Web3 Diaries – Bitcoin’s Dollar-Backed Stablecoin
The controversial BRC-20 standard and Ordinals protocol that made it possible keeps growing its footprint in the Bitcoin ecosystem. The latest: Stably USD, which is being billed as the first BRC-20 stablecoin.
After all, two of the largest stablecoins—Tether (USDT) and USDCoin (USDC)—do most of their volume on the Ethereum network as ERC-20 tokens. Although now both tokens are available on a handful of other networks like Solana, Avalanche, and TRON.
Like ERC-20 tokens, BRC-20s are a lot like NFTs. They allow for arbitrary, non-financial information to be added to the Bitcoin blockchain without the need for a sidechain or additional token. BRC-20 tokens have been at the center of an intense debate within the Bitcoin community, with important figures taking favorable and unfavorable positions.
Hong Kong Police Force Unveils Innovative Metaverse Platform ‘CyberDefender’
The Hong Kong police introduced a new Web3 platform called “CyberDefender Metaverse” as part of their technological advancements. To mark this milestone, the police force organized an inaugural event titled “Exploring the Metaverse” within the virtual realm.
In an effort to enhance public awareness regarding the potential risks linked to Web3 and the metaverse, the Hong Kong police launched this metaverse platform. The platform primarily aims to educate individuals about the potential dangers that can arise within this digital realm. To foster discussions on crime prevention strategies within the metaverse, the event took place across three virtual venues.
The event was specifically organized on the newly launched platform and aimed to engage participants in proactive conversations about ensuring safety within this digital realm.
Arbitrum Based Jimbos Protocol Rushes For Revival After $7 mn Exploit
Developers behind the Arbitrum-based Jimbos Protocol are gauging the best way for the project to move forward after its version 2 (V2) faced a $7.5 million exploit over the weekend.
Jimbos said it was working with security researchers to reclaim lost funds – the same people who’ve previously helped Euler Finance recover over $200 million – and added that they would contact law enforcement later today if the attacker failed to return the money.
Jimbos lost 4,090 ether (ETH) late on Saturday, which security analysts blamed on the lack of slippage control in the main contract.
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