Vladimir Putin, President of Russia, talking at the International AI Journey Conference in Moscow on 24 November, criticised the monopoly in global financial payment systems and [advocated](http://en.kremlin.ru/events/president/news/69927) for an independent, blockchain-based settlement network. Sberbank, Russia's largest bank and a primary lender to the government, hosted the event.

## Putin aims to introduce new blockchain payment

Putin thinks that digital currencies and [blockchain](/news/category/blockchain-news) technology could be used to create a new international settlements system that is more convenient, safe for its users, and, most importantly, does not rely on banks or third-party meddling. He believes that something comparable will grow and evolve since no one likes monopolists' control, which damages all parties, even the monopolists themselves.

## Why Putin believes the new blockchain payment is the way forward

Putin also warned that global payments and nations are in jeopardy because of strained links between the West and Russia in the aftermath of Ukraine's invasion, labelling national sanctions as unlawful limits.

According to Putin, the current international payment system is expensive, and a small number of states and financial firms control its account system and regulation forms.

## Lawmakers in talks to change rules concerning blockchain payments

The day before Putin's speech, local media reported that officials were discussing modifying current cryptocurrency legislation to create a legal foundation for a nationwide exchange.

Another recent event was the introduction on 17 November of a bill into Russia's State Duma, the lower house of parliament. It authorises cryptocurrency mining and the selling of the cryptocurrency created.

The measure defines mining and mining pools legally and would establish a local cryptocurrency market, marking Russia's next move toward integrating digital assets into its economy.

Anatoly Aksakov, Chairman of the Duma Financial Markets Committee, believes that the passing of the bill will bring this activity into the legal sphere and allow for the formation of a law enforcement practice on matters relating to the creation and circulation of digital currencies. In [Russia](/news/article/russia-approves-cross-border-crypto), users cannot use cryptocurrency for their respective settlements.


Putin's Blockchain Payment System

[Lazy](/news/article/lazy-monkey-nft) minting is a strategy that is increasingly being used in NFT contracts. It helps in reducing high gas fees on Ethereum.

The process of converting a digital item into a crypto-collectable or non-fungible token on a blockchain is known as minting. It is the process of uploading a particular item and allocating it to a unique token on the blockchain. The digital item is kept in a decentralised database, or distributed ledger, and cannot be edited, modified, or deleted.

## What is lazy minting?

Lazy minting allows NFT artists to sign "minting authorisations", enabling users to mint NFTs later. These mint authorisation signatures are free to create and ensure that no NFTs are minted without prior approval.

It is a method of deferring minting until the non-fungible token is about to be sold. Buyers pay the fee after their NFT has been sold, making digital asset creation more affordable and equitable for creators. 

It is now available on major NFT platforms such as [OpenSea](/news/article/nft-hackers-passports) and [Rarible](https://rarible.com/).

## What is the significance of lazy minting?

It is vital because it allows artists to save money when minting, which is a significant concern when gas prices for [Ethereum](https://ethereum.org/en/) transactions are high.

When the Ethereum blockchain is overcrowded, the gas price can skyrocket. This forces artists to pay large sums of ETH to list their work for sale on digital asset marketplaces.

During hyped NFT launches, bull markets, and market-related headlines where many people try to conduct on-chain transactions, the cost to mint an NFT can become relatively high.

## How does it function?

The creation of off-chain NFTs is used in lazy minting. This implies that until an NFT is purchased, it is not officially on the blockchain. Once the digital item is bought, it is minted on-chain and the buyer is responsible for paying the gas costs to mint the NFT.

It can be broken down into three general steps:

1.	A smart contract is used by the creator to mint an NFT. On behalf of the seller, this contract will mint and sell the NFT.

2.	To approve the lazy procedure, the seller offers a private signature containing a wallet and token information (such as the token ID, price, etc.).

3.	The buyer buys the token and pays a price that includes the NFT and the cost of minting it. After that, the NFT is added to the chain and delivered to the buyer's wallet.

## What advantages does it offer?

It offers several advantages, including:

1.	Reducing the impact of gas fees: By moving the payment of the gas fee to mint NFTs after the sale, sellers can include the fee in their pricing models, reducing the deterrent effect of the high costs on budding artists.

2.	Lowering the entry barrier: One of the chief advantages is the removal of high gas costs required to mint an NFT, lowering the entry barrier and making the process more accessible to developers and artists.

3.	Boosts liquidity: It promotes liquidity because NFTs can only be transferred after being sold. As a result, buyers won't have to wait an eternity for their NFT to be transferred, and sellers won't end up with a stockpile of newly minted, unsold NFTs.

## Bottom line

[Lazy](/news/article/lazy-lions-nft) minting is a thriving trend in the market for non-fungible digital assets, with numerous advantages for artists and developers. It removes the initial cost of minting NFTs, making the process more affordable and accessible. 

Furthermore, because only sold NFTs are minted, and unnecessary power-hungry transactions are removed from the blockchain, the benefits aren't limited to artists and developers.



What is Lazy Minting?

Since it came onto the scene, many have wondered, 'is Casper crypto a good investment?'. Here, we'll try to find out.

The Casper cryptocurrency was launched in 2017 and gained popularity due to its unique features. The most significant part of Casper is its use of the Proof-of-Stake (PoS) algorithm, which is different from the more common PoW (Proof-of-Work).

With PoS, instead of miners validating transactions and earning rewards, Casper users who hold the currency in their [wallets](/news/article/crypto-wallet-multiple-currencies) can earn interest on their holdings. This makes Casper a more environmentally friendly option, as there is no need for energy-intensive mining operations.

There are many options when [investing in cryptocurrency](https://www.wsj.com/articles/tesla-ceo-elon-musk-says-he-personally-owns-bitcoinand-so-does-spacex-11626908542). With so many different coins and tokens available, knowing which ones are worth your money can take time and effort.

One coin that has been getting much attention of late is Casper. The new cryptocurrency is designed to change how we interact with the internet and promises to provide many benefits over traditional currencies.

Casper has also implemented some governance mechanisms to ensure that the currency uses responsible. For example, users must have a minimum balance to participate in staking and earn rewards.

## Is Casper a good investment?

It's essential to understand what Casper is and how it works. Casper is a decentralized network that uses [blockchain technology](https://www.newsbtc.com/news/bill-gates-bitcoin-exciting-shows-cheap-sending-money-can/) to enable secure, peer-to-peer transactions. Transactions on the Casper network are processed instantly and are entirely private.

Casper's design is to be more efficient than current web browsers. The developers claim Casper can load pages four times faster than Chrome and Safari. Additionally, Casper doesn't require users to install any plugins or extensions.

