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Identity and the Metaverse: Decentralized control

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Identity and the Metaverse: Decentralized control

“The Metaverse” and “Web3” are the buzzwords of the moment, with their concepts permeating across the worlds of fintech, blockchain, and now even mainstream media. With decentralization thought to be at the core of the Web3 Metaverse, the promise of a better user experience, security and control for consumers is what’s driving its growth. But with users’ identities at the heart of the Metaverse, coupled with unprecedented amounts of data online, there are concerns over data security, privacy and interoperability. This has the potential to hinder the development of the Metaverse, but both regulated and self-sovereign identities could play an important role in ensuring that we truly own our identity and data within this new space.

Related: Digital sovereignty: Reclaiming your private data in Web3

What is the Metaverse?

Although the concept of the Metaverse has been around for a while, it was recently brought into the spotlight when Mark Zuckerberg chose to rename his company “Meta” (to the annoyance of many in the blockchain community!). With the digitalization of many aspects of our lives already underway, many argue that the Metaverse will touch everyone’s future, and it’s set to significantly change the way we interact with technology.

It’s widely contested as to what the Metaverse will look like and consist of, but it’s thought to be a catch-all for many interpretations in which the Metaverse will replicate the physical world in a digital context and enable similar interactions to what we experience in our day-to-day lives. In theory, it will encompass augmented reality, the digital economy and Web3.

Related: How NFTs, DeFi and Web 3.0 are intertwined

Inclusion and identity

The Metaverse presents an infinite number of opportunities for people and businesses from various sectors and differing needs. It was recently stated that one of the biggest changes within the Metaverse would be inclusion, meaning anyone with access to the internet will be able to utilize its benefits. This includes the 1 billion people worldwide who are currently unbanked finally being able to access the global economy via the Metaverse.

Notably, digital identities will lie at the core of the Metaverse, ranging from a digital avatar to customize using augmented reality to the ability to automatically book a restaurant online. It will give people of all genders, ages and backgrounds the chance to express themselves in new ways and will allow for new types of interactions and communities to form online. In this regard, some argue that it’s thought to be a safer space for any person to thrive in compared to the real world. However, with more data than ever being stored online comes concerns over trust and its privacy.

Related: The creator economy will explode in the Metaverse, but not under Big Tech’s regime

The decentralization of power and control

Blockchain technology using a decentralized model will underpin Web3 and the Metaverse, which is predicted to offer new levels of openness. Web2 tends to be thought of as a few centralized tech companies that harvest users’ data, and this practice has received criticism due to surveillance and exploitative advertising. In contrast, Web3 will be the opposite, which will empower all those involved, with users owning their digital assets, personal data and identity.

However, with such a huge number of players involved in creating and maintaining the Metaverse, ranging from those building the underpinning technologies to NFT creators and virtual reality and augmented reality producers, as well as the vast amount of sensitive information online, there are concerns as to whether users will actually have full control over their credentials. We’ve already seen the potential for damage through Facebook’s data breach a few years ago, and Cointelegraph recently highlighted a Facebook whistle-blower who has already raised concerns about the privacy of users’ information shared with Meta in the Metaverse.

The importance of self-sovereign identities

Forward-thinking tech companies are a step ahead of the game, though. A few of them have recognized the potential issue over control and privacy and have begun to develop game-changing solutions to ensure the decentralized control and protection of users’ information. They believe that the Metaverse needs to be designed on open standards, with self-sovereign identities (SSI) being the silver bullet in addressing trust within the Metaverse.

SSIs are digital identities focused on verified and authentic credentials linked to real-world verification data, such as biometrics, that are managed in a decentralized way. By utilizing blockchain technology and zero-knowledge proofs, users can self-manage their digital identities without depending on third parties to centrally store and manage their data. Most importantly, this information is stored permanently within a non-custodial wallet that is controlled by the user and accessed temporarily within the Metaverse when the owner decides. This verified data will give them access to and ownership over their assets by simply being themselves, and it is thought that this will fundamentally change the way data is owned and controlled by that user.

Related: Self-custody, control and identity: How regulators got it wrong

What role will regulation play in this?

Nevertheless, many argue that regulation also needs to play an important role within the Metaverse in order to give both consumers and businesses the confidence to operate in it and ensure that their data and identity is protected.

Twitter co-founder Jack Dorsey recently tweeted how he believes that Web3 won’t necessarily increase users’ power in the way that many predict, since it will simply take that power away from the government and put it in the hands of venture capitalists investing in blockchain, or big tech companies like Meta. And, for this reason, we need regulatory oversight.

