Monat: Juli 2023

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TON blockchain introduces an on-chain encrypted messaging feature

Key takeaways

  • The TON Foundation has introduced an on-chain encrypted messaging feature on the TON blockchain.

  • The messaging feature allows users to send encrypted messages during transactions. 

TON releases an on-chain messaging feature

The Open Network (TON) announced the release of its on-chain encrypted messaging feature on Monday, July 3rd.

In a tweet from the network’s developer, TON Foundation, the new feature makes it possible for private messages to be sent between TON users.

TON is the blockchain network forked from the code created by the social media giant Telegram. Telegram left the project in 2020, and the TON Foundation took over prior to the mainnet launch. 

According to the TON Foundation, the TON blockchain provides greater scalability and transaction throughput than other options in the Web3 ecosystem. The foundation also added that TON remains a decentralised blockchain. 

The blockchain makes it possible for users to send messages in transactions. However, the messages were previously completely public. The new on-chain encrypted feature now makes it possible for users to encrypt their messages end-to-end, enabling only the recipients to read the messages. 

While commenting on this latest cryptocurrency news, TON core developer Anatoly Makosov, stated that the new feature allows for the “personalization” of transactions. Makosov said;

“When sending Toncoin, Jettons, or NFTs on TON you have always been able to include a text for the recipient such as ‘for coffee’ or ‘happy birthday,’ thereby personalising the interaction. Now this popular feature […] is available with full encryption.”

TON could serve as a reliable method to communicate privately

Makosov pointed out that if an apocalypse occurs that renders the traditional messenger servers useless, TON could serve as a reliable and safeguarded method to communicate privately. 

Web3 users enjoy encrypted messages on various retail wallet apps, including MyTonWallet, OpenMask and TON Wallet. The TON Foundation said the feature would be added mobile wallet Tonkeeper soon. 

This latest development comes a few weeks after the TON Foundation launched a $25 million accelerator for emerging projects. The program, called the TON Accelerator Program, will provide funding, mentorship, and other resources to help projects build in the TON ecosystem.

The post TON blockchain introduces an on-chain encrypted messaging feature appeared first on CoinJournal.

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Voyager Digital creditors’ lawyers to pocket $16.48M after the recent invoice

  • In the third and final bill lawyers representing Voyager Digital creditors have billed $5.1 million.
  • When all the invoices are fully paid, Voyager Digital creditors will have paid a total of $16.48 million to the lawyers.
  • The legal charges will top the firm’s bankruptcy budget by $5.28 million from the initial $11.2 million.

In the recent court filing, the creditors of bankrupt cryptocurrency brokerage company Voyager Digital have been billed $5.1 million by New York-based law firm McDermott Will & Emery. The firm is billing for services offered between March 1 and May 13, 2023.

The law firm submitted a court filing on July 3 billing the legal costs to the “Official Committee of Unsecured Creditors.” According to the filing, the law firm billed for its services at an hourly rate of $1,026.76.

In total, the law firm is charging for 5,332.6 hours of professional, semi-professional, and non-professional services, including advising the unsecured Voyager creditors committee. It also wants to be reimbursed $151,221 for its expenses.

How much have Voyager Digital creditors paid so far?         

McDermott Will & Emery law firm submitted its third and final bill, bringing its total compensation between July 5, 2022, and May 19, 2023, to $16.48 million, of which $8.97 million has already been paid by the creditors.

McDermott Will & Emery isn’t the only law firm that is willing to help Voyager, though. Legal counsel Kirkland & Ellis also sent Voyager a bill for $1.1 million in legal costs for the month of April on June 28.

Voyager Digital woes

Voyager Digital filed for Chapter 11 bankruptcy in July 2022, after the massive crypto meltdown that resulted from the collapse of Terra Luna. At the time, Voyager owed $620 million to the currently bankrupt crypto hedge fund Three Arrows Capital.

The bankruptcy court has since ordered Voyager to pay interim reimbursement to the professionals including its lawyers.

Voyager had agreed to FTX’s bid for its assets just before FTX went down and also filed for bankruptcy meaning the deal did not go through.

Voyager then agreed to sell its assets to Binance.US but Binance.US pulled out of the deal triggering the liquidation of Voyager. Binance.US has also been locked in a legal battle with the US Securities and Exchanges Commission (SEC) which recently sued it for violating the country’s securities laws.

The post Voyager Digital creditors’ lawyers to pocket $16.48M after the recent invoice appeared first on CoinJournal.

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Justin Bieber’s $1.3M NFT investment depreciates by more than 95%

  • Justin Bieber invested about $1.3 million into the Bored Ape Yacht Club (BAYC) NFT.
  • There are speculations that Justin Bieber was gifted the NFT by MoonPay as a promotional tactic.
  • The investment has however depreciated to $59,000.

Dexerto revealed in a tweet that global pop superstar Justin Bieber’s $1.3 million investment in BAYC NFT had depreciated to $59,000; meaning he has lost about $1.2 million.

Celebrity endorsements and investments have risen sharply since the introduction of non-fungible tokens (NFTs). These blockchain-based, one-of-a-kind digital assets have given celebrities new ways to interact with their fan bases, monetize their brands, and explore the fascinating world of cryptocurrencies.

However, the NFT market is infamously unpredictable and volatile, leading to frequent sharp fluctuations in price. Unfortunately for Bieber, this instability led to the loss of his Bored Ape Yacht Club (BAYC) NFT investment. Although a sharp decline in value is unquestionably a serious financial blow, it is crucial to take the bigger picture into account.

Justin Bieber’s forays into NFTs

The $1.2 million loss from his NFT investment, while significant, is probably manageable for Justin Bieber, whose estimated net worth was $285 million as of September 2021. The “Peaches” artist has diversified his sources of income, reducing the impact of the NFT’s decline through music, merchandising, and endorsements.

There are also speculations that the BAYC NFT was a reward from MoonPay as a promotional tactic.

Many famous people have adopted the NFT culture, however, not everyone has been successful. Some people have made these investments as part of a bigger marketing strategy rather than to earn rewards. Celebrities get exposure and audience interaction by affiliating with the forward-thinking digital movement by purchasing NFTs. Some like Snoop Dogg and Wiz Khalifa have gone ahead to launch ApeCoin-themed Music NFTs.

However, not all NFT endeavours are unsuccessful. Some celebrities have gotten rich by selling NFTs for astronomical prices. It’s a game with a high chance of a high payoff.

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