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Bitget Seeks Regulatory Approval in India to Enhance Compliance and Market Operations

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Bitget, a major cryptocurrency exchange, is working with Indian regulators to secure the necessary licensing to operate in compliance with local laws.

The company announced on July 3 that it has been in active discussions with India’s Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration.

Simran Alphonso, Bitget’s head of global communications, emphasized the importance of this registration for tax compliance and operational transparency.

“It also provides a safe ground to host meetups, interact with the community and run educational drives. It makes a crypto exchange more reliable and credible,” Alphonso noted.

Alphonso further explained that FIU registration would enhance consumer protection by aiding in dispute resolution, fraud compensation, and support from civil forces in tracking down scammers.

Bitget currently operates in India but faces challenges due to the lack of VASP registration.

Alphonso stated, “There’s difficulty for new users to access Bitget apps on Google Play store and App store while existing users can use the app with all its available features.”

She did not specify the exact services Bitget offers its current users in India.

Despite these challenges, Alphonso expressed Bitget’s commitment to the Indian market, describing it as a “high-priority market” for the company.

READ MORE: Polkadot Treasury Reassures Community Amid Concerns Over 2-Year Budget Runway

Bitget’s move towards compliance follows recent approvals by India’s FIU for VASP applications from other major exchanges like Binance and KuCoin in May 2024.

These approvals reinstated their legal status in India after the FIU had issued noncompliance notices to nine crypto exchanges, including Binance and KuCoin, in late 2023.

Due to these compliance issues, apps from Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC were blocked on Apple’s App Store in India in December last year.

KuCoin reportedly paid a penalty of $41,000 and resumed operations in May 2024. The FIU also fined Binance $2.25 million for servicing Indian clients without adhering to local Anti-Money Laundering rules.

“Currently other global exchanges — like KuCoin and Binance — have paid penalties and are now completing the registration to restore full services.

“This is now the same case with Bitget — it’s applied for registration and is currently in talks with the regulators,” Alphonso stated.


To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bittensor Halts Network After $8 Million Theft Due to Private Key Leak

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On July 3, Bittensor had to halt its network operations following a series of wallet drains that resulted in the theft of at least $8 million worth of digital assets.

Ala Shaabana, Bittensor’s co-founder, announced the network outage on the same day in a post on X, stating:

“By way of an update, we have contained the attack and put the chain into safe mode (blocks producing but no transactions are permitted).

“We’re still mid-investigation and are considering all possibilities.”

Hacks and exploits continue to be a major concern in the crypto space, hindering its widespread adoption.

Over the past 13 years, the industry has lost nearly $19 billion to thefts, with 785 reported crypto hacks.

The recent theft was first identified by pseudonymous onchain investigator ZachXBT, who posted in a Telegram message on July 3:

“Bittensor was halted due to additional thefts earlier today potentially as a result of private key leakage.”

An unknown address, “5FbW,” was used to steal 32,000 Bittensor (TAO) tokens, worth approximately $8 million.

READ MORE: Fetch AI Price Prediction: Major Surge Anticipated Amid AI Crypto Merger and Market Optimism

This incident followed another attack on June 1, where a different wallet was drained of $11.2 million worth of TAO tokens, as noted by ZachXBT.

While smart contract vulnerabilities used to account for most of the hacked funds, private key leaks have now become more prevalent.

According to the “2024 Crypto HackHub Report” by Merkle Science, over 55% of the hacked digital assets in 2023 were lost due to private key leaks.

Mriganka Pattnaik, co-founder and CEO of Merkle Science, explained the trend:

“While smart contract vulnerabilities remain a concern, hackers increasingly target areas outside smart contracts, like private key leaks.

“These leaks, often due to phishing attacks or insecure storage practices, have led to significant losses.”

In contrast, losses from smart contract vulnerabilities significantly decreased, with hacked funds dropping 92% to $179 million in 2023, compared to a staggering $2.6 billion in 2022.

This shift highlights the changing landscape of crypto security, emphasizing the need for stronger protection against private key leaks and other non-contract-related vulnerabilities.