Casper is a good investment as it offers an excellent opportunity to make profits in the long term. It is among the most popular and successful Initial Coin Offerings (ICOs), attracting much attention from investors and traders.

The project has a strong team of experienced developers, entrepreneurs, and marketing experts. They have created a functional product and have a solid roadmap. A well-known venture capitalist firm also backs the project.


Is Casper Crypto a Good Investment?

[DigitalBits blockchain](https://digitalbits.io/) is one of the best-known names in the [football arena](/news/article/okx-partners-manchester-city). Last year, it launched its Mainnet 2.0 with the introduction of the XDB mainnet token. The platform users now have to use these new tokens in place of previous ERC-20 ones.

For this reason, the blockchain announced its first token swap with Digifinex Exchange in August 2022. It also announced integration on other supported exchanges, including Gate.io and KuCoin. 

The deadline for completion of integration was 7 October. But now, the XDB news confirms that it has revised the timeline. Now, the users can swap tokens between 18 October and 31 December on Coinbar. It also confirmed that it will be the final chance for [token swapping](/news/article/what-is-metamask) across exchanges and brokerages.   

## DigitalBits Overview

DigitalBits is a highly acclaimed blockchain among footballers. It has collaborated with several major clubs like [Inter Milan](https://www.inter.it/en) and [AS Roma](https://www.asroma.com/). Football legends like David Beckham and Francesco Totti serve as their brand ambassadors.

The project started as a fork of [Stellar](/news/article/what-are-altcoins) back in 2017 and shares its core features. It aimed to provide an efficient and affordable platform for brand currencies, NFTs, and stablecoins. Also, it identifies itself as 'the blockchain for brands'.

It is an open-source protocol layer blockchain that offers complete decentralisation and ease of use. Using the platform, you can create transaction tools. For brands, it can be beneficial as it allows asset tokenisation, increasing audience engagement.  

## Token swap between XDB ERC-20 and Mainnet tokens

Initially, the platform used the XDB [ERC-20](/news/article/weth-vs-eth) (Ethereum Request for Comments 20) tokens as its natives. However, last year, the blockchain changed its protocol and launched version 2.0 with Mainnet tokens. That’s why the previous tokens needed to be swapped with the newer ones. 

The platform decided to integrate the mainnet chain with all its supported exchanges to make the process easier for the users. Through this procedure, exchanges seamlessly interchanged users' ERC-20 tokens into Mainnets with 1:1. The platform allocated a time window for each exchange. 

During this period, exchanges paused withdrawals and deposits of the previous tokens, but allowed trades. The process allowed the users easy access to the mainnet tokens without needing manual swapping. Most of the blockchain’s compatible exchanges like [Gate.io](https://www.gate.io/), [KuCoin](https://www.kucoin.com/), Digifinex, and Bitpanda backed this procedure. 

## XDB news confirms extension in token swap date

Most exchanges that supported this procedure have already carried out token swaps. The [KuCoin exchange](https://news.monitalks.io/news/article/where-can-i-buy-moonbeam-crypto) was the last among them to do so, which closed the swaps on 7 October. However, the [XDB news blog](https://medium.com/digitalbitsorg/this-is-the-very-last-chance-to-swap-xdb-erc-20-to-mainnet-99c8f6b2f1ae) revealed that some users could not swap tokens within the proposed period. 

To facilitate such users, an Italian-regulated exchange, [Coinbar](https://coinbar.io/), presented a plan. It has extended the cut-off period. The DigitalBits mainnet went live on Coinbar on 18 October, and its token swaps will continue till 31 December 2022.

![xdb news.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/xdb_news_1c0936a775.png)
    
After the end of this cut-off period, XDB ERC-20 tokens will be removed permanently. From 1 January, 2023 onwards, you can use Mainnets on the platform for transactions. 

## Bottom line

DigitalBits’ ERC-20 token is going to be removed permanently from the platform. Though it announced the cut-off date to be 7 October on KuCoin, there has been an extension. According to XDB news, the last date to swap the previous version for a new one will be 31 December on Coinbar.



XDB News: Token Swap Date Extended 

[Fortify](https://fortify-blockchain.com/) NFT boosts the value of your products. It combines blockchain and NFC technology to increase brand trust and engagement.

The platform offers a secure module (NFC crypto chip) that enhances your product by bridging the physical and digital worlds.
All data is stored in an open, [decentralised blockchain](/news/article/dns-servers) network. The platform guarantees transparency and immutability. It offers fully customised mobile applications (Android, iOS) for your customers to interact with your product to strengthen your brand. 

Fortify allows you to: 

1.	Prove your product's authenticity using the NFC crypto chip.
2.	Claim and transfer ownership.
3.	Check on the product's sustainability and provenance, and many other functions.

## Services offered by Fortify 

1.      Genuineness and thriving secondary markets
Artists no longer participate in the secondary market for their works of art because, after a sale, they no longer see the value in doing so. 

Fortify enables a thriving secondary market while returning control to artists. An NFC chip protects each piece of art, and the blockchain is used to track and modify ownership. Every resale generates some profit for the artist.

2.      Trust and participation in the fashion industry
Handbags, shoes, watches, and glasses are a few examples of products plagued by counterfeiting. Furthermore, customer engagement is low. Once purchased, the producer's ability to increase customer interaction with the product or brand is limited.

Fortify alters this by generating a digital twin of each object on the blockchain and encouraging customers to interact with it.

3.      Industrial applications: Track assets as they move through the supply chain
Goods of any kind in industrial processes can be linked to a digital twin on the blockchain using the NFC chip. These goods can be tracked transparently throughout the entire supply chain. 

Costs for identifying, tracking provenance, or obtaining reliable information about previous production steps can be drastically reduced.

4.      Solution for high-end spirits
The counterfeiting of spirits is massive, especially when it comes to high-end products. Fortify's solution for high-end spirits protects bottles of any type from counterfeiting, as demonstrated by a limited edition of 999 bottles of GIN. 

## How can Fortify NFT help your business?

1.      Authenticity 
Fortify’s blockchain-NFC chips embedded in your products serve as an anti-counterfeit solution, protecting your brand.

2.      Customer Engagement
You can use blockchain tokens ([NFT](/news/article/meta-facebook-nft) to prove ownership, purchase and sell goods on the secondary market, collect digital and physical goods, and many other things.

3.      Rarity
You can establish trust by being upfront about the actual number of an item's limited supply.

4.      Supply Chain Transparency
Any asset can be tracked and traced throughout the supply chain using Fortify.

## Bottom line

Have you ever lost track of your product after it was sold in a retail setting? 

