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Was the Solana Phone a Great idea? How could other top-tier phone makers implement blockchain in their ecosystems?

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Was the Solana Phone a Great idea? How could other top-tier phone makers implement blockchain in their ecosystems?

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On the 23rd of June 2022, Solana Mobile announced its most recent innovation, Saga. Saga is the name of their flagship product, an Andriod mobile phone that focuses on the functionality of Web 3 and its digital systems. At its core, the Saga phone would have state-of-the-art mobile features, supplemented by a Secure Element in the device where users could keep their seed phrases and private keys.

This system allows people to access Web 3 from their phone, directly interacting with DApps on the Solana system while on their mobile. With accessibility and convenience at its core, this announcement was met with much intrigue, with those already entrenched in Web 3 turning toward the possibility of a new Web-3 lead digital device.

Currently, millions of people around the globe use and interact with their digital assets daily. By providing an easy way of doing that, the co-founder of Solana quoted the Solana Phone as “A new standard for the Web 3 experience on mobile”.

To push the world further into that Web 3 system, the world needs a mobile system that reflects the core of this new digital architecture. If we only had Web 2 phones, the legacy systems would be counterproductive to everything that this new era of the internet seeks to usher in.

Yet, almost 6 months later, we haven’t seen much more news about the Solana phone. In this article, we’ll dive into the Saga project detailing whether their idea was sound and could be the point of access we need to push Web 3 into the mainstream.

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Was the Solana Phone a Good Idea?

Saga phone operates off the desire for Solana to give DeFi users a way to rapidly access their system, whether it be logging into a Web 3 game, trading some of their digital assets, or viewing their NFT collection. It enables users to interact with the Solana network directly from their mobile phones, solving the accessibility issue many blockchain users stumble into.

In theory, this is a major upside to the phone and will allow people to get even more involved in Web 3. Niche communities within Web 3 rely on active trading for the project to gain liquidity and for users to be able to use their system. Everything is much slower when you have to log onto your computer, a browser, and then the platform to access these trading portals.

A mobile device is carried by nearly 7 billion people, making this a straightforward way of connecting people with Web 3. It’s automatic for us to use our phones daily. When those phones can dive into the world of Web 3 and blockchain, everything will change in terms of global adoption.

Another major benefit of having a Web-3 focused phone that exists outside the bounds of Web 2 companies is the fact that developers can create either own digital ownership platforms. Currently, on Web 2 phones, 30% of sales go directly to either Apple or Google, depending on the hosting platform.

The Saga phone creates a third space that is directly orientated to receive and launch Web 3 projects. This new space allows developers to create apps without worry about digital ownership, giving them further priority to continue to work in this thriving space. Especially considering the rapid movement of assets on Web 3, the markups required when working through a Web 2 phone network would completely kill some niche areas of development.

For example, NFT creators are already struggling as it is. If we were to introduce a further set of problems for them to overcome in the form of 30% royalties siphoning, it might well be the end of that industry subset.

With these things considered, the Saga phone is a fantastic idea. Its ability to increase accessibility to Web 3 while also supplementing developers’ workflow allows this industry to push into new successes.

Could Other Networks Recreate a Solana Phone?

Solana has certainly pushed the boat out when it comes to mobile development. That doesn’t mean they’re the only blockchain network interested in this field of expansion. The main problem is that to have a thriving DeFi platform, the hosting blockchain needs high TPS, low gas fees, and a developer tool kit. Solana, being a PoS blockchain, has all of this.

Yet, other leading systems like Bitcoin and Ethereum aren’t quite there, still using legacy PoW consensus mechanisms. While trying to change this, progress isn’t moving fast enough. This has led to other companies focusing directly on the interoperability and scalability problems that blockchain is against.

For example, the Boba Network is a multi-chain L2 that can connect to many Layer 1 blockchains. This connection system offers L1s the ability to scale their offering, accessing Boba’s blockchain with lightning-fast transactions and extremely minimal fees. For many blockchains, the ability to bridge to Boba and use their superior blockchain infrastructure is the turning point they need to launch into DeFi development.

