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Cetus and the Sui Foundation are facing criticism after validators froze a large portion of the $223 million that was stolen during the Cetus hack on May 22, raising centralization concerns. Cetus and the Sui Foundation announced that validators had frozen a majority of the stolen assets. According to the Cetus team, $163 million of the $223 million was frozen by validators and ecosystem partners on the same day as the incident. However, the move to freeze the funds was criticized, with several Web3 community members saying it “undermines the principles of decentralization.” “Sui validators are actively censoring transactions across the blockchain,” wrote one user on X, echoing similar posts by community members. SUI validators are actively censoring transactions across the blockchain. This completely undermines the principles of decentralization and transforms the network into nothing more than a centralized, permissioned database. — Dave (@ItsDave_A...

Consensus Mechanisms Explained: How Blockchain Stays Trustworthy Without a Middleman! At the core of every blockchain lies a simple but powerful idea: trust without a central authority. This trust is made possible through consensus mechanisms. These protocols allow decentralized networks to agree on the state of data, such as transaction records, without needing a central entity like a bank or government. If you’ve ever wondered how cryptocurrencies like Bitcoin or Ethereum verify millions of transactions across the globe without a central server, consensus mechanisms are the answer. In this article, we’ll explore consensus mechanisms, why they matter, and how different types shape the future of decentralized systems. What Is a Consensus Mechanism? A consensus mechanism is a method used by blockchain networks to agree on a single source of truth. Since blockchains are distributed systems with no central authority, they require a reliable way to validate and record transactions ac...

The blockchain industry is facing a massive power imbalance — just like the traditional finance industry. Blockchain technology was introduced in 2008 as a decentralized, secure, transparent system for managing digital transactions. Its primary aim was to provide a solution to major problems with traditional transactional systems, including trust, security, decentralization and efficiency. Blockchain has since expanded beyond finance and has been used in supply chain management, healthcare, games, digital media and social media, among others.  However, the blockchain industry is still facing significant challenges — such as a lack of diversity, wealth control by a few holders, hash rate problems and a loss of the promise of decentralization. Hash rate and why it’s a problem The cryptocurrency on everyone’s mind — and in the digital wallets of more than 400 million people around the world — is Bitcoin (BTC). Bitcoin’s hash rate is the computing power required to validate transactions ...

Discover the causes and mechanisms behind stablecoin depegging. Stablecoins are a type of cryptocurrency designed to have a stable value relative to a specific asset or a basket of assets, typically a fiat currency such as the U.S. dollar, euro or Japanese yen. Stablecoins are designed to offer a “stable” store of value and medium of exchange compared with more traditional cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which can be highly volatile. Fiat money, cryptocurrencies, and commodities like gold and silver are examples of assets used to collateralize or “back” stablecoins. Tether (USDT), USD Coin (USDC) and Dai (DAI) are a few examples of stablecoins pegged to the U.S. dollar. Stablecoins can also be algorithmically stabilized through smart contracts and other mechanisms that automatically adjust the supply of the stablecoin to maintain its peg to the underlying asset. Despite the potential benefits, stablecoins are not without risks. The most significant risk with any ...

The multi-chain bridge aims to provide a decentralized alternative to centralized exchanges by enabling cross-chain transactions by self-custodied token holders. Attacks on bridge technology in 2022 led to the theft of $2.5 billion from decentralized finance (DeFi) protocols, according to a report by Token Terminal. While this could have been a setback for many projects and, thus, for the crypto space, it seems to be fueling infrastructure and security developments. At the ETH Denver 2023, Web3 protocol Koii Labs and software company Idexo announced a new middleware bridge to advance deployments on-chain with "just a few lines of code," Cointelegraph exclusively learned from the teams. The solution aims not only to improve security and speed up deployments, but also to create a path to replace centralized crypto exchanges with DeFi bridges. Through bridges, two or more blockchains can share data, such as smart contracts or tokens. Bridges connect different architecture and d...

The program will help five emerging artists set up and manage their brands in the Web3 space, and is also aimed at educating people in the music scene on what avenues Web3 tech can offer them. Global payments giant Mastercard is ramping up its exposure blockchain tech yet again, after announcing a Polygon-based accelerator program to help musicians build their careers via Web3. The firm announced the "Mastercard Artist Accelerator" program via a Jan. 7 blog post, outlining that from this spring, it will connect five emerging musicians from across the globe with mentors that will  help them set up their brand in the Web3 music space. "The artists will gain exclusive access to special events, music releases and more. A first-of-its-kind curriculum will teach the artists how to build (and own) their brand through Web3 experiences like minting NFTs, representing themselves in virtual worlds and establishing an engaged community," the post reads. The program will cul...