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Cryptocurrency is a non-legal monetary asset based on digital technology and blockchain, possessing the functions of a medium of exchange and a store of value. Cryptocurrency is a transaction medium that uses cryptographic principles to ensure transaction security and control the creation of transaction units. Cryptocurrency is a type of digital currency (or virtual currency). Bitcoin became the first decentralized cryptocurrency in 2009, after which the term “cryptocurrency” was more commonly used to refer to such designs. Since then, several similar cryptocurrencies have been created, and they are usually referred to as altcoins. Cryptocurrency is based on a decentralized consensus mechanism, in contrast to the banking financial system that relies on a centralized regulatory system.

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Introduction To Stablecoins, What Is The Largest Stablecoin USDT, And What Is The Market Structure?

It has been more than ten years since the birth of stablecoins, but it was not until recently that Circle, one of its major issuers, was listed on the New York Stock Exchange and its stock price soared eightfold in more than ten days, attracting widespread attention from investors. This article aims to introduce investors to the “magic” capabilities of stablecoins.

What is a stablecoin?

Simply put, a stablecoin is a cryptocurrency and a private currency whose currency value is linked to a stable asset such as a certain legal currency (such as the U.S. dollar), and has the characteristics of stable currency value. As of June 2025, the global stablecoin market value is approximately US$250 billion, and there are more than 200 stablecoins on the market, and this number continues to grow.

USDT (Tether) is currently the largest stablecoin, with a market value of more than 150 billion US dollars, occupying approximately 60% to 62% of the market share. USDT has been issued since 2014 and is pegged to the US dollar at a ratio of 1:1. It can be circulated on multiple mainstream blockchains such as Ethereum, Solana and Tron.

USDC (USD currency) is the second-largest stablecoin in terms of market value. Its market value will reach approximately US$61.5 billion to US$61.7 billion in 2025, with a market share of nearly 23% to 25%. USDC is issued by Circle, which is known for its compliance and transparency and is favored by institutional investors. The United States has the largest number of stablecoin projects, including USDC, USDP, TUSD, etc., and its regulatory system is relatively complete.

At present, the market has formed an "oligopoly" structure dominated by USDT and USDC, which together account for more than 85% of the stablecoin market. Most mainstream stablecoins are issued using a legal currency reserve model, and their reserve assets are mostly cash, U.S. Treasury bonds and short-term reverse repurchase agreements to support currency value stability.

In terms of international regulation and innovation, the U.S. Congress is accelerating legislation and promoting a series of legal processes that are beneficial to the crypto-asset industry, paving the way for the integration of digital assets and traditional finance. Hong Kong, China, has also passed the Stablecoin Bill to establish a robust and comprehensive regulatory framework and encourage institutional innovation through the "Stablecoin Sandbox" model. The European Union is formulating regulations to regulate crypto asset markets such as MiCA, and puts forward higher compliance requirements for stablecoins.

New tools for high returns on capital

Compared with other investment tools, stablecoin investment has the following significant advantages:

First, liquidity advantage. Coinbase Wallet users can obtain an annualized rate of return of approximately 4.7% by holding USDC, and the funds remain highly liquid and can be accessed at any time. This is more flexible than traditional time deposits or bond investments and meets investors' needs for financial freedom.

Second, income stability. The current pledge yield range of USDC on different platforms is 1.16%~10.88%, which is much higher than the low interest rate of traditional bank deposits, bringing investors a more attractive income option.

Third, technological convenience. Relying on blockchain technology, stablecoin investment realizes 24/7 transactions, global transfers and automated income distribution. Taking Coinbase Wallet as an example, USDC income is automatically paid through the Base Layer 2 network every month without a lock-up period. It supports multiple blockchain networks such as Base, Ethereum and Polygon, which greatly facilitates user operations.

Other platforms such as Binance offer annualized returns of up to 10.88% and adopt a flexible staking mechanism. Some decentralized financial platforms (DeFi) such as Trader Joe's specific USDC liquidity pool yields even as high as 211.52%, but high returns are often accompanied by higher risks, and investors need to weigh them carefully.

According to the above framework, the author compiled the following table to help investors fully understand the different profit opportunities and potential risks of stablecoins in the DeFi ecosystem.

The invisibility cloak that moves assets anonymously

Stablecoins enable rapid on-chain transfer of funds around the world, often within minutes, making traditional cross-border fund tracking increasingly difficult. This characteristic of stablecoins makes them widely used to bypass global financial restrictions, including tax evasion, underground gambling, fraud, and other illegal activities.

The latest data shows that stablecoins have become the preferred tool for circumventing traditional financial supervision and money laundering in cryptocurrency activities. In 2024, stablecoins will account for 63% of all cryptocurrency money laundering activities, and have replaced Bitcoin as the main tool for anonymous asset transfers. This is mainly due to the stable currency value and wide acceptance, making it an ideal means to transfer and hide illegal funds.

The biggest challenge in implementing financial regulation of stablecoins is tracking the ownership of funds and their movement. The core feature of blockchain is "pseudonymity" rather than complete anonymity. This means that although the transaction data is open and transparent, the address on the chain is not directly related to the user’s real identity, making it difficult to track the source and flow of funds. Especially against the background that criminals are constantly developing new money laundering techniques, which further increases the difficulty of identification.

For example: Cross-chain bridges: are increasingly used to transfer funds between different blockchains to obfuscate payment paths; privacy coins, such as Monero (XMR), provide stronger anonymity and are preferred by some users; “Peel chains”, which split large amounts of funds into a series of small, difficult-to-trace transactions; virtual currency mixers (Mixers): a common tool for hiding the source and destination of transactions.

Many decentralized finance protocols make heavy use of stablecoins. The lack of a centralized regulator provides additional opportunities for bad actors to use these platforms to launder money. Although various countries and industry organizations have been actively promoting "know your customer" and "anti-money laundering" regulations, requiring stablecoin issuers and exchanges to strengthen identity verification and transaction monitoring, due to their cross-border nature, fast transaction speed, and deep integration with DeFi, the implementation of these regulatory measures still faces many challenges.

To sum up, although regulatory agencies and blockchain analysis companies are continuously strengthening their ability to combat illegal financial activities, the rapid, global and pseudonymous characteristics of cryptocurrency, coupled with the evolving means of money laundering, have indeed made this field a "financial regulatory gray area" that requires continued strengthening of regulatory governance.

Efficient chain with low transaction costs

Stablecoins play a unique role in the cryptocurrency world due to the fact that their prices are pegged to a specific stable asset, such as the U.S. dollar. Not only do they provide the convenience of digital assets, they also circumvent the shortcomings of violent fluctuations in traditional cryptocurrencies (such as Bitcoin, Ethereum). Therefore, stablecoins can be regarded as “efficient chains with low transaction costs” in many aspects, especially in the following aspects.

First, the transaction speed is fast and uninterrupted 24/7.

Traditional bank transfers, especially international remittances, often take hours or even days to clear and are subject to bank working hours, holidays, etc. Stablecoin transactions are built on blockchain technology. As long as the network is not congested, transactions can be completed almost instantly no matter when and where. For example, a foreign trade company located in China needs to pay a payment to a US supplier. If it is transferred through a traditional bank wire, it may take 2 to 5 working days, and may be delayed due to time differences and bank processing time. But if both parties accept payment in stablecoins such as USDT or USDC, the payment can be sent from the digital wallet in China to the digital wallet of the US provider within minutes, with no time limit. In addition, suppose a multinational enterprise needs to allocate funds urgently at night or on weekends to deal with emergencies. The traditional banking system cannot meet the immediate demand, but the use of stable coins can transfer funds anytime and anywhere.

Second, transaction fees are low, especially compared to international remittances.

Although the blockchain transaction itself will generate "Gas fees" (network fees), this fee is usually much lower than the SWIFT fees of traditional bank international remittances, intermediary bank fees or third-party payment platform fees. For large transactions, the relative cost advantage of stablecoins is particularly obvious. For example, if a freelancer in Hong Kong provides services to customers in the United States, if the customer pays through PayPal or traditional bank transfer, he may be charged a handling fee of 3% to 5% or even higher, and there will also be a large exchange rate conversion loss. If payment is made through USDT, the gas fee for a single transaction may be only a few to more than ten dollars when the Ethereum network is not severely congested. On more efficient blockchains such as Tron or Solana, the fee may be as low as a few cents. For a payment of hundreds or thousands of dollars, the transaction cost is extremely low. Although stablecoin payments are not yet popular at the retail level, in some cryptocurrency-native communities or specific scenarios, the fees for using stablecoins for small payments are lower than some credit card fees.

Third, it is censorship-resistant and permissionless.

Stablecoin transactions are conducted on a permissionless public blockchain, meaning anyone can send and receive stablecoins without approval from a bank or financial institution. This provides an important alternative for some users in areas subject to strict capital controls or inadequate financial infrastructure. For example, in some countries, individuals or companies are subject to strict restrictions on transferring funds abroad. Through stablecoins, it is theoretically possible to bypass these restrictions and conduct international capital flows under the premise of compliance.

Fourth, stability and predictability.