Fortify NFT can solve this problem. The application dashboard provides detailed information on customer interaction with your products: When and where was its authenticity established? Is it being resold on the secondary market? Who currently owns the digital and physical assets? All this data is retrieved from NFC chips and the blockchain and displayed in a user-friendly interface.



Fortify NFT Explained

Luna 2.0 is a new version of the Luna token, the new cryptocurrency of the Terra blockchain. It came into existence in May 2022 after Luna and TerraUSD (an algorithmic Stablecoin) crashed.

## Origin

When Terra’s tokens [crashed](/news/article/terra-luna-collapse), there were suggestions from investors in either of them about how to move on.

Many suggested a mass burning, but Do Kwon, the CEO and founder of the network, was against it, stating it would not benefit investors. He instead suggested a hard fork of the Terra blockchain, which received mixed responses from the community.

Despite much criticism, Kwon went ahead with the hard fork move. The hard fork resulted in two blockchains and cryptocurrencies.

The new blockchain and cryptocurrency became known as Terra 2.0 and Luna 2.0, respectively, while the old blockchain and cryptocurrency, which still exist, were renamed Terra Classic and Luna Classic (LUNC).

## Purpose

The new Terra token came into existence to compensate investors who had suffered heavy financial losses after TerraUSD crashed. The token was also a way for the platform to try and recover from the devastating market crash.

The new tokens were issued to those who held their old versions through airdrops. The token’s distribution plan included giving 35% of them to those who held its old version before the crash. TerraUSD holders received 10%.

Investors received the tokens based on how much of either the TerraUSD or old tokens they held before the crash.

## How is it different

Luna 2.0 was created without the vulnerability of its old version. It is designed to operate without depending on any stablecoin for value. The old version-maintained value through its relationship with the TerraUSD algorithmic stablecoin.

## Market performance

On 28 May, when the token first hit the market, it was worth $4.94, according to [Coinmarketcap](https://coinmarketcap.com/currencies/terra-luna-v2/). It would quickly appreciate, ending the month worth $10. Things would, however, take a huge turn for the coins going forward. They would slowly depreciate and start trading at $2 on 10 June.

The coin traded between $2 and $1 for most of the months to the time of writing. It is currently worth $2.68. It is ranked the 99th largest cryptocurrency globally, with a live market cap of $336,746,754.

There are currently 127,475,474 of them in public circulation. They are listed in several crypto exchanges, including Binance, KuCoin, OKX, and Bittrue.

In comparison, LUNC tokens, [as of writing](https://coinmarketcap.com/currencies/terra-luna/), are worth $0.0002662 each. They are ranked the 33rd largest cryptocurrencies in the world, with a live market cap of $1,637,683,104. 

It is worth noting that not many people are confident about the new Terra coins. Many were quick to sell theirs as soon as they were airdropped. While it is early for speculation, the coin is not performing well. There are, however, a few who are hopeful about its future.


What is Luna 2.0?

[CoinBureau](https://www.coinbureau.com/) is a website dedicated to delivering educational and informational blockchain guides to users worldwide.
Its team of writers is passionate about all things blockchain and loves nothing more than sharing their knowledge with the readers. They want to make blockchain more accessible than ever before.

If you're interested in learning more about blockchain or want to stay up-to-date on the latest news and trends, then CoinBureau is the website for you. 

## Different types of content on CoinBureau

On CoinBureau, you'll find different content that helps you learn more about blockchain technology and the cryptocurrency ecosystem. It has articles that discuss the [latest news](/news) and events in the world of crypto and tutorials that will help you get started with Bitcoin and other cryptocurrencies.

It also has a website section dedicated to helping you find the [best crypto exchanges](/news/article/best-exchanges-for-crypto-uk) and wallets. Suppose you're looking for a more hands-on learning experience; it has a range of video tutorials taking you through the basics of blockchain technology and cryptocurrency trading.

Whatever your level of knowledge, it has content that can help you advance your knowledge of the world of blockchain.

## Categories covered by CoinBureau

The website covers five categories: mining, reviews, trading, DeFi, and news.

The mining section answers questions you may have about crypto mining. The [review section](https://www.coinbureau.com/review/) covers the reviews of cryptocurrency and blockchain projects. 

The trading section covers how you can trade efficiently by understanding the knowledge of trend lines and more. The DeFi section will help you to understand how it is trying to overthrow traditional centralised finance.

The guides section helps readers to find better exchanges and blockchain projects. Finally, the news section covers all the latest news that affects the crypto world.

## Two hubs of CoinBureau

The CoinBureau website is an ocean of crypto content. It provides its visitors with information through two hubs, which are:

### Resource Hub

Here you will find the best evergreen cryptocurrency information available. It covers everything related to blockchain and cryptocurrency. The platform is ideal whether you want to learn about mining or trading, need a how-to guide, or want to research your favourite project.

### Video Library

With more than one million subscribers, CoinBureau has the world's largest cryptocurrency YouTube channel and consistently produces the best videos for your consumption. And it keeps all of those informational videos in this hub for your convenience.

## Conclusion

CoinBureau is a growing community with more than 695K followers on Twitter, 2.07 million subscribers on YouTube, and 196K subscribers on Telegram. The site has a one-stop solution for cryptocurrency enthusiasts with content news for all the readers from beginner to pro level.



CoinBureau: Making Blockchain Info Accessible

[Bytecoin](https://bytecoin.org/), or Bytes crypto, was launched in 2012, promising complete decentralisation and privacy. It offered an open-source code through which anyone could contribute to the network. Besides, it allowed users to enjoy higher efficiency at a nominal cost.  

The network’s untraceability is one of the standout points. It can be ideal for users who want to remain anonymous while making trades. Though it is an old and promising network, its Bytecoin has not progressed in the market. 

In this article, we will investigate [Bytes crypto (BCN)](https://www.coinbase.com/price/bytecoin-bcn) and its future as an investment.

## Bytes crypto network explained

Nicolas van Saberhagen introduced the BCN blockchain intending to solve some significant problems with existing blockchains. A key feature of most cryptocurrencies is their transparency. However, this results in making the users’ data public. This is where the BCN network comes in. 

It eliminated this issue with the use of CryptoNote technology and ring signatures. This allowed the platform to make transactions untraceable. Besides, it also adds to the unlinkability by offering users a different address for each transaction. 
Apart from that, it does not compromise on decentralisation and efficiency either. Its flexible mechanism allows readjustment of block difficulty. It is the reason the network needs only 120 seconds to generate a new block. 

On the other hand, its ecosystem involves several other blockchain companies. These include [reputed exchanges](/news/article/best-exchanges-for-crypto-uk), [mining pools](/news/article/crypto-mining-farms), [multi-wallets](/news/article/cryptocurrency-hardware-wallet), news agencies, merchants, and other tools. With all these attributes, it is a pretty handy platform for users who want to keep their anonymity and enjoy a standard platform’s features.   

