Mike Antonuk @MikeAntonuk Twitter profile

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Mike Antonuk

@MikeAntonuk

1 year

Polygon's proposed upgrade is a testament to their continuous drive for improvement. By leveraging ZK scaling technology, this move would significantly advance the second-layer network solutions and push Ethereum's capabilities to a new height.

Polygon Labs proposes upgrade of flagship sidechain to 'zkEVM validium'

Polygon Labs’ engineering team proposed an upgrade to the Polygon PoS sidechain to become a “zkEVM validium” network.

www.theblock.co

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Mike Antonuk

@MikeAntonuk

1 year

Working in сrypto tech means having 0 boring days at work

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Mike Antonuk

@MikeAntonuk

1 year

Fantom has introduced a new gas monetization function, allowing dApp developers to earn a 15% commission on gas fees. Always fun to watch how different ecosystems are growing and coming up with innovative solutions to grow. @FantomFDN

Fantom now lets developers earn from gas fees

Fantom has just made a noteworthy addition to its ecosystem that will grab the interest of developers of decentralized applications (dApps) all around the world. The platform has introduced a new gas...

cryptotvplus.com

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Mike Antonuk

@MikeAntonuk

1 year

Heard of ERC-6551 standard? They say it's reshaping the utilities of NFTs. Dive into my latest blog post to explore the innovative Token Bound Accounts (TBA) and their impact on personalization, provenance, and more

EIP 6551 Token Bound Accounts

After account abstraction has been in talks in crypto for almost a year now, I thought about another solution that might help in easing the…

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

ZkSync's introduction of the ZK Stack revolutionizes the crypto space, giving developers much-desired autonomy and scalability. As the only fully open-source alternative to Optimism’s stack, it could redefine layer-2 and layer-3 blockchain solutions.

ZkSync launches rival to Optimism’s OP Stack

The ‘ZK Stack’ is Matter Labs’ proposed framework for building independent ‘hyperchains’ powered by zero-knowledge proofs.

blockworks.co

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Mike Antonuk

@MikeAntonuk

1 year

My new blog post is out! Discover the game-changing potential of Mastercard's integration with MTN MoMo wallets, empowering users with seamless access to global e-commerce and secure digital payments.

The Future of Regulated Financial Apps on Blockchain

Mastercard and MTN have joined forces to empower millions of consumers with easy access to global e-commerce through secure digital…

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

🚀 Exciting blog post alert Discover the new hot topic in the world of layer-2 blockchains, Shared Sequencer. Learn how this technology is paving the way for opening up new possibilities

Shared Sequencers

Let’s talk about Shared Sequencers, which might be the area of focus for developers next. Before jumping into it, let’s review some basic…

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

Discover the challenges and potential ideas of managing decentralized identities across multiple blockchain networks in my latest blog post 🤖

DID and Interoperability

As blockchain technology continues to evolve, one of the biggest challenges that developers face is interoperability between different…

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

We are currently in the stage of active development of zero-knowledge protocols, which are widely used in many projects starting from privacy-preserving payment solutions and up to ZK-rollups and verifiable identity credentials.

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Mike Antonuk

@MikeAntonuk

1 year

Arbitrum recently experienced a brief interruption in transaction processing. This event prompts us, as developers, to reflect on the importance of decentralization and system resilience within the crypto ecosystem.

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Mike Antonuk

@MikeAntonuk

1 year

With the rise of blockchain adoption the importance of DID will be growing exponentially. At @swisstronik we are working to make it secure, easy and compliant , so I am happy to see that @wef 's Accelerator is looking in the same direction.

Blockchain can help create privacy-preserving digital ID

The World Economic Forum’s Digital ID Initiative is catalyzing an international framework to realize financial, health and social impact amid privacy concerns.

www.weforum.org

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Mike Antonuk

@MikeAntonuk

1 year

Check out my new blog post on Medium and discover the challenges and opportunities at the intersection of privacy and user adoption within the blockchain technology! 🔐

Balancing Anonymity and Real-World Adoption in Blockchain Technology

Blockchain technology has gained significant prominence through the rise of cryptocurrencies like Bitcoin and Ethereum. While ensuring…

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

The contracts are now smart, so humans need to be smarter. One major issue with SSIs is the potential for identity loss or theft. A 🧵 to learn more 👇

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Mike Antonuk

@MikeAntonuk

1 year

💰 $2 billion lost to hacks in the first half of 2022! Is the growing number of attacks a concern for developers in the web3 space? Dive into my article to understand the challenges and potential solutions.