Compared with more volatile cryptocurrencies such as Bitcoin, stablecoins have extremely small price fluctuations, making them a more reliable unit of account and value storage, significantly reducing the risks of currency price fluctuations for both parties to the transaction. If a business accepts Bitcoin as a means of payment, significant fluctuations in the price of Bitcoin between the time it is received and the time it is converted into fiat currency could cause the business to incur losses. If you use stable currencies such as USDT or USDC, after the company receives the payment, its value is almost the same as the US dollar, thus effectively avoiding exchange rate risks.

Fifth, new financial instruments to serve high-value, long-term industrial projects.

Stablecoins provide a new financial tool for high-value, long-term industrial projects, and are particularly suitable for project management involving many participants and complex capital chains. Based on the programmable payment and smart contract technology of stablecoins, fund allocation at each stage of the project can be automatically linked to the contract agreement, and payments are automatically made according to progress nodes, thereby effectively reducing trust costs and default risks. Multinational participants can realize the free flow of global funds through stablecoins, avoid the high costs and delays of traditional cross-border settlements, and improve financial security and compliance with on-chain transparent supervision. This brings a more efficient and controllable funding operation model to long-term projects.

Although stablecoins also face regulatory challenges, some centralization risks, and on-chain network congestion leading to rising handling fees, their fast, low-cost, and permissionless characteristics of global transactions make them an efficient tool that cannot be ignored in the current financial field. Especially in scenarios such as cross-border payments, international settlements, and circumvention of traditional financial barriers, the advantages of stablecoins have become increasingly apparent.

(The author is a professor of economics at the University of Maryland)

Introduction To Mainstream Currencies In The Currency Circle: What Are Bitcoin And Ethereum, And What Are Their Characteristics?

Today I will mainly take you to understand some of the mainstream currencies in the currency circle~

1. Bitcoin

Bitcoin is the world's first decentralized digital currency, born when Satoshi Nakamoto published his white paper in 2008. The biggest features of Bitcoin are decentralization and blockchain technology. The total amount of Bitcoin is limited, only 21 million, so it is also called "digital gold".

Currently the most widely used digital currency, it was born on January 3, 2009. It is a peer-to-peer (P2P) digital cryptocurrency with a total of 21 million coins. The Bitcoin network releases a certain number of coins every 10 minutes and is expected to reach its limit in 2140.

Bitcoin’s transaction speed is fast, fees are low, and it has high anonymity and security.

What does USDT mean_The mainstream currency in the currency circle_Bitcoin characteristics

2. Ethereum

Ethereum is an open source blockchain platform designed to enable the development and deployment of smart contracts and decentralized applications. It features the use of a digital currency called Ether and can also execute smart contract code. Born in 2015, it was created by young programmer Vitalik Buterin. He gained some attention in the Bitcoin community, but felt that Bitcoin's capabilities were limited and began working on a new blockchain platform. As a development result of Buterin, Ethereum has received widespread attention and recognition in the field of cryptocurrency and blockchain.

Ethereum allows developers to write and deploy smart contracts to automate transactions and contract execution. It also provides a platform that allows developers to build decentralized applications that do not rely on centralized servers or service providers.

The advantages of Ethereum are fast transaction speed, low fees, programmability and flexibility, so it is widely used in blockchain games, finance, supply chain and other fields.

What does USDT mean_The mainstream currency in the currency circle_Bitcoin characteristics

3. USDT (Tether)

USDT is an encrypted stable currency based on blockchain technology. The token name is "USD Tether" and is pegged to the US dollar. 1 USDT = 1 US dollar. The biggest feature of USDT is its stable value, which can be used for transactions in the currency circle and can also be exchanged between digital currency and legal currency.

USDT was originally launched in 2014 by a company called Realcoin, which later changed its name to Tether. Tether launched USDT based on the Bitcoin blockchain in 2015, and has since launched USDT on other chains such as Ethereum and TRON.

The main role of USDT is to provide a stable digital currency whose value is always anchored to the US dollar. This allows users to trade in USD values ​​in the cryptocurrency market without having to worry about cryptocurrency price fluctuations. USDT is also commonly used for transfers and transactions on cryptocurrency trading platforms, as well as for hedging, lending and other financial operations. In some cases, USDT can also be used as a replacement for traditional bank accounts, as it can act as a kind of digital dollar. However, it should be noted that USDT is not risk-free, and its value and market operation are also highly controversial. Investors need to be cautious when using it.

The mainstream currency in the currency circle_What does USDT mean_Bitcoin characteristics

4. Litecoin

Litecoin is also a cryptocurrency based on decentralized blockchain technology. It is similar to Bitcoin and was created in 2011 by a former Google engineer Charlie Lee. Litecoin began as a fork of Bitcoin with the purpose of providing a faster and cheaper transaction solution.

Litecoin functions similarly to other cryptocurrencies. It can be used as a decentralized digital currency for transactions, payments, and store of value, as well as for investing and trading. Unlike Bitcoin, Litecoin has shorter transaction confirmation times, faster block generation, and lower handling fees, so it may be more suitable as a payment instrument in some cases. Additionally, Litecoin can also be used for fast, low-cost cross-border transfers due to its short network confirmation times and low fees.

It should be noted that the cryptocurrency market is highly volatile and everyone should invest with caution.

The mainstream currency in the currency circle_What does USDT mean_Bitcoin characteristics

5. Grapefruit Coin EOS

EOS is an independent blockchain platform developed by Block.One and officially launched in 2018. It aims to provide a platform for decentralized application development and deployment, featuring high performance, flexibility and ease of use. One of the design goals of EOS is to solve the scalability, user-friendliness and security issues in actual blockchain systems.

The main features and functions of EOS include:

1. Decentralized Applications (DApps): EOS provides high-performance blockchain infrastructure, encouraging and supporting developers to build various decentralized applications, including games, financial services, social media, etc.

2. Democratic governance: EOS adopts the DPoS (Delegated Proof of Stake) consensus mechanism and provides a democratic governance system that allows voters holding tokens to jointly participate in the management and decision-making of the network. DPOS is similar to the U.S. parliamentary system. Each super node is similar to a member of the parliament. There are 21 super nodes in total, and they are jointly voted by all EOS holders. This "parliament" has great decision-making power over the entire EOS ecosystem. If a certain plan is to be implemented, 15 votes from the super nodes are required before it can be implemented.

3. Platform scalability: EOS aims to provide users with high-performance, high-throughput, low-latency blockchain infrastructure to support large-scale applications and users.

Overall, EOS is an open blockchain platform designed to support high-performance decentralized application development and attract developers and users by providing democratic governance and scalability solutions.

The above is an introduction to the mainstream currencies in the currency circle. Each digital currency has its own unique characteristics and application areas. I hope that through this article, everyone can better understand the characteristics and potential value of the mainstream currencies in the currency circle. In the end, investment is risky, so everyone needs to be cautious!

His Own App Ranks Among The Top 20 Most Downloaded Apps In The U.S., But The Founder Is Worried

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The number of daily downloads in the United States exceeds Threads, WhatsApp, Facebook and Telegram, but the founders are not happy.

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Going overseas is a process that tests the comprehensive capabilities of the team.

Going overseas in the United States requires a team with at least one skill in product, operation, growth and other dimensions.

Getting results in overseas studies in the United States is a combination of the right time, place, and people.

Being able to advance into the top 5 of the US App Store social rankings and the top 20 of the total download list is a matter of pride for any start-up company, but Jingna Zhang, founder of the non-AI picture community Cara, is happy and pained.

Jingna Zhang expressed her joy at gaining 300,000 users on Instagram a few days ago, but at the same time expressed her worries about paying $13,500 per month. At the same time, she also posted the cloud computing bill email she received on her platform, with the current amount to be paid being US$96,000.

Not only that, in just 10 days from June 3 to June 13, Cara's user base increased from 300,000 to 900,000 without advertising.

According to Diandian data, Cara, a photo community launched in October 2023, has received 570,000 downloads in the App Store alone in the past 30 days. The top five download markets are the United States, the United Kingdom, Canada, Germany and France.

In fact, from the perspective of product design alone, Cara and Twitter are at least "direct relatives", which is why there is such a similarity.

In addition, from the perspective of the positioning of the picture community, there are integrated social media such as Instagram and Pinterest in the larger overseas countries, and picture platforms such as Behance and DeviantArt in the smaller ones. So why does Cara enter the public eye?

The high consistency between the founder and the product makes Cara the only one in the world.

This starts with the resistance of some creators to AI since the launch of ChatGPT and Midjourney.

Due to work reasons, we are fortunate to have contact with creators and platforms, and understand everyone's attitude towards AI content from different perspectives:

(1) Some creators believe that AI is a good auxiliary tool that can complete drafts of ideas at a lower cost, or complete some preliminary work to improve work efficiency;

(2) Another group of creators believe that most of the content generated by AI is trained based on existing content. In particular, the creative pictures generated by AI are basically "dismemberment and reorganization" of the works of multiple artists/creators. This is unacceptable behavior that disrespects creativity and copyright;

(3) Some platform parties believe that: We allow AI and non-AI content to coexist. Human creativity and thinking will always have irreplaceable brilliance, but AI content can indeed be a good content supplement, and can help more people who have ideas for creativity but lack the ability to implement them to realize what they want, and will face content with an attitude of development, tolerance, review, and coexistence;

(4) Another part of the platform believes that protecting the creative passion and copyright of creators is protecting the entire content ecosystem. When AI content floods the entire social media, it is when human creativity is exhausted.

