With a challenge on social media it was possible to demonstrate that if you know the words of a 12-word seed phrase, it is extremely easy to access the wallet and withdraw funds.
A seed phase is a recovery phrase, better to say a string of random words generated when a wallet is created (as happens, for example, when creating a metamask) and this allows access to the wallet itself, when accessed from new devices or for a long time etc.
It was a challenge launched on twitter by Wicked Bitcoin, it provided the twelve words in no particular order and offered the equivalent of about 29 dollars in Satoshi (a ridiculous prize proving that the task was rather easy for the insiders). So it was since in about twenty minutes the system administrator Andrew Fraser was able to enter the Wallet.
Apparently neither a quantum computer nor who knows what was necessary but a trivial software application within everyone's reach.
The problem is that the seed phrases must not be kept except in the mind or in a piece of paper, in any case not in the smartphone or PC, if a hacker does not know them the security of the wallet is quite high even if it would be even better if the seed phrase contained 24 words rather than 12.
Fraser then explained at best what are the limits of the results that can be obtained by illustrating the difference in security between the two types of seed keys (ie one with 12 words and one with 24). A 12-word seed key has approximately 128 bits of entropy, while a 24-word seed key boasts 256 bits. When an attacker knows the unordered words of a 12-word seed, there are only about half a billion possible combinations, which is relatively easy to test with a decent software application for that purpose. A 24-word seed, on the other hand, has so many zeros that it's overkill for those tools.
Otherwise, the likelihood that an attacker will be able to decipher a 12-word seed sentence is also bordering on absurd. 24-word seed phrases may be higher, but as Wicked points out in an article following the seed phrase challenge, "they won't actually be violated."
In the end everything is safe but basically not safe!
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
From text to video is already very popular, you can find a lot of web sites which offers somenting like that and the quality of the service is growing more and more - you can try for free a lot of them. The thing becomes even more incredibile and interesting instead if we pass from the text to the generation of videos in virtual reality and in 3D, it seems almost a way to build your own little metaverse or virtual space...
An example is a service offered by Versy Italian developers even if based in Dubai): Text-to-Space. That algorithm enables businesses to create interactive 3D virtual experiences from a text prompt.
The algorithm leverages the latest advancements in generative AI technologies to create virtual environments in real-time, based on a text description. This kind of services open up new opportunities for businesses to engage with their customers in innovative and interactive ways, from virtual product demonstrations to gamified marketing campaigns.
Their ability to capture the attention of the audience and convey strong and meaningful emotions marks their potential as limitless. The development of this special algorithm is backed by partnerships with NVIDIA Inception and Intel OneAPI that support Versy in the development of their cutting-edge technology.
NVIDIA Corporation is a very dinamic US technology Company. It develops in particular graphics processors for the gaming and professional markets, as well as system-on-a-chip modules for mobile computing and the automotive industry.
Among the most interesting things and project there are precisely those services and sites that help you build what you want and need by offering you means that also make things as easy as possibile for you.
Initiatives like these also make virtual environmentes more democratic and less expensive for small users and that's very important, how to say that the VR is for all. You can Join the waitlist to be the first to test Text-to-Space by visiting Versy AI website
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
AAVE is a decentralizated finance protocol that allows people lo lend and borrow crypto fastly and it is confirmed as a successful and well structured DAO.
AAVE born in November 2017 as a DeFi project has shown growth and solidity as a governance, as a protocol and as an ecosystem, it is truly a token model that needs to be analyzed and taken as an example, but this is not investment advice it is a technical observation!
The AAVE company was founded by Stani Kulechov and a team of developers in London but later also acquired an office in Switzerland. Kulechov studied law in Helsinki and it was during his studies that he created AAVE, whose name means "ghost" in Finnish, a symbol of the company and probably also a reference to the possibility of the protocol to make loans securely and anonymously!
Today the capitalization of this Token is excellent with a notable reserve: AAVE represents an excellent example of how a community of 100 thousand owners can well manage the governance of the token making everyone satisfay.
Today the protocol is covered by 300 million AAVE tokens; this protocol is very attentive to confidentiality and its robustness and the community is also concerned with being careful of any kind of vulnerability, AAVE V3 is infact the last goal in terms of risk management and also provides for new repayment methods; V3 allows users to optimise their assets supplied to the Aave Protocol in terms of yield generation and borrowing power.
The community works around the clock and we have yet another example of how the Discord platform responds to the most complex governance. Liquidity is at the heart of the AAVE Protocol it enables the protocol's operations and user experience.
The AAVE system allows the interest rate to automatically adjust according to offers and demands and therefore to bring the market into balance. When there is a lot of demand for a given loan token, the rate goes up, the supply increases, and everything comes back into balance.