## Features

Bytecoin is the native token of the platform. It is used for network maintenance and governance. Here are some prominent features of the token:

1.	Decentralisation
Bytes crypto offers complete decentralisation. It is a network spreading all over the globe with a large number of nodes, and all its users share governance rights, which are facilitated by Bytecoin.

2.	Untraceable and unlinkable transactions
Transactions in Bytes crypto are untraceable and unlinkable, keeping the users anonymous. It leverages the CryptoNight mining algorithm, which allows it to maintain secrecy. Ring signatures for verifying transactions ensure that the sender's identity remains hidden. 

Meanwhile, one-time addresses eliminate the risk of linking users to the transaction. That’s why the users who prioritise their privacy can choose this network.

3.	Adaptive parameters and scalability
Adaptive parameters are another feature that differentiates this BCN from the likes of [Bitcoin](/news/article/bitcoin-price-uk). Its code is not rigid and can be adjusted as per the requirements. So, if there is a change in hash rates, it can modify the block-generating difficulty. 

4.	Efficiency and lower cost
The coin not only allows decentralisation and untraceability but can also give you impeccable efficiency. Because of the CryptoNote technology and ring signatures, it can instantly process transactions. Moreover, it only takes around two minutes to add a block. The costs are also minimal in comparison to most cryptocurrencies.

## Is Bytecoin a good investment?

It is a privacy-oriented platform that offers various use cases. Atypical of the earliest cryptocurrency projects, it was among the first to introduce untraceability. However, with time, many other similar projects like Monero took shape. Bytecoin was left behind because of a lack of innovation. 

That’s why this coin is not a likeable choice for investors. Its current value is only $0.000024, with a market cap of $4,402,170. [CoinMarketCap](https://coinmarketcap.com/currencies/bytecoin-bcn/) shows quite a low ROI, which is down by 63.79%. There is also not much activity on the network since 2019. This does not play well for its position in the market. Therefore, it might not appear to be an ideal investment option. 



Bytes Crypto: Is it a good investment? 

The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) officially [launched](https://meaacba.org/new-crypto-and-blockchain-association-launched-in-abu-dhabi/) on November 8 in the Abu Dhabi Global Market (ADGM), a free economic zone based in the city's centre subject to its own set of civil and commercial laws. The zone was designed to further the growth of fintech companies in the United Arab Emirates (UAE).

According to its website, the nonprofit will aim to facilitate regulatory solutions, create commercial opportunities, and invest in education to support industry growth.

## How did the Middle East, Africa and Asia Blockchain Association come about?

The association will be led by board chairman Jehanzeb Awan, founder of an international risk and compliance consulting firm headquartered in Dubai.

Other supporting the association include Binance's regional head of Middle East and North Africa (MENA), Richard Teng, Crypto.com's general manager of Middle East and Africa, Stuart Isted, and Ola Doudin, the CEO of BitOasis, a cryptocurrency exchange in the region.

Awan said he hopes the organisation will bring a collaborative and community-based approach to further industry growth in the MENA region and "create wide-reaching benefits for this highly dynamic and exciting space."

"The industry will benefit from the Association as it provides a coordination mechanism between regulators, government agencies, banks, legal, tax, and advisory firms to address the most pressing challenges," he added.

ADGM's chairman Ahmed Jasim Al Zaabi, also stated that MEAACBA's addition would contribute to a much more "progressive financial sector" in the region.

MEAACBA's launch comes as the Financial Services Regulatory Authority (FSRA) — the financial regulator of ADGM's free economic zone — published a set of "Guiding Principles" on its approach to [navigating the regulatory complexities](https://cointelegraph.com/news/abu-dhabi-regulator-introduces-guiding-principles-for-crypto) by the digital asset industry in September.

The principles are said to be "crypto-friendly" while still complying with some of the strict international standards on Anti-Money Laundering (AML) and [Counter-Terrorism Financing (CFT)](https://cointelegraph.com/news/tech-savvy-terrorists-are-using-crypto-to-finance-their-horrible-deeds-un-official) by the United Nations.

## MENA-The fastest-growing crypto market

According to a recent study, the MENA region is also the [fastest-growing cryptocurrency market](https://cointelegraph.com/news/middle-east-and-north-africa-are-fastest-growing-crypto-markets-data) in the world. During 12 months from July 2021 and June 2022, transaction volume in MENA reached $566 billion, an increase of 48% from the previous 12 months.

The use case for cryptocurrencies in many of these emerging markets has come in the form of savings preservation and remittance payments to counter the effects of inflation in volatile economies.



Middle East, Africa and Asia Blockchain Association launch

A free NFT giveaway rewards users who take part in the promotion. Free NFT is the new meta in 2022. Everyone wants to reward their community with exciting prizes, whether they are whales, influencers, or brand-new [NFT projects](/news/article/upcoming-solana-nft-projects).

## How to get a free NFT giveaway

The project determines it. Some giveaways are only available to NFT holders, whereas others are intended to attract new community members. In either case, they both seek the same thing: exposure.
There are two types of giveaways you can join:

1.	Retweet and like contests

The rules for these contests are simple and clear. Typically, the project team will ask participants to like and retweet a specific post. Tagging others in the comments section or following other accounts is also sometimes required.

Some organisers reward multiple winners with NFTs, cryptocurrencies, or even cash.
Twitter influencers, projects, and even marketplaces regularly hold such contests. You can find them on Twitter by searching "NFT giveaway”.

2.	Fan art contests

Nowadays, many digital asset initiatives and influencers hold fan art contests. Participants must create original works of art to win NFTs and other exciting prizes. The artwork submissions must frequently draw inspiration from the organisers' projects.

For example, [Deadfellaz's](https://www.deadfellaz.io/) famous "Draw the Undead" derivative art contest required participants to create artwork based on their NFTs. Nonetheless, the team allowed non-holders to participate by drawing inspiration from two of the collectables.

Of course, these competitions require time and effort. They are, however, an excellent way for an artist to gain exposure.

## Who is handing out free NFTs?

Giveaways can be found everywhere these days, from Discord to Twitter and even Reddit. But who is organising these competitions, and where can you find them?

Two types of creators organise them. They are: 

1.	NFT projects giveaways

Giveaways are an effective strategy for growing one's audience, and projects are aware of this. Most new projects run giveaways on Twitter or Discord to gain more followers. Some giveaway their first-ever NFT collectables, while others distribute money, cryptocurrencies, or other resources.

