DOGS token sets memecoin record with 17M users on The Open Network

DOGS token sets memecoin record with 17M users on The Open Network

The newly launched Dogs token could have staged the biggest token generation event (TGE) in memecoin history.

Over 17 million users have already claimed their Dogs (DOGS) tokens, which is a memecoin project on The Open Network inspired by Telegram co-founder Pavel Durov’s iconic dog drawing.

The Dogs Mini App has surpassed 53 million users, of whom 42.2 million are eligible for the token airdrop, making it the “largest meme TGE in cryptocurrency history,” according to a Sept. 10 Telegram post by the TON community.

“DOGS token is now held by 4.5M unique wallets on TON, putting it in a unique position — it has the most unique token holders on any chain ever, and it achieved this in just 2 weeks. Only USDt on TRON and Ethereum have more holders than DOGS.”

Over 17 million users have claimed DOGS tokens. Source: TON community

Although this number of holders is impressive for a memecoin, it is considerably smaller when compared to leading cryptocurrencies. For instance, Ether alone has over 273 million unique addresses, according to data from Ycharts.

The memecoin received significant investor interest following the TGE, which led to two major Dogs-related outages on TON.

While the volume of so-called “users” is impressive, the question of potential bots remains a significant factor to consider, according to Anndy Lian, intergovernmental blockchain expert and author of NFT: From Zero to Hero. Lian told Cointelegraph:

“We have to understand what kind of users they have. Are they able to KYC? Are they able to trade? Are they all bottled? In the view of whether they can be a top project or maybe even a “dogecoin killer”, we need to see the actual active users and how many are trading.”

“It’s 2024, bots are useless and non-sustainable,” added Lian.

Even bigger airdrops for Hamster Kombat and Catizen?

Despite the successful launch of the Dogs token, the TON community expects an even bigger impact on the upcoming Hamster Kombat and Catizen airdrops.

The two airdrops could come as soon as this September, according to the TON community’s post:

“In September, we anticipate even larger TGEs for Catizen and Hamster Kombat, which could bring tens or even hundreds of millions of users to the blockchain for the first time.”

Earlier in August, the Telegram-based viral clicker game Hamster Kombat released more details about its much-awaited airdrop, touted as the “largest in crypto history,” a week after the game reached 300 million players.

In terms of value, the Bonk (BONK) token staged the biggest memecoin airdrop, distributing over $1.3 million worth of tokens to eligible holders, making it the seventh largest airdrop across the entire crypto space, according to CoinGecko data.

Telegram–based Mini Apps are a “Trojan horse” for mass blockchain adoption

The crypto industry is increasingly betting on the onboarding potential of Telegram-based Mini Apps.

Telegram Mini Apps may be a “Trojan horse” for mass blockchain adoption, according to Justin Hyun, the director of investments at TON Foundation.

This is because onboarding the next 500 million users will require simple apps with “actual usability,” explained Hyun:

“But bringing 500 million people on-chain by 2028 — which is our goal — is going to require use cases that interact with the blockchain without the user knowing that in the front end.”

Justin Hyun talks about the mechanics of Mini Apps. Source: YouTube

TON launched a $115 million community incentive program on March 20, with $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts.

 

Source: https://cointelegraph.com/news/dogs-token-largest-memecoin-17m-users

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Shaping the Future of DevPortals: An Exclusive Interview with Anndy Lian

Shaping the Future of DevPortals: An Exclusive Interview with Anndy Lian

DevPortals are the hidden gems of the software development landscape providing developers with essential tools and resources. But as technology rapidly evolves, these platforms must adapt to stay relevant.

In this exclusive interview, we explore the future of DevPortals with Anndy Lian, a leading expert in blockchain and decentralized technologies. Lian offers valuable insights into how blockchain, AI, and the metaverse can transform these platforms, creating more secure, transparent, and inclusive environments for developers.

Decentralized DevPortals

The Shib: How can blockchain technology be leveraged to create more secure, transparent, and community-driven dev portals, while addressing potential challenges like scalability and governance?

Lian: “Imagine a world where developers and users collaborate on a global, transparent platform, their contributions immutably recorded and their ownership clearly defined. This is the promise of decentralized DevPortals, a radical shift from centralized platforms. By leveraging blockchain technology, we can reimagine these spaces as secure and community-driven ecosystems.

Blockchain’s inherent security features, like cryptographic hashing and consensus mechanisms, can safeguard valuable code and data within the DevPortal. Transparency, another cornerstone of blockchain, allows for auditable contribution histories, building trust and accountability within the community. This can empower developers by recognizing their contributions and enabling new incentive models.