Boba is unlike anything else in this field, offering a solution for two of the biggest problems that blockchains run into. As they expand into the field, they’re going to continue to become a go-to solution for blockchains that are looking to scale. For those wanting to expand into mobile development, which will require a stable DeFi platform on the chain, Boba is the perfect match.

Any blockchain could produce an ecosystem that facilitates DeFi development by turning to a multi-layered scaling solution like Boba. From there, they would have a stable infrastructure in place that people could access from a blockchain-specific phone. While Solana is currently unique in this field, Boba could open the doors to many more Web 3 phones.

What’s more, one of Boba’s central features is its Hybrid Compute. This allows Web 3 systems to interact with APIs on Web 2, pulling data from other networks. For a Web 3 mobile phone, this would allow them to pull information for specific apps, like getting weather data from Web 2 weather APIs.

The integration of Hybrid Compute would radically increase the speed with which a blockchain phone could be developed. Instead of starting from scratch, Web 3 developers could pull from Web 2 APIs to create most phone apps. From there, they only need to focus on integrating their own Web 3 technology, reducing the challenge of creating a blockchain mobile device significantly.

With Boba constantly rolling out new features, the future seems bright for blockchain mobile phones.

Final Thoughts

As the Saga phone begins shipping to those that have pre-ordered a Solana phone, we will start to see how these mobile devices work in action very soon. Even if things don’t quite go to plan, the logic behind Saga is a beautiful demonstration of the innovations constantly happening in the blockchain world.

Although Saga might not have all the answers, this phone has been a monumental part of pushing this industry into the mainstream. As consumers and blockchains turn to mobile devices, we’ll see a turning point in terms of accessibility to Web 3. What may have once seemed like a far-off concept is actively working among us.

With projects like Saga on the way and supplementary technologies like Boba working with other blockchains, innovation in this field isn’t going anywhere.


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FTX Attorneys To Drag SBF’s Parents And Brother In Questioning About Their Personal Wealth

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FTX

The tragedy of FTX appears to be becoming more personal, as the bankrupt exchange’s legal counsels are now seeking to drag the founder’s family members and grill them about how they established their affluence.

In a court filing, FTX attorneys requested that Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, testify under oath and produce financial papers regarding their personal fortune as part of the company’s effort to reclaim funds that may be used to repay creditors.

Gabriel, the brother of former FTX CEO Bankman-Fried, will also be questioned in court over any financial benefits he may have gotten from the company.

SBF, although being collaborative to the point of spending the rest of his life in prison, has neglected to provide federal prosecutors with all the necessary information regarding the diverted money, resulting in the current situation.

Image: Euronews

Lawyers Seek Answer From SBF Family If They Received Money From FTX

In light of claims that FTX shifted billions of dollars in investor cash to prop up his Alameda Research trading unit, federal authorities have accused him with fraud. SBF entered a not-guilty plea.

According to reports, other FTX executives may be subject to the same inquiry in an attempt to locate assets associated with the bankrupt cryptocurrency exchange.

Sources also have it that Bankman-Fried’s mother provided tax advice and recruitment assistance to FTX personnel.

SBFFTX former CEO, Sam Bankman-Fried. Image: CNA.

Reportedly, his father served as a tax counsel to employees of the company and provided recommendations for the appointment of the company’s legal team.

Supposedly, Gabriel established a lobbying group and housed its operations in a mansion worth several million dollars not far from the U.S. Capitol.

It has been stated that his mother and brother are not helping with the investigation that is currently taking place into FTX.

Reuters reported in November that Bankman-Fried’s parents were signatories on a $16.4 million residence in the Bahamas, which was designated in property records as a “holiday home.”