Every day users from all over the world make exchanges with AAVE for a value of around 200 million euros.
Despite the solidity and success AAVE is now facing two problems, which could lead to a sharp temporary "decline": the first is the loss of one of its largest holders (in the blockchain it is always and immediately visible how capital is moved) the other is that AAVE's DAO voted by an overwhelming majority to switch to another stablecoin compared to BUSD which in his small way for now he had however given the desired guarantees
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
Many still don't know it but the project started right from Italy thanks to the imagination and initiative of some of the best known authors and screenwriters of the cinematographic scenario of the last decades.
This new cinematographic reality, one of the most anticipated web 3.0, blockchain and AI projects of 2024, is a new way of creating cinema and vision through interaction, participation, creation and productivity, and much more...
And here, to make this 3.0 turning point in the world of cinema and screenwriting known to the world, the most well-known and sought-after form of organisation in the blockchain world was used -> DAO (decentralised autonomous organisations) which, if based on communities with active roles, are the best way not only to attract investors but also to build loyalty and generate income and opportunities for followers.
So here we have a very successful first example, a DAO based on an incredibly futuristic design ... and with a ready-made stepping stone. The invitation is to discover it by following it through the discord community, on linkedin and on twitter. Origami, a very important incubator and accelerator of start ups and DAOs of the Silicon Valley, has invested in this project, so we will see some good ones!!
The adventure both from the point of view of the cinematic revolution 3.0 and from the point of view of what will be the first cinematic experiences where in fact the Metaverse will basically be experienced as a film on TV.
The incredible special effects and a community that participates in evolutions of subsequent episodes (for example) and beyond, starts from a new world in 2137 after Christ where various worlds are faced with new life and new needs in completely distinct ways.
The aim is to start to compete with the might Marvel Cinematic Universe in just a few years. The site 2137ad.com can give a first idea of what awaits us!
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
Non-Fungible Tokens (NFTs) have been gaining popularity in recent years, with many people buying, selling, and collecting these digital assets. However, as the market for NFTs grows, so does the concern for their security. Specifically, many people who use MetaMask, a popular digital wallet for storing and managing NFTs (and to authenticate in many platforms), have raised concerns about the security of their NFTs within the wallet.
In fact, Metamask has begun to provide very clear alerts during some operations, suggesting that if you want to sell an NFT that is inside your wallet, when this happens with an attacker, he can steal all the NFTs in your wallet. If you are interested in selling your NFTs, you run many risks, precisely due to a problem of vulnerability of the smart contract.
All of this also suggests that many investors are choosing to keep NFTs in their wallet rather than sell them
One major concern is that MetaMask is a hot wallet, meaning that it is connected to the internet and can be vulnerable to hacking attempts. While MetaMask has implemented various security features such as seed phrase backups and two-factor authentication, some users have reported losing access to their wallets or having their NFTs stolen due to a lack of proper security measures. Another concern is that MetaMask does not currently offer a way to insure NFTs, which means that if a user's NFTs are stolen or lost, there is no way to recover them. This lack of insurance options can make many potential NFT buyers and holders hesitant to use MetaMask as their primary wallet. It's important to mention that, the problem is not specific to MetaMask, but to the current state of the NFT market, as many other wallets and platforms also face similar security issues.
To mitigate these concerns, users can take several steps to secure their NFTs. One important step is to ensure that their MetaMask wallet is properly secured, including using a strong password, enabling two-factor authentication, and regularly backing up their seed phrase. Additionally, users should be cautious when buying NFTs from untrusted sources and should always verify the authenticity of an NFT before purchasing it.
In conclusion, while MetaMask is a popular and convenient option for managing NFTs, the security of NFTs within the wallet remains a concern for many users. It's important for both the wallet providers and the users to be aware of these security issues and take the necessary steps to protect their NFTs.
Concrete and satisfactory solutions have not yet been found, there is reason to think that the largest banks are inserting themselves into web 3.0 among the various objectives also to become the guarantors and/or be the solution to the problem
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
Browsing Unstoppable Domanis, the web site who sell web 3.0 domains ( .nft, .wallet, .blockchain, .888, .zil, .crypto, .bitcoin, and the more expensive .x ) you can find a lot of opportunities (at the moment) if you want buy a web 3.0 domain with an affordable price, but you can find also prices very very high.
