Weekly Review
How does Community weave into the blockchain idea of a trustless system? Much of the inspiration behind the cryptocurrency movement is that we are on the verge of moving past systems where we must trust human beings in positions of power to be good leaders. Understanding, knowing, studying human nature in spheres of government and political power over time has trained us not to put much faith in politicians in particular, and over-zealous leaders, in general. Indeed, much of our experience suggests that either the atmosphere of seductive power or the fallibility of human character results in situations of exploitation of the ruled by the rulers. There have been countless tragic situations where entire civilizations were hampered, persecuted, tortured, extorted, and even, annihilated, because a concentration of power in a central location, enabled one or a few maniacal “nodes” to take advantage over the rest of the system.
Overthrowing that corrupt, obsolete world is the driver of the entire Decentralization movement at the center of the emerging web3 paradigm. We are moving towards a multi-polar world, no longer under the unipolar model. The heralding differentiation enabling a different result now, is a perfect model of blockchain transactions and interactions operated through computer code and algorithms, on a system of diffuse, replicated centers, that do not require human moral choice to govern or self-perpetuate. Peer-2-Peer contact and exchange puts buyers and sellers onto a direct channel with one another, with the digital ledger of the blockchain as the enforcer of legitimate credit as well as a store of value, based on a history of past transactions maintained in a distributed network.
But surrounding that movement is this core idea of Community. And Community is a type of invisible power that we often refer to in a “backdrop” manner. We bounce ideas off of the Community. We gain confidence by resonating with the Community. The Community teaches us how to temper our individual appetites. The Community gives us examples and opportunities to work together. Somehow the Community is in charge. And the Community has an ethics to teach, else how could we train new generations to curate the blockchain rather than to try to break, manipulate, or remove it?
Even with that vision of a perfect system of distributed computer nodes maintaining a worldwide network with no single point of failure, there would have to be a majority of “honest” nodes in order for the network to truly thrive, through the maintenance of a true or right chain. And this is in reference to the moral character of the operators or users behind the computers maintaining the blockchain. Honest nodes would be operating units who were not trying to trick the system but who have agreed to use it as it was intended to be used as a transparent immutable ledger or record of transactions and a variety of interactions, collaborating with other nodes, coordinating with other humans.
So, in the end, we still must “trust” in the benevolent persuasion of a majority of minds within the Community, to maintain a culture of honesty, truth, growth, and sincere development as humans and members of Planet Earth.
In Community DAO this week, we have seen some growth, though overall, with much of the depression of the web3 space in the throes of the crypto crash, our position seems rather static, for the moment. We are glad to have tokenized on the Ravencoin blockchain, however, because of the fallout surrounding so many Ethereum protocols crashing through a series of domino-like attempts to pull investments here, lock down custodial holdings there, and so forth. All in the wake of the pending (or not) Ethereum merge to Proof-of-Stake. Lagging confidence in this direction has the entire blockchain on the ropes. Therefore, it is the perfect time to consider Ravencoin, and the key differences between RVN and ETH, and to move closer to true decentralization. Has ETH bitten off more than it can chew?
“Of all the previous alternatives to Ethereum, we believe that this is the favorite to be the replacement of Ethereum in terms of mining. Ravencoin (RVN) is a hard fork of Bitcoin, created with the intention of being a blockchain that is used in specific cases. Its objective is to facilitate the exchange of money between two pairs.
This project was launched in 2018 and has some differences from the bitcoin protocol. Although RVN has a Proof of Work protocol, over time they changed their mining algorithm from "X16R" to "KawPow". This brought with it the advantage that it is not necessary to mine this crypto with ASIC, but with boards with 4GB of RAM or more it is already possible.” [https://www.marca.com/en/lifestyle/us-news/2022/03/15/62310fa0e2704e3bb28b45df.html]
In any case, Ravencoin is a new world of growth and development. And there is so much to learn! Join CommDAO in mastering the Ravencoin protocols that will lead the way to a new globally tokenized economy. It’s still early and the more use cases we can develop for Ravencoin here on the front end of the movement, the more positioned CommDAO will be in the future to develop more profitable and marketable protocols to benefit the Community.