FTX Owes Thousands Of Creditors  Money

SBF faces eight criminal counts, including violations of campaign finance regulations and wire fraud. Since his extradition from the Bahamas to the United States, he has been under house arrest at his parents’ home. His trial is scheduled to commence in October.

After the collapse of the once-powerful cryptocurrency exchange in November, newly released bankruptcy records revealed thousands of creditors to whom FTX owes funds.

Wall Street stalwarts like JPMorgan and Goldman Sachs were included on the 116-page list of creditors, which also included firms, charities, people, and other institutions.

Crypto total market cap at $996 billion on the daily chart | Chart: TradingView.com

Meanwhile, FTX has opposed to a request from the U.S. Department of Justice for an independent inquiry into the company’s collapse, claiming that it is already conducting a comprehensive review that includes family members of SBF.

FTT, the native token of the FTX cryptocurrency exchange, had risen by 185% over the last 30 days.

At the time of writing, the altcoin was trading for $1,940, a decrease of approximately 22% from its previous price of $2,4.00.

-Featured image: Novel Suspects


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Kraken Appoints CJ Rinaldi as Chief Compliance Officer

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Kraken Appoints CJ Rinaldi as Chief Compliance Officer

New CCO brings three decades of financial services experience

SAN FRANCISCO – Jan. 24, 2023 – Kraken, one of the world’s largest and most-trusted crypto platforms, today announced the appointment of CJ Rinaldi as Chief Compliance Officer. CJ’s decades of experience, both in traditional and decentralized finance, will further strengthen Kraken’s compliance program amid a fast-evolving regulatory landscape. 

“To accelerate the adoption of cryptocurrencies around the world, Kraken must continue to navigate an increasingly complex regulatory landscape,” said Kraken’s incoming CEO David Ripley. “CJ’s impressive international career in both the private and public sectors positions us for continued success in meeting global compliance needs.”

CJ was previously Chief Compliance Officer at Blockchain.com, where he was tasked with building out global compliance frameworks and mitigating compliance risk for the firm. Prior to that, CJ had several roles at Deutsche Bank, including Chief Compliance Officer for its swap dealer and US broker dealer. He also served as Head of Business Line Anti-Financial Crimes Compliance supporting its investment bank, where he led a global team tasked with mitigating financial crime risk, implementing procedures and controls through effective and efficient operational solutions. 

“Kraken’s commitment to security and transparency while building world class products and services makes it the gold standard in an industry that’s shaping the future of finance. It is trusted players like Kraken that will help ensure the crypto ecosystem operates within all regulatory frameworks” says Rinaldi. “I am excited to grow Kraken’s data-driven approach to compliance, ensuring the protection of both the company and its clients.”

Prior to Deutsche Bank, CJ worked at UBS Investment Bank in multiple roles, including as Global Head of Client Infrastructure. He also served as Senior Counsel in the Enforcement Division of the U.S. Securities and Exchange Commission.

For more information, please visit kraken.com or reach out to [email protected].

About Kraken:

Kraken is one of the world’s longest-standing digital asset platforms. Globally, Kraken clients trade more than 200 digital assets and 8 different national currencies, including GBP, EUR, USD, CAD, JPY, CHF, AUD and AED.

Kraken was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. In 2022, it launched a custodial NFT marketplace. Kraken is trusted by over 9 million traders and institutions around the world and offers professional, round-the-clock online support. Kraken was the first company to have ever conducted a Proof of Reserves audit and has since committed to undergoing Proof of Reserves on a regular basis.

Kraken is backed by investors including Tribe Capital, SkyBridge, Hummingbird Ventures, Blockchain Capital, Digital Currency Group, among others.

Kraken markets can be monitored and traded through the Kraken iOS and Android apps, and through the Cryptowatch iOS, Android and Desktop apps.

Contacts: 

[email protected]

Alex Rapoport

###

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell or hold any cryptoasset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. For more information, please see our Terms of Service.

