daily life across the globe — and we’re right on the cusp of that happening for crypto in the next few months.

“Nobody trusted their credit card on it and everybody thought it was a fad and there weren’t any use cases for it,” Newcomb explains. 

“And then we had 10x moments in bandwidth and then SSL came, and HTPS where you got that lock — that was a 10x moment in trust. Suddenly in 2005 ecommerce just went through the roof.”

Crypto’s ‘10x’ moment could finally be here, with zkSync’s Ethereum Virtual Machine compatible mainnet launching on October 28. EVM is essentially the operating system for Ethereum and enabling it to work using zero knowledge rollups means everything running on Ethereum can seamlessly port over to experience a huge jump in speed and lower costs. 

Ethereum co-founder Vitalik Buterin says zk rollups mean crypto can be finally be used for payments again
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