Web3 Projects Lose Billions to Hacks in 2022. A Growing Concern for Developers?

In a recent report by CertiK, web3 projects were found to have lost more than $2 billion due to hacks in the first half of 2022. This…

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

Proposal to Increase Validator Limit This drastic increase in the Ethereum validator limit could significantly alter the landscape for building and maintaining applications on the Ethereum network.

Ethereum Developers Propose Raising Validator Limit to 2,048 Ether From 32 Ether

Low validator limits have led to waiting times of over one month, as of Monday.

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

Your digital identity, your rules 🤖 Discover the power of self-sovereign identities in my newest article

From Control to Ownership: Self-Sovereign Identities

The WHY?

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

/5 The potential long-term benefits of improved efficiency and scalability make this a positive development for the crypto ecosystem.

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Mike Antonuk

@MikeAntonuk

1 year

🎉 Excited and grateful to be nominated for Forbes 30 Under 30! 🌟 This recognition means the world to me, and I'm honored to be part of this incredible blockchain journey. Thanks to everyone who has supported me along the way!

30 empreendedores jovens notáveis de blockchain Forbes Portugal

Entre eles, um seleto grupo de indivíduos destaca-se como os 30 maiores empreendedores de blockchain […]

www.forbespt.com

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Mike Antonuk

@MikeAntonuk

1 year

This move could also accommodate the growing interest of large Ether holders in earning passive income through staking, thus further promoting the Ethereum ecosystem.

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Mike Antonuk

@MikeAntonuk

1 year

My recent interview touches on the legal implications of data breaches in blockchain networks. Furthermore, I explore the potential of emerging technologies in improving KYC and AML processes in our industry.

Cracking the Code: Addressing Data Privacy and Legal Challenges in the Blockchain Industry |...

Interview discussing the legal and privacy challenges in the blockchain industry.

hackernoon.com

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Mike Antonuk

@MikeAntonuk

1 year

Optimism "Bedrock" Update The implementation of the "Bedrock" upgrade by Optimism marks an important milestone for the crypto ecosystem, particularly for developers building on the Ethereum blockchain.

Optimism 'Bedrock' Upgrade to Speed Confirmations, Cut Gas Fees, Set Path to 'Superchain'

The "Bedrock” upgrade will improve the usability of the chain by lowering gas fees and cutting deposit-confirmation times by 90% – pitched as a key step toward the Optimism network's goal of becoming...

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

BNB Chain has launched the opBNB testnet, an L2 used to alleviate network congestion and reduce transaction costs on the blockchain. Optimism tech is now gradually moving towards a concept of L2 as a service. Hoping to see awesome stuff from the team.

BNB Chain Releases Layer 2 Testnet Based on Optimism's OP Stack

Developers expect the opBNB blockchain to reach speeds of 4,000 transactions per second at a targeted cost of 0.005 U.S. cents per transaction.

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

DID and Interoperability: the potential for cross-chain identity management, a thread 🧵👇 1/ With DID and especially SSI (Self Souvereign Identities), users can improve their control over their digital identities.

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Mike Antonuk

@MikeAntonuk

1 year

With zk-SNARKs, users can prove compliance without exposing sensitive information. Let's discuss this innovative solution! 🛡️

South Korea to ask firms to disclose crypto holdings starting 2024

South Korea’s Financial Services Commission announced a new bill aiming to require all firms that issue or hold cryptocurrency to disclose their holdings.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

Exploring the concept of enhancing fan engagement through blockchain rewards in my latest blog post 👇

Enhancing Fan Engagement via Blockchain Rewards

Blockchain technology has opened up exciting possibilities for enhancing fan engagement across various industries, including music. By…

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

In overall, DIDs have the potential to change the way we think about identity and personal data, yer there are challenges that must be addressed before they can be widely adopted.

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Mike Antonuk

@MikeAntonuk

1 year

Despite the ongoing bear market, the development of zero-knowledge technology is heating up 🔥 Privacy and security remain key concerns in the digital world, driving innovation even during challenging times. Exciting developments ahead! 🚀

Zero-knowledge tech development heats up amid bear market

Over 2,000 attendees visited the zkDay 2023 event in Paris.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

The v4 update underscores Uniswap's commitment to ongoing innovation. On-chain limit orders, auto-compounded LP fees, and additional integrations are just the starting point. Excited to see what the developer community envisages.

Uniswap releases version 4 code, allowing for new types of liquidity pools

Decentralized exchanges like Uniswap have seen a surge in volume recently due to regulatory crackdowns in the United States.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

4/ Making a DID interoperable across chains would help with making the cross-chain UX easier.

