The 50th edition of our curated newsletter.
In today’s newsletter we look at:
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- WoW-Inspired NFT Idea
- Another Lost PIN Drama
- DAOs: Unpopular Opinion
- Syndicate Investment Club
- Layer2 Issues
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Soulbound NFTs: An Exceptional Value
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Ever played World of Warcraft? One of the game’s perks is the concept of soulbound items that cannot be sold from one character to another. The only way you get hold of the precious loot is to complete a hard quest or run a dungeon. There are a few ways to find a way around this challenge, but nevertheless, it only underlines the higher value of certain items.
What if NFTs could be the same? Is it possible to implement non-transferability in practice? And what if governance rights could be soulbound? This post explores the idea of soulbound NFTs, the challenges this idea might face and its possible benefits.
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Over 3.7 million Bitcoins are lost. Chances are, the owners will never retrieve them.
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#wallets #safety #goodread
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Cracking A $2 Million Crypto Wallet
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Get a hardware wallet, they said. It will be super safe, they said. Actually, it is as long as you remember your PIN and do not use (nearly) all the attempts to restore access. In 2018, a couple of friends invested $50,000 in Theta tokens and forgot their Trezor’s PIN code. At one point, they gave up trying, but then the price of Theta skyrocketed, and it was suddenly over $3 million at stake.
The entire story resembles a Hollywood action movie involving Swiss financiers, European hackers, and the desperate attempt to regain access to the wallet in time while the token price keeps on falling. The Verge described it in detail.
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An Anti-Populist Vision of DAOs
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DAOs are often portrayed as the ultimate governance model. But what is their operational principle? Anybody can buy a governance token and participate in voting. Within each DAO, organisational structures tend toward the flat rather than the hierarchical. Also, executive decision-making is often carried out by a relatively large group of people in charge.
This model might seem slightly controversial for some. The author of this post outlines his thoughts on the main problems with typical DAOs and the ideal use cases for on-chain governance and management.
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Introducing Web3 Investment Clubs
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Syndicate has launched its Web3 Investment Clubs, the first crypto-native social investing tool built on the Protocol. It transforms any Ethereum wallet into an investing DAO in seconds for the cost of gas.
Everyone from angel investors to web3 communities has received a convenient way to create and run an investment club as a DAO. Syndicate’s Web3 Investment Clubs can invest in tokens, NFTs, off-chain startups, and assets offering exceptional inclusivity. Read the platform’s announcement to learn more about the tool.
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Layer 2: Bridges, Tokens and Fungibility
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Crypto Twitter has actualised yet another L2 issue. Transacting on L2 might be straightforward, but deploying contracts – not as much. In particular, the inability to withdraw to L1 when creating a token on L2 first.
According to Sam MacPherson from MakerDAO, we need to stop thinking of Ethereum as the root of everything and get comfortable living entirely in a rollup. In a year or two, that might even becomes standard.
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Something You Could Have Missed
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This is a weekly newsletter curated by our Blockchain Lead Vyacheslav Akhmetov. We cover the most sparkling events in the industry and sharing more about our journey.
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