Daily Web3 Headlines You Need To Know

31 August #NFT #Developers #DeFi & Trading #Policy & Law

Crowdfunding in Web3 (Source: gregwriter)

Australians may not ever see their nonfungible tokens (NFTs) take them “to the moon,” but they might be able to get to the next best place — the edge of space. Crypto Competitions, an Australia-based Web3 sweepstakes startup, has recently signed a partnership with stratospheric exploration company World View, offering its NFT holders a 1-in-7,000 chance to win a priority seat in a World View space flight in 2024…(Read More)

PROOF, the private community behind the Moonbirds NFT collection, has announced it is shifting its blue-chip collection completely “in chain” — allowing images to be fully contained within the underlying smart contract. In a community live stream named “Future PROOF” on Aug. 30, Harri Thomas, director of products at PROOF explained that the new approach will mean that in the future, the viewable image of a Moonbird NFT will be “constructed from the contract itself from art layers, which are going to be stored on the blockchain.”…(Read More)

Interoperability-focused blockchain Flare Network has partnered with software infrastructure firm Lena Instruments to implement a crowdfunding mechanism that lowers the risks associated with startup investing. Lena Instruments announced what it called a “CloudFunding” launchpad, which lets Flare investors allocate a percentage of the rewards that they earned to investments in new crypto startups without moving their initial investments…(Read More)

Tether Holdings Limited has clapped back at The Wall Street Journal over an article it claims spread “false information” about the stablecoin issuer’s profitability, solvency, and accounting standards. In a Monday article, the Journal claimed that Tether could be deemed “technically insolvent” if its assets fell just 0.3%. That conclusion was drawn from Tether’s reported assets and liabilities as of Thursday. One week prior, Tether published its latest attestation showing $67.7 billion of reported assets against $67.5 billion of liabilities…(Read More)

Indonesian tech company PT GoTo Gojek Tokopedia Tbk (GoTo) bought PT Kripto Maksima Koin, a local crypto exchange, in a bid to diversify its assets. The deal makes a landmark in the merging of mainstream and crypto in the fourth most populated country in the world…(Read More)

Iran’s Industry, Mines and Trade Ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions. According to local news reports, Trade Minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and crypto miners in the country…(Read More)

#Crowdfunding #web3

Crowdfunding is a process of raising money to finance projects and businesses from a group of supporters as opposed to one or two giant investors. In the Web2 world, the traditional model of crowdfunding is still deeply flawed. Through Web2 platforms like Kickstarter, GoFundMe, WeFunder etc., all startups and even individuals can get donations from their communities, and even a certain amount of venture capital.

But the drawbacks of Web2 platforms are pretty obvious, one of them is the inequality faced by the funders. Many potential funders are prevented from participating in crowdfunding on these platforms, and not to mention that many platforms subject users and creators to steep processing fees, which take away from the total amounts of generated funds.

The Web3 Crowdfunding

It is increasingly popular for businesses, communities, academics, and other entities to use tokenized crowdfunding, which is entirely run on blockchain technology, to gather money for a specific goal, whether it be for charitable giving, gaming, scientific research, or other purposes. This is primarily because decentralisation brings with it a number of benefits including more transparency, improved security, and quicker transactions. Decentralized autonomous organisations, or DAOs, are already playing a crucial role in this ecosystem by providing new ways for groups to use smart contracts to carry out decisions that have been reached.

Typical Web3 crowdfunding involves accepting the funder’s ETH and returning the token as a receipt. As examples, Juicebox and Mirror platforms have a pretty straightforward method. The great composability of the Web3 environment supports the usage of tokens in a wide range of scenarios.

While some crowdsourcing initiatives just utilise their tokens to accept donations from backers, others may also use them as governance tokens. Despite the fact that tokens don’t truly grant any rights, people adore collecting and owning them. In other words, the Web3 platform directly solves the problem of platform power access and accountability.


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