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Mike Antonuk

@MikeAntonuk

1 year

By allowing more considerable amounts of Ether for staking, there could potentially be a surge in the number of Ethereum validators leading to high levels of network security and stability.

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Mike Antonuk

@MikeAntonuk

1 year

/6 The Bedrock upgrade sets a solid foundation for the Superchain vision and paves the way for more innovative applications and solutions in the future.

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Mike Antonuk

@MikeAntonuk

1 year

/4 This upgrade also establishes Optimism as the first layer 2 protocol to have multiple clients, which adds to the system's resilience and mitigates single points of failure.

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Mike Antonuk

@MikeAntonuk

1 year

Streamlining user experience is a top priority in the crypto industry, and the new messaging capability between Ethereum addresses is a step in the right direction. Let's continue to simplify and optimize the crypto journey! 💬

Coinbase Adds Messaging Function to Crypto Wallet

The new messaging feature will let any two Ethereum addresses talk to each other.

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

/3 The introduction of support for reorgs and improvements in proof modularity will provide developers with more flexibility and customization options when building on the Optimism platform.

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Mike Antonuk

@MikeAntonuk

1 year

It is crucial that developers and policymakers work together to ensure that DIDs are implemented in a way that prioritizes privacy, security, and user-friendliness.

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Mike Antonuk

@MikeAntonuk

1 year

/2 By significantly reducing gas fees and deposit-confirmation times, this upgrade enhances the usability and scalability of the Optimism network.

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Mike Antonuk

@MikeAntonuk

1 year

In my latest article, I explore the transformative potential of blockchain, tackling fraud prevention, governance challenges, and fostering equality for small organizations. Stay tuned for an insightful read!

Safeguarding Intellectual Property with Blockchain

Exploring the transformative potential of blockchain

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

The RCMP's initiative to establish a repository for seized crypto and NFTs demonstrates a progressive approach to tackling digital asset-related crime.

Canada to develop repository for storing crypto and NFT seizures

The repository will support the storage of Ethereum, Solana, and Polygon-based NFTs.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

The recent restrictions imposed by Singapore's MAS on lending and staking by retail customers highlight the need for responsible practices within the crypto industry.

Singapore's MAS Orders Crypto Firms to Keep Customer Assets in a Trust by Year-End

The MAS has also restricted crypto service providers from facilitating lending and staking of tokens by their retail customers.

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

ConsenSys introduces a powerful fuzzing tool to identify vulnerabilities in smart contracts. Proactive measures like this enhance the robustness of blockchain ecosystems, fostering trust and driving innovation.

ConsenSys releases ‘fuzzing’ tool to test smart contract vulnerabilities

Over $2.8 billion was lost through DeFi hacks in 2022, leading some developers to seek more sophisticated testing tools to help test contracts.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

DBS Bank's embrace of the digital yuan showcases the need for blockchain developers to stay ahead of the curve in understanding and implementing CBDC technologies.

Crypto-friendly DBS Bank launches digital yuan transaction tool

DBS Bank China has launched the e-CNY merchant solution, allowing mainland businesses to receive transfers in the CBDC.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

The founders of SEDA explore the fascinating intersection of oracles and multi-chain ecosystems. Unlocking the power of seamless data flow across multiple blockchains can drive innovation and advance the decentralized future. Exciting times lie ahead!

Seda co-founders discuss intersection of oracles and multichain

The protocol currently enables over 12 million data feeds.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

In the crypto world, change is as good as rest. Say hello to the new kid in town - the Dencun upgrade. To get more insights, check my new blog post on Medium out 👉

Ethereum Dencun Upgrade Coming

The crypto world eagerly awaits Ethereum’s groundbreaking Dencun Upgrade, a massive undertaking by Ethereum developers that promises to…

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

Bitget's utilization of AI for translation services, customer support, and even developing a crypto version of ChatGPT demonstrates the potential of AI in enhancing user experiences and streamlining processes.

AI optimizing crypto exchange functions — Bitget exec

Bitget managing director Gracy Chen believes AI tools have a myriad of benefits for cryptocurrency exchanges.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

/2 Developers play a crucial role in building platforms that prioritize risk management and empower users with informed consent.