Developments continue with our Alterverse partnership. In talking with Jeff Lippert, Alterverse Chief of Growth & Development, I learned that the CommTower design is on the verge of final review! As soon as possible, we will begin to distribute visions of life in the Commtower and what is possible there economically and recreationally. Sky City promises to be an exciting world of new possibilities!
Check the latest broadcast by AVTV. Episode 3 just dropped. More glimpses of Sky City and a review of the VivaTech show attended by members of the Alterverse team and their interactions with Binance and the Incubation Program. Also, an attractive, early access blip clip bid released here:
In addition, new design members are joining our team now as we work to structure our NFT drive to auction floors of the CommTower off to people all over the world. However, we still want at least 500 members in our Discord to open the sale to the general public. So, join here if you want a good ringside seat on the action!
Marketing ambassadors continue to refine content on the marketing front. Check out this nice ad done by Dani_BeeHive and distributed to Twitter here:
In conclusion, despite much troubling news and instability on international political and economic fronts, we remain positive and full of innovative energy to build, here at Community DAO. We feel confident that we are building an organization for the future, intended to embrace every facet of the emerging paradigm of web3 worldwide decentralization.
Over and Out,
Dow Dao
Stats
Twitter Followers: 1,148
Discord Members: 424
Alina’s Alignment
How Virtual Civilizations Fit Into Our Future
As human beings, we all belong to one or more social groups. The internet brings new opportunities to connect with others who are not necessarily in the same group and create inclusive, diverse, and open-ended communities. These new online communities are using blockchain technology to define their own rules and values without being limited by the laws or standards of any particular government or organization.
The digital metaverse is the new frontier of human connection and social interaction.
The digital metaverse is a virtual world that has its own rules, norms, and currency. The digital metaverse is a new frontier of human connection and social interaction.
The metaverse is a vast network of connected users who inhabit the same space and interact with each other through avatars. Avatars are graphical representations of you in the digital world. They can take any shape or form, from realistic-looking people to cartoon characters, animated animals, etc.
The decentralized nature of blockchain technology is revolutionizing digital relationships and enabling economic activity in the digital metaverse.
Blockchain technology is decentralized, which means that no single entity has control over it. This decentralization of power makes blockchain networks more resistant to censorship and manipulation than traditional centralized models.
A key advantage of this capability is that it gives users new ways to create relationships with others without needing third parties like banks or social media platforms to facilitate those interactions.
We are seeing the beginning of economies in these emerging digital civilizations.
As the virtual economies grow, we are seeing the beginning of a new form of currency in these emerging digital civilizations. Non-fungible tokens (NFTs) represent many different things to different people:
Collectible items that can be bought and sold
Rewards for completing a game or task
Digital assets used as collateral for loans
The blockchain is being used to create new digital assets that weren't possible before.
Individuals and communities can choose their own standards, rules, tools, and currency within these communities.
The path to open standards is not a straight line. There are many ways that you can use your own tools and currencies as a means of enforcing these standards, but this isn't necessary for all virtual-world environments.
Some communities choose to have very few rules, while others prefer strict rules about what can and cannot be done within their borders. Some communities allow users to create their own monetary system, while others do not allow any currency at all within the community. Some games allow you to buy items in-game with real money; other games don't allow these types of transactions at all.
Allowing users to set up their own standards gives them freedom from the limitations imposed by developers or game companies—they can make choices about how they want things done in their space without worrying about whether those decisions will affect gameplay mechanics or change how the game itself works overall.
These new communities will have emergent rules and norms that increase our sense of belonging in a more inclusive way.
You might be wondering why the metaverse is so important. The concept of a metaverse is essentially a virtual world that is built on top of the internet, allowing us to create new communities and social relationships in an online environment.
It’s easy to think of this as just another way to organize our digital lives, but it also represents an entirely new frontier for human connection and social interaction.
A new form of society will arise from these growing virtual societies.
The metaverse is a virtual world where people can interact. It is not a physical place, but rather a digital space where people can communicate. It’s similar to the real world but different in that it exists in the virtual realm.