Obviously as a conservative, the non-AI picture community Cara has found a user group that holds the same attitude as itself. The main reasons for being able to quickly verify needs and gain user approval are as follows:

1. Jingna Zhang, the founder of Cara, is an artistic and creative practitioner herself and a well-known photographer. Jingna Zhang was born in Beijing and grew up in Singapore. Her photography works have been published in multiple national editions of fashion magazines such as "VOGUE", "Harper's Bazaar", and "ELLE". She has collaborated with many models, actors, and celebrities around the world, and has won many international awards.

Therefore, from this perspective, Jingna Zhang can fully understand and represent the needs of Cara’s main user groups. In other words, Jingna Zhang’s past experience makes creators and users believe that their interests are consistent.

2. Jingna Zhang has participated in many works rights protections. She first filed a lawsuit against plagiarized works in 2022 and won the appeal in May 2024. Later, it participated in a class action lawsuit against Stable Diffusion, Google and other AI mapping tools, which reflected its determination to protect copyright.

3. Another trigger is that Mark Zuckerberg made it clear that he will use pictures posted by users on Instagram and Facebook to train models without the user’s consent.

But in fact, the reason why many creators and artists are willing to publish their works on Meta's social media platforms is obviously to increase their visibility and find potential customers.

Obviously, Meta's AI policy will affect the development of creators to some extent, so the confrontation has gradually heated up in the past period of time.

This time, the growth of Cara and the user's resistance to Meta AI's mapping are not just pure community resonance, but also a confrontation of interests.

At present, many artists, graphic designers, painters, illustrators, 3D modelers, creators and users who support non-AI content have joined Cara. From the author's observation, the quality of the pictures uploaded by users is indeed relatively high and creative.

Cara product screenshots

And judging from the likes and forwarding of user works, the 900,000 user data announced by the founder is highly authentic. The number of likes on the homepage of the works is more than 300, and some works have even been liked nearly 10,000 times. High-quality works and rich creativity are important labels given to Cara by users.

In addition, as a social media platform, Cara also demonstrates the unique inclusiveness of early products. Users can follow the homepage and timeline to view the content posted by the other party, and can also click to view the content the other party likes and the other party's personal introduction details.

Many developers have attached their official website, personal blog, or links to Instagram, X, Discord, etc. in their introductions and personal introductions. Users can also directly send private messages to the creators for more detailed communication.

In addition, Cara has also integrated recruitment functions into its products. Currently, 199 relevant positions are being recruited through the Cara platform. Judging from the details, the recruitment positions are highly overlapped with the Cara population.

The anti-AI community may not be as strict as imagined

Despite this, Cara only received a score of 4.1 on the App Store. This score is indeed not high among social products, especially emerging social products that do not have monetization methods. After sorting out the reviews, we found that user dissatisfaction is mainly concentrated in the following aspects:

.The product stability is not strong, and multiple users reported that it often crashes to the login page. Speculation may be related to the sudden influx of large numbers of users exceeding the server capacity.

.NSFW review is not perfect, and many users have reported that Cara's NSFW is suspected of being overcorrected. The uploaded tattoo patterns and safety works are occasionally judged to be non-compliant content and cannot be uploaded.

.AI filtering capability is not strong enough. Some users reported that some obvious AI-style content can still be found in the platform, which is not in line with the positioning.

.It is not convenient enough to upload the portfolio, and it cannot be more convenient to classify different series of works.

But in fact, more users are tolerant of the various problems currently occurring in Cara. These users believe that as an emerging social media platform, it is normal for Cara to have various problems. The most important thing is that its anti-AI image positioning is the most rare.

In fact, in addition to Cara, which is obviously opposed, various social media platforms have also begun to strengthen the monitoring of AI content. Facebook, Instagram, and LinkedIn all require users to clearly mark when uploading or publishing related content generated by AI. They hope that while using AI to open up imagination, the boundaries between virtual and reality will not be blurred.

However, due to filtering technology, it is still based more on user consciousness. This is why there are still AI images slipping through the clear-cut anti-AI Cara platform. So how does Cara protect the platform from AI "infringement"?

First, Cara will label all uploaded works as "NoAI" to resist data capture by AI crawlers. Cara describes this form as an "uninvited" dialogue with AI.

Second, Cara encourages users to use Glaze, developed by the SAND Laboratory at the University of Chicago, to protect works by adding invisible pixels to them.

Third, by cooperating with the third-party platform Hive, we monitor and restrict users from uploading AI-generated content. According to the official website information, Hive uses image recognition algorithms, multi-mode detection, model training and real-time detection to determine whether an image is generated by AI.

In layman's terms, when a user uploads a photo to Cara, Hive will analyze the texture, pixel distribution and pattern of the image. The Hive model will use the captured information to determine whether the image was generated by mainstream models such as DALL-E, Midjourney, Stable Diffusion, etc., and compare it with known AI images to finally give a confidence score. If it exceeds a certain threshold, it will be judged as AI-generated and will not be allowed to be published to the platform.

If users have objections to the review results, they can also send an email to Cara officials to apply for reconsideration.

However, there is currently no unified opinion on Hive's detection capabilities in the market. Some users even left a message in the Reddit community that "Hive is Cara's biggest weakness." Some users pointed out that "all the ones on the market are not good. Experienced people can escape detection immediately, but Hive may be 1% better than its competitors."

In any case, the highly unified anti-AI persona of founders Jingna Zhang and Cara is indeed very distinctive in the current market.

Although global capital is currently slowing down its investment in AI projects, and no truly explosive AI applications have emerged for the time being, there are still a large number of practitioners who firmly believe that the future of AI applications is not too far away. The anti-AI platform Cara’s rise to the top of the list also reflects some users’ attitudes and concerns about AI to some extent.

The author tried to search with the keyword "anti-AI" on Chrome and ChatGPT, and found that although there are many anti-AI posts, updates, and discussions on the market, anti-AI social media applications are indeed unique.

Regardless of AI access or not, Cara's appearance once again proves the importance of "finding product differences". Even in the picture community track surrounded by tigers and wolves, there are still new players who can come out of the circle. I know it is difficult, but many times it may be more important to re-enter the track from a different angle than to work harder.

Cara’s future will be accompanied by money burning, manpower shortage, and difficulty in monetization

Although initial results have been achieved, now is not the time to celebrate.

Cara now has several thorny problems that need to be solved:

(1) As more and more users register and use, the cost of Cara’s cloud services and other third-party services will become higher and higher;

(2) As of now, except for voluntary rewards from users who “buy a cup of coffee”, Cara has not set up a monetization method. If it wants to continue operating, it must either make money or raise money;

(3) Cara has only had four or five full-time employees in the past year, and until recently some volunteers and part-time employees have appeared, but it is not sure who will stay. The current official website shows that Cara is recruiting React engineers, React Native engineers, graphic designers, writers, moderators and QA testers.

Looking for people and money are urgent. In fact, it’s easy to find people. In the current talent market, it is theoretically easy to find people with experience working on X, Instagram and other platforms, but the premise is that the product needs to have stable development, and this comes back to “money”.

At present, the main monetization methods of picture social platforms include advertising, subscriptions, rewards, and delivery of goods (live broadcast, shop), etc.

Some users pointed out in Jingna Zhang’s Cara dynamic comments that “advertising can be added to alleviate economic pressure. I support Cara very much and hope you can continue to operate it.” However, more users immediately retorted, “If advertising is added, Cara will sooner or later become the same platform as Instagram, so where will we escape then?”

In fact, to a certain extent, Cara is facing the same predicament as BeReal before it. BeReal has tens of millions of users, good user retention, and high user praise. However, it can neither raise money nor make money. There were several reports that it may cease operations. Until June 11, Voodoo spent 500 million euros to acquire BeReal, and the deal was reached through deferred payment.

You must know that BeReal has 40 million MAU. Although the later data is not stable or even declining, you must know that its number of days on the list in 2022 will even exceed TikTok. On the other hand, although Cara is on the rise, it has only reached 1 million registered users.

With the same picture community, the same anti-Instagram (AI), and the same being placed here by users, Cara’s path to monetization may not be simple.

I don’t know if Cara will try to start an art trading business or engage in business cooperation (such as finding a designer) in the future, but frankly speaking, the business of professional photo entrepreneurs that Cara targets is not easy to do.

But no matter what, the fact that another Chinese woman’s entrepreneurial product has made it to the Top 20 in the U.S. download list is another incentive for overseas entrepreneurs.

Jingna Zhang once wrote in her personal blog after winning the lawsuit, "In the past two years, I have been harassed because of my gender, race, and identity as a photographer. My address and personal information have been doxxed. I am exhausted but unwilling to give up because I believe justice will come. The final result also proves that copyright belongs to creators like us who create with heart."

Well, I think Cara’s departure from the industry is also a candy given by God to Jingna Zhang. I also hope that every practitioner who goes overseas will have the opportunity to get his or her own candy.

Copyright-free Free Video Material Website 1-10

1. pexels

Link:

https://www.pexels.com/zh-cn/videos/ (can be accessed for personal testing)

A free and high-definition video material website. All videos provided on the site support free commercial use. The video types provided include business, seaside, sunset, people, seasons, festivals, scenery, animals, flowers, etc.