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Mike Antonuk

@MikeAntonuk

1 year

Additionally, the exploration of zero-knowledge proofs (ZK-proofs) showcases the commitment to privacy and data protection, potentially revolutionizing how user funds are secured. These advancements signify the continuous innovation happening within the crypto industry and its

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Mike Antonuk

@MikeAntonuk

1 year

From an era of forgetting passwords to forgetting seed phrases: Social Recovery is the need of the hour in Blockchain 🧵👇

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Mike Antonuk

@MikeAntonuk

1 year

Circle's new programmable web3 wallet platform is a game-changer for developers in the crypto space. Enabling seamless integration of digital-asset payments into applications aligns with the industry's drive towards wider stablecoin adoption.

Circle Seeks to Make Crypto Payments Easier With New 'Programmable Wallets'

The product is aimed at payments from businesses to customers.

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

Discover xERC20, the latest token standard by Connext, designed to boost bridge security and enable safer cross-chain transactions. More control for token issuers. Read all about it in my technical blog!

Exploring xERC20

Learn about xERC20, the new token standard by Connext

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

Ledger announces integration with U.S. PayPal, enabling users to buy crypto directly within the app. 📲💰 This partnership enhances accessibility and streamlines the crypto purchasing process. It's a step towards mainstream adoption.

Ledger announces U.S. PayPal integration, lets users buy crypto from within app

PayPal is the latest addition to a list of services integrated with Ledger Live, which includes MoonPay, Simplex, Transak and others.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

11 months

It's reassuring that the Ethereum community is determined to address scalability problems through initiatives like Holesky and Dencun, and this setback is unlikely to significantly impact their long-term goals.

Ethereum’s Holesky Testnet Fails to Launch, in Rare Tech Misstep for the Blockchain

Developers of the Ethereum blockchain say there was a misconfiguration in the genesis files of the test network, and now they plan to try again in about two weeks.

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

Worldcoin is here! Finding the right balance between technological advancements and ethical considerations will be critical to ensure the positive impact of such initiatives in the long run.

OpenAI's Sam Altman launches Worldcoin crypto project

Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, launched on Monday.

www.reuters.com

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Mike Antonuk

@MikeAntonuk

1 year

What’s important when creating a contract like this is to add the possibility for the ‘Guardians’ to block outcoming transactions. One can add a slight delay before the fund’s withdrawal begins — this will allow the ‘Guardians’ to cancel the transactions by voting.

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Mike Antonuk

@MikeAntonuk

11 months

1/3 Polygon's proposal to provide technology for Celo's transition to a layer-2 network on Ethereum signals growing competition in the crypto industry.

Polygon Emerges as Suitor for Celo’s New Layer-2 Blockchain, Competing With OP Stack

Celo, which is ditching its standalone blockchain in favor of a new "layer-2" network atop Ethereum, had originally signaled plans to rely on Optimism's OP Stack, a similar customizable kit to...

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

At @swisstronik , we also see great potential in the use of #ZK technology to further enhance data privacy and security in identity-based #blockchain solutions.

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Mike Antonuk

@MikeAntonuk

1 year

/3 Overall, this development marks a significant step towards a more interconnected and efficient global financial system.

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Mike Antonuk

@MikeAntonuk

1 year

The potential to distinguish between real people and AI bots online could have significant implications for various industries, including combating fraud and ensuring the authenticity of users. However, it also raises important privacy and ethical considerations that must be

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Mike Antonuk

@MikeAntonuk

1 year

/2 The integration of e-CNY into DBS Bank's existing payment systems opens up exciting opportunities for blockchain developers to design innovative solutions and contribute to the future of digital finance.

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Mike Antonuk

@MikeAntonuk

1 year

There are many ‘Guardians’ types 1. Other devices or just a written down mnemonic. 2. Friends&family. It’s vital that they don’t know each other as they can conspire. 3. Custodial services which will sign the transaction if approved by SMS or other verification methods.

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Mike Antonuk

@MikeAntonuk

1 year

The digital ID wallet presents both opportunities and challenges for the adoption of blockchain-based identity solutions. 🧵👇

Europe’s digital ID wallet — Easy for users or a data privacy nightmare?

Concerns about privacy and anonymity abound as EU lawmakers progress discussions on its EU-wide digital ID wallet.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

1 year

The difference between custodial and non-custodial wallets explained once and for all

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Mike Antonuk

@MikeAntonuk

1 year

The rapid recovery of hacked funds by Curve Finance is a significant testament to the resilience of the DeFi ecosystem. It highlights the importance of skilled developers and ethical hackers in swiftly addressing vulnerabilities.