To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

CoinDCX Expands into MENA Region with Acquisition of BitOasis

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India’s largest cryptocurrency exchange, CoinDCX, has acquired BitOasis, a prominent virtual asset trading platform in the Middle East and North Africa (MENA) region.

This acquisition marks CoinDCX’s entry into the MENA market, reflecting the company’s ambition to expand globally.

BitOasis is known for its high trading volumes in Emirati dirhams, making this acquisition a strategic move for CoinDCX to establish a strong presence in the region.

BitOasis recently secured a Virtual Assets Regulatory Authority (VARA)-issued minimum viable product (MVP) operational license from the Central Bank of Bahrain (CBB).

This license allows BitOasis to operate as a broker-dealer under strict regulatory conditions, ensuring that its operations comply with legal requirements.

Sumit Gupta, co-founder of CoinDCX, explained to Cointelegraph that BitOasis would continue to operate independently under its existing licenses, supervised by the relevant regulatory authorities.

“Users’ personal data will remain protected in line with BitOasis’ privacy policy and applicable law and regulation.

“Users’ assets and funds will remain fully segregated and kept safe in line with applicable regulatory requirements.”

READ MORE: Chromia Reveals 16 July As Launch Date For Its MVP Mainnet

The acquisition is expected to enhance the user experience on both platforms by offering a broader range of products and increased trading and token options.

Despite the acquisition, user accounts will not be migrated or linked between BitOasis and CoinDCX, maintaining the autonomy and privacy of each platform’s users.

In January, Gupta spoke with Cointelegraph about a $1 million fund to help investors transfer their assets from non-compliant platforms to CoinDCX.

With an estimated $4 billion invested in cryptocurrency on offshore exchanges by Indian investors, recent regulatory changes have raised significant concerns.

CoinDCX is actively supporting users by establishing secure deposit routes and offering a 1% bonus to those moving to the regulated exchange.

This strategic acquisition and CoinDCX’s initiatives underscore the company’s commitment to providing a secure and regulated environment for cryptocurrency trading, while also expanding its global footprint in the burgeoning crypto market.


To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Marathon Digital Holds Steady Amid Bitcoin Downtrend, Advances Mining Operations and Renewable Heating Initiatives

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Marathon Digital Holdings, the world’s largest Bitcoin mining company, has not sold any of its Bitcoin holdings over the past month despite a prolonged downtrend in Bitcoin prices.

According to the company’s operations report published on July 3, Marathon held 18,536 BTC worth over $1.1 billion as of June.

Marathon aims to strengthen its Bitcoin reserves through market purchases and other strategies to boost its Bitcoin yield. However, the firm noted that it might sell some of its Bitcoin in the future:

“MARA opted not to sell any bitcoin in June.

“The Company still intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes.”

The selling patterns of major Bitcoin holders, including mining firms, can significantly impact Bitcoin’s price.

The upcoming 2024 Bitcoin halving, which will reduce block rewards by half, might compel miners to sell more Bitcoin.

Marathon Digital, valued at over $6.25 billion, surpasses CleanSpark, the second-largest Bitcoin mining firm with a market capitalization of $3.85 billion, by 62%.

Marathon Digital has doubled its operational hashrate to 26.3 exahashes (EH/s) in June, thanks primarily to improvements at its Ellendale facility, which became fully operational in early July.

CEO and chairman Fred Thiel stated:

“Our proprietary mining pool outperformed, capturing 158 blocks during the month, a 10% increase over last year.”

Marathon’s goal is to achieve a hashrate of 50 EH/s by the end of 2024.

READ MORE: Fetch AI Price Prediction: Major Surge Anticipated Amid AI Crypto Merger and Market Optimism

Thiel highlighted the optimization of new sites with immersion cooling technology and the latest hardware, affirming the company’s path to meet this target:

“Domestically, our team continues to optimize our recently acquired sites with immersion cooling technology and the latest generation hardware.

“With these advancements and the expansion of our fleet, we remain on track to reach our target of 50 EH/s by the end of this year.”

Marathon is also pioneering the use of Bitcoin mining for renewable heating. In Finland’s Satakunta region, Marathon launched a 2-megawatt pilot project utilizing “district heating” to warm a town of 11,000 residents.

