Building bridges to the internet of ownership, experience & the passion economy
Metaversive.ethMetaversive #45
IndexSony silently integrating NFTsAlo yoga doing web3 rightPhotography dedicated NFT marketplaceThe key for web3 adoptionCrypto and psychological ownershipOn-chain Autonomous worldsRevisiting VRSociete Generale launch EUR CoinVertible stablecoinNewsletter** Brands doing Web3**Sony silently integrating NFTs https://www.coindesk.com/web3/2023/03/21/sony-files-patent-for-nfts-to-allow-transfers-between-games-and-consoles/ Alo yoga doing web3 right https://finance.yahoo.com/news/alo-yoga-retail-...
Metaversive.ethMetaversive #50FIVE
IndexClimbing out the rabbit holePay to IPDigital gold is backCreating incorruptible systems with blockchainVerifying content originPicture provenanceClimbing out the rabbit hole https://docs.google.com/document/d/1vzvy3qEQuP4tZMIaxejWy0WR4PXVdf0WQN3hDkJ-0KQ/edit Pay to IP https://twitter.com/raw_avocado/status/1743332141172199502 Creating incorruptible systems with blockchain https://medium.com/humanizing-the-singularity/be-realistic-demand-the-incorruptible-fa15d6401b0e Verifying content or...
Metaversive.ethMetaversive #50SIX
IndexBitcoin ETF, but no God Candle?Fake vs real bitcoinUsing Bitcoin to serve a defendantScaling blockchains? its all about trade-offsHow to do a good token airdrop? wise words from UNISWAP foundersThe Only Safe Way to Store CryptoThe problem with CBDCsHeadless marketplacesBITCOIN ETF, but no God Candle?https://twitter.com/jameslavish/status/1746950978174370156Scaling blockchains? its all about trade-offshttps://twitter.com/castle__cap/status/1746961885541380566How to do a good token airdrop...
Metaversive.ethMetaversive #45
IndexSony silently integrating NFTsAlo yoga doing web3 rightPhotography dedicated NFT marketplaceThe key for web3 adoptionCrypto and psychological ownershipOn-chain Autonomous worldsRevisiting VRSociete Generale launch EUR CoinVertible stablecoinNewsletter** Brands doing Web3**Sony silently integrating NFTs https://www.coindesk.com/web3/2023/03/21/sony-files-patent-for-nfts-to-allow-transfers-between-games-and-consoles/ Alo yoga doing web3 right https://finance.yahoo.com/news/alo-yoga-retail-...
Metaversive.ethMetaversive #50FIVE
IndexClimbing out the rabbit holePay to IPDigital gold is backCreating incorruptible systems with blockchainVerifying content originPicture provenanceClimbing out the rabbit hole https://docs.google.com/document/d/1vzvy3qEQuP4tZMIaxejWy0WR4PXVdf0WQN3hDkJ-0KQ/edit Pay to IP https://twitter.com/raw_avocado/status/1743332141172199502 Creating incorruptible systems with blockchain https://medium.com/humanizing-the-singularity/be-realistic-demand-the-incorruptible-fa15d6401b0e Verifying content or...
Metaversive.ethMetaversive #50SIX
IndexBitcoin ETF, but no God Candle?Fake vs real bitcoinUsing Bitcoin to serve a defendantScaling blockchains? its all about trade-offsHow to do a good token airdrop? wise words from UNISWAP foundersThe Only Safe Way to Store CryptoThe problem with CBDCsHeadless marketplacesBITCOIN ETF, but no God Candle?https://twitter.com/jameslavish/status/1746950978174370156Scaling blockchains? its all about trade-offshttps://twitter.com/castle__cap/status/1746961885541380566How to do a good token airdrop...
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Thank you for tuning in to the latest edition of Metaversive. Hit the Subscribe button to get your weekly dose of everything Web3 straight to your mailbox every Sunday.
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The US Treasury’s Office of Foreign Assets Control (OFAC) controls and enforces economic sanctions against countries and groups of individuals, such as terrorists, hackers and drug traffickers, but last month, they announced the sanctioning of Tornado Cash along with 45 Ethereum addresses to the Specially Designated Nationals (SDN) List of sanctioned persons. Just days after the announcement, Dutch police released a statement claiming to have arrested one of the core developers behind the project, based on suspicion of facilitating “money laundering through the mixing of cryptocurrencies through the decentralized Ethereum mixing service Tornado Cash”.