2.	NFT influencer giveaways

Most NFT influencers are as concerned with their community as their projects. Indeed, their free NFTs could be surprisingly inventive!

GaryVee, for example, offered a free [VeeFriends](https://veefriends.com/) for every 12 copies of his book sold during the first 24 hours. This clever campaign made his book "Twelve and a Half" a best-seller, while buyers received free collectables.

However, you should double-check the influencer's account before participating in a giveaway.

## Free NFT giveaway - Legitimate?

"It depends" is the brief response. The digital market is still new to many people compared to other markets, and scammers are aware of this. Unfortunately, thousands of [digital wallets](/news/article/crypto-wallet-multiple-currencies) or accounts have been compromised by hackers.

One of their tricks, for example, is to host free NFT giveaways that requires you to connect your wallet to a specific platform. This should raise a red flag because legitimate influencers or projects do not request personal information or a digital wallet connection in exchange for a giveaway.

Second, keep an eye out for the giveaway prize. If, as the old cliche goes, something seems too good to be true, then guess what? It probably is. Naturally, some initiatives and influencers can be kind, but few would provide large cash prizes.

## Bottom line

NFT giveaways are a fantastic way to grow a community while rewarding current members. You can enter free Twitter contests that require liking and retweeting posts or compete in art competitions to show your talent.

NFT projects and influencers frequently host giveaways, but double-check their accounts before participating! 


Is a Free NFT Giveaway Legit?

Launched in 2021, [Phantom wallet](https://phantom.app/) is a non-custodial crypto wallet built for the Solana blockchain. It is used to interact with Solana-based tokens, smart contracts, NFTs, and decentralized applications (DApps). It is available as a browser extension and mobile app.

It can be accessed using major browser extensions such as Chrome, Firefox, Brave, and Edge. As a mobile app, it is compatible with iOS devices as well as Android.

## Key features

Phantom wallet stands out with its many features. They include;

i.	Simple user interface: Its simple user interface makes it beginner friendly. Anyone can use it to interact with the SOL blockchain. All service options are available on the first page.

ii.	Non-custodial: Users have complete control of their private keys, which give access to their funds. It has no access to users’ data or funds.

iii.	Supports Ledger: It can be connected to Ledger, a leading and highly secure hardware wallet for extra security.

iv.	Built-in exchange: It features a built-in decentralized exchange that allows users to swap SOL-based tokens within it.

v.	NFT compatible: It supports NFT collectibles from the SOL blockchain. It has a feature that automatically groups similar NFTs for easy accessibility. However, it only supports Solana NFTs.

vi.	[Crypto staking](/news/article/what-is-staking-crypto) capabilities: It allows users to stake SOL and receive rewards. Crypto staking is a good way to earn passive income from cryptocurrencies.

vii.	Great security: A strong password is the first line of defense. It is required to protect funds from thieves and hackers. It also features a recovery key phrase to restore access to it. Biometric authentication is another security feature offered to those using its mobile app version. The feature enhances its security even when accessing it on the go.

viii.	Privacy: It prioritizes privacy. Users don't have to provide any personal information to create it. They only need to create a password to start using it. It also does not track any personally identifiable information, users' account addresses, or asset balances.

## Pros and cons

There are many reasons to use Phantom wallet to interact with the SOL blockchain. Some of its advantages include;

### Pros

•	It is easy to use, therefore beginner friendly.

•	It is non-custodial, therefore, does not have control over users' funds.

•	It features a built-in swap and is compatible with NFTs.

•	It supports Ledger (a hardware wallet) for increased security.

•	It prioritizes privacy and features great security.

### Cons

•	It does not support any other network.

## Conclusion

Phantom is a great wallet. It is especially perfect for newbies venturing into the crypto space through Solana, one of the most active and fastest-growing ecosystems in the crypto space.

It is easy to use, feature-rich, and highly secure. It easily gives access to all Solana services. It can be accessed as a web extension and mobile application. There is a lot to like about it.



Solana Phantom Wallet Guide

Blockchain is the tech that underpins cryptocurrency, but is not, in itself, a cryptocurrency. It is a decentralised [ledger](https://blockchainsimplified.com/blog/types-of-blockchain-ledger/) which tracks digital assets on a peer-to-peer network. 

On this network, every node (computer/server) connects to every other and each node holds the same copy of the ledger. 

So, [blockchain](/news/tag/blockchain-tag) is an ever-growing, secure and shared record-keeping system where each user of the data retains a copy of the records. These records are only updated when most parties agree to the update. 

 
 

## Examples 

In a simple sense, this is like your bank account statement or records of your sales and purchases of raw materials. It is similar, in some ways, to an Excel spreadsheet tracking equipment used by a hospital. 

A good analogy for explaining blockchain is that of a large book. Think of it as an old book-based ledger, where each page refers to the previous page through a page number. In this analogy the book is blockchain, a page is a block and an entry on that page is a blockchain transaction. 

It is easy for you to see if a page has been removed or deleted, just as it is to see if a block has been changed. It is also simple to arrange the pages, thanks to age numbering, and, therefore, identify suspicious behaviour. 

The fact the pages (or blocks on the blockchain) are built tightly on top of each other and numbered makes it impossible to tamper with previous entries without someone noticing. 

 
 

## Blockchain parts, and what they look like 

A generic blockchain will include certain features. These include: 

- Address – unique identifiers – of the sender and receiver. This is usually a public key 

- Transaction – representing the transfer value – one address to another 

- Block – multiple transactions and other elements, including: 

1. Reference to the previous block 

2. Nonce – the number generated and used only once 

3. Timestamp – creation time of block 

4. Merkle Root – hash of all nodes of a Merkle tree 

5. Transactions – a record of an event, such as the transfer of crypto from the sender to the receiver’s account 

 
 

## How blockchain works 

Here is a simplified explanation of how it works. 

#### Transaction initiated
The node starts, first creating and then signing it with a private key. The transactions may be cryptocurrency transfers or smart contract invocation. 
#### Transaction validated and broadcast
The transaction is verified pre-broadcast and then it is broadcast to other peers, who validate based on pre-set validity criteria.
#### Find a new block
The transaction is received and validated by miners, then included in a block and the mining starts. Miners then race to finish the block they have created. 
#### New Block found 
When the miner solves the math puzzle, the block is considered mined or finalized, and the transaction is confirmed. 
#### Add a new block to Blockchain 
The new block is validated, the transactions/smart contracts executed, and it is broadcast to peers. The peers also validate and execute the block, and it is now part of the blockchain. The next block links itself back to this one with a hash pointer, which refers to the previous block. 