This method leverages the excess heat produced by mining rigs, offering a sustainable and cost-effective heating solution.

Thiel emphasized the benefits of integrating digital asset compute with district heating, which could reduce carbon emissions, lower costs, and minimize waste heat.

Marathon aims to expand its global presence and support the energy transformation through such innovative projects:

“Integrating digital asset compute with district heating can reduce carbon emissions, lower costs, and minimize waste heat, leading to enhanced sustainability and economic savings for both industries and end-users.

“We look forward to expanding our global presence as a leader in leveraging digital asset compute to support the energy transformation.”


To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Zebu Live 2024: The UK’s Premier Web3 Conference Returns with Steven Bartlett, Coinbase, Solana, and More

London, UK, July 4th, 2024, Chainwire

The highly anticipated Zebu Live, the UK’s largest Web3 conference, is returning 10th-11th October 2024. Organized by Flight3, a renowned Web3 marketing agency owned by Dragons’ Den star Steven Bartlett, this year’s event promises to be an unparalleled experience, featuring industry giants like Coinbase, Solana, and Blockchain.com. Attendees can look forward to an inspiring lineup of speakers, including Steven Bartlett, Raoul Pal, Lord Holmes, and John Lilic.

Building on the phenomenal success of Zebu Live 2023, which attracted over 3,000 attendees and featured more than 200 speakers, the 2024 conference is set to raise the bar even higher. This year, Zebu Live will once again transform London into the epicenter of the global Web3 community, offering a unique platform to inspire, educate, and connect. 

As a key event of London Web3 Week, Zebu Live 2024 integrates seamlessly into a broader celebration of blockchain innovation and digital assets.

Zebu Live is the cornerstone event of London Web3 Week, the UK’s leading blockchain gathering that is expected to bring 5000+ Web3 professionals from across the globe for the week.

London Web3 Weeks comes as the UK is solidifying its position as a key digital asset hub, major players like Coinbase and a16z are spearheading initiatives such as Stand With Crypto to support progressive digital asset policies and accelerate innovation. 

Zebu Live 2024 brings together pioneers within the Web3 ecosystem including:  

Solana: Renowned for driving mass adoption through consumer apps, Solana continues to lead with its innovative solutions as seen in recent advancements such as Blinks (Blockchain Links)

Holochain: With its unique approach to decentralized computing, Holochain is redefining data integrity and peer-to-peer interactions.

Blockchain.com Pay: Is thrilled to announce the latest update, offering the fastest user onramp in crypto, with access to over 40 million KYC’d users. Sign up and make your first purchase in seconds, without needing a driver’s licence or passport. Trusted by industry leaders such as Metamask, TRON, and many more.

Telos: Leading layer 0 utilising zk technology, Telos is pushing the boundaries of privacy and security in the blockchain space.

Special Projects and CSR Partnerships

Zebu Live 2024 will host its renowned pitch competition, which last year drew over 150 applications, featuring top-tier VCs and the CoinTelegraph Accelerator to spotlight the most promising up-and-coming projects. Additionally, the event will feature initiatives like Blockchain for Her and a partnership with Bitget for charitable causes, highlighting recent developments and impactful projects.

“Last year was about surviving the bear market, but as we return for our 4th year, we’re thrilled to shine a spotlight on London and everything this incredible city has to offer. We’re excited to bring the community together and celebrate our shared passion for Web3.” – Harry Horsfall, CEO of Zebu Live

Zebu Live 2024 is an unmissable event for anyone passionate about the future of digital assets and blockchain technology. Don’t miss your chance to be part of this transformative experience in London.

For more information and to register for Zebu Live 2024, please visit www.zebulive.xyz/ 

About Zebu Live:

Zebu Live is London’s premier Web3 event, bringing together over 3,000 Crypto, DeFi, and NFT professionals to discuss the future of the decentralised world. Leading sponsors include zkSync, Coinbase, Binance, Animoca Brands, Ledger, Solana, Telos, Warner Records, and more.