Behance Download for Android_Free HD video material website_Commercial video material platform

2. Coverr

Link: https://coverr.co/ (accessible for personal testing)

A slightly niche video sharing platform that shares a variety of short video materials.

3.Pond5

Link: https://www.pond5.com/ (accessible for personal testing)

This platform also contains a variety of different resources including video, audio, and pictures, but the video materials are of the highest quality.

4.stockio

Link: https://www.stockio.com/ (accessible for personal testing)

It is the largest community video material website in foreign countries, covering hundreds of styles of video materials. You can even find a lot of free photos, icons, fonts and other materials here. When you open the homepage and slide down the video page, you can see many high-definition videos. It also supports click-to-preview effects.

Behance Download for Android_Commercial video material platform_Free HD video material website

5.isorepublic

Link: https://isorepublic.com/ (Accessible for personal testing, sometimes you need to visit several times)

A video material website that provides more than a dozen categories. All videos support personal and commercial use, with no limit on the number of downloads. The video styles provided include beach, abstract, nature, people, science fiction, technology, animal and other videos.

Commercial video material platform_Free HD video material website_Behance Download for Android

6. DISTILL

Link: https://wedistill.io/ (accessible for personal testing)

A foreign website that provides high-definition video materials for free, supporting free commercial and personal use, and the videos do not have any copyright. All videos on the webpage are licensed for free by CCO. Downloaded videos can be modified, reproduced, copied, etc. and used in personal videos.

Commercial video material platform_Free HD video material website_Behance Download for Android

7.Vimeo

Link: www.vimeo.com (Access failed, address not found)

Commercial video material platform_Free HD video material website_Behance Download for Android

Vimeo is a free material resource library specially provided for users. As a well-known foreign video sharing platform, Vimeo can be said to have given a lot of benefits to editors. It supports users to upload high-definition videos and can download them freely. Many foreign personal video producers will use this website to share their works. Platforms such as Behance can also embed Vimeo links in their websites, which is very convenient. There are also a huge number of creative videos in Vimeo. Students who need inspiration can browse more, there are many excellent works.

8.Ignitemotion

Link:

https://www.ignitemotion.com/ (Accessible for personal testing)

A free video material platform based on technology style, which contains a large number of technology and space elements, as well as dynamic video effects produced by AE.

9. mixkit

Link: https://mixkit.co/ (accessible for personal testing)

A completely free and copyright-free video material website that not only provides rich material styles, but also provides a lot of audio materials. The video material styles provided include simplicity, scenery, characters, animals, romance, etc. You can also directly search for the video materials you need based on tags.

10.mazwai

Link: https://mazwai.com/ (accessible for personal testing)

A website that specializes in providing various video editing materials, covering a lot of high-quality video materials related to movie styles, animations, scenery, characters, etc., and also provides detailed parameters of the videos. All videos are basically HDR high-definition

Behance Download for Android_Commercial video material platform_Free HD video material website

Forward To Headlines

The rise of quasi-one-way relationships_Behance Download for Android_The blurring of social media relationships_The rise of quasi-one-way relationships

Behance Download for Android_The blurring of social media relationships_The rise of quasi-one-way relationships

© Juanjo Gasull

Leviathan Press:

Perhaps our social patterns have undergone profound changes in the past decade or so. What I mean is that with those friends or colleagues who have a relatively good relationship, the interaction mode between each other has quietly transferred completely or partially to purely online: this includes the social media you use together, and each other's knowledge of each other's life dynamics largely relies on updates in the circle of friends. Unless there is a topic you particularly want to chat about, it seems that voice chat mode is rarely enabled.

On the other hand, social media will push us a dizzying variety of information streams through algorithms – which are mixed with a lot of junk information that is useless to you, and once you stay on a certain video for a while, subsequent algorithms will continuously push you more such information. This kind of passive consumption results in endless scrolling – which is one of the main purposes of social platforms.

Search [Leviathan Playlist] on NetEase Cloud Music to keep up without getting lost.

Behance Download for Android_The blurring of social media relationships_The rise of quasi-one-way relationships

All of my relationships exist, at least in part, on my phone, and they are forced to share space with everything else that happens on my phone. Lately, I've been getting the feeling that the relationship pieces that exist on screen seem increasingly indistinguishable from the other content I'm consuming there.

There's a lot going on in my phone. It’s always trying to sell me something. Sometimes, they try to defraud me. There are games, videos, TV shows, movies, news, fitness trackers, podcasts, books, music, shopping, maps, work software, general web browsing, and an app I was forced to download just to use the doorbell. Of course, it also includes all my social interactions that are not face-to-face or correspondence. (Even face-to-face interactions—unless I bump into someone on the street—are likely planned via a smartphone.)

© Pinterest

So when my phone dings or buzzes with those mating calls, it could be bringing updates from my loved ones, or it could be showing me corporate notifications that I never asked for, hungry for my attention. When I pick up my phone, content and communication appear in similar forms—notifications, social media posts, vertical videos—all mixed together. Samuel Hardman Taylor, a professor at the University of Illinois at Chicago who studies social media, told me that as interactions with loved ones converge with various other forms of media on smartphones, “our relationships are becoming part of this consumer behavior.” As phones become more of an entertainment hub, using them for social interaction becomes more of a dispensation. And identifying my loved ones in that constant stream of cell phone messages requires extra effort.

Since the inception of social media, ordinary people have been using it to showcase their lives and treat their loved ones as viewers. But now, social media is eating into the market share of traditional media, eating into the time people (especially younger generations) used to spend watching TV and movies, and reshaping itself as a broadcast platform rather than an online platform. In the process, social media has become less social. These sites no longer seem to care if people with few followers and lack of influence post anything or reply to anyone as long as they keep scrolling.

As social media no longer connects users with acquaintances, but instead pushes artificial intelligence garbage and short videos from unknown sources accurately pushed by algorithms, a sense of dissociation arises. My friends and family's posts are still there, but they're buried under a torrent of spam and ads. One moment it’s an ad for washable ballet flats, the next it’s a photo of my friend’s baby, then a baby I don’t know performing some meme-worthy antics, then a video about how terrible millennials are in high-waisted jeans, a video of my friend looking sexy in high-waisted jeans, an ad for trendy jeans, and a sponsored ad for a diet pill so you can wear the jeans you wore in high school that are suddenly popular again.

All of this is consumed passively, page by page.

Behance Download for Android_The blurring of social media relationships_The rise of quasi-one-way relationships

© Behance

This more passive social media experience has added an almost parasocial feel to some of my relationships. The so-called "quasi-one-way relationship" classically refers to the one-sided imaginary relationship that people have with celebrities or even fictional characters. People develop an emotional connection with someone they've only ever interacted with on screen (or, I suppose, on the pages of a novel) and develop a sense that they "know" that person, even though that's not actually the case.

Gayle Stever, a psychology professor at Empire State University who studies "quasi-one-sided relationships," told me that the line between sociosexual and quasi-unidirectional relationships has long been blurred, and social media has made that blur even more pronounced.

Lack of reciprocity is a key characteristic of quasi-one-way relationships—the fan knows a lot about the celebrity, but the celebrity has no idea who the fan is. But these days, celebrities may reply to your comments on TikTok or even follow you back. At the same time, reciprocity is a key part of real relationships, but in the online part of those relationships, it's more of a "guideline" — and one that's becoming looser over time.

Sometimes I reply to friends' posts on Bluesky or Instagram, but most of the time I don't. I just let it pass by without paying any attention to it. I’ve accumulated bits and pieces of information about people I love—my sister’s boyfriend published a poem; my friend quit his job—but the way I know about these things, like I know about an influencer’s favorite books or the news of Taylor Swift’s engagement, is from an outside perspective.

The quasi-one-way researchers I interviewed were reluctant to assert that passive content consumption is quasi-one-way in the standard sense—after all, I do know these people—but they did point out that, in some ways, social relationships are starting to look more like quasi-one-way relationships. Bradley Bond, a professor of communication at the University of San Diego, conducted several studies during the social isolation period during the pandemic, when many people were only able to connect with loved ones through technology.

The findings suggest that, as one of the papers puts it: "Increased exposure to real-life friends through screen media may blur the lines between social and quasi-one-way relationships because of similarities in form." "Your brain is slightly rewired," Bond told me, "to understand those social 'others' as two-dimensional beings as well." In quasi-one-way relationships, he explained, people tend to use their imagination to fill in the gaps in their knowledge of others. For example, someone might assume that an actor they feel they can relate to must share their values, even if they don't know that actor's politics. “As real-life relationships look more and more like quasi-unidirectional relationships,” Bond speculates, “maybe we’ll stop asking for self-revelation from the other person and start making straightforward assumptions, as we do in quasi-unidirectional relationships.”

If people feel more like they are observing their friends’ lives when they browse social media, that may be partly because they also view their friends as an “audience” when posting.

Some scholars describe the act of posting on social media as something between interpersonal and mass communication (which they call “personal mass communication”

masspersonal

). Research also shows that people tend to have an “imaginary audience” in mind when they post — and that audience doesn’t necessarily match the people who actually see the post.

Further fueling the mix of social and quasi-one-sided relationships, many regular users have also begun posting to their small followings in an “influencer” fashion: looking straight into the camera and speaking (“Hi everyone”), or curating collections of photos to showcase that perfect balance of playful yet effortless.