 


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OANDA opens up the crypto market for traders in Singapore

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OANDA opens up the crypto market for traders in Singapore

OANDA, a leading online trading platform, has been named Singapore’s #1 crypto broker for client satisfaction, according to a recent survey conducted by a leading financial news outlet. This marks the second consecutive year OANDA has received this honor, solidifying its position as the go-to choice for crypto traders in Singapore.

The crypto industry is believed to have the potential to revolutionize financial transactions by using decentralized currencies like Bitcoin and Ethereum. Blockchain technology has the potential to disrupt various industries. The crypto industry is still in its early stages but has significant potential for growth and innovation. OANDA is at the forefront of this industry in Singapore.

The survey, which evaluated the top crypto brokers in Singapore based on various factors such as customer service, platform usability, and trading options, found that OANDA stood out for its commitment to providing a top-notch trading experience for its clients. This is a testament to the hard work and dedication of the OANDA team, who strive to constantly improve the platform and add new features to meet the evolving needs of its clients.

In response to the growing demand for crypto trading options, OANDA has opened up its crypto market to traders, allowing them to buy and sell Ethereum and other popular cryptocurrencies. The platform offers a user-friendly interface and advanced tools to help traders make informed decisions and 24/7 customer support.

Photo by Kanchanara on Unsplash

Why Choose OANDA?

One of the key features of the OANDA crypto market is its Ethereum trade offering. Ethereum is the second-largest cryptocurrency by market capitalization and is widely considered one of the most promising digital assets in the crypto space. By offering Ethereum trade options, OANDA allows traders to access this growing market and potentially benefit from its upward trend.

In addition to Ethereum, OANDA’s crypto market also offers trading options for other popular cryptocurrencies such as Bitcoin, Litecoin, and Ripple. This makes it a one-stop shop for crypto enthusiasts, as they can access a wide range of digital assets all in one place.

“We are thrilled to be recognized as Singapore’s #1 crypto broker for client satisfaction,” said Phil Waters, CEO of OANDA Asia Pacific. “We understand the importance of providing our clients with the best possible trading experience, and we are constantly working to improve our platform and add new features. Our goal is to empower traders of all levels to participate in the crypto market with confidence.”

One of the ways OANDA empowers its clients is through its educational resources. The platform offers a variety of educational materials, such as webinars, e-books, and articles, designed to help traders of all experience levels better understand the crypto market and how to trade successfully.

Furthermore, OANDA’s customer support team is available 24/7 to assist clients with any questions or concerns. This ensures that traders can access the help they need anytime, which is especially important in the fast-paced world of crypto trading.

Photo by Kanchanara on Unsplash

OANDA Prioritizes Security Above All Else

Another important aspect of OANDA’s platform is its security. The platform utilizes state-of-the-art encryption technology to protect client information and assets. Additionally, OANDA’s servers are located in secure, geographically-dispersed data centers to ensure that client assets are always accessible.

Prospective investors can take advantage of OANDA’s Ethereum trade, among others, to scale their investments. The platform also offers trading options for other cryptocurrencies, such as Bitcoin, Litecoin, and Ripple, making it a one-stop shop for crypto enthusiasts.

With the growing popularity of Ethereum and other cryptocurrencies, the team believes it’s important to provide traders with access to a wide range of assets. Their goal is to be the go-to choice for crypto traders in Singapore and beyond.

In conclusion, OANDA has proven to be a trusted and reliable choice for crypto traders in Singapore. With its user-friendly platform, advanced tools, and wide range of digital assets, OANDA is well-positioned to meet the evolving needs of its clients. Its commitment to customer satisfaction, as well as its educational resources, 24/7 customer support, and state-of-the-art security measures, make it a top choice for traders of all levels.

For more information, visit their website at https://www.oanda.com/us-en/trading/cryptocurrencies/ and experience the OANDA difference. Their Ethereum trade offering is just the beginning, and the team looks forward to expanding their crypto market offerings in the future.

Disclaimer: This is a paid post and should not be treated as news/advice.  


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