Curve Recoups 73% of Hacked Funds, Bolstering CRV Sentiment

A public bounty is now open for finding the remaining funds with a $1.8 million reward.

www.coindesk.com

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Mike Antonuk

@MikeAntonuk

1 year

Dive into the details of the recent $70 million exploit on Curve Finance and learn about the lessons it holds for the DeFi community.

Understanding the $70M Curve Finance Exploit: Lessons for the Crypto Industry

Dive into the details of the recent $70 million exploit on Curve Finance and learn about the lessons it holds for the DeFi community.

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

4/ Examples of MPC Wallets: @ZenGo splits private key into two independently created «secret shares». One is stored on a user's device, the second one - with them. @FireblocksHQ is a MPC solution for traders, exchanges, banks, etc.

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Mike Antonuk

@MikeAntonuk

1 year

Not your keys not your #crypto , yet in case with non-custodial wallets one can easily lose access to the #wallet as there is virtually no way to restore it once really lost. To prevent this, there is a recovery method called MPC (Multi-Party Computations) 🧵👇

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Mike Antonuk

@MikeAntonuk

1 year

📣 Happy to share my new blog post on Medium! Check out the latest article diving into the technical aspects of Central Bank Digital Currency and its implications and discover the world of CBDC from a technical perspective! Read more here:

Exploring Central Bank Digital Currency (CBDC): A Technical Perspective

With the recent announcement of PayPal's venture into the stablecoin world through its PayPal USD (PYUSD), the discussions surrounding…

medium.com

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Mike Antonuk

@MikeAntonuk

11 months

2/3 This competition reflects the race among layer-2 projects to dominate Ethereum's interconnected layer-2 networks, aiming to make transactions faster and cheaper.

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Mike Antonuk

@MikeAntonuk

1 year

Coinbase's approval for cryptocurrency futures trading signals a significant step forward for the crypto industry. This regulatory win not only demonstrate commitment to compliance but also open doors to a largely untapped market.

Coinbase receives green light for cryptocurrency futures trading in US - CNBC TV18

Business News: Get the latest Business News, Live Share & Stock Market Updates, Top News from India and across world. Read Top Business News and updates on financial, economic and banking news on...

www.cnbctv18.com

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Mike Antonuk

@MikeAntonuk

1 year

The use of zero-knowledge proofs (ZK-proofs) is mentioned as a potential solution that could help address some of these concerns. #ZK -proofs have recently been in the focus of researchers as a possible means to ensure regulatory compliance and privacy in digital currencies.

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Mike Antonuk

@MikeAntonuk

1 year

The cryptocurrency industry witnessing a 48% decrease in new developers entering the sector over the past year, as highlighted by Electric Capital's "Developer Report," indicates a potential challenge for innovation and growth in the space.

48% fewer new crypto coders last year: Report

Jobs data shows that fewer new developers join the cryptocurrency sector during bear markets, while long-term workers continue to commit the bulk of code.

cointelegraph.com

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Mike Antonuk

@MikeAntonuk

11 months

3/3 The outcome of this contest will not only impact revenue potential but also carry significant bragging rights within the crypto ecosystem, highlighting the industry's ongoing innovation and evolution.

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Mike Antonuk

@MikeAntonuk

11 months

Gaming in blockchain is making big steps as major devs suspect that it can lead to mass adoption with seamless onboarding. Looking forward to seeing how this partnership contributes towards the growth of crypto industry.

Ankr and Tencent Cloud Join Forces to Debut Blockchain RPC Services for Developers

The RPC Service is expected to support a regular request volume of up to 1,800 requests per second per chain.

cryptopotato.com

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Mike Antonuk

@MikeAntonuk

1 year

Do you remember when you joined Twitter? I do! #MyTwitterAnniversary

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Mike Antonuk

@MikeAntonuk

1 year

The guardians may find out that the wallet balance is huge (or see an incoming transaction), and it may tempt them to conspire and recover the wallet. That’s why it’s essential not only to hide the contract, which can be used for recovery, but also the wallet balance.

vitalik.eth

@VitalikButerin

1 year

Self-custody is important. And social recovery and multisig is a great way to do it. A quick reddit post on how I think about choosing guardians for social recovery and multisig wallets:

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Mike Antonuk

@MikeAntonuk

1 year

3/ To achieve it, a private key or a seed phrase is split into multiple parts and stored: one part is stored at a friend's or a family member's device, the second one is stored in the cloud storage and the last one is stored in some centralised service.

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Mike Antonuk

@MikeAntonuk

1 year

5/ Things like KYC on chain plus interoperability would help interact with different blockchains and especially protocols such as lending and borrowing would enhance. As this would make cross-chain Cibil score a reality.

