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Category Archives: Cryptocurrency

Non-Fungible Tokens (NFTs)

CRS Report – Non-Fungible Tokens (NFTs), July 20, 2022 [24 pages]: “Non-fungible tokens (NFTs) have become popular as unique and non-interchangeable units of data that signify ownership of associated digital items, such as images, music, or videos. Token “ownership” is recorded and tracked on a blockchain (a digital database that records data on a decentralized network of computers without the use of a central authority). In the future, supporters believe NFTs will be used as digital representations of physical items, such as a deed to a house or title to a car. NFTs are commonly used to record and represent ownership of an item, verify authenticity, and enable exchange. However, they do not necessarily reflect the legal ownership of an asset or grant copyright to a digital or physical item. NFT owners purchase only the right to the NFT’s blockchain metadata or “token,” not the underlying asset, unless otherwise specified in external contracts or terms and conditions. NFTs share many similarities with cryptocurrencies, and they are commonly bought and traded using cryptocurrency. Both NFTs and cryptocurrencies are built and tracked on blockchains, and they share much of the same customer and community base. However, cryptocurrencies are fungible, meaning interchangeable, whereas NFTs are unique and therefore non-fungible. Most users create and buy NFTs on dedicated NFT marketplaces. For a typical NFT, it is created or “minted” on a blockchain, auctioned off or sold at a fixed price on an NFT marketplace, and “stored”in the buyer’s digital wallet. Smart contracts (self-executing contracts or lines of computer code on a blockchain) can mint NFTs or transfer them from one owner to another. In combination, blockchains and smart contracts are the backbone of the NFT ecosystem…”

Cryptomining Capacity in U.S. Rivals Energy Use of Houston, Findings Show

The New York Times: “…Earlier this year, a group of congressional Democrats launched an investigation into energy use at the country’s largest cryptomining companies. They asked seven cryptomining companies for data on their operations, and the group’s findings, issued Friday, are based on the companies’ responses. That data showed that the seven companies alone had… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, July 16, 2022

Via LLRX –  Pete Recommends – Weekly highlights on cyber security issues, July 16, 2022 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, health and medical records – to name but a few. On a weekly basis Pete Weisshighlights articles and information that focus on the increasingly… Continue Reading

Apple’s iPhone “lockdown” mode protects potential hacking targets

Axios: “Apple is adding a special “lockdown” mode designed for people such as dissidents, journalists or human rights workers who could become the targets of high-end spyware, such as NSO Group’s Pegasus. Why it matters: The new option, coming to Macs, iPads and iPhones with this year’s fall software update, could make it much harder… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, July 3, 2022

New via LLRX – Pete Recommends – Weekly highlights on cyber security issues, July 3, 2022 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the… Continue Reading

Are blockchains decentralized? Unintended Centralities in Distributed Ledgers

A new Trail of Bits research report examines unintended centralities in distributed ledgers – “Blockchains can help push the boundaries of current technology in useful ways. However, to make good risk decisions involving exciting and innovative technologies, people need demonstrable facts that are arrived at through reproducible methods and open data. We believe the risks… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, June 11, 2022

Via LLRX – Pete Recommends – Weekly highlights on cyber security issues, June 11, 2022 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the… Continue Reading

Stablecoins: Legal Issues and Regulatory Options

CRS Legal Sidebar – Stablecoins: Legal Issues and Regulatory Options, Part 1 – June 9, 2022 -“…stablecoins—cryptocurrencies whose value is pegged to a reference asset like the U.S. dollar.While stablecoin issuers attempt to maintain these pegs in different ways, most of the regulatory attention has focused on coins that are putatively backed with reserves of… Continue Reading

DOJ Reports calls for more international cooperation, coordination on crypto law enforcement

The Block: “A new report from the Department of Justice proposes more international cooperation among law enforcement agencies on the crypto and blockchain front. Information sharing and the harmonization of anti-money laundering and know-your-customer rules were also proposed in the DOJ report, which was developed in conjunction with other US agencies in the wake of… Continue Reading