However, challenges remain. Scalability, a known hurdle for blockchain applications, needs careful consideration to ensure the DevPortal can handle a growing number of users and projects.  Governance, too, requires a nuanced approach. Decentralized governance models, while powerful, need to be thoughtfully designed to prevent malicious actors from hijacking the platform and to ensure fair and inclusive decision-making. Perhaps a hybrid approach, combining the best of centralized and decentralized governance, could provide a balanced solution.”

AI Assistants in DevPortals

The Shib: Beyond code suggestions and troubleshooting, how can AI assistants be integrated into dev portals to provide personalized learning paths, predict developer needs, or even facilitate peer-to-peer collaboration? What are the ethical considerations and potential biases to be mindful of when implementing AI in such a context?

Lian: “AI assistants hold immense potential to transform DevPortals from mere repositories of information into dynamic, personalized learning and collaboration hubs. Imagine an AI assistant that tracks your progress on a project, anticipates your needs for specific libraries or frameworks, and even connects you with peers possessing the expertise you require. Such intelligent assistance could significantly accelerate the development process and empower developers to tackle increasingly complex challenges.

This vision comes with ethical responsibilities.  AI algorithms, trained on vast datasets of code and user interactions, can inherit and even amplify existing biases within those datasets. This could lead to unfair recommendations, skewed code suggestions, or even exclusion of certain developer demographics.  Transparency is paramount. Developers need clear insights into how AI assistants make decisions, ensuring fairness and accountability. Data privacy is another crucial concern. The collection and usage of developer data must be transparent and consensual, with robust security measures in place to prevent misuse. Striking a balance between personalization and privacy will be key to fostering trust in AI-powered DevPortals.”

DevPortal Interoperability

The Shib: What standards or protocols can be adopted to ensure seamless integration between different dev portals, promoting collaboration and data sharing while maintaining security and privacy? How can we address potential challenges like vendor lock-in and differing technical architectures?

Lian: “To achieve seamless DevPortal interoperability, we need to consider existing standards like RESTful APIs for communication and standardized data formats like JSON for exchanging information between platforms. Think of it like building bridges between islands, allowing developers to move freely and share resources.

Vendor lock-in, where platforms are designed to keep users confined within their ecosystems, is a major concern. To counter this, we need to advocate for open standards and protocols, preventing any single vendor from controlling the flow of data and collaboration.

Data security and privacy are paramount. When platforms share information, ensuring the security of sensitive code and user data is crucial. Implementing robust encryption methods and access control mechanisms will be essential to maintain trust and integrity.

Differing technical architectures can also hinder interoperability. Platforms might use different programming languages, databases, or frameworks, making seamless integration a complex task. One solution could be developing adapter layers or middleware that translate between these different architectures, allowing them to communicate effectively.

By addressing these challenges, we can unlock a future where DevPortals seamlessly connect, fostering a thriving ecosystem of collaboration and innovation.  Imagine developers effortlessly moving between platforms, accessing a wealth of resources and expertise, and contributing to projects regardless of their chosen DevPortal.  This interconnected future holds the potential to accelerate software development, break down silos, and empower developers to build better software, together.”

The Metaverse in DevPortals

The Shib: Beyond immersive experiences and virtual communities, how can the metaverse be leveraged to create new revenue streams or business models for dev portals? What are the potential challenges and limitations of integrating the metaverse into existing dev portal infrastructure?

Lian: “The metaverse offers DevPortals more than just virtual spaces for developers to connect. Imagine a world where developers use VR/AR to collaboratively debug code, manipulating 3D data structures and stepping through program execution in immersive ways.  Picture virtual marketplaces within these DevPortal metaverses, where developers buy and sell code libraries, tools, and even 3D assets, creating new revenue streams for both the platform and the creators.

These immersive experiences and virtual marketplaces present exciting monetization opportunities. DevPortals could introduce subscription models for premium VR/AR collaboration tools or charge commissions on transactions within their virtual marketplaces. Virtual events, like hackathons or conferences hosted in the metaverse, could generate revenue through ticket sales, sponsorships, and even virtual merchandise.”

DevPortal Accessibility and Inclusivity

The Shib: How can dev portals be designed to accommodate developers with disabilities, ensuring that they have equal access to resources and opportunities? What are the best practices for creating inclusive communities within dev portals, promoting diversity and preventing discrimination?

Lian: “Building truly inclusive DevPortals requires a conscious effort to make them accessible and welcoming to everyone, including developers with disabilities. This begins with incorporating accessibility features directly into the platform’s design. For visually impaired developers, screen reader compatibility is crucial. This means using semantic HTML to structure content logically, providing alternative text descriptions for all images and graphics, and ensuring that all functionality is accessible through keyboard navigation.