Contact

Sera Delicel
sera@zebudigital.com

Venom Expands into India with Dual Listings on WazirX and CoinDCX

Mumbai, India July 4th, 2024, Chainwire

Venom Foundation is pleased to announce a major milestone in its global expansion strategy: the listing of its native token, $VENOM, on two of India’s leading cryptocurrency exchanges, WazirX and CoinDCX. This pivotal move grants Venom access to a massive user base in the world’s most populous country, further driving the adoption and visibility of $VENOM.

“We are thrilled to announce the listing of $VENOM on WazirX and CoinDCX. This strategic move into the Indian market, with access to over 30 million users, marks a significant milestone for Venom. It underscores our commitment to fostering innovation and adoption in the blockchain space, paving the way for greater engagement and growth in one of the world’s most dynamic crypto markets.” – Louis Tsu, CEO of Venom Foundation

Rajagopal Menon, VP of Marketing at WazirX, said, “VENOM network has already checked several boxes such as addressing scalability and transaction issues in the crypto ecosystem. It has a diverse range of partnerships and its ongoing expansion showcases its popularity and burgeoning user base. WazirX is excited to give users the opportunity to trade this token.”

India: A Key Market for Venom

As the global cryptocurrency landscape evolves, India has emerged as a vital hub for blockchain and crypto. With its tech-savvy population and rapidly growing crypto community, India represents a monumental opportunity for Venom to expand its reach and drive adoption.

Listings on WazirX and CoinDCX

WazirX: As India’s largest cryptocurrency exchange, WazirX serves over 16 million users. $VENOM is now available for trading in USDT and INR pairs.

CoinDCX: CoinDCX, another major player in the Indian market, boasts over 14 million users. $VENOM is also available for trading in USDT and INR pairs.

Key Highlights

Vast User Reach: The combined user base of over 30 million on WazirX and CoinDCX offers unparalleled exposure for $VENOM in India.

Market Expansion: These listings mark a crucial milestone in Venom’s expansion strategy, highlighting the explosive growth and adoption of $VENOM in one of the world’s fastest-growing crypto markets.

Enhanced Accessibility: Indian users now have streamlined access to trade $VENOM in their local currency, fostering greater adoption and engagement.

Conclusion

The listings of $VENOM on WazirX and CoinDCX are pivotal steps in Venom’s strategy to enhance its global reach and liquidity. These listings align with the Venom Foundation goal of increasing adoption and expanding it’s presence in the global crypto landscape.

About Venom

Venom is a cutting-edge layer-0 and layer-1 network, seamlessly integrating with other independent networks through innovative Mesh technology. Anchored by a masterchain for overall state and consensus management, Venom supports unlimited autonomous workchains for user accounts, smart contracts, and dApps. Mesh technology optimizes inter-chain communication, ensuring speed and scalability. With rapid finality, comprehensive security, stability, and user-friendly interfaces, Venom is ideal for hosting CBDCs and large-scale platforms. Learn more at https://venom.foundation/

Contact

Venom Foundation
media@venom.network

Bitcoin Drops Below $60,000 Amid Potential $9 Billion Mt. Gox Payout and Whale Activity

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On July 3, Bitcoin‘s price dipped below the significant $60,000 mark, sparking concerns of extended price consolidation as the potential release of $9 billion in BTC from Mt. Gox looms.

Bitcoin dropped 4.2% in the 24 hours preceding 10:33 am UTC on July 3, reaching a low of $59,600. According to CoinMarketCap, the cryptocurrency is down 1.8% over the week.

Since June, Bitcoin has been in a downtrend, marking an almost 18% decline in the second quarter of 2024.

Investors have been eagerly awaiting a breakout above $70,000 to trigger new all-time highs, but falling below $60,000 could signal a prolonged price correction.

The potential start of repayments to Mt. Gox creditors might be contributing to Bitcoin’s decline.

The defunct exchange may have begun repaying creditors, as suggested by a Bitcoin transfer volume chart for tokens last moved between seven to ten years ago, shared by Charles Edwards, founder of Capriole Investments. Edwards noted in a July 2 X post:

“The entire history of this chart has disappeared because an enormous sum of Bitcoin moved on-chain, 10X more than the previous highs. $9B.