## Benefits of Blockchain 

Blockchain offers a range of benefits, perhaps most notably [decentralization.](/news/article/dns-servers) This means there is no need for a third party or intermediary as it is based on a consensus mechanism. It is also transparent and can be trusted; a blockchain and its transactions are a public record and immutable, meaning it is almost impossible to change data written on the blockchain. 
Blockchain is highly available, as it is a system based on thousands of nodes in a network, and data is replicated and updated for every need. It is also highly secure as all transactions are cryptographically secured. Only valid, verified transactions are included in the blockchain. 
Simplicity is also a benefit, creating a single, shared ledger among parties. For example, it could be used as a one-place healthcare record. 
Blockchain also allows faster dealings, with the quick settlement of trades, and cost savings, especially as there is no third party or clearing house seeking payment or fees. Additionally, blockchain allows smart contracts to be run, programs that execute business logic on behalf of users, and can be used for smart property, where you link an asset, digital or physical, to a blockchain. 


## Blockchain problems 

There are some issues with blockchain, however.  Perhaps most commonly discussed are problems like scalability (they are not scalable as financial networks. Yet.), and adoption. It is still seen as a relatively immature, nascent technology so we are yet to see mass adoption of blockchain.  Some people have raised issues of privacy and confidentiality around public blockchains, where anyone can see everything. 

What is Blockchain?

In 2022, interoperability and bridging have been the top priority of developers. Alongside Polygon Bridge, several [bridges](/news/article/binance-bridge) are already in place that connect different blockchains. Among them, the top blockchains that provide a solution for this problem have been [Binance](/news/article/guide-to-binance-uk) and [Avalanche](/news/article/avalanche-crypto-metamask). 

[Polygon](https://polygon.technology/) is also an emerging network for interoperability. It offers two bridges that allow easy transfers between MATIC and Ethereum. Here, we discuss the workings of Polygon and explore how you can transfer tokens between different networks! 

## Polygon Bridge explained

It is yet another solution in the crypto space for asset transferring between different blockchains. Since the blockchain provides scalable infrastructure for networks supported by [Ethereum](/news/article/ethereum-the-merge), moving assets between blockchains is necessary. That's why a bridging mechanism was created to allow interoperability.

This provides the MATIC network with a cross-chain feature, which operates on a trustless smart contract. With the availability of this feature, you can send ERCs and [NFTs](/news/article/polygon-nft-drops-2022) to its side chains. 

There are two [Polygon bridges](https://wiki.polygon.technology/docs/develop/ethereum-polygon/getting-started/#pos-vs-plasma); one is Proof-of-Stake (PoS), and the other is Plasma. PoS bridging is a widely used option as it is highly flexible and supports more token standards.  

## How to use a PoS bridge

The following steps will guide you on using the PoS bridge. 

1.	Firstly, go to the [web wallet](https://wallet.polygon.technology/) and choose the Polygon Bridge option.
2.	Link your cryptocurrency wallet, like [MetaMask](/news/article/what-is-metamask) or any other, to it. Then, you need to sign a verification message and proceed to it by verifying the URL.
3.	It will redirect you to the bridging interface. Else, you can go to that page by selecting the option from the menu bar on the left. 
4.	Then you would need to send tokens from Ethereum to the Matic network. For this, click on the ‘Deposit’ tab and select the token you have to bridge. 
5.	After that, enter the amount as per your preference and proceed with ‘Transfer.’
6.	Next, it will show you important reminders about what it supports and what it does not. After reading that, you can go ahead with ‘Continue’.
7.	Then you will be able to review the estimated transaction fee. Here check all the transaction details and proceed with ‘Continue’.
8.	 Next, it will ask for your approval via signature. If all the details are correct, continue by clicking ‘Confirm’.
9.	Your transaction will take a few minutes. Meanwhile, you can monitor its status through [Etherscan](https://etherscan.io/).  
 
[Polygon](/news/article/polygon-crypto) provides a formidable infrastructure for Ethereum-compatible blockchains whose bridging tool completes it by providing cross-chain asset transfers. It has two bridging options; PoS and Plasma. 

PoS can be ideal as it allows flexibility and supports many tokens. If you own a crypto wallet, like MetaMask, you can easily integrate it with the Polygon Bridge to transfer your assets between different blockchains.
 


Polygon Bridge Guide: Transfer Your Asset

An imminent closure is looming for [Argo blockchain](/news/article/argo-blockchain-stock) as multi-million funding has been called off. It is a Bitcoin mining services firm which is listed on NASDAQ as well as London Stock Exchange. 

On 31 October 2022, the firm released an [official statement](https://www.londonstockexchange.com/news-article/ARB/strategy-company-ops-update/15693615) in which it revealed to its stakeholders that fundraising of £24 million, which is approximately $27 million, has been cancelled. It stated that “the Company no longer believes this subscription will be consummated.”

## No assurance of a definitive deal from Argo Blockchain

It has shared that it will explore other options to secure financing. However, it does not give any assurance for definitive deals. Nonetheless, it will strive to raise enough for the following year. 

It also revealed that if it failed to secure sufficient funds, it may “become negative cash flow.” If that happens, then the firm might have to curtail its operations or move towards complete closure. 

## What steps has Argo blockchain taken to optimise liquidity?

[Argo blockchain](https://argoblockchain.com/) is taking several steps to preserve cash and increase liquidity. It has sold around 3,843 new Bitmain S19J Pro machines for around £4.8 million ($5.6 million). It was the last batch from the original Bitmain order and was planned to be installed in October 2022. Currently, the company is maintaining a hash rate capacity of 2.5 EH per second. 

Earlier, the miner firm sold out mined [BTCs](/coins/btc) to pay off its debt to the crypto investment company Galaxy Digital. The company is owned by a well-known American investor Michael Novogratz. 

In June, the firm traded around 637 Bitcoins; in July, the total number of Bitcoins sold was 887. With this move, it became one of the Bitcoin [mining firms](/news/article/mining-company) to sell mined BTCs during the extremely bear market. Other firms that also sold mined tokens included Bitfarms, Riot Blockchain, and Core Scientific.



Argo Blockchain is at risk of closure

A new blockchain is coming, adding to the [Synapse](https://synapse.network/) crypto offering. To understand why you should care about this new creation from Synapse Network, we must first define some of the technology involved. First, let’s talk about what the Synapse Protocol can do right now.

According to their website, Synapse crypto comprises an economically secure method to reach consensus on the validity of cross-chain transactions and a cross-chain messaging framework, enabling developers to build truly native cross-chain apps".

So, if the Synapse Protocol already does this, what more does it need? Well, apparently, the next step for them is to roll out the Synapse blockchain. Synapse released news that it deployed its own blockchain on 28 July.