Behance Download for Android_The blurring of social media relationships_The rise of quasi-one-way relationships

© Tenor

Of course, that's if they're still posting. Recently, New Yorker critic Kyle Chayka pointed out that today’s society is experiencing a kind of “posting burnout” (posting ennui), because ordinary people’s ordinary life updates are likely to be submerged in the content of a group of Internet celebrities with ring fill lights and signed brand cooperation contracts. In the age of algorithm-driven content streams, when non-influencers post, they may envision a smaller audience than before. “If we can’t guarantee that our friends will actually see what we post,” Chayka wrote, “then what incentive is there to keep posting?”

This in turn affects how people view posts. As the proportion of content tilts more and more towards content that isn't truly "social" – and social media is experienced as a place of entertainment rather than connection – perhaps people are more likely to just "change the channel and zone out" rather than bother interacting with the friends they still see there. “My gut tells me that expectations for audience response have dropped dramatically,” Jeffrey A. Hall, a communications professor at the University of Kansas, told me. So it makes sense that “any benefits we used to get from those tiny interactions in our social media streams are gone.”

Hall says that while researchers aren't sure exactly what this phenomenon means for relationships, he believes it's part of "the long end of public social networks as a place where we observe sociability."

At the same time, the era of “group chat” is rising, and similar flattening and convergence phenomena are also taking place. The popularity of WhatsApp is rising and more and more people are using Discord. All of these messages crowd the home screen along with breaking news, ads, social media likes, and push notifications. “We’re reaching across multiple areas of our lives with these notifications,” Taylor told me. My Notification Center was filled with text messages from my family group chat, multiple push reminders from the New York Times, calendar reminders from meetings earlier today, notifications for new episodes of several podcasts I follow, and multiple ads from DoorDash suggesting I order food from Chick-fil-A, Walgreens, and other stores.

In some ways, the move to group chats is a positive development for human connection. Research shows that private messaging platforms are better suited for sharing more personal content and more conducive to ongoing conversations than algorithm-driven social platforms. However, their rise may also go some way to weakening the social norm of “reciprocity.” Back in 2018, I wrote about how text messages have become the norm to be ignored—because the medium allows people to reply to messages at their own pace (or not reply at all). Group chats can make responding feel less necessary because multiple people in the conversation share the “responsibility” for responding. At the same time, Taylor points out, the more players there are, the more likely "broadcast-style" dynamics will creep in.

© Pinterest

Another way in which private messaging has become somewhat "broadcast-like" is the popularity of voice messages. Many people like voice messages because they are more intimate than text but don't require an immediate response like a phone call. But let’s be honest – voice notes are essentially little podcasts you record for your friends. They are indeed an act of connection, but more of a "performance" than picking up the phone and talking directly. As for performance, there is always a certain sense of alienation.

My best theory to sum up all of this is this: a “trickle-down effect” is happening — as social media starts to look more like entertainment, private messaging starts to look more like social media. (For example, you can now “like” or “love” a text message.) In both cases, the elements of “performance” and “consumption” are heightened, making the lines between “community” and “audience,” “communication” and “content” subtle and blurry.

The researchers I interviewed have yet to draw conclusions about the blurring of relationships and consumable content—because technology is changing so fast and the pace of scientific research is so slow. But as the mobile world evolves and our relationships warp with it, Linda Kaye, a professor of psychology at Edge Hill University in the UK, gave me a fundamental principle worth sticking to: “Connection will always be more important in relationships than distributing and consuming content.” Your phone craves your attention, but your relationships really need it.

The NFT Market Has A Big Bubble, And Giants Such As Tencent, Ali Bilibili, Etc. Have Entered The Digital Collection Industry.

Although there is a huge bubble in the NFT market, giants do not want to lag behind the times. Domestic Tencent, Alibaba, Bilibili, etc. have already laid out digital collections.

In Japan, IPs such as Ultraman, Astro Boy, My Neighbor Totoro, Godzilla, and Hokusai, and giants such as Rakuten, Line, and Mediado have all set foot in the industry.

What is the scene like in South Korea?

According to incomplete statistics on the cultural and creative trend, Korean comic companies that have joined the NFT market include Kakao, Naver, Toomics, Kidari Studio, YLAB, Gtooon, Mrblue, etc., and game companies include NCSoft, Yumede, Com2us, Joycity, PearlAbyss, Devsisters, Krafton, etc. In addition, South Korea's large artist management companies SM, YG, HYBE, and JYP have also entered the market.

Virtual currency exchanges and various industries’ different perceptions of NFT

We have noticed that there are currently 4 virtual currency platforms trading in Korean won in South Korea, and they have all achieved good returns in 2021 under the influence of the virtual currency investment boom.

South Korea NFT platform company layout_NFT minting_South Korea NFT market development

Among them, Dunamu, which operates the UPbit exchange, had annual sales of 3.7046 billion won, a year-on-year increase of 1,996%; net profit was 2.2411 billion won, a year-on-year increase of 4,598%. Bitthumb's full-year sales were 1.999 billion won, a year-on-year increase of 362%; net profit was 648.4 billion won, a year-on-year increase of 408%.

After entering 2022, due to the turmoil in the virtual currency market, all four trading platforms have been greatly affected. In order to achieve sustainable development, they noticed the emerging trend of NFT and started NFT business like many Internet companies.

However, many industries in South Korea have different understandings of the new field of NFT.

Games: It mainly promotes to the public models that can earn money from playing games through P2E (Play to Earn), PAE (Play And Earn), etc., in order to actively promote attempts to integrate NFT into games. However, South Korea's "Game Industry Promotion Law" currently does not allow such business activities, and the attitudes of game companies and players towards this model cannot be unified.

Film and television: Movies, TV series, variety shows, and OTT original content are all actively creating NFT content and auctioning it. Many related companies have successfully generated income once or even N times.

Music: Due to the current restrictions on concert activities due to the epidemic, many large brokerage companies and music platforms are trying to develop "music products" using NFT and actively create a music-centered metaverse. Large Korean brokerage companies such as SM, YG, HYBE, JYP, etc. have successively entered this field.

Webcomics: Minting classic scenes from webcomics and turning them into NFT content, and selling them in limited quantities to obtain high profits. South Korea's webtoon giant KakaoPage has successfully sold related products and established a subsidiary that can conduct transactions.

Fashion: Creating products in the virtual world, but currently it only remains at the level of advertising offline products in the virtual world, while actively exploring new models that can gain profits.

Since NFT is an emerging commercial market, South Korea has not yet formulated relevant laws to regulate it. Therefore, there are no clear regulations on the division of interests between creators, trading platforms, and consumers, so there are concerns about unfair transactions. And because most of these products are limited edition products, their prices fluctuate greatly and are not subject to market rules. They are more like stock investments than a product transaction.

After news broke that Musk would acquire Twitter, the price of an NFT owned by the Twitter founder plummeted from $2.9 million to $280. In addition, according to reports from overseas media, as of the beginning of this year, NFT transactions, which were once very popular, have continued to cool down, and the transaction volume of some trading platforms has even plummeted by 50%.

NFT performance of 7 webcom companies

Let’s look at some situations in South Korea’s NFT market.

Jiansong Art Museum, which holds the example version of South Korea's No. 70 National Treasure Hunmin Jeongeum, has produced 100 virtual collections of the work and sold them on the NFT trading platform. The price of a single product is as high as 100 million won (approximately RMB 530,000).

South Korea NFT market development_NFT minting_South Korea NFT platform company layout

A virtual chess record of Korean Go player Lee Sedol playing against artificial intelligence Alpha Go was auctioned on the NFT platform for a high price of 250 million won (approximately RMB 1.325 million).

After NCSoft, a major Korean game company, announced that it would add NFT models to the game, the company's stock price soared 29.92%. The stock price of Wemade, which has integrated NFT in the overseas version of "Legend 4", soared 345%.

Cultural Creativity Trend here focuses on the practices of Korean webtoon companies.

1) Kakao

Kakao created the NFT trading platform Klip Drops specifically for NFT trading of its IP.

In December last year, as KakaoPage's super-popular comic "I Level Up Alone" came to an end, KakaoPage made the last scene of the comic finale into a virtual collection, selling a limited number of 100 pieces on the NFT trading platform, each priced at 500 Klay Coin. There are 200 auxiliary NFTs, each priced at 100Klay Coin. It sold out in just 1 minute.

(Klay Coin is a virtual currency launched by Kakao. The price fluctuates greatly. When the product was sold in December, 1 coin was equivalent to approximately 1,600 won.)

South Korea NFT market development_NFT minting_South Korea NFT platform company layout

After the success of the virtual collection of "I Level Up Alone", Kakao immediately launched "Duchess in the Shell", which also sold 7,777 virtual collection products. This product will use automatic art generation technology and will be the first virtual collection in South Korea supported by this technology.

South Korea NFT market development_NFT minting_South Korea NFT platform company layout

2) Naver

Line, a subsidiary of Naver, launched the NFT exchange "Line NFT" in Japan.

Naver also issued 12 sets of NFT Sakura Gardens through its virtual social APP – ZEPETO, with a total of 1,200 units. They were sold for the first time in Crypto games, each priced at 500 yen. Then it was sold twice in the Line Bitemax NFT Market beta version.