“But by who? Mt. Gox. It looks like those distributions really are coming.”

Mt. Gox owes over $9.4 billion in Bitcoin to about 127,000 creditors who have waited for over a decade to recover their funds. Many investors might cash out after years of untouched profits.

READ MORE: Fetch AI Price Prediction: Major Surge Anticipated Amid AI Crypto Merger and Market Optimism

However, the $9 billion from Mt. Gox could be offset by institutional inflows to U.S.-based spot Bitcoin exchange-traded funds (ETFs).

Since their January launch, these ETFs have amassed over $52.5 billion in BTC, according to Dune.

Questions arise about whether Bitcoin whales influenced the price drop below $60,000.

One large Bitcoin holder sold $180 million worth of Bitcoin within three minutes, an unusually high amount for such a brief period. Popular industry watcher Zaheer highlighted this large sale in a July 3 X post.

Further contributing to the decline, another unknown whale transferred 1,723 BTC worth over $168 million to Binance within the past 24 hours, according to Lookonchain. This transfer suggests the whale might be looking to sell and lock in profits.


To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Polkadot Treasury Reassures Community Amid Concerns Over 2-Year Budget Runway

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Polkadot’s treasury holds just under $245 million in assets, but recent reports have caused concerns about its budget sustainability over the next two years.

These worries stem from a Polkadot treasury report suggesting the project’s budget would only last two years at the current spending rate.

“Polkadot’s Treasury is becoming more complex and harder to grasp,” said Tommi Enenkel, the head ambassador, in a June 28 report for the first half of 2024.

He highlighted that Polkadot is spending directly and allocating value in bounties and collectives for future use.

“At the current rate of spending, the Treasury has about two years of runway left, although the volatile nature of crypto-denominated treasuries makes it hard to predict with confidence,” Enenkel added.

This has sparked discussions about stricter budgeting or changing the system’s inflation parameters.

Despite these concerns, the treasury is not at risk of running out of funds after the current $245 million. Around 7% of the total token inflation (staking rewards) is continually sent to the treasury.

Giotto de Filippi, a notable DOT activist, clarified to Cointelegraph that “the inflation in Polkadot is split between stakers and the treasury, to ensure that the treasury will always have money… So it doesn’t make sense to talk about money.”

READ MORE: Dogecoin’s Surge in Trading Volume Sparks Bullish Momentum in Crypto Sphere

Polkadot’s treasury includes $188 million in liquid assets, primarily in Polkadot (DOT) tokens, along with stablecoins Tether (USDT) and USD Coin (USDC).

In the first half of the year, Polkadot experienced a significant increase in spending, totaling $87 million. Over 40% ($36.7 million) went towards advertising, influencers, conferences, and events.

Enenkel noted that spending became more efficient as DOT’s price peaked at $11.46 in mid-March 2024, the highest since May 2022.

Although the price has since dropped to $6.33, it is up nearly 11% on the week, according to CoinGecko.

Cointelegraph has approached Polkadot for comments on these concerns. Enenkel observed that ecosystem worries about treasury usage are growing, with balances declining since mid-2023.

Revenue dropped by 58.5% from the second half of 2023, attributed to decreased network fees.

The treasury received over 5.2 million DOT in inflation-based income in the first half of the year, down from 7.8 million DOT in the prior half-year.

Enenkel suggested creating departments represented as bounties and collectives for more effective treasury capital deployment, and proposed lowering DOT’s 10% inflation rate to reduce selling pressure and strengthen its purchasing power.


To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Web2 Apps Will Enter A Brave New World In Web3, But How Can They Do It?

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Web3 is spreading like wildfire, and more businesses are becoming convinced that the future of digital interactions will find a home in decentralized, blockchain-based networks. 

The blockchain is impacting everything from the way business operations are executed, to how financial transactions are handled, how startups raise money and how art and real estate are bought and sold. Businesses are seeing this, and more of them have decided that it’s time to take the plunge and embrace the vision of a permissionless and decentralized internet. 

