$7.5 Million NFT Collection Accused of Using Art Without Permission Threatened by Legal Action

$7.5 Million NFT Collection Accused of Using Art Without Permission Threatened by Legal ActionWhile non-fungible token (NFT) assets have been extremely popular in 2021, there’s been a slew of issues tied to the ecosystem as well. A recent report indicates that roughly a dozen artists are considering taking legal action against an NFT collection called “Art Wars” because their original artwork was sold as NFTs without their consent. […]
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Privacy-focused altcoins soar after Bitcoin’s ETF news sparks a market-wide rally

Altcoin projects focused on privacy caught a bid today as the bullish sentiment building over a possible Bitcoin ETF approval spreads across the market.

Traders and the market are showing extreme optimism on Oct. 15 after rumors and an assortment of documents suggest that the path toward a Bitcoin ETF approval has fewer obstacles lying ahead.

Following the positive news, the price of Bitcoin (BTC) rallied to nearly $63,000 for the first time since April and multiple altcoins saw their prices book triple-digit gains.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were NuCypher (NU), Keep Network (KEEP) and Orchid (OXT).

NuCypher partners with Keep Network

NuCyper is a protocol focused on creating decentralized encryption, access control and key management system services for public blockchains by offering end-to-end encrypted data sharing and decentralized storage solutions.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.283 in the early trading hours on Oct. 15, the price of new catapulted 535% to an intraday high at $1.80 as its 24-hour trading volume skyrocketed by 19,440% to $2.152 billion.

NU/USD 4-hour chart. Source: TradingView

The surge in price and trading volume for NU come as the project helped facilitate the launch of tBTC v2 on the Keep Network with is designed to “extend the censorship-resistant properties of Bitcoin onto every network that can interoperate with Ethereum (ETH).

Censorship-resistance comes to the Ethereum network

Keep Network is a protocol designed to offer privacy-focused infrastructure on public blockchains through the creation of an incentivized network for storing and encrypting private data.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KEEP on Oct. 12, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. KEEP price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for KEEP began to pick up on Oct. 12 and climbed to a high of 75 and the price increased 585% over the next day.

The spike in momentum for KEEP came along with the spike in the price of NU as the two projects collaborated to release tBTC v2 on the Keep Network.

Related: BREAKING: Nasdaq listing hints that the SEC may soon approve ETF application from Valkyrie

Blockchain-based VPN service boosts Orchid price

Orchid is a cryptocurrency-powered virtual private network (VPN) that describes itself as “the world’s first incentivized, peer-to-peer privacy network.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OXT on Oct. 12, prior to the recent price rise.

VORTECS™ Score (green) vs. OXT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for OXT climbed into the green zone on Oct. 12 and reached a high of 75 on Oct. 14, around 15 hours before its price spiked 82% over the next day.

A scroll through the project’s Twitter feed points to an increased focus on privacy concerns as the impetus behind Friday’s price surge, which lines up with the main goals of both Nu and KEEP suggesting that the sector of privacy-related projects could be starting to attract more attention.

The overall cryptocurrency market cap now stands at $2.482 trillion and Bitcoin’s dominance rate is 46.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Building ‘OnlyFans on blockchain’ is a huge, untapped opportunity — Dfinity founder

Attempts by traditional financial institutions to censor adult content on OnlyFans have highlighted the need for decentralized platforms, according to Dfinity founder Dominic Williams.

Dfinity founder Dominic Williams believes content creation platforms like OnlyFans are ripe for disruption now that decentralized technologies have become mainstream. He’s inviting developers to build a blockchain-driven content platform on Internet Computer (ICP) — a powerful general-purpose blockchain launched by Dfiniity Foundation earlier this year.

In an interview with Cointelegraph, Williams discussed recent attempts by financial institutions to censor adult content creation on OnlyFans, as well as the general outlook on smart contract platforms.

Creator-driven platforms are ideal for decentralization

In August of this year, major financial institutions such as Bank of New York Mellon, Metro Bank and JPMorgan Chase effectively forced OnlyFans to ban sexually explicit content on its platform. CEO Tim Stokely told the Financial Times that his company, which has become synonymous with adult content creation, “had no choice” but to heed to the banks’ demands. (The banks reportedly threatened to cut ties with OnlyFans because of the reputational damage of servicing an adult content platform.)

While Stokely would eventually reverse the decision to ban explicit content after receiving assurances from banking partners, the whole ordeal sparked a public debate about censorship. Dominic Williams said OnlyFans represents a case study on why content creation platforms need decentralization.

Related: OnlyFans reverses decision to ban porn after assurances from ‘banking partners’

The threat of censorship, Williams said, isn’t just from credit card companies but traditional IT services as well:

“[OnlyFans] could also be censored by any of the traditional IT services it uses to run its online services, such as cloud services and data centers, in the same way Amazon Web Services switched off the Parler social media service.”

Decentralization via blockchain technology can fix this problem:

“One of the key ways blockchains can add value is by running smart contract code that cannot be stopped, providing a way to create systems that are more resistant to censorship by third parties.”

However, not every blockchain can provide true censorship resistance because decentralized applications still rely on traditional IT to function. “This is because they cannot scale to store large amounts of user content themselves, and cannot serve interactive web content directly to users, and therefore builders must incorporate cloud or private servers into their Dapps,” he said.

Dfinity’s grants program is keen to hear fresh ideas

Williams is actively encouraging developers to create a more decentralized version of OnlyFans on Internet Computer. In fact, he touted the Dfinity Foundation’s $250 million grants program as a good starting point to bootstrap such ideas. The grants program, which is entirely meritocratic and designed to help teams build on Internet Computer, has funded over 80 projects already.

Initial funding is small but can be scaled up once the projects demonstrate progress, Williams said. The early results have been promising.

“Today, people have built things like chat, professional networks and games that are running entirely from the Internet Computer blockchain,” he said. “It’s only been four months since Genesis and there are already more than 500 developers building. Services like Open Chat are rapidly growing, and already have many tens of thousands of users. In fact, over 1.2 million Internet Identity handles have already been created.”

Related: Smart contracts are coming to Bitcoin through Dfinity’s Internet Computer

Internet Computer won’t make Ethereum obsolete

The quest to uncover the next “Ethereum killer” has led some investors to speculate whether Internet Computer will take the mantle from the preeminent smart contract platform. However, just as Ethereum didn’t render Bitcoin (BTC) obsolete, ICP is unlikely to squash Ethereum in the long run, Williams admitted. But other competing smart contract platforms are unlikely to stick around in the long run.

“What’s important to note is that Ethereum didn’t make Bitcoin obsolete,” he explained. “For similar reasons, the Internet Computer is unlikely to make Ethereum obsolete. However, arguably the same cannot be said for the so-called “Eth-Killer” blockchains, as their contribution of innovation and authenticity lacks substance.”

Williams expects Ethereum to integrate with Internet Computer and become a source of innovation for Ether-based developers.

The Internet Computer blockchain currently ranks 23rd in terms of market capitalization, with the total value of ICP crypto hovering just above $8.4 billion. By comparison, Ether’s (ETH) market cap is currently $424.8 billion.

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Purging Today’s Freedom Activists: Why Big Tech’s Censorship Isn’t Directed Solely at Trump Supporters

Purging Today’s Freedom Activists: Why Big Tech’s Censorship Isn't Directed Solely at Trump SupportersThere’s been a lot of unrest in the U.S. and just before the presidential election’s electoral vote, Big Tech took action and censored a great number of individuals and even competing social media platforms. Moreover, even after President Biden’s first few days in office, social media apps continued to purge dissent. On January 22, Facebook […]
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