Many believe that countries will need to embrace the digital economy and Metaverse in order to compete in the global digital and economic spheres, but many of the existing regulations in place will need significant expansion to cover the Metaverse. We’ve already seen growing governmental regulation of the crypto space in the last few years, ranging from outright bans of crypto transactions in China to El Salvador adopting Bitcoin as legal tender, but in terms of identity and control of data in the Metaverse, there’s a long way to go. The European Union’s General Data Protection Regulation (GDPR) and the U.K.’s Data Protection Act could certainly play a part, but improvements are needed if we are to effectively protect consumers and the data they provide.

Related: The new path to privacy after EU data regulation fail

It’s clear that the Metaverse will lead to seismic change, with this new system architecture likely disrupting people, places and economies. With the hope of a new and better experience for users that addresses the issues of today, there are also huge levels of uncertainty surrounding the use of individual data. With new technologies emerging, there’s a considerable amount of preparation and consideration needed to ensure the Metaverse develops in a way that benefits everyone involved, and with identities at its heart, these factors are more important than ever.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Lottie Wells is the senior PR and communications manager at Wirex. With over six years of experience in the fintech industry ranging from digital payments to global remittances, she has contributed to campaigns empowering access to the financial system and the mass adoption of cryptocurrency. She is a strong believer in the benefits of the digital economy, and is an advocate for both the sector and women’s involvement within it, having spoken at the EMEA Women in Payments Symposium and having contributed to publications such as The Asia Times.

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Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off

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Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off

Fed Chair Powell: We Are Not Really Seeing Significant Microeconomic Implications From Crypto

Federal Reserve Chairman Jerome Powell says the central bank is “not really seeing significant macroeconomic implications” from crypto’s volatility. The Fed chair stressed that there is a need for a better crypto regulatory framework.

Fed Chair Powell Says Crypto Needs Better Regulation

Federal Reserve Chairman Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs on “the semiannual monetary policy report to congress” Wednesday.

Senator Kyrsten Sinema (D-AZ) asked him whether the Fed has been tracking crypto activities given the recent market volatility, and what implications crypto has on the broader economic outlook and monetary policy.

“We are tracking those events very carefully, of course,” Powell replied, elaborating:

[We are] not really seeing significant macroeconomic implications, so far.

“The principal implication is really what we’ve been saying, and others have been saying for some time, which is that in this very innovative new space, really, there is a need for a better regulatory framework,” he emphasized.

Powell continued:

The same activity should have the same regulation no matter where it appears and that isn’t the case right now.

In March, the Fed chair said: “Our existing regulatory frameworks were not built with a digital world in mind … Stablecoins, central bank digital currencies, and digital finance more generally, will require changes to existing laws and regulation or even entirely new rules and frameworks.”

Powell also told the Senate banking committee on Wednesday that the central bank is determined to bring down inflation which he believes the Fed can make happen. “At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” he said.

Regarding the U.S. economy possibly sliding into a recession, he stressed: “It’s not our intended outcome at all, but it’s certainly a possibility, and frankly the events of the last few months around the world have made it more difficult for us to achieve what we want, which is 2% inflation and still a strong labor market.”

What do you think about Fed Chair Powell’s comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

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Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

Canadian Regulator OSC Takes Action Against Crypto Trading Platforms Kucoin and Bybit

The Ontario Securities Commission (OSC) has taken action against two cryptocurrency trading platforms. Kucoin is permanently banned from participating in Ontario’s capital markets. Bybit has promised to take steps to comply with regulations and register with the OSC.

OSC Sanctions 2 Crypto Trading Platforms

The Ontario Securities Commission (OSC) announced Wednesday the outcome of enforcement actions against two foreign cryptocurrency trading platforms operating in its jurisdiction.

The first is Bybit, a crypto trading platform operated by Bybit Fintech Ltd., incorporated in the British Virgin Islands. The other is Kucoin, operated by Mek Global Ltd., incorporated in the Republic of Seychelles, and Phoenixfin Pte. Ltd., incorporated in Singapore.

“Bybit and Kucoin both operate unregistered crypto asset trading platforms and allowed Ontario investors to trade securities without a prospectus or any exemption from the prospectus requirements,” the Canadian regulator explained.

Regarding Kucoin, the announcement states:

The OSC successfully obtained orders permanently banning Kucoin from participating in Ontario’s capital markets and requiring Kucoin to pay an administrative penalty of CAD $2,000,000.

Kucoin must also pay a further CAD $96,550.35 ($74,497) towards the costs of the OSC’s investigation.

As for Bybit, the regulator settled with the exchange. The OSC explained that, unlike Kucoin, Bybit responded to its enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions.

The Canadian securities watchdog described:

As part of a settlement agreement, Bybit has disgorged USD $2,468,910 and paid a further CAD $10,000 towards the cost of the OSC’s investigation.

“Bybit has also given an undertaking to the OSC, which holds the firm accountable for taking steps to bring its operations into compliance,” the regulator added. The exchange will also require existing Ontario retail investors to wind down their positions in certain restricted products.