This new blockchain is significant for developers who make cross-chain apps, and for crypto users who want to bridge their assets across chains, swap stablecoins on-chain, add to liquidity pools, and stake [ETH](/coins/eth) to earn SYN.

The Synapse Protocol was ALREADY able to do all the above for users. However, with the rollout of Synapse V2 and its own blockchain, there is now a much deeper level of fundamental security to the entire Synapse crypto ecosystem. More on this later.

Now, the new blockchain by Synapse Protocol will be an optimistic rollup, reducing fees for customers using their services.

## What is an optimistic rollup?

An ["optimistic rollup"](https://www.alchemy.com/overviews/optimistic-rollups), according to Ethereum.org, is a protocol designed to do a very important thing: reduce pressure on Ethereum by processing transactions off-chain and verifying them for fraud, then telling the network whether to accept the transaction.

It vastly improves processing speeds for users and makes things much more secure. Optimistic rollups publish transaction results on-chain, fully using [Ethereum’s verification process](https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/), but store the transaction data elsewhere. This makes completing transactions much faster.

In simple terms, in an optimistic rollup, transactions are executed outside of Ethereum. What's more, the technology introduced by Synapse V2 will make transactions faster, [cost less gas](https://ethereum.org/en/developers/docs/gas/), and be more secure.

## The Synapse Chain

The basics of the Synapse Chain are defined in three protocols that are the backbone of Synapse. They are as follows:

1.	Generalized Cross-Chain Communication
2.	Optimistic Security Model
3.	Synapse Bridge

## Generalized Cross-Chain Communication

Synapse developed a generalized message system that can send data across different blockchains securely and seamlessly. Now, developers can deploy their applications on a single blockchain and communicate with multiple other chains. This has resulted in Synapse building a tool that can provide the same user experience, but from one application layer. Essentially, Synapse's generic messaging is a massive leap for combining blockchains in a universal way.

## Optimistic Verification

Synapse realizes one fact about the crypto and blockchain world: it will be multi-chain. There will be many, many blockchains, all doing different things, and all of them will need to somehow interact with one another to some degree. That's great for Synapse, who have developed excellent cross-chain infrastructure. So, what’s the problem?

Security. Many [interoperability platforms](https://finance.yahoo.com/news/top-ten-interoperability-cryptocurrencies-144813796.html) which enable cross-chain communication do not have high security standards. This changes with optimistic verification, an important part of Synapse V2. In this way, during a bridge transaction, there is a small window of time in which off-chain actors verify the transaction. This makes the...

## Synapse Bridge

Users can utilize Synapse Bridge to swap on-chain assets across more than 15 EVM and non-EVM blockchains. It supports both canonical token bridging and liquidity-based [cross-chain bridging of assets](https://www.techtarget.com/whatis/feature/The-best-cross-chain-bridges).

The Synapse Bridge has processed almost $11 billion in total volume since inception and shows little signs of slowing down. It is also available to developers for use in integrating cross-chain apps. 

There is a Synapse crypto token too. On 28 July, when Synapse released its V2 announcement, the price of Synapse crypto digital asset, SYN, spiked 32%!

[The Synapse Chain](https://synapse.mirror.xyz/L6dBb7aXIJ1Ll5_sxP2bIJxVEYNd43ZzIV6dRylQJxw) is an optimistic rollup blockchain executed with Ethereum, but it is also much more. According to their website, Synapse V2 will feature "generalized cross-chain messaging (that) enables any arbitrary data to be sent across blockchains, expanding mass-market use cases of cross-chain infrastructure to NFTS, smart contract calls...".

This is a massive development that will allow the users of the Synapse cross-chain token bridge to expand the use of Synapse in a big way – and allow them to access much more with their tokens.

## Synapse Protocol’s Impact

Cross-chain liquidity is something that is masterfully executed by Synapse. In less than one year, Synapse bridged $11 billion in volume with almost 1 million transactions. In its first year, it also served 150,000 users.

Synapse also partners with DeFi apps, allowing users to exchange assets between different blockchain games or infrastructures.


Synapse Crypto Protocol V2 Explained

Before exploring the Shiden Network price prediction, we need to understand what Shiden is.

[Shiden](https://shiden.astar.network/) is a [Kusama](https://kusama.network/)-based smart contract platform for decentralised applications (DApps). It was designed to support "layer 2" solutions, secondary frameworks built on top of existing blockchains to improve network scalability and transaction speeds. The network is intended to function as a [parachain](/news/article/polkadot-parachain-auctions) on Kusama.

Parachains are user-created blockchains linked to Kusama's Relay Chain, the network's main blockchain. The Relay Chain handles Kusama's shared security, consensus, and transaction settlements. Parachains benefit from the Relay Chain's base features by being integrated into it.

## Shiden Network: Astar's test network

The project is only the beginning of a much larger project: Astar (formerly known as Plasm). Shiden serves as a "Canarian network" or "test network" for Astar, whose goal is to provide a scalable and decentralised application development platform that defines and makes Web 3.0 a reality.

Astar is a protocol that runs on the [Polkadot](/news/article/polkadot-price-uk) network and incorporates every feature thoroughly tested on the Shiden Network. In essence, we can say that Astar is a superset of Shiden's stable functions, with the platform serving as the space for the protocol's rapid developments.

## How Shiden works

Shiden Network architecture is divided into two layers. The base layer is a layer-1 blockchain built with Parity's Substrate framework's Substrate Runtime Module Library. The second layer is a scaling solution built on the Plasma Group's Optimistic Virtual Machine (OVM) fork.

The OVM module allows developers to customise their scaling design. Projects can use Plasma or rollup types, such as optimistic or zero-knowledge (ZK) rollups, to connect their application layers to Shiden's base layer. The layer-2 solutions store data and regularly commit state transitions on a layer-1 chain.

The base layer built using Substrate is the parachain that connects to the Polkadot Relay Chain. Shiden includes support for Substrates' native WebAssembly VM and an EVM module for smart contracts written in Solidity or Vyper.

Shiden Network also includes an X-VM (Cross Virtual Machine) that aims to make the two VMs on the network interact with one another.

## SDN - The native token

Shiden's native cryptocurrency, SDN, is used for [staking](/news/article/crypto-lending) and rewarding nodes, paying transaction fees, and rewarding DApp operators. It has a critical role in maintaining and operating the Shiden network.

SDN performs the following functions:

1.	DApp Staking: DApp Staking is a scheme that allows users to stake SDN on DApps. DApp staking enables users to earn SDN rewards while also allowing DApp developers to earn rewards that are in proportion to the number of nominations they receive.
2.	Network staking: Token holders can stake SDN on the network and act as network collators (block producers on the chain).
3.	Fees - Users pay for network actions and transactions in SDN.
4.	Layer-2 Development - On Shiden, application developers can connect SDN to their smart contracts to use or create a Layer-2 version of their applications.
5.	On-chain Governance - SDN will be used to facilitate governance activities such as proposal submission and referendum voting.