South Korea NFT platform company layout_NFT minting_South Korea NFT market development

Naver is also working hard to develop its own NFT trading market, and has created a subsidiary Line Next for this purpose. It is expected to launch the NFT trading market "City (도시)" in the first half of this year.

The platform will provide services in 8 languages ​​and be available in 180 countries around the world, enabling borderless transactions. Moreover, the platform will not limit the types of trading currencies, allowing transactions in multiple currencies.

Currently, Naver has produced and sold 600,000 NFT products under its IP "Line Friends" in South Korea through its blockchain subsidiary Line techplus.

South Korea NFT platform company layout_NFT minting_South Korea NFT market development

3)Toonmics

Toonmics, a webtoon platform that is available in many regions around the world and has 53 million monthly active users, launched TooNFT to combine webtoon IP with NFT, hoping to further expand the webtoon business.

TooNFT claimed that the project was launched to create a decentralized application software based on Toomics, provide a freer environment for the webtoon market, make readers' rewards for works and authors more transparent, and find a better model to protect creators' income and readers' rights. To this end, TooNFT will provide rewards for content creators and strive to solve existing problems in the webtoon market.

TooNFT allows authors to upload works without paying any fees, and users can create communities within the platform.

In addition, TooNFT also has NFT infrastructure, which is a benefit distribution system, which means that once a work uploaded on the platform triggers income, the creator will share the corresponding income. To this end, TOON virtual tokens will be circulated within the platform.

South Korea NFT market development_South Korea NFT platform company layout_NFT minting

4) Kidari Studio

Kidari Studio, a Korean comic company that previously received a 250 million yuan investment from ByteDance, signed a cooperation agreement with Netmarble F&C, a subsidiary of South Korea's major game company Netmarble, on game content and blockchain platform-related businesses.

Through this agreement, Netmarble will be able to use the online literature IP held by Kidari to produce games and develop Metaverse content.

At the same time, Kidari will be able to carry out its NFT business holding IP (including LezhinComics, Bomtoon, and Delitoon) through the blockchain platform developed by Netmarble.

South Korea NFT platform company layout_NFT minting_South Korea NFT market development

Kidari recently announced that it is cooperating with Yuan Airlines to produce NFT passports based on the movie "Hot Blood" adapted from its own online text IP and sell them on OpenSea.

"Hot Blood" will sell 2 products, one of which is a seal NFT and the other is a bullet NFT. Each product will be sold in 3 batches.

The first batch of seal NFT products is priced at 60MATIC, with a purchase limit of 5 per person; the second batch is 120MATIC, with a purchase limit of 8 per person; the third batch is priced at 180MATIC, with a purchase limit of 10 per person, and the quantity sold is not clearly limited.

Bullet NFT sells for 0MATIC, and only 20 are sold in each batch. The first batch of products is limited to 1 +WL per person, the second batch of products is limited to 3 +WL per person, and the third batch of products is limited to 5 +WL per person.

5) GToon Comics

Gtoon Comics owns a number of classic web comics, classic scenes from popular web comics, web comic characters, and IPs of various web texts. The company is currently focusing on developing an NFT trading platform for web comics and web articles based on blockchain technology that can be traded in multiple countries.

FanVerse is an NFT platform that provides communication between content creators and fans. It has developed various forms of NFT such as digital artworks, artist NFT fan cards, and fan tokens.

Not long ago, in order to successfully create an online literature NFT trading platform, Gtoon Comics signed a cooperation agreement with the FanVerse platform to plan, create, and trade web comic NFT products on the Fanverse platform.

6)YLAB

Webtoon creation studio YLAB has cooperated with blockchain startup BlockoXYZ and announced that it will officially enter the business of using webcomic IP to produce NFT products.

YLAB has not yet made it clear which NFT platform it will use and how it will trade its NFT products.

South Korea NFT platform company layout_NFT minting_South Korea NFT market development

7)Mrblue

The Mrblue platform, which focuses on martial arts comics, also announced that it will use its martial arts comic IP to actively develop the NFT business.

To this end, Mrblue is actively cooperating with companies that possess NFT-related technologies and announced that it will circulate NFT products of its IP through the virtual currency trading platform Korbit in the future.

South Korea NFT platform company layout_NFT minting_South Korea NFT market development

HyperNEST, A Subsidiary Of South Korea’s Meta.N Group, Successfully Developed “HyperNEX” Technology

South Korea's Meta.N Group is a company that develops and provides artificial intelligence technology (Artificial Intelligence social Technician) that conforms to the cultural environment and the trend of the times. Meta.N plans to provide platform technology that supports a variety of financial transactions and trading systems based on the HyperNEX technology developed by its subsidiary HyperNEST.

HyHyperNEX technology was developed to solve the problems of value sharing and value distribution that arise during the integration of traditional technology and finance. Based on the fifth generation artificial intelligence distributed computing technology, it supports content creation and activity sharing online.

The core of the technology is for rapid processing and fair distribution, using a system that is first implemented centrally and then audited in a decentralized manner. Decentralized audit nodes introduce artificial intelligence systems to prevent errors and biases that may occur when human intervention occurs.

David Han Lee, representative of Hypernest, which developed HyperNEX technology, said: "Artificial intelligence may also have errors and biases, but due to its lack of emotion, it has more advantages in fair distribution than the direct intervention of humans. We will cut off intervention for specific interests and improve the completion of the technology. The more experience we have in fair distribution of this technology, the more competitiveness we will have that is difficult for other companies to match.'"

Meta.NGroup provides the "W(Wallet)-M(Messenger)-M(NFT Marketplace)" service based on the above-mentioned Super Nex technology, using blockchain technology to solve the problems of user value sharing and value distribution. Taking NFT Market Place and NFT traded in the Market as the core axis, media content is included in the NFT and correct sharing and distribution is achieved.

The GxG NFT Marketplace launched by Meta.N Group provides 1GB of cloud space. Users can use corresponding tools to convert various contents such as images and high-definition images into NFT, and create new records and certifications. In particular, intellectual property issues, which have been a problem in the NFT market before, can be solved through high-capacity cloud space, and this advantage has attracted market attention.

Upgrading and developing cloud space and artificial intelligence above 1GB requires large-capacity hardware infrastructure. In order to solve this problem, Meta.N Group aims at "One Korea, One Cloud". That is, individuals or companies in the Republic of Korea will use part of the cloud space of PC storage, network, and GPU to build "shared network infrastructure" to ensure that the platform provides fair distribution. Through this technology, countries around the world will build large-scale cloud infrastructure.

The existing NFT Mining service supports low-capacity limited capacity, but Meta.N's 1GB cloud service supports ultra-large capacity, so it is expected that NFTs will appear in a variety of fields compared to the past. A person related to Meta.N said: "The conversion capacity of the NFT conversion service is 1GB, but the more active the cloud construction, the more large-capacity civilian services can be provided." If the distribution of one's own works and intellectual property rights is realized, many creators will emerge, and more high-quality content will be spread through these activities.

Yan Min, chairman of Meta.N Group, said: "Although many conceptual cases of resource sharing have existed and been proven before, the actual implementation solutions are not satisfactory. With NFT Market Place as the core, we bundle "media content production" and "physical environment sharing" to provide services, thus forming the entry point for the final stage that can be realized. Groups that share physical resources and groups that produce content carry out natural DAO activities based on the concept of "value sharers", building an ecosystem where everyone is integrated. In the future, we will expand the market to 'One World, One Cloud' starting from 'One Korea, One Cloud', and be favored by multinational companies interested in our platform and technology. "

Korean Companies Have Entered The NFT Market One After Another, And Virtual Currency Platforms Have Made Huge Profits From The Investment Boom.

In "Digital Collections with an Annual Transaction Volume of US$11 Billion, Is It a Bubble or the Future?" 》In the article, we noticed that although there is a huge bubble in the NFT market, the giants do not want to lag behind the times.

Domestic Tencent, Alibaba, Bilibili, etc. have all laid out digital collections. Review: Alibaba, NetEase Bilibili, etc. promote digital collections | Tencent iQiyi and others promote digital collections, covering many IPs from cultural blogs to animation, games and other fields.

In Japan, IPs such as Ultraman, Astro Boy, My Neighbor Totoro, Godzilla, Katsushika Hokusai, and giants such as Rakuten, Line, Mediado, etc. have all set foot in it. Reviewing the cultural and creative trend interpretation: Observation on the model of 12 NFT platforms in Japan: Giants enter the game, classic IP comes on stage

What is the scene like in South Korea?

According to incomplete statistics on the cultural and creative trend, Korean comic companies that have joined the NFT market include Kakao, Naver, Toomics, Kidari Studio, YLAB, Gtooon, Mrblue, etc., and game companies include NCSoft, Yumede, Com2us, Joycity, PearlAbyss, Devsisters, Krafton, etc. In addition, South Korea's large artist management companies SM, YG, HYBE, and JYP have also entered the market.

Virtual currency exchanges and various industries’ different perceptions of NFT

We have noticed that there are currently 4 virtual currency platforms trading in Korean won in South Korea, and they have all achieved good returns in 2021 under the influence of the virtual currency investment boom.

Korean digital collection platform analysis_NFT minting_Korea NFT market development

Among them, Dunamu, which operates the UPbit exchange, had annual sales of 3.7046 billion won, a year-on-year increase of 1,996%; net profit was 2.2411 billion won, a year-on-year increase of 4,598%. Bitthumb's full-year sales were 1.999 billion won, a year-on-year increase of 362%; net profit was 648.4 billion won, a year-on-year increase of 408%.