For developers with motor impairments, keyboard accessibility is paramount. Every interactive element on the DevPortal, from buttons and menus to code editors and search bars, should be navigable and operable using only the keyboard.  Additionally, offering adjustable font sizes and customizable color schemes can benefit users with visual impairments or those with specific learning differences.

Beyond these technical considerations, fostering an inclusive community is equally important.  Clear and enforced community guidelines that explicitly prohibit discrimination and harassment are essential.  Moderation strategies should be proactive in identifying and addressing harmful behavior.  Furthermore, DevPortals can promote diversity by featuring content and contributions from developers from underrepresented backgrounds, organizing events and initiatives that celebrate diversity, and providing resources and support for marginalized communities within the tech industry.”

Emerging Technologies and DevPortals

The Shib: How will technologies like quantum computing, edge computing, and augmented reality impact the development and use of dev portals? What new opportunities and challenges will these technologies present, and how can dev portals adapt to stay relevant and competitive in the future?

Lian: “Emerging technologies present a future where DevPortals are gateways to quantum computing power, edge computing deployments, and augmented reality development environments. Imagine developers accessing quantum simulators and algorithms, seamlessly deploying and managing applications on edge devices, and using AR for interactive code visualization and collaboration, all through the DevPortal.

However, this future requires DevPortals to adapt. Providing educational resources and tools to bridge the skills gap in areas like quantum computing is crucial. Investing in robust infrastructure, including high-performance computing and secure edge networks, is paramount. Equally important is implementing robust security measures to protect user data and code within these new environments.

To stay relevant, DevPortals can partner with leading technology companies to integrate these advancements into their platforms. Offering educational resources, fostering communities dedicated to these technologies, and implementing features gradually based on user feedback will be key. By embracing these opportunities and challenges, DevPortals can empower developers to shape the future of software development.”

Anndy Lian’s insights offer a compelling vision for the future of DevPortals. By leveraging blockchain, AI, and the metaverse, these platforms can become even more powerful tools for developers.

 

 

 

 

Source: https://news.shib.io/2024/09/04/shaping-the-future-of-devportals-an-exclusive-interview-with-anndy-lian/

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Are NFTs Securities or Collectibles? Labeling Debate Heats Up

Are NFTs Securities or Collectibles? Labeling Debate Heats Up

On August 28, 2024, the co-founder and CEO of OpenSea, Devin Finzer, said that his company received a Wells notice from the US Securities and Exchange Commission (SEC) threatening to sue the company amid beliefs that the non-fungible tokens (NFTs) on the platform could be considered securities.

 

A bold statement sent shockwaves through the crypto community as discussions arose over whether NFTs should be considered securities.

What are industry experts saying, and what could a lawsuit mean for the NFT community?

Key Takeaways

  • The SEC’s Wells notice to OpenSea signals heightened regulatory attention on NFTs.
  • Some could potentially be categorized as securities, reshaping the legal landscape for the entire NFT market.
  • Experts are divided on whether NFTs qualify as securities, with some arguing that fractionalized or value-based NFTs might meet the criteria, while others see them as digital collectibles.
  • If NFTs are regulated as securities, the focus could shift from creativity and community to financial instruments, potentially stifling innovation in the NFT space.
  • NFT creators and marketplaces may need to enhance their legal and compliance frameworks, including more rigorous due diligence and onboarding processes, to navigate potential new regulations.
  • Regulation could drive a surge in NFTs tied to real-world assets (RWAs) and utility-driven NFTs.

SEC vs. Crypto: A Never-Ending Battle

The recent news that the SEC has targeted OpenSea with a Wells notice may have come as a surprise to many in the blockchain space. However, the battle between US regulators and the cryptocurrency industry has been ongoing for years.

  • In July 2024, the SEC charged Consensys, a blockchain software company, with engaging in the unregistered offer and sale of securities through its service MetaMask Staking.
  • In November 2023, the SEC charged Kraken, a US-based crypto exchange, for operating as an unregistered securities exchange, broker, dealer, and clearing agency.
  • In July 2023, the SEC charged Celsius, a cryptocurrency platform and Bitcoin mining company, with fraud and the unregistered offer and sale of securities.

However, the SEC’s current focus on the largest NFT marketplace, comes as a first, with the regulator seemingly stepping into uncharted territory.

Finzer said in a statement published by OpenSea on Thursday:

“Cryptocurrencies have long been in the crosshairs of the SEC. But, by targeting NFTs, the SEC is diving into new, uncharted waters, with potentially harmful consequences for consumers, creators, and entrepreneurs alike.”

While a Wells notice does not automatically mean that a lawsuit will ensue it does indicate that the SEC is seriously considering taking enforcement action, thus keeping the industry on its toes.

Are NFTs Securities?

While not all cryptocurrency experts agree with the SEC’s latest statement, some are more inclined to believe that certain NFTs could be classified as securities.