Right now, it is difficult for us to predict what this new form of society will look like – but here are some possibilities:
The metaverse could become a space where we meet with friends and family who live far away from us, or we could use it as an escape from reality when things get too stressful in our lives
It might become a huge marketplace where people can sell products and services they create using 3D printers (or whatever technology becomes popular)
Conclusion
We have a unique opportunity to explore the values and norms that come about as we venture into these new forms of community. Those communities will benefit from more access to a wider range of ideas and experiences. The most incredible aspect of this phenomenon is that it's still in its infancy.
Danoskie’s Developments
Cryptocurrency Strengths and Weaknesses in Africa
Africa is the second most populous continent in the world, with an estimated population of 1.3 billion people, striving every day to make life better for themselves and their loved ones.
Because of its history of colonization, civil wars, and diversification of thoughts and interests, it currently suffers from poor infrastructure and good governance, leading to slow but steady growth in the economy and development of its many nations.
The World Health Organization (WHO) has reported that Africa's financial services are less accessible, leaving around 57% of the population unbanked and unable to access financial recognition.
This has made it easier for cryptocurrency to thrive, as all that is required to access the internet is a smartphone and any network above 2G. This is the case in Nigeria, which is known to be one of the most active countries for peer-2-peer trades on Earth.
Cryptocurrency and blockchain technologies are becoming very popular in many developing countries of Africa. Many of these nations have adopted the new technology and have quickly grown a crypto market. They also have an increasing number of crypto influencers who are well known around the world. Also, Bitcoin and Ethereum are considered major mediums of trade and investment in many countries in Africa.
A research report published by World Bank indicated that the median GDP per capita in Sub-Saharan Africa is $1,483. This is much lower than in Europe, Asia, and the United States of America.
Also, a report made by Chainalysis indicated that Africa’s share of the cryptocurrency market was the smallest as of December 2021.
As cryptocurrency trading becomes more popular in Africa, governments are imposing new regulations and taxes on exchanges. Several countries, including Nigeria, have banned the use of digital assets/currencies by banks and registered organizations. However, peer-2-peer traders continue to grow in number as more people discover the benefits of trading cryptocurrencies.
In general, Africa has the highest number of peer-2-peer traders in the world. According to a report published by Chainalysis, peer-2-peer transactions make up an estimated 1.2% of cryptocurrency transaction volume and 2.6% of all volume for Bitcoin transactions.
Interestingly, the ban or prohibition of cryptocurrency in Kenya and Nigeria has created an unexpected result for the governments. Kenyan shillings (KES) have dropped in value by 7% since 2015. This prohibition extended to Nigeria, where the Central Bank of Nigeria (CBN) banned all banks in 2017 from using, holding, transacting, or trading all cryptocurrencies. Naira, its only currency, has dropped its value by 52% since 2017. One Naira is equivalent to $0.0016 (1 NGN = $0.0016).
According to Paxful's report, Nigeria is the second largest market for bitcoin on its exchange platform. Kenya ranks eighth, while South Africa ranks tenth.
What is peer-2-peer in cryptocurrency trading?
Peer-to-peer (P2P) exchanges are usually found in decentralized platforms which directly connect buyers and sellers without third parties. Usually, the seller receives local currency in exchange for the preferred digital currency.
Paxful is the largest platform for P2P trade in Africa. Binance is the second largest. These platforms have saved millions of cryptocurrency traders from facing the penalties set by law enforcement agencies.
According to data obtained from Paxful exchange, Nigerians make up around a quarter of its customer base with 1.3 million registered accounts. It is clearly observed that most of them make use of the exchange for peer-2-peer and arbitrage trading, which helps to ease the stress of using VPN and other means of obtaining funds from crypto trades.
According to Chainalysis (2021), the growth of Africa's digital-asset market is exponential. It has grown over 1,200% in value over the last year, making it the third-fastest growing cryptocurrency economy in the world. Users are seeking cheaper and faster ways to transfer money at home and abroad without having to rely on banks or the government. This shows how cryptocurrencies have dealt with the laws governing what citizens can trade locally or internationally.
The cryptocurrency exchange has helped so many African countries like Nigeria to accept/receive money from overseas without having to wait in a bank queue for clearance.
It is not news that most African countries do not have access to PayPal accounts to receive money. Nigeria and other countries are often restricted by Paypal because it does not allow payments to those countries.
On the other hand, local banks place a cap on international transactions which are not available to every bank account owner. Another limitation is the high fees placed on transactions due to dollar deficiency, making it unattainable to many average citizens of North, Central, West, and East Africa.
