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Forget ETH Killer. This Crypto Project Aims to Be Facebook Killer

Revolution Populi wants to foster social networks that don’t steal your data.

Republished by Plato

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In brief

  • Revolution Populi is building a blockchain-enabled database that allows data to be ported.
  • It’s announced an integration with Matic Network to enable decentralized apps on its network.
  • RevPop envisions an ecosystem of competing social networks—with users who own their own data.

In our chaotic times, filled with partisan rancor and dueling versions of the truth, there’s one thing everyone can agree on: Facebook sucks.

Now, a fledgling blockchain project is one stop closer to taking down the internet Goliath and planting a flag for social networks that don’t control (or sell) user data.

Revolution Populi (RevPop, for short), a “layer-1 decentralized database with user controls,” has tapped Matic Network as a layer-2 solution, allowing developers on the RevPop chain to build their own decentralized applications.

And not just any Dapps, but social networks. “We’re developing a way in which a thousand social nets can be developed on top of this layer 1,” CEO Rob Rosenthal told Decrypt.

“If you use one, they change a rule, they do something you don’t like, you can instantly port your data from one to another, or back again, because you hold the keys,” he said. “All of that data belongs to you.”

While RevPop—which is due to launch a testnet in the coming months—is also building its own social network, it’s making the project open-source in what it’s calling the “Facebook killer kit” so that others can develop their own social networks on its blockchain.

“This will allow developers everywhere to reach into, and contribute to, the RevPop layer-1 database and be a part of an ecosystem designed to return data control back to users,” Matic Network COO Sandeep Nailwal said in a press release. “Users are hungry for this kind of self-sovereignty.”

“The newest and most active part of the internet has been colonized by a handful of companies who grab data from users and keep it, and profit by it,” Revolution Populi Chief Visionary Officer and Yale computer science professor Dr. David Gelernter told Decrypt. “Our Project aims to return digital rights and power to the people by means of a decentralized database built on blockchain, and a growing, decentralized world of social net and related apps along with it.”

This will be facilitated through the use of the forthcoming RevPop token—with users of the company’s own social network receiving the token directly from advertisers.

While that’s kind of like how Brave rewards users with BAT, Rosenthal, a former Goldman Sachs vice president with a background in securities, said the team envisions it become something of a utility token for the platform.

But other social networks built atop RevPop’s database can pursue alternate funding models due to the project’s open-source design. The result, believes RevPop, is an internet where Facebook and Twitter have more competition.

“It won’t be a monopoly anymore,” said Rosenthal. “It will be broken up through free market competition. I hope.”

Blockchain

AllianceBlock Announces Decentralized Capital Market on Edgeware with Defi-NFT Approach

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[PR – Utrecht, The Netherlands, May 14, 2021]

AllianceBlock has announced it will launch a decentralized capital market on the Edgeware smart contract platform. The protocol brings unprecedented tooling to the Substrate-based Wasm contract palette, including NFT contract standards, Defi and DAO primitives to their peer-to-peer market, further empowering collectives and individuals to lend and fund across the network.

In the longer term, AllianceBlock is positioned to bridge traditional finance and defi through globally compliant platforms and tools – interoperating with the latest in digital organization and governance and their team’s background across both financial paradigms, including CEO Rachid Ajaja, previously at Barclays and the VINCI smart cities project:

Edgeware’s vision of building a community owned, decentralized platform with a focus on on-chain governance is perfectly in line with our own. We are seeking to build a new financial infrastructure that takes advantage of innovative technology, and Edgeware’s community treasury, facilities for DAOs, and bridging of digital and physical entities are important parts of linking DeFi with traditional finance.

We are excited to be integrating our products into Edgeware, and look forward to collaborating more moving forward.

Edgeware is currently the oldest and few of the mainnet Polkadot ecosystem smart contract platforms, enabling teams like AllianceBlock to fully test and deploy on variety of development and mainnet Substrate chains.The value alignment and technical foundation, including the opportunity to model best practices off the chain’s own governance, has made deployment on Edgeware a quick and effective launch.

Look forward to a launch AMA in the Edgeware and AllianceBlock community forums in the next few weeks.

About AllianceBlock

AllianceBlock is creating a protocol that will bridge DeFi and traditional finance (TradFi) to bring the benefits of both areas to one another and create the first decentralized capital market.