Advocates of Web3 say it’s the future of the internet, built on a foundation of new-age technologies like blockchains, cryptocurrencies and NFTs. By building on Web3, businesses can tap next-generation capabilities such as ownership of digital assets, data immutability, censorship resistance and complete data privacy. 

Decentralized applications or dApps enable powerful new business models, such as revenue-sharing and a creator-focused economy, with enhanced security and a more equitable economy in which everyone can participate, free from the influence of traditional intermediaries. That’s why businesses are looking for ways to migrate their Web2 applications to Web3, or build new dApps from scratch. 

What Goes Into Web2-To-Web3 Migrations?

Migrating a Web2 app requires a firm understanding of the different application architecture that supports Web3 dApps. 

Whereas Web2 apps have three main components, the backend, frontend and database, Web3 dApps are based on a backend that lives on the blockchain, supported by blockchain nodes. The Web3 dApp’s frontend connects with those nodes to access the blockchain platform it’s built on. Furthermore, the backend leverages IPFS and data indexing protocols to store files and retrieve data hosted on the blockchain. To interact with a Web3 dApp, users must have a digital wallet with integrated authentication. 

Understanding this, it’s clear that Web3 application architectures are more complex than their Web2 counterparts, but the process of migrating an app to Web3 can be broken down into various steps. 

1. Infrastructure migration

The first step is to migrate the app from its centralized infrastructure, such as a database hosted on a server, to a decentralized blockchain. These blockchain infrastructures consist of numerous distributed nodes that make up a network, working with one another to verify and add “blocks” to the blockchain. By migrating to a blockchain such as Ethereum, Web2 apps will be able to support smart contracts, which can execute transactions based on predefined conditions, without any intermediary. 

2. Code migration

When moving an app from a traditional server to a blockchain, it’s necessary to translate its codebase to a specialist language that understands how decentralized networks operate. If your Web2 app is written in a programming language such as Javascript, it will need to be rewritten in Solidity if, for example, you wish to migrate it to Ethereum. 

3. Oracle integration

Most applications require access to offchain data. In a Web2 environment, this is done through the use of APIs. But in Web3, there is a requirement that off-chain data comes from decentralized sources so it cannot be manipulated. This means tapping into data oracles such as Pyth Network.

4. Data storage

One thing that doesn’t have to change is the underlying storage resource. Because blockchains are extremely inefficient at storing data such as content and user information, Web3 dApps use the same kinds of storage services as their Web2 cousins, such as AWS, Microsoft Azure, Google Cloud or DigitalOcean. 

  5. Payment gateways

Embracing Web3 means also embracing crypto, which is the currency of the decentralized world. In that case, it’s important to either build a Web3 wallet into your app, or else enable users to connect to it using a third-party wallet such as MetaMask or Trust Wallet. With this Web3 wallet, app users have a way to store, manage and transact with crypto assets such as cryptocurrencies and NFTs. 

Most dApps will also want to incorporate what’s known as a crypto on-ramp, which makes it easy for their users to exchange fiat money into cryptocurrencies. It’s essential to integrate this with the dApp, because if users are forced to exit the dApp and go to a cryptocurrency exchange, there’s a big risk that they’ll never come back to use your dApp again. 

Developers can integrate crypto on-ramps and off-ramps using an API-based service such as Transak. All they have to do is paste in a couple of lines of code, and the Transak widget will appear within their dApp, giving users an easy way to buy and sell digital tokens from within the app in just a few clicks. What’s more, by integrating with Transak, dApps also don’t need to worry about the KYC process to onboard new users, as this is streamlined as part of the process of purchasing crypto. 

6. User flows

The actual user experience won’t likely be impacted too much. The trend these days is to abstract away as much of the complexity of blockchain as possible, so users won’t even know they’re interacting with it. The main difference is that users will have ownership of their content, data and assets, free of any censorship or control. 

How To Perform A Web2-To-Web3 App Migration?

Now we understand what needs to be done, we can set about doing it step-by-step. 