## Shiden Network price prediction

SDN, which has a $71.39 million total supply and a $30.94 million circulating supply, is currently ranked #758 in the entire cryptosystem with a price of $0.33. Currently, its market capitalisation is $10.15 million, its maximum supply is $70 million, and its total equity market capitalisation is $22.95 million.

![Shiden1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Shiden1_5247cbf6ce.png)
 
According to [DigitalCoinPrice's](https://digitalcoinprice.com/forecast/shiden-network) price prediction, SDN price is expected to reach an average of $0.35 by the end of 2022. Additionally, the data shows that SDN's price will reach $1.35 in 2025. Comparatively, the coin does not appear overly bullish until 2030, when its average value is likely around $4.60.

## Is Shiden a good investment?

Looking at the Shiden Network price prediction, there is no universal consensus on whether future SDN price movements will be positive or negative. Indeed, future potential growth depends on various factors, including announcements, new technological solutions developed by Shiden projects, the crypto environment in general, legal status, and so on. 

## Bottom line

Shiden and its sister network Astar provide a distinct offering within the Kusama/Polkadot ecosystem. Not only for the unique ability to deploy DApps on multiple chains very easily and fully integrated with Substrate technology, but also for the incentive policy for DApp creators, which no other blockchain offers.

Furthermore, the DApps Rewards system is one of the protocol's most notable features. Not only because of the tremendous support it offers DApp developers, but also because of the opportunity it provides users to nominate and place their trust in said DApps while also receiving benefits for such trust.

Shiden is a project currently under development, and its development is closely related to what Kusama can provide for its users.


Shiden Network Price Prediction

[The Polkadot ATH](https://cointelegraph.com/news/polkadot-hits-all-time-high-in-development-activity) (all-time high) in platform advancement activity was reached recently. Data from the GitHub programming repository shows that the platform acknowledged more than 500 additions daily in September, a high for the multichain protocol.

A record 26,258 messages were transferred between its parachains, according to data from Polkadot's XCM cross-consensus interoperability protocol. On Polkadot's GitHub, 14,930 developer contributions were recorded in all.

[Polkadot](https://polkadot.network/) is an open-source, multichain protocol that unites and secures a network of specialised blockchains, allowing cross-chain transfer of data or asset type, thus making blockchains interoperable. The platform was created to serve as the foundation for Web3, a decentralised internet of blockchains.

According to project developers, 66 blockchains are operational on the platform and its parachain startup network Kusama. More than 140,000 messages have been sent and received between chains across 135 communications channels since the system's launch. The Polkadot and Kusama Treasuries have distributed 346,700 KSM and 9.6 million DOT ($72.8 million) to finance budgetary requests in the ecosystem.

## Parachain slot auction

Parachains are individual layer-one blockchains that run simultaneously on Polkadot and are initially tested on Kusama. [Auctions for parachain slots](/news/article/polkadot-parachain-auctions) are in the form of equity loans, with the position going to the project with the highest bid. The first auction took place in November.

The platform has continued to auction off parachain slots to innovative projects. The most recent cryptocurrency projects to receive a parachain were the identity protocol Kilt, the metaverse infrastructure company BridgePort, and the data solution firm Integritee.

## Future roadmap

Rob Habermeier, the network founder, recently published a roadmap for enhancing the scalability of [Polkadot](/news/article/polkadot-price-uk) and Kusama. Highlights include the potential to cut parachain blocking time in half while increasing space block provided tenfold through asynchronous support, which decouples parachain extension from relay chain extension. 

If the upgrade were implemented, network speed could rise to between 100,000 and 1 million transactions per minute.

After the Polkadot ATH was reached, there is more development activity to come. By the end of the year, Kusama will be the first platform to build the asynchronous support upgrade, followed by Polkadot. Establishing a blockchain on Kusama and the simultaneous launch of smart contracts would theoretically constitute another network update planned for the impending introduction of "pay-as-you-go" parachains. By doing this, the platform's development process would speed up.


Polkadot ATH Reached in Development Activity

The South Korean Government plans to incorporate digital IDs as an app into mobile devices in the future, [according to Bloomberg](https://www.bloomberg.com/news/articles/2022-10-16/south-korea-aims-to-boost-economy-with-digital-id-on-blockchain). The 'blockchain IDs' will be comparable to conventional resident registration cards. The report says that digital IDs will be available in 2024, with 45 million residents expecting to use the technology within two years.

## How blockchain IDs could be helpful to Korean Citizens

Hwang Seogwon, an economist at Korea's Science and Technology Policy Institute, said they could use digital IDs in finance, healthcare, taxes, and transportation. In contrast, Suh Bo Ram, Director-General of [Korea's](/news/article/samsung-south-korea-exchange) Digital Government Bureau, said the technology could help businesses that haven't yet fully transitioned online.

## Plan for the implementation of digital IDs in Korea

The plan also includes adopting a decentralised identification system. That means the government will not have access to information saved on phones, such as how and where they can use the digital IDs. 

According to the Portulans Institute, an American think tank, such technology is not new to the tech-savvy nation. South Korea ranks first among all nations using technology for life, commerce, and government. It would also not be the first blockchain-based ID system used in the country. [More than one million South Koreans have adopted a blockchain-powered driver's licence](https://techwireasia.com/2020/08/blockchain-based-drivers-licenses-hit-the-road-in-south-korea/) that functions through Korea's PASS smartphone application by August 2020.

## Will other countries follow Korea in implementing digital IDs?

While [South Korea](/news/article/daniel-shin-home-raided) is leading the way in these areas, other countries to follow soon. 

According to a June 2021 report from market research firm ReportLinker, [the blockchain identification industry will expand another $3.58 billion by 2025](https://finance.yahoo.com/news/blockchain-identity-management-market-grow-091500421.html), or a compound annual growth rate of 71%.

Brenda Gentry, CEO of Bundlesbets.com, recently told a crypto news website that regardless of how competent and decentralised the ID management system is, it would still require recognition from government bodies or corporations.



Latest Moni

Blockchain News

Read the latest crypto blockchain news

Putin's Blockchain Payment System

What is Lazy Minting?

Is Casper Crypto a Good Investment?

XDB News: Token Swap Date Extended

Fortify NFT Explained

What is Luna 2.0?

BitBoy Crypto Accused of Threatening Lawyers

Nigeria CBDC Adoption Soars Amid Cash Shortage

Rocketpot Bitcoin Casino Review