Blockchain
Paris Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz Chain
The French football club aims to explore various avenues in the cryptocurrency sector, starting with becoming an infrastructure provider to Chiliz Chain.
French football giant Paris Saint-Germain (PSG) is set to deepen its Web3 and SportFi involvement by becoming a validator for fan token blockchain Chiliz.
Cointelegraph recently traveled to Paris to speak exclusively to Chiliz founder Alexandre Dreyfus and PSG head of Web3 Pär Helgosson about the evolving partnership between the football club and the blockchain platform.
PSG is the first major football club to become a blockchain protocol validator and is set to reinvest revenue generated as a validator to buy back PSG tokens. The move is touted as a way to create a self-sustaining digital economy for the club and its fan base.
The Chiliz Chain is the infrastructure underpinning Socios, the platform that issues and manages fan tokens for over 150 professional football clubs and sports teams. PSG was an early adopter of the technology and launched its fan token on Chiliz in September 2018.
The club intends to explore opportunities in the broader cryptocurrency, Web3 and SportFi spaces, with Helgosson spearheading the efforts.
Venture capital firm Animoca Brands joined Chiliz Chain as a validator of its proof-of-stake protocol in November 2023 after Chiliz revamped its tokenomics model. Chiliz introduced a new inflation-staking rewards mechanism for CHZ holders and the integration of the transaction fee protocol burning scheme EIP-1559.
PSG gets first shot at token buy-back mechanism
Helgosson told Cointelegraph that PSG will use its accrued revenue as a node validator to carry out PSG fan token buybacks from public marketplaces. The buybacks will be automated and executed by smart contracts through its validator and on decentralized exchanges on the Chiliz Chain.
The program aims to increase revenue from the club’s validator through gas fees and supply inflation that are reinvested into PSG tokens. The club is interested in refreshing its token reserves to create a self-sustaining economy:
“We’re aiming to build a sustainable tokenomics model together where the club, because of our role as a node validator, can use the profits to buy back fan tokens and use them to reinvest back into the fan ecosystem.”
Helgosson says the move is expected to provide rewards, new utilities, functions, products and services that will benefit PSG tokenholders, sponsors and players.
PSG and Chiliz are also planning a blockchain hackathon hosted at the club’s iconic Parc des Princes stadium in the summer. The event aims to attract developers to build decentralized applications and products incorporating PSG tokens on the Chiliz Chain.
An alternative for sports organizations
Dreyfus tells Cointelegraph that PSG’s move to become a validator could be a catalyst for other clubs to follow suit and better understand how the ecosystem’s tokenomics work.
“As for the drawcard, PSG is going to play an active role in the operations of the Chiliz ecosystem, meaning they will help build trust and attract more brands and developers, also by co-hosting hackathons with us at their stadium,” Dreyfus explained.
Chiliz and Socios have been focused on building products and experiences for the broader sports industry. Dreyfus believes that its protocol needs stakeholders from the space to participate in its governance and ongoing operation.
The Chiliz founder says his long-term goal is to have dozens to hundreds of validators comprised of sports organizations, fan-owned nodes and cryptocurrency firms. The hope is that PSG’s move will prompt other major clubs to consider becoming node operators.
“This is a new income source for them, diversification, but also being part of the network effect brings value to everybody involved.”
PSG’s Web3 play
Off-the-record conversations with Helgosson reveal that PSG is ambitiously exploring a multitude of ways to diversify revenues and offerings in the cryptocurrency and blockchain ecosystem.
The club’s investment in becoming an infrastructure operator of Chiliz blockchain marks the start of its moves to actively participate in the Web3 ecosystem. PSG has explored and launched several nonfungible token collections, some of which offer exclusive rewards to holders.
Helgosson would not disclose the details of its investment or capital allocation for the Chiliz node-as-a-service partnership but said the club intends to actively engage and reinvest with its Web3 partners.
He highlighted that being a node validator is a core component in building a sustainable tokenomics model for the Paris Saint-Germain Fan Token ecosystem and Chiliz.
Source: CoinTelegraph
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Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
The post Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them appeared first on HIPTHER Alerts.
Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
The post Nexo Reaffirms Commitment to Data Protection with SOC 3 and SOC 2 Compliance appeared first on HIPTHER Alerts.
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