For Italian language key words for example, "pizza" seems to be one of the more expensive, pizza.x worth 250.000 $ and pizza.nft 100.000 $, but they are not only the most rapresentative word of Italy such as pizza, pesto, vino, or Italia and so on, that are very expensive, swear words - if you can still find one - also have considerable prices (20.000-50.000$) and than: the names (for example marco.x worth 10.000$), short idioms ( dio.crypto worth 9.000$, ciao.x worth 8.000$)...
It's really funny that domains starting with "fra" and "bro" (for example) are nowhere to be found (and "fra", "bro", "gg" - by themselves - they are even protected, this could mean ( as for other examples ) that the biggest buyers of domanis in web 3.0 are generation Z (1997-2012) i.e. more likely twenty-year-olds.
These domains that are transformed into NFT to be owned forever can then be actually used or sold; at the moment there are not many sites to see in web 3.0 but only because either you know the domain you are looking for or you don't see anything!!!
Web 3.0 will be something very particular and very far from the mentality of generations before generation z, but it is the future and it doesn't mean it won't be nice, it's up to us.
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
The number of football teams that have their own token in the world of cryptocurrencies is increasing in the world. To have a very high capitalization and a very interesting "volatility" there is ARG.
The ARG Fan Token allows Argentinian National Football Team fans to have a tokenized share of influence on club decisions, purchased through the consumer facing platform, socios.com, fans can engage ina wide variety of club decisions for example, choosing a goal celebration song or deciding which MMA fighters should face off and in doing so, earn rewards and money can't buy experiences. Experiences like... having the opportunity to meet and greet with players of their favourite club, receiving VIP treatment at their favourite stadium and much much more.
Argentina is world champion 2022 and its token has certainly moved on the basis of football match lost or won in recente months, but the day of the victory and the day after, instead we have seen a drop of more than 30%. The forecast is that it may subsequently go beyond its about 8$ limit, but when and why not immediately after the victory?
The truth is that one can safely go so far as to say that the fan tokens do not move in a predictable way and that the token reacts to the transfer market choices more than the progress of the matches, it is a hypothesis.
The above can also be observed in the other football tokenized fans, like POR.
Analyzing the ROI of these tokens they do not seem to generate large profits for those who buy and sell them, but the interesting thing now, is that they are not linked to the bitcoin trend.
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
Among the big fashion brands in the sports sector, Puma is, let's say, among the last to be exposed on web 3.0 and in the metaverse.
On the other hand, he had a very ambitious project, namely that of having his own "dark" metaverse "in black" (the name is Black Station) full of special effects and experiences to do, and clearly they too have not given up on connecting it to their own discord community.
Creating communities on discord is confirmed like the primary mission of all companies involved in the new web, we had already talked about it in this article
Puma has opted for very captivating 3d graphics but its metaverse doesn't seem so usable and this is probably the demonstration of how much more needs to be done form usable point of view and this is probably the demonstration of how much we still have to do even just for "broadband"
From another point of view, Puma has simply made a graphic growth to complement its sites for a more immersive browsing experience, essential for a prestigious brand that wants to keep up, but the real approach to the metaverse remains more consistent with whats has made Nike (for example)
However there are some common denominators between all the fashion and sport brands, they all focus on increasingly crazy and futuristic branded sneakers for real life or for the avatar (like NFT)
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
It's amazing how much Nike is investing in the “web new deal” and how much it's growing; probably thanks to its capillarity in the metaverses and the assets it has created around it, it will not only open the way but will soon allow it to be a model on which to make clearer predictions on ROI.
But let's see what he's doing and what the remarkable news are: Nike wants to be present in all international metaverses and the fact that they are game doesn't create any kind of problem since its target is primarily young people. Nike is acting according to a total expansion and an increase in its prestige, nothing is excluded and it is doing so with a strategic and competitive advantage that has already determined its supremacy in just one year!
After Nikeland in the Roblox metaverse (and more) Nike has resumed its refinement by creating its own very specific community and filing more and more patents on the subject of cryptocurrencies.
Now, the news is Nike has launched .SWOOSH, its web3 platform that supports athletes and supports the future of sport by creating a new community and digital experience for all.
We have already talked about the importance of doing and being "community" in the article dedicated to Discord, but here the experience moves towards something even more familiar, inclusive, exclusive.
The platform is based on the blockchain and allows athletes, influencers, creators and users to gather around a common passion and collect, vote, design and co-create virtual products with Nike itself.
For those who join the community there are also royalties or what they can get from the sale of those co-created virtual objects.
The “business key” of the future is probably this: to attract, build, share and cooperate together, and we all feel good about it (maybe).
Born in Italy in 1976. Graduated in Political Science, Computer programmer & web 3.0 supporter and user. Real Estate Expert (two professional technical register and two active official roles) - Extrajudical civil mediator.