The AllianceBlock Protocol is designed to reflect how traditional finance would be built today with current technology. It incorporates new technology such as DeFi in a TradFi friendly manner, ultimately allowing us to facilitate services required by both spaces.

Long term, the decentralized blockchain-agnostic Layer 2 AllianceBlock Protocol will provide a secure and regulatory compliant gateway for billions of dollars present in TradFi to flow towards DeFi and enable DeFi platforms and protocols to be used by a much greater audience. In doing so, we will unlock DeFi for the world.

About Edgeware

Edgeware is a community-owned, fairly distributed, self-sustainable blockchain ecosystem built on Substrate with on-chain governance and a collectively managed treasury, enabling users to fund the chain’s development and teams to build projects.

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Source: https://cryptopotato.com/allianceblock-announces-decentralized-capital-market-on-edgeware-with-defi-nft-approach/

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Blockchain

Square Has No Plans to Buy More Bitcoin, Says CFO

Republished by Plato

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This comes on the back of a large Bitcoin dip following the most recent news that came from Tesla and its decision to halt bitcoin payments for its products.

A Slowdown of Enthusiasm

The unbridled electric energy in the air surrounding Bitcoin briefly halted after major cryptocurrencies plunged over 20% shortly following Elon Musk’s announcement that Tesla would no longer accept BTC.

Square’s massive Bitcoin position – 8,027 bitcoins – took a temporary dive, especially in light of the company’s most recent purchase ($170m with a cost basis of over $51,200). Square is still up about $200m with BTC overall (their initial purchase was at a lower price). Still, this recent dip has likely provoked upper management into slowing the pace of their diversification into riskier assets.

Undercurrents of Anticipation

This news by itself, however, isn’t enough to stop the undoubted growth of interest in cryptocurrencies worldwide. In Q1 of 2021, Square reported a whopping $3.5B in Cash App revenue, plowing through previous highs, thanks to Bitcoin transactions. Quarterly earnings expectations were beaten by more than double what analysts targeted.

Square’s Bitcoin-related revenue is up 11x, and its CEO Jack Dorsey is fully behind the movement. Earlier this year, he stated that he believed Bitcoin is “the Internet’s native currency,” and experts expect to see companies’ growing support for cryptocurrencies continue over the next few months, despite yesterday’s roadblock.


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Source: https://cryptopotato.com/square-has-no-plans-to-buy-more-bitcoin-says-cfo/

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Blockchain

PancakeSwap Lottery Hack: $1.8 Million in Question

Republished by Plato

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The Binance Smart Chain continues to see some of the projects being built on it exploited. The latest was done by someone who had access to the PancakeSwap admin address.

The Exploit

It’s an age-old problem with smart contracts: randomness. Solidity has no native random function, and all sources of randomness have to be on-chain. Projects use things like block headers, transaction hashes, and more to create legitimate sources of randomness, but none are truly random – they are merely pseudorandom.

This issue has led to exploits in the past, such as the recent Meebits exploit. The PancakeSwap lottery numbers were generated based on certain predictable conditions. The exploiter could use this information to predict the numbers in advance, thus draining the entire pool.

Who Did It, and Why?

The author of this post has provided detailed evidence proving that this may indeed have been foul play from the PancakeSwap admins, given that they created the contract, ‘found’ the exploit, and took the money using their own address.

While it’s true that the admin account did make use of the exploit and drain the funds, the author has a misconception: this was no foul play, and the funds weren’t stolen. While there has been no official statement from the PancakeSwap team on the matter, this event was clearly a white hat removal of funds from the contract, preventing a malicious actor from figuring out the bug and exploiting it.


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This is evident, first of all, from the fact that the PancakeSwap admins used their public known address to carry out the exploit. If they wished to drain the funds maliciously, they would have used an anonymous account. Secondly, the funds recovered from the lottery pool are being burned in batches by the admin address.

While an exploit is scary and never a good sign, the handling of this by the team instills some confidence, proving that PancakeSwap is willing to fix issues when necessary (even though they could have trivially taken the morally reprehensible path by stealing user funds).

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Source: https://cryptopotato.com/pancakeswap-lottery-hack-1-8-million-in-question/

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