Teddy Ellison, the COO and general counsel of Mojito, a leading platform for NFT commerce and community engagement, told Techopedia that certain NFTs could surely be considered securities.

“It is well accepted amongst legal scholars in the industry that fractionalized NFTs likely are securities. Further, we have seen NFTs released with no utility, for fundraising purposes and with value-based marketing that also likely are securities. Many projects in today’s NFT market have taken the ‘NFT’ technology and used it to create identical bundles of NFTs in large numbers. How many NFTs until it looks and talks like a fungible token? The analysis is complex and there are arguments on both sides.”

Anndy Lian, an inter-governmental blockchain adviser and best-selling author of NFT from Zero to Hero, agreed, citing the Howey Test, a legal standard used by US courts to determine whether a transaction qualifies as an investment contract and, therefore, a security, by assessing if it involves an investment of money in a common enterprise with an expectation of profits primarily from the efforts of others.

“The question of whether NFTs are securities is complex and depends on how they are structured and marketed… NFTs involve investing money, but whether they represent a common enterprise with profit expectations dependent on others’ efforts is less clear.

“Some NFT projects, especially those promising future benefits tied to the NFT’s value, might meet these criteria.”

However, other experts argue that NFTs should not be considered securities when compared to more traditional collectibles such as pieces of art, trading cards, and antiques, which also carry a similar potential for value appreciation over time.

Corey Wright, the CEO of Honeyland, a blockchain-based strategy game, said:

“Key arguments against treating NFTs as securities revolve around their identity as collectibles and their additional functionalities. Many NFTs offer more than just potential economic benefits—they often provide utility, access to communities, or digital ownership rights. Applying a decades-old securities framework like the Howey Test fails to acknowledge the modern digital context and could stifle the innovative potential of NFTs rather than protecting investors.”

Classifying NFTs As Securities Could Be Positive

Speaking with Techopedia, Mojito’s Ellison debunked the overall negative sentiment surrounding the recent news, highlighting that if NFTs are classified as securities, the impact could be positive.

“I believe the impact will be positive in that it will cause NFT projects to look more critically at their goals and structure to bring to market something that is pre-baked legally to be sold as a commodity and not a security.

“For all the NFT projects that are truly unique (such as selling non-fractionalized artwork 1 of 1s) nothing will change as those are clearly not securities, but for the more creative projects looking at fractionalization, loyalty programs or bundling NFTs, they will need to be careful.”

Of course, if the classification of NFTs as securities comes into fruition, creators, marketplaces, and collectors would have to pay much closer attention to the legalities behind purchasing, creating, and selling non-fungible tokens.

Ellison highlighted that:

  • Creators would have to figure out how they are planning to sell their IP.
  • Marketplaces will need to build much more serious customer due diligence and Know Your Business (KYB) or Know Your Customer (KYC) onboarding processes.
  • Collectors should also exercise greater caution and due diligence before purchasing an NFT and determining their risk appetite.

Utility-Driven & RWA-Linked NFTs Could Strive

Naturally, new regulations could also drive a shift in the types of NFTs created.

Lian highlighted that a surge in NFTs tied to real-world assets (RWAs), such as real estate, intellectual property rights, or fractional ownership in businesses, is highly likely since these offer the inherent value and potential for income generation and utility, perfectly aligning with the characteristics of traditional securities.

He added:

“Utility-driven NFTs, granting access to exclusive content, services, or communities, could also gain traction. However, creators would need to carefully structure these offerings to avoid inadvertently creating an expectation of profits based on their ongoing efforts.”

Honeyland’s Wright noted that if the SEC says NFTs are securities the new regulation could truly stifle the innovation with this fundamentally creative industry.

“The focus would likely shift from NFTs as vehicles of artistic expression, cultural significance, and recreational gaming to more financial-focused instruments. This shift would erode the foundational elements of creativity and community that have been central to the rise of NFTs.”

The Bottom Line

As the SEC clarifies its stance on NFTs, the market could likely see a period of adjustment and maturation, Lian told Techopedia.

“While some uncertainty remains, the NFT space will probably evolve in a way that balances innovation with regulatory compliance. We can expect to see platforms adapting to meet disclosure and registration requirements, leading to a more secure and transparent marketplace.”

The classification of NFTs as securities could also bring a much more mainstream group of investors into the industry, who previously might have hesitated to get involved amid regulatory ambiguity.

However, stricter regulations could also present the space with a number of challenges, especially for smaller creators and platforms.

Even so, the new regulation would show how the NFT market is positioned to become more integrated into the existing financial system, with a greater focus on compliance and investor protection.

 

Source: https://www.techopedia.com/are-nfts-securities-or-collectibles

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