OFR Insight Sharing is a weekly program session presented by Old Fashion Research, joined by other crypto practitioners of multiple notable institutions and media presses. Every week, researchers of OFR Fund will share their research results in the crypto industry for the past week. Recaps take a look back at the sharing sessions and expose a larger audience to the most discussed topics recently.

This week, we are pleased to feature Phillip, the core developer and co-founder of 0xScope, to share his insights and understandings on Web3 data and analysis.

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The topics of this week’s OFR Insight Sharing include:

• Current trends in Web3 data

• How to avoid catastrophes and risks

• How 0xScope is helping build the future

• Market Cycle：Why is data the future of Web3?

  • first cycle: Asset cycle (2008-2015), with the birth of Bitcoin

  • second cycle: Finance cycle (2015-2020), with the increase of crypto assets

  • third cycle: Data cycle (2020-now), the paths of assets and finance eventually precipitate data

The state of Web3 data

• On-chain data is public and verifiable, but It is hard to process and consume.

• The data between Web2 and Web3 has not been efficiently communicated, and the Web3 data is currently thin. We need to commute more data from Web2 to Web3.

• Data silos form between organizations and lack of interoperability measures

Web3 has more and more data, but less and less knowledge.

Web3 data has the ground to flourish

• On-chain Financial Data is the New Gold.

  • Building a decentralized reputation system through multidimensional data vectors is one of the next most important use cases in the Web3 data market, and based on the reputation system, unlocking various financial scenarios such as credit lending and financial risk control.

• Data Open Source and Interoperability

  • Effectively break the information barrier. The emergence of data analytics platforms can effectively dissolve the information gap and allow users to make better use of data, in essence, to achieve better information matching results

Security incidents are frequent and pose a "significant threat" to the credibility of blockchain technology.

Financial risk control is imperative.

Cross-Chain Crypto Bridge Hacks Hit $2 Billion

Blockchain sleuths Chainalysis estimates that more than two-thirds of all stolen funds across the crypto space have come from cross-chain bridge hacks this year.

These sorts of attacks refer to exploits or hacks that occur on so-called bridging protocols connecting different blockchains.

Theft on bridges has amounted to $2 billion worth of stolen funds, posing a "significant threat" to the credibility of blockchain technology.

U.S. Treasury Sanctions Widely Used Crypto Mixer Tornado Cash

Tornado Cash is a tool that allows users to privately transact on Ethereum and hide their ETH transaction history.

According to analysis by TRM Labs, North Korean cyber actors used Tornado Cash in all ten of its most recent cryptocurrency heists. Tornado Cash helped North Korea more easily “cash out” to traditional currencies, which its government uses to fund weapons proliferation and other destabilizing activity. Since launch, Tornado.cash has received 3.5M ETH in deposits, worth approximately $7.6B USD. Across all tokens, it has received $8.5B in total deposits.

Analysis of Recent NFT Discord Hacks Shows Some Attacks Are Connected

In the past two months, Chainabuse has received over 100 reports of hacking attacks on the Discord channel, while the NFT community has lost approximately $22 million since May 2022.

The image shows the schedule of Discord attacks against NFT project servers between June 2, 2022 and June 10, 2022.

A review of more than 15 notable Discord compromises targeting NFT servers and analysis of on-chain and off-chain data by TRM investigators suggest that dozens of these recent account compromises are likely related. Some of the linked compromises include well-known NFT Discord project accounts such as BAYC, Bubbleworld, Parallel, Lacoste, Tasties, Anata, and a dozen others.

• Technical logic and functional architecture

  • Through a brief review of 0xScope's technical roadmap, you can better understand our product function architecture and implementation logic

• Watchers instructions and user scenarios

  • Start with a series of operation tutorials to show you how to use Watchers to better seek the truth from the entity level

• B2B Data Services and Cooperation Case

  • 0xScope-B2B data service is divided into three parts: standard products of financial risk control and anti-money laundering, customized full-process marketing services, and one-stop solutions for data docking and governance.

0xScope is a protocol created to standardize Web2 + Web3 data by building a Knowledge Graph.

What is a knowledge graph?

A knowledge graph, also known as a semantic network, represents a network of real-world entities - i.e. objects, events, situations, or concepts - and illustrates the relationship between them. This information is usually stored in a graph database and visualized as a graph structure, prompting the term knowledge “graph.”

Watchers is the first product powered by the Scope Knowledge Graph. Watchers works by creating real-time profiles with meaningful connections.

Watchers reveals deeper truths about crypto: structure, behavior, and association. Visit https://watchers.pro/

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Special thanks to Phillip for presenting the content. Neither OFR Insight Sharing provides financial advice, nor researchers represent the final statement of OFR Fund.

ALL RIGHTS RESERVED TO Old Fashion Research

Old Fashion Research (OFR) is a multi-strategy blockchain investment fund founded in late 2021 by former executive and investment teams from the leading cryptocurrency exchange in the world.

OFR adopts a multi-strategy approach to capture the underlying value of Web3.0 and to build a full-cycle ecosystem to support new-generation crypto native entrepreneurs. OFR incubates promising startups, follows up with traditional venture capital investment and scaling support, and finally supports the projects if they wish to exit through a merger or acquisition.

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