What’s peculiar about this case is that Tornado Cash is an open source software project, not a person, group nor company. Tornado Cash provides privacy protection for people transacting on the Ethereum blockchain. The solution refers to several open source software libraries that have been developed over many years by a diverse group of contributors. These contributors have published and made Tornado Cash available for general use as a collection of smart contracts on the Ethereum blockchain.
Now how does Tornado Cash work?
Tornado Cash is an application made up of a group of smart contracts running on the Ethereum blockchain that enable users to send & receive transactions privately. there are two types of operations any user can perform, “deposit” or “withdraw.” Together, these operations allow a user to deposit tokens from one address and later withdraw those same tokens to a different address. Although these deposit and withdrawal actions are recorded publicly on Ethereum’s ledger, there is no longer a way to publicly link the deposit and withdrawal addresses, thus enabling the user to withdraw their own funds without fear of exposing their entire financial history to anyone.
Its important to note that
Even though user deposits and withdrawals are public, no one is able to identify which deposits correspond to which withdrawals.
Smart contract code automates the whole operation so there is no intermediary or third party involved in execution.
Users are only able to withdraw the tokens they deposit
No one controls the operation nor will have the ability to change the operation of the Tornado Cash smart contracts.
The sanction announcement caused quite a stir & resurfaced a lot of concerns over online privacy & the right to transact privately 👇
https://www.arcanum.ventures/articles/cryptocurrency-and-the-erosion-of-basic-human-rights/
For a deeper dive into this case, I recommend checking out this in-depth analysis from Coincenter
And listen to this discussion on the Bankless podcast
https://shows.banklesshq.com/p/the-death-of-crypto-privacy-with#details
Artist highlight: Tyler Hobbs
Thank you for tuning in to the latest edition of Metaversive. Hit the Subscribe button to get your weekly dose of everything Web3 straight to your mailbox every Sunday.
If you don’t have a web3 wallet, follow this link to get one.
Blog post
Learning Hub
Job board
Web3 tools & resources
Artist highlight
The US Treasury’s Office of Foreign Assets Control (OFAC) controls and enforces economic sanctions against countries and groups of individuals, such as terrorists, hackers and drug traffickers, but last month, they announced the sanctioning of Tornado Cash along with 45 Ethereum addresses to the Specially Designated Nationals (SDN) List of sanctioned persons. Just days after the announcement, Dutch police released a statement claiming to have arrested one of the core developers behind the project, based on suspicion of facilitating “money laundering through the mixing of cryptocurrencies through the decentralized Ethereum mixing service Tornado Cash”.
What’s peculiar about this case is that Tornado Cash is an open source software project, not a person, group nor company. Tornado Cash provides privacy protection for people transacting on the Ethereum blockchain. The solution refers to several open source software libraries that have been developed over many years by a diverse group of contributors. These contributors have published and made Tornado Cash available for general use as a collection of smart contracts on the Ethereum blockchain.
Now how does Tornado Cash work?
Tornado Cash is an application made up of a group of smart contracts running on the Ethereum blockchain that enable users to send & receive transactions privately. there are two types of operations any user can perform, “deposit” or “withdraw.” Together, these operations allow a user to deposit tokens from one address and later withdraw those same tokens to a different address. Although these deposit and withdrawal actions are recorded publicly on Ethereum’s ledger, there is no longer a way to publicly link the deposit and withdrawal addresses, thus enabling the user to withdraw their own funds without fear of exposing their entire financial history to anyone.
Its important to note that
Even though user deposits and withdrawals are public, no one is able to identify which deposits correspond to which withdrawals.
Smart contract code automates the whole operation so there is no intermediary or third party involved in execution.
Users are only able to withdraw the tokens they deposit
No one controls the operation nor will have the ability to change the operation of the Tornado Cash smart contracts.
The sanction announcement caused quite a stir & resurfaced a lot of concerns over online privacy & the right to transact privately 👇
https://www.arcanum.ventures/articles/cryptocurrency-and-the-erosion-of-basic-human-rights/
For a deeper dive into this case, I recommend checking out this in-depth analysis from Coincenter
And listen to this discussion on the Bankless podcast
https://shows.banklesshq.com/p/the-death-of-crypto-privacy-with#details
Artist highlight: Tyler Hobbs
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