A. Consider your use case

First off, the task begins with understanding the requirements of your app migration and the new use cases you want to introduce with Web3. This involves making a list of the blockchain features and functions you desire. For instance, if you’re migrating a video game from Web2 to Web3, you’ll probably want to introduce crypto and NFTs that support specific features. 

Developers should also consider the existing use cases of their Web2 apps and see if these can be improved with Web3. By moving to the blockchain, it’s possible to introduce more secure transactions, enhance data integrity, increase transparency and decentralize identity management. 

B. Choose a blockchain

The choice of blockchain is an important one, and includes deciding whether to go with a public or private chain. Some of the best public blockchains include Ethereum, Solana, Polygon, Polkadot, TON and Avalanche, while private chain options include Corda, Cosmos, Hyperledger and Hyperledger Fabric. You’ll want to consider the various functions and capabilities of the blockchain, as well as its level of performance, transaction fees, the type of smart contracts it uses, and so on.

C. Create your smart contracts

The nature of your smart contracts will be determined by the features and functionalities you want to bring to your migrated Web2 application. Smart contracts are what power everything that goes on behind the scenes in Web3 dApps, and enable code to be executed automatically when specified conditions are met. 

D. Integrate your app 

Once you have everything set up, you’ll need to make your dApp composable by integrating with various Web3 APIs, libraries, node endpoints, frameworks, SDKs and other developer tools that might be relevant. It’s these integrations that make it possible for users to interact with your dApp, fetch and query data, enable smart contract logic and so on. 

E. Test, upgrade and deploy

You’re now ready for the testing process, which should be rigorous and conducted on an ongoing basis to ensure everything works smoothly and no vulnerabilities are introduced. The final step is to deploy your Web3 app on the mainnet. Be sure to perform best practices to optimize the performance of your new dApp, to streamline transaction speeds and lower costs. 

You’re now blockchain-ready

Web2-to-Web3 application migration is a tricky and time-consuming process. It requires careful planning, a significant degree of expertise with blockchain platforms and smart contracts, and a strong commitment to the cause of decentralization. 

That said, migrating to Web3 is a no-brainer for any business that understands where the future of the internet is headed, enabling them and their users to take advantage of the numerous benefits and opportunities to be found in a world where every app will eventually run on a decentralized network.

Chromia Reveals 16 July As Launch Date For Its MVP Mainnet

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Chromia has announced that its MVP Mainnet will be activated on July 16, marking a significant advancement in its relational blockchain technology. The MVP Mainnet launch is set to solidify the foundation of the Chromia network and initiate the use of the native CHR token. This move will allow the existing CHR token, currently operating as ERC-20 on Ethereum and BEP-20 on BNB Chain, to be migrated to the MVP Mainnet.

The Mainnet will start crucial functions essential for the network’s operations and security, including network hosting fee payments and provider payouts, which will be exclusively managed on the MVP Mainnet.

Henrik Hjelte, Chromia’s co-founder, reflected on the project’s inception and evolution, stating, “Our journey began twelve years ago with Colored Coins, the world’s first token protocol. Following this, we launched a bank-backed stablecoin and recognized the potential of integrating relational databases with blockchain, inspiring the creation of Chromia. After years of development, we are thrilled to see the concept of relational blockchain become a reality.”

Alex Mizrahi, another Chromia co-founder, emphasized the unique architecture of Chromia, “Chromia combines blockchain architecture with ideas from cloud computing and database theory to provide a full spectrum of tools needed to deliver an amazing end user experience. This launch sets the stage for the future growth and development of our network, and I’m excited to see what developers can create with our tech.”

Chromia’s platform, developed by ChromaWay, utilizes relational blockchain technology which restructures on-chain data management, enhancing the efficiency of complex searches and calculations without depending on external services like indexing, data availability layers, or RPC servers.

The platform offers a novel approach to blockchain economics where developers can lease resource containers and generate revenue, easing user interaction and fostering new Web3 business models. This setup allows even non-cryptocurrency owners to engage with decentralized applications (dapps).

With the foundation established, Chromia’s MVP Mainnet is poised for a gradual increase in network activity, expected to enhance the Total Value Locked (TVL) as more dapps and assets transition from EVM chains to the Chromia platform.

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