After entering 2022, due to the turmoil in the virtual currency market, all four trading platforms have been greatly affected. In order to achieve sustainable development, they noticed the emerging trend of NFT and started NFT business like many Internet companies.

However, many industries in South Korea have different understandings of the new field of NFT.

Games: It mainly promotes to the public models that can earn money from playing games through P2E (Play to Earn), PAE (Play And Earn), etc., in order to actively promote attempts to integrate NFT into games. However, South Korea's "Game Industry Promotion Law" currently does not allow such business activities, and the attitudes of game companies and players towards this model cannot be unified.

Film and television: Movies, TV series, variety shows, and OTT original content are all actively creating NFT content and auctioning it. Many related companies have successfully generated income once or even N times.

Music: Due to the current restrictions on concert activities due to the epidemic, many large brokerage companies and music platforms are trying to develop "music products" using NFT and actively create a music-centered metaverse. Large Korean brokerage companies such as SM, YG, HYBE, JYP, etc. have successively entered this field.

Webcomics: Minting classic scenes from webcomics and turning them into NFT content, and selling them in limited quantities to obtain high profits. South Korea's webtoon giant KakaoPage has successfully sold related products and established a subsidiary that can conduct transactions.

Fashion: Creating products in the virtual world, but currently it only remains at the level of advertising offline products in the virtual world, while actively exploring new models that can gain profits.

Since NFT is an emerging commercial market, South Korea has not yet formulated relevant laws to regulate it. Therefore, there are no clear regulations on the division of interests between creators, trading platforms, and consumers, so there are concerns about unfair transactions. And because most of these products are limited edition products, their prices fluctuate greatly and are not subject to market rules. They are more like stock investments than a product transaction.

After news broke that Musk would acquire Twitter, the price of an NFT owned by the Twitter founder plummeted from $2.9 million to $280. In addition, according to reports from overseas media, as of the beginning of this year, NFT transactions, which were once very popular, have continued to cool down, and the transaction volume of some trading platforms has even plummeted by 50%.

NFT performance of 7 webcom companies

Let’s look at some situations in South Korea’s NFT market.

Jiansong Art Museum, which holds the example version of South Korea's No. 70 National Treasure Hunmin Jeongeum, has produced 100 virtual collections of the work and sold them on the NFT trading platform. The price of a single product is as high as 100 million won (approximately RMB 530,000).

NFT minting_Korea digital collection platform analysis_Korea NFT market development

A virtual chess record of Korean Go player Lee Sedol playing against artificial intelligence Alpha Go was auctioned on the NFT platform for a high price of 250 million won (approximately RMB 1.325 million).

After NCSoft, a major Korean game company, announced that it would add NFT models to the game, the company's stock price soared 29.92%. The stock price of Wemade, which has integrated NFT in the overseas version of "Legend 4", soared 345%.

Cultural Creativity Trend here focuses on the practices of Korean webtoon companies.

1) Kakao

Kakao created the NFT trading platform Klip Drops specifically for NFT trading of its IP.

In December last year, as KakaoPage's super-popular comic "I Level Up Alone" came to an end, KakaoPage made the last scene of the comic finale into a virtual collection, selling a limited number of 100 pieces on the NFT trading platform, each priced at 500 Klay Coin. There are 200 auxiliary NFTs, each priced at 100Klay Coin. It sold out in just 1 minute.

(Klay Coin is a virtual currency launched by Kakao. The price fluctuates greatly. When the product was sold in December, 1 coin was equivalent to approximately 1,600 won.)

South Korea NFT market development_NFT minting_Korea digital collection platform analysis

After the success of the virtual collection of "I Level Up Alone", Kakao immediately launched "Duchess in the Shell", which also sold 7,777 virtual collection products. This product will use automatic art generation technology and will be the first virtual collection in South Korea supported by this technology.

NFT minting_Korea NFT market development_Korea digital collection platform analysis

2) Naver

Line, a subsidiary of Naver, launched the NFT exchange "Line NFT" in Japan. In the Japanese article on NFT market observation, the cultural and creative trends were listed. Review: Observation on the model of 12 NFT platforms in Japan: Giants enter the game, and classic IP comes on the scene.

Naver also issued 12 sets of NFT Sakura Gardens through its virtual social APP – ZEPETO, with a total of 1,200 units. They were sold for the first time in Crypto games, each priced at 500 yen. Then it was sold twice in the Line Bitemax NFT Market beta version.

South Korea NFT market development_NFT minting_Korea digital collection platform analysis

Naver is also working hard to develop its own NFT trading market, and has created a subsidiary Line Next for this purpose. It is expected to launch the NFT trading market "City (도시)" in the first half of this year.

The platform will provide services in 8 languages ​​and be available in 180 countries around the world, enabling borderless transactions. Moreover, the platform will not limit the types of trading currencies, allowing transactions in multiple currencies.

Currently, Naver has produced and sold 600,000 NFT products under its IP "Line Friends" in South Korea through its blockchain subsidiary Line techplus.

NFT minting_Korea digital collection platform analysis_Korea NFT market development

3)Toonmics

Toonmics, a webtoon platform that is available in many regions around the world and has 53 million monthly active users, launched TooNFT to combine webtoon IP with NFT, hoping to further expand the webtoon business.

TooNFT claimed that the project was launched to create a decentralized application software based on Toomics, provide a freer environment for the webtoon market, make readers' rewards for works and authors more transparent, and find a better model to protect creators' income and readers' rights. To this end, TooNFT will provide rewards for content creators and strive to solve existing problems in the webtoon market.

TooNFT allows authors to upload works without paying any fees, and users can create communities within the platform.

In addition, TooNFT also has NFT infrastructure, which is a benefit distribution system, which means that once a work uploaded on the platform triggers income, the creator will share the corresponding income. To this end, TOON virtual tokens will be circulated within the platform.

Korean digital collection platform analysis_NFT minting_Korea NFT market development

4) Kidari Studio

Kidari Studio, a Korean comic company that previously received a 250 million yuan investment from ByteDance, signed a cooperation agreement with Netmarble F&C, a subsidiary of South Korea's major game company Netmarble, on game content and blockchain platform-related businesses.

Through this agreement, Netmarble will be able to use the online literature IP held by Kidari to produce games and develop Metaverse content.

At the same time, Kidari will be able to carry out its NFT business holding IP (including LezhinComics, Bomtoon, and Delitoon) through the blockchain platform developed by Netmarble. Check out Kidari’s business: How does a Korean comic company, a Korean comic company invested by ByteDance with 250 million yuan, make web comics?

Korean digital collection platform analysis_NFT minting_Korea NFT market development

Kidari recently announced that it is cooperating with Yuan Airlines to produce NFT passports based on the movie "Hot Blood" adapted from its own online text IP and sell them on OpenSea.

"Hot Blood" will sell 2 products, one of which is a seal NFT and the other is a bullet NFT. Each product will be sold in 3 batches.

The first batch of seal NFT products is priced at 60MATIC, with a purchase limit of 5 per person; the second batch is 120MATIC, with a purchase limit of 8 per person; the third batch is priced at 180MATIC, with a purchase limit of 10 per person, and the quantity sold is not clearly limited.

Bullet NFT sells for 0MATIC, and only 20 are sold in each batch. The first batch of products is limited to 1 +WL per person, the second batch of products is limited to 3 +WL per person, and the third batch of products is limited to 5 +WL per person.

South Korea NFT market development_NFT minting_Korea digital collection platform analysis

5) GToon Comics

Gtoon Comics owns a number of classic web comics, classic scenes from popular web comics, web comic characters, and IPs of various web texts. The company is currently focusing on developing an NFT trading platform for web comics and web articles based on blockchain technology that can be traded in multiple countries.

FanVerse is an NFT platform that provides communication between content creators and fans. It has developed various forms of NFT such as digital artworks, artist NFT fan cards, and fan tokens.

Not long ago, in order to successfully create an online literature NFT trading platform, Gtoon Comics signed a cooperation agreement with the FanVerse platform to plan, create, and trade web comic NFT products on the Fanverse platform.

Korean digital collection platform analysis_NFT minting_Korea NFT market development

6)YLAB

Webtoon creation studio YLAB has cooperated with blockchain startup BlockoXYZ and announced that it will officially enter the business of using webcomic IP to produce NFT products.

YLAB has not yet made it clear which NFT platform it will use and how it will trade its NFT products.

NFT minting_Korea digital collection platform analysis_Korea NFT market development

7)Mrblue

The Mrblue platform, which focuses on martial arts comics, also announced that it will use its martial arts comic IP to actively develop the NFT business.

To this end, Mrblue is actively cooperating with companies that possess NFT-related technologies and announced that it will circulate NFT products of its IP through the virtual currency trading platform Korbit in the future.

The Development Of The Digital Collection Market Encounters Obstacles. How To Solve The Problem Of Excessive On-chain Handling Fees?

summary:

The digital collection market based on blockchain is one of the main application scenarios of NFT technology. However, the high cost of on-chain handling fees (gas) has hindered the development of the digital collection market to a certain extent. This article lists some cutting-edge technological solutions explored in the current digital collection market to solve the problem of excessive gas costs, including: off-chain methods, on-chain methods, multi-chain deployment, side chains, Layer 2 and cross-chain methods, etc., and also looks forward to some future technological development directions.