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Mike Antonuk

@MikeAntonuk

1 year

Singapore's pioneering move to establish regulatory guidelines for stablecoins is a game-changer. Join me in exploring the implications of these regulations, the global impact on the crypto industry, and insights for developers in my blog post.

Regulatory Advancements for Stablecoins: A Global Perspective

Singapore's regulatory framework sets the stage for stablecoin evolution.

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

@swisstronik Gm!

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Mike Antonuk

@MikeAntonuk

11 months

🚀 Just published a new blog on Ethereum's EIP-7514 and its impact on ETH price! 🌐 Learn about the Merge, Liquid Staking, Validator Sets, and how EIP-7514 is shaping Ethereum's future💡 Read the blog:

Understanding Ethereum's EIP-7514: Impact on ETH Price and Staking Dynamics

Ethereum is undergoing a significant upgrade known as Dencun.

medium.com

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Mike Antonuk

@MikeAntonuk

1 year

While the wallet aims to provide citizens with a secure and convenient way to store and share their personal identification data, concerns have been raised about the potential risks to users' data privacy.

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Mike Antonuk

@MikeAntonuk

1 year

@VitalikButerin The guardians may find out that the wallet balance is huge (or see an incoming transaction), and it may tempt them to conspire and recover the wallet. That’s why it’s essential not only to hide the contract, which can be used for recovery, but also the wallet balance.

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Mike Antonuk

@MikeAntonuk

1 year

As DIDs become more widely adopted, it will become easier for entities to track and monitor users' online activities, potentially leading to a loss of privacy. And since DIDs are linked to personal information, it raises questions about who has access and how it is being used.

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Mike Antonuk

@MikeAntonuk

1 year

2/ Multiple protocols have already launched their solutions on a few blockchains. These protocols have been working on getting users since their launch. But having a different protocol for each chain's DID sounds bad in terms of UX and security.

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Mike Antonuk

@MikeAntonuk

1 year

Normally one would use the smart contract as a standard wallet. But in case one loses access to the private key, Social Recovery comes in. The user should to ask the ��Guardians’ to sign a special transaction which will let them change the address and regain access to the funds.

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Mike Antonuk

@MikeAntonuk

1 year

2/ The idea is that one splits the key into parts and later restores it when needed. The main advantage of this approach is that it helps to prevent the loss of a private key or its leak.

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Mike Antonuk

@MikeAntonuk

1 year

Users also must keep track of their private keys and ensure they are stored securely, which can be a daunting task for those who are not technically inclined. The use of DIDs also raises concerns about privacy and consent.

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Mike Antonuk

@MikeAntonuk

1 year

The owner’s address can also add or remove the ‘Guardians’. The changes come don’t come in force immediately, for instance, Buterin suggested that there should be a 3 days delay.

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Mike Antonuk

@MikeAntonuk

1 year

3/ As more industries adopt this technology, we can expect to see significant improvements in user experience, data privacy, and security.

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Mike Antonuk

@MikeAntonuk

1 year

@tusharlog @swisstronik Thanks for having me! 🦾

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Mike Antonuk

@MikeAntonuk

1 year

Since SSIs are unique identifiers that are linked to a user's personal information, if a malefactor manages to pass for the SSI’s owner, they will gain a full control. Much like with account credentials, in this case the real owner will lose access.

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Mike Antonuk

@MikeAntonuk

1 year

This approach was coined by @VitalikButerin and here is how it works. First, a smart contract is created and the addresses are added: 1. The owner’s address, which initiates transactions 2. 3+ ‘Guardian’ addresses which with the majority of votes can change the private key.

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Mike Antonuk

@MikeAntonuk

1 year

Another issue is the complexity of managing and using DIDs. While the technology is still relatively new, there are already several different DID methods, and it can be challenging for users to navigate and understand which method is best suited for their needs.

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Mike Antonuk

@MikeAntonuk

1 year

@ZenGo Gm!

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Mike Antonuk

@MikeAntonuk

1 year

@Cryptocito @swisstronik

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Mike Antonuk

@MikeAntonuk

1 year

@Cryptocito GM!

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Mike Antonuk

@MikeAntonuk

1 year

@swisstronik Gm!

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Mike Antonuk

@MikeAntonuk

1 year

@Yasin0760 @swisstronik Well that seems to be the tendency in today's reality - DIDs make things easier by letting people get verified with low time efforts

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Mike Antonuk

@MikeAntonuk

1 year

@swisstronik 🪲

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