Currently, crypto traders in Nigeria and other African countries have several international platforms to trade their cryptocurrencies such as Paxful, Binance, and Luno. There are also local platforms such as Quidax, Busha, and BuyCoins. However, some people trade at the lowest level in the country and it is done on informal channels such as Telegram, WhatsApp, and WeChat. Telegram is among the most used peer-2-peer platform where an escrow function is utilized.
Cryptocurrencies have greatly contributed to the reduction of dishonesty and fraud in trades because every transaction made on the blockchain can be seen by the parties involved. This paved the way for more transparency between companies that hadn't worked together before.
Today, many Africans are interested in investing in cryptocurrency either by buying it directly through exchanges or working with other enthusiasts to earn rewards. This is similar to the experiences of others who have started one or more crypto projects hosted on different blockchains. These projects are focused on serving various geographic regions or the world at large.
The mass adoption of cryptocurrency in Africa is gaining momentum and more companies are eager to profit from it.
Non-Fungible Fungi 🍄🍄🍄
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Ambassador Report
Our Alterverse dreams will not be complete without The Community DAO having its CommTower situated at Sky City main plaza. The growth of The Community DAO is in everyone's hands, and we're open to accepting every great contribution from all walks of life as we're aiming at connecting Web3 to the real world. We have some great ambassadors who have never failed to take this great info to the streets of different social media platforms.
Leaderboard/Ranking
Rank Twitter username
Banacubana
Dani_BeeHive
Yhuddee111
Mkay_vic
Alochinonye
Kirton Call
[From “How To Mine Ravencoin in 2022” - by Benson Toti]
Why Ravencoin Miners are Important?
Through mining, Ravencoin keeps the network decentralized and can release new coins into circulation. More importantly, the network needs a decentralised network of miners to secure the network against potential attacks.
As miners contribute hashing power to verify transactions, they help protect the network against one major loophole that can be catastrophic - a 51% attack. Blockchain platforms achieve security by relying on multiple miners strewn across the globe.
The resources used to mine new coins offer what is called hashrate, which is what anyone looking to process transactions must-have. If the network isn't robust enough, a single miner or group of miners can collaborate to maliciously spend or even steal funds by altering the blockchain. This requires them to control 51% or more of the total hashrate.
That means that if the network is big enough, with a far more decentralised network of miners, such loopholes are difficult to exploit.
Ravencoin incentivizes miners to continue dedicating their computational power in processing transactions and adding valid blocks to the blockchain. Currently, miners earn 5000 RVN for every valid block added to the blockchain.
—
[From “Why the June Crypto Crash does not affect RE.X and BRICK”- by Emil Holteman]
We’re in the business of using blockchain technology to fractionalize, liquidate and tokenize real estate assets on blockchain.
We will not directly be affected by these new market conditions, since we don’t rely on cryptocurrency trading prices. What we rely on is the blockchain technology provided by the Ethereum chain among others, and we are using the rock-solid distributed ledger system to create a new normal of real estate investments, instead of relying on centralized mainframe systems that are prone to fail or incur human errors…
Real estate is a trillion-dollar market entering blockchain
Bringing a trillion-dollar market on blockchain is much more dependent on our ability to execute: making it easy to use, than market conditions. Therefore, we are sad to see the outline of gravestones in the DeFi space, but confident to announce that as a project we’re not exposed to the cryptocurrency crash.
It is always the right time to launch a good business
We are operating at the forefront of technology in a historically conservative business, and our key goal is to merge DeFi with Real Estate in RealEstate.Exchange. Thus, this is not an easy task, it has nothing to do with the current market value of Bitcoin
Bottom line is, that our value proposition stands, regardless of the market conditions:
Making real estate a liquid asset class instead of an illiquid asset class, which you can read more about in this Medium article
Make it possible for anyone to buy and sell real estate anywhere in the world
Settle transactions in a transparent ledger and allow users to self-custody…
Industry News
The Metaverse Standards Forum is formed, bringing together leading organizations and companies to drive an open metaverse
McKinsey predicts Metaverse will be valued at $5 trillion by 2030
KPMG makes its first foray into Metaverse