1. Digital collection market and on-chain handling fees

The digital collection market based on blockchain is one of the most important application scenarios of NFT technology. As NFT technology is applied to various practical application scenarios, the usage of the digital collection market is also increasing. Taking Ethereum as an example, according to ultrasound.money data, from the implementation of EIP-1559 to December 16, 2021, the gas consumed by the digital collection market OpenSea has reached about 126,414 ETH, surpassing ordinary on-chain transfers and Uniswap, becoming the largest gas consuming application.

So, what is "gas"? Why is the gas consumption in the digital collection market so large?

The so-called "gas" is the term for on-chain handling fees on blockchain platforms such as Ethereum. On-chain handling fees are one of the most common technical features of blockchain platforms. The operation of on-chain transactions, including simple transfers or complex smart contract operations, will use corresponding computing and storage blockchain resources; users who initiate these on-chain transactions will pay corresponding on-chain handling fees for consuming these blockchain resources. Blockchain uses this mechanism to incentivize the maintainers of the blockchain network, while preventing the blockchain network from being attacked by malicious users such as DDoS, maliciously running infinite loop code, etc. Therefore, it can be said that on-chain handling fees play a very necessary and positive role in ensuring the normal operation of the blockchain network.

However, some complex on-chain processes also bring higher on-chain handling fee costs to users. Taking the digital collection market of Ethereum as an example, users usually need to consume gas in multiple processes such as creation, listing authorization, and transfer. For example, in the transfer process, users usually need to consume about 0.02 ETH of gas (it varies according to the gas price at the time. The gas price refers to the unit price of the on-chain handling fee). When the activity of some digital collection application

When the time was relatively concentrated, the overall gas price of Ethereum also soared.

On August 26, the application of digital collections caused the gas price to soar to 1,429 GWei, which is about ten times more than usual.

These gases generally need to be paid by users of digital collection applications. Obviously, excessive gas will hinder the further use and development of the digital collection market, and may also affect the use of other applications on the blockchain network (for example, the application of Ethereum Cat at the end of 2017 caused congestion on the Ethereum network). At present, the digital collection market has conducted some technical explorations to save and reduce gas.

2. Technical solutions to save gas

The problem of excessive gas in digital collections is, to a certain extent, caused by the large amount of data in digital collections, complex business processes, and the need to improve the performance and scalability of blockchain networks represented by Ethereum. To solve these problems, you can refer to various methods to solve scalability technologies and improve efficiency. Some current technical exploration directions include: off-chain methods, on-chain methods, multi-chain deployment, side chains, Layer 2 and cross-chain methods, etc.

Solutions for reducing gas in the digital collection market (Source: Frontier Research Institute)

2.1. Off-chain method

Since gas is generated on the chain, the most natural idea is to use off-chain methods as much as possible. The main solutions include two categories: putting some processes on the original chain outside the chain and postponing some processes on the chain.

Some processes are placed outside the chain

Combined with off-chain process processing to reduce some on-chain steps. Taking Nifty Gateway as an example, by placing some exchange steps outside the chain to reduce on-chain processing steps, the cost reduction goal is achieved. For example, an exchange that originally required a total of 10 on-chain operations can be performed off-chain through Nifty Gateway's exchange process optimization. Only steps that must be confirmed by consensus on the blockchain are retained on the chain, thereby reducing the overall on-chain processing cost.

Some processes are postponed

Postponing the execution of some processes and allowing business processes to run first, allowing digital collection creators to create and publish them first at a lower cost, is an encouraging approach that can provide a more user-friendly experience for creators. A typical representative of this type of solution is OpenSea's Lazy Minting. It adopts a centralized approach, allowing creators to first create content for free and then put it on the shelves for sale. OpenSea uses a centralized approach to store and process it first, and then confirm it on the chain during transactions and other steps (generating gas consumption). At this time, the buyer and seller complete the delivery of digital collections through blockchain consensus.

But this method cannot completely solve the cost problem. Lazy Minting mainly postpones the timing of minting and lets buyers bear it. In a strict sense, it does not reduce the overall cost.

2.2. Optimization of this chain

Optimize code writing

The generation of Gas is mainly due to the consumption of blockchain resources such as computing and storage during the operation of smart contracts. Before creating digital collections, optimizing code writing can reduce gas costs to a certain extent. Some optimization methods include choosing to use an appropriate code base during development (such as using ERC721A and avoiding using ERC721Enumerable), and using optimization tools such as Truffle during compilation.

Batch aggregation

For digital collections that have been deployed on the chain, batching, aggregation, etc. can be used to reduce the overall cost. Taking Genie as an example, this aggregation tool supports packaging multiple operations for different digital collections in different markets into one transaction, while also using a combination of off-chain and other methods to reduce the average cost of a single operation.

2.3.Multiple chains

In addition to optimizing all aspects of computing and storage in this chain, a relatively direct and easy way is to integrate multiple blockchain networks on the application side; users can choose the appropriate network when using it.

Take OpenSea as an example. In addition to the Ethereum platform, OpenSea also provides the option of Polygon network. When the cost of the Ethereum network is high, users can choose to switch to the Polygon network on the OpenSea application.

2.4 Side chain/Layer 2 method

In addition to directly integrating multi-chain networks at the application level, another application option is to start from the blockchain protocol layer and transfer many businesses and processes of digital collections to side chains or Layer 2 to reduce costs, etc. Usually, such solutions also provide cross-chain transfer tools between side chains, Layer 2 and the original chain.

side chain

Side chains usually refer to blockchain networks that are parallel to the main chain and have a two-way bridging function. Ethereum's side chains include xDai, Skale, POA Network, etc. At present, some digital collection markets will choose side chains to reduce the cost of digital collections on the main chain.

A typical case is nifty.ink. It supports users to create and manage artistic works on the xDai side chain, including on-chain creation (mint), transfer (transfer), etc. If users want to transfer digital collection works to Ethereum, they can transfer (upgrade) to Ethereum through the AMB bridge tool, such as publishing to the OpenSea market.

Other similar cases include Axie Infinity’s use of Ronin side chains.

Layer2

Similar to side chains, some digital collection markets have chosen the Layer 2 technology route to reduce costs. One of the more typical cases is Immutable X, which is specially designed for digital collection applications and based on ZK Rollup, and its own digital collection market. Some other solutions include choosing from various digital collection markets and applications on Arbitrum.

2.5 Cross-chain

Cross-chain technology, in addition to solving value and data transfer issues, can also be one of the solutions to solve the cost problem of digital collections. To solve the scalability problem of blockchain and the "Impossible Triangle" paradox, the solution of cross-chain protocol + application of proprietary chain is a very good choice.

Similar to the side chain and Layer 2 solutions, the digital collection market can be deployed on an application-specific chain with lower usage costs; and when it needs to be transferred on a larger scale, it can be transferred through a cross-chain protocol.

Some current cross-chain digital collection solutions mainly use centralized gateways or cross-chain bridges. However, the IBC/TIBC cross-chain protocol based on completely decentralized verification can already support cross-chain transfer of non-homogeneous data content. For example, in 2021, after the Chinese traditional cultural digital artwork IDA was registered and confirmed on the BSN Wenchang chain, it relied on the TIBC cross-chain protocol and cross-chain hub in a cross-chain form, and was transferred from the BSN Wenchang chain to the global market through the cross-chain service hub.

3. Summary and outlook

The on-chain cost problem of digital collections is, to a certain extent, a microcosm of the performance and scalability problems of blockchain networks represented by Ethereum. Fortunately, the rapid development of underlying technologies such as Layer 2 and cross-chain in recent years, the prosperity of on-chain applications and the ecosystem have provided practical solutions for the current application of digital collections. Current solutions include centralized deferred processing, optimization of processing on this chain, deployment of multiple chains, use of side chains and Layer 2 expansion technology outside the chain, and cross-chain protocols.

It should be pointed out that there are still areas for improvement in some current technical implementations such as over-centralization (such as some cross-chain bridges) and technical security risks; completely decentralized cross-chain digital collection methods based on IBC/TIBC are emerging and need to be further supported for more applications; there is still room for improvement in digital collection support technology based on Rollup.

However, with the continuous development and improvement of blockchain scalability and cross-chain technology, the support of related technologies for the application of digital collections will become more complete, and the technical solutions will become more abundant and diverse.

Boundary Institute

Based on Border Intelligence's long-term technology accumulation in autonomous controllable blockchain underlying technology, cross-chain technology, and combined big data and privacy computing, the Border Research Institute is committed to hot event analysis, cutting-edge technology sharing, industry viewpoint elaboration, industry standard formulation, domestic and foreign open source community exchanges and other research work, and contributes professional research results with blockchain technology as the core to various industries.

Key research directions at this stage include cross-chain technology exploration (NFT, smart contracts, computing services and cross-chain interoperability of distributed identities), industrial applications (metaverse, cultural creativity and copyright, global cross-border trade, central bank digital currency, carbon neutrality, etc.), cutting-edge technology integration (blockchain + privacy computing, big data analysis) and other fields.

Everyone is welcome to contact us to discuss and promote the development of industrial blockchain.

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