?? OpenSea's Turbulence ??, Shopify Embraces Solana ?????, & Tornado Cash's Legal Twist ?????

Hey There!

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Welcome back to another edition of Pocket News. This week, we're diving deep into the?tumultuousdevelopments at OpenSea. Meanwhile, Shopify is making waves with its?daring integration with Solana. Tornado Cash is carefully treading through the?legal ramifications?tied to their structural classification, while the land down under grapples with?delays in its digital vision.

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From a market perspective, both Bitcoin and Ethereum are on thin?ice, witnessing dips reminiscent of the FTX crash from the previous year.

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And finally, James's Technical Debrief unpacks the delicate balance between innovation and security in the nuances of?Friend.tech.

Let's get it ???

CRYPTO NEWS

ShallowSea ??

OpenSea, the leading NFT marketplace, finds itself navigating turbulent waters. Originally embedding a creator fee into its payment structure as a nod to content creators, the platform has now?adjusted its stance, making these fees optional. While intended to offer flexibility, the move hasn't been universally celebrated. Adding to the storm, a former product manager faces a?three-month prison sentence?after being found guilty of insider trading. But perhaps the most telling blow? Yuga Labs, the powerhouse behind Bored Ape Yacht Club and a significant investor in OpenSea, has decided to?sever tiesfollowing these changes. Together, these events cast shadows of doubt on OpenSea's operations and its future in the NFT ecosystem.

Seamless Shopping with Solana? ???

E-commerce giant Shopify has?unveiled its integration with Solana Pay, allowing its vast network of merchants to accept USDC as a mode of payment. This step not only propels Shopify into the realm of decentralized finance, but it also showcases Solana's ambition to establish itself as a leading platform for real-world blockchain applications. USDC, a stablecoin that mirrors the U.S. dollar's value, is experiencing growing adoption as a preferred means for transaction in the e-commerce space. This partnership emphasizes the gradual blending of traditional online commerce with the budding world of cryptocurrency.

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Down Under's Digital Delay?????

While many countries race to launch their own Central Bank Digital Currency (CBDC), Australia's central bank (along with The Fed) suggests that their version of the CBDC?might still be a few years away. Highlighting potential benefits and use-cases, the bank also expressed caution, ensuring that when their CBDC does launch, it'll be well-prepared to serve the needs of Australians and maintain the nation's financial stability.

Tornado's Twist: Is it an Entity?????

Tornado Cash, the popular Ethereum-based privacy tool,?has had a US-based judge rule that it should be considered an "entity"?– a designation that could open the door to potential regulatory scrutiny and responsibilities. Designed to ensure transaction privacy on the Ethereum blockchain, Tornado Cash employs a 'mixer' to obscure transaction origins, enhancing user privacy. Its developer team has long argued that the project is simply a piece of software, free from the trappings of central governance, and should, therefore, be exempt from typical corporate regulations.

The U.S. court’s decision challenges this stance and could set a precedent for how decentralized projects are treated in future legal considerations.

?Market Update: Bitcoin and Ethereum's Slippery Slope???

Over the last week, Bitcoin nosedived by 7.7% with Ethereum not far behind, shedding 6.8%. This decline is the?most pronounced?since the FTX crash, with?almost 90% of Bitcoin's short-term holders?now underwater. Amid this turbulence, Ethereum's slide was tempered slightly. The SEC hinted at its openness to green-lighting ETFs backed by ETH futures, providing a silver lining for Ethereum amid the broader market unease.

James's Technical Debrief:?Friend.tech: Rising Star Amidst Digital Challenges??

In the vast landscape of decentralized platforms, Friend.tech has made its mark with the novel idea of?trading shares of Twitter profiles. However, as the platform rides the wave of innovation, it faces the turbulent waters of digital challenges.

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Here's What You Need to Know:

-Initial Buzz and Security Concerns:?Friend.tech, out of the gate, made an impressive $1 million on its debut. But as the sun shines on this accomplishment, a cloud, in the form of a data breach, looms. A revelation by Banteg, a contributor to Yearn Finance, put a spotlight on a security lapse that exposed over 101,000 users' Base wallet addresses and Twitter identities.

-Bots: The Digital Adversaries:?Digital platforms invariably attract bots, and Friend.tech is no outlier. As highlighted by 0xCygaar, the absence of robust bot defenses isn't a mere statistical concern. These automated threats potentially target new accounts, manipulating share purchases and diluting genuine user engagement.

-Wallet Dynamics: The Trust Quandary:?Friend.tech's wallet setup raises eyebrows. While its collaboration with Privy offers a suite of benefits, the decision not to employ Account Abstraction wallets might be a missed strategic turn. Such wallets, fusing top-notch user experience with full autonomy, could have been a gold standard. The possibility that segments of a user's private key might lie with Privy introduces a wrinkle in the trust narrative.

-Technical Insights and Way Forward:?Addressing the breach, tech pundits have zeroed in on an API glitch at Friend.tech, which exposed user-generated wallet addresses. The platform's defense contrasts with the concerns voiced by individuals like Banteg, hinting at the layered challenges Friend.tech faces.

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Closing Thoughts:

As Friend.tech navigates its journey in the decentralized domain, it exemplifies the intricate dance of innovation with security. The saga reinforces the criticality of user trust and cybersecurity in our accelerating digital epoch.

UPCOMING EVENTS: BFF X SPACE

Web3 Artists: Gaining Distribution & Visibility

When: Thursday August 23rd??

Time: 2:00- 3:00 PDT

With guests: Bryan Brinkman - Digital Pop Artist, Summer Wagner - Photographer & Director of Rituals, Brittany Pierre - Multi-Disciplinary Artist.

Event?link