In March last year, the OSC told crypto trading platforms that offer derivatives or securities trading in Ontario to start registration discussions with it by April 19, 2021, or face enforcement action. The Canadian regulator noted:

Despite this warning, Bybit and Kucoin did not contact the OSC by the deadline and continued operations in Ontario.

What do you think about the OSC taking action against Bybit and Kucoin? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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“Play to Earn” to Own Remitano Network’s RENEC Token

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“Play to Earn” to Own Remitano Network’s RENEC Token

press release

PRESS RELEASE. “Play & Earn” is no longer a strange term for most GameFi believers. Recently, Remitano Network, Remitano’s blockchain network, has launched a novel airdrop in the format of “Play to Earn”, allowing users to own the network’s RENEC token in the form of “group mining”.

Starting from the free daily RENEC solo mining at Remitano.com, users can now mine together in groups to receive a larger amount of RENEC token airdrop as a reward. Each mining pool is called a mining room, and after 24 hours, the team members will split a larger amount of RENEC than the solo mining effort.

This is a fairly new form of airdrop in the market, making the traditional airdrop less boring.

Participation is quite simple. You just need to sign up for a free Remitano account and start mining solo or in groups.

Try RENEC mining for free here!

Refer to the official RENEC Whitepaper.

The RENEC mining program is limited to a maximum of the end of Q3 of 2022, so the sooner you join the better your chances of owning more of the exchange’s tokens.

Remitano Network Launches Testnet

At the beginning of April 2022, the Remitano Network Team successfully launched a test network (Testnet) that promises strong moves of Remitano, a 9-year-old crypto exchange, in the world of blockchain.

The Testnet network launched with the appearance of the Testnet RENEC wallet which allows registered users to receive 100 testing RENEC into the wallet. You can also register to receive 100 RENEC to Testnet wallet here.

The RENEC mainnet is expected to launch sometime between the end of Q2 and Q3 of 2022, which is also the time when the RENEC airdrop program ends.

The potential of Remitano Network

In addition to taking advantage of owning RENEC Token from now on, perhaps what the community is most interested in is which applications will appear first on the network.

Although the development team has not officially announced the first applications to run on the network, with recent observations based on Remitano’s activities, we can predict their next steps. Here’s what we’ve been able to observe in recent times:

Firstly, a decentralized exchange will appear on the Remitano Network this year according to the development roadmap mentioned in the RENEC whitepaper. This is the basic step and premise of many blockchain networks today.

Also in the whitepaper, Remitano talks about bringing P2P transactions between cryptocurrencies and fiat on the blockchain, along with a decentralized KYC service. Imagine, RENEC will become the first blockchain to support on ramp off ramp and users do not need to go through centralized exchanges.

What does this mean for developers of decentralized applications (dApps)? Take, for example, popular play-to-earn games like AXEI, STEPN. New users have to go through multiple registrations on various exchanges to be able to convert between fiat and crypto, before they can start participating in the app. This creates a huge barrier for new users, making developers limited in terms of audience.

With Remitano Network supporting decentralized KYC on the blockchain, P2P fiat crypto trading can take place right in decentralized applications. Allows users to cash in cash out easily right in the app without having to move around or need a lot of blockchain knowledge. For app developers, this means reaching out to the general population, easily reaching new users.

It seems that NFT5, BombCrypto and ToCom will be the pioneer projects for this approach.

However, what few people notice is that in 2022 it is Remitano that has entered into a strategic alliance with NFT5.io. Thus, it can be predicted that NFT will be one of the prominent applications on this blockchain network in the near future.

At the same time by the end of 2021, Remitano also has a strategic cooperation with BombCrypto, an NFT game in the Play to Earn genre.

And according to an unofficial source, a GameFi community in the form of Play to Earn will be invested and developed by Remitano to promote community interest in blockchain and crypto in general. A website shared recently by the GameFi community called https://tocom.io/ is said to be developed by Remitano.

Linking the above facts, we can imagine the future picture of Remitano Network Blockchain. Do you think the growth potential of the network is extremely large?

About Remitano

Remitano is one of the largest peer-to-peer (p2p) cryptocurrency trading platforms in the world, currently serving users in more than 30 countries. The platform provides an escrowed p2p crypto marketplace allowing users to buy bitcoin and cryptocurrency easily and safely. Remitano is a market leader in the p2p platform space, featuring an intuitive and user-friendly interface, 24/7 customer support, and boasts some of the lowest fees in the industry.

Got Questions?

Reach out to Remitano via:

E-mail: [email protected]

Socials: Fanpage, Group, Instagram, Twitter


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Contact [email protected] to talk about press releases, sponsored posts, podcasts and other options.

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