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Aave's Stani Kulechov Launches Social Media Platform “Lens Protocol”

Stani Kulechov, the founder of Decentralized Finance (DeFi) lending protocol, Aave has spearheaded the emergence of Lens Protocol, an ecosystem that seeks to boost a permissionless, composable, and decentralized social graph that makes building a Web3 social platform easy.

With many developers putting their hands in the gauntlet towards the establishment of a functional social platform to take on big tech. The Lens Protocol’s design capabilities will help creators build applications to improve user experience rather than scaling. The resident on the Polygon Network takes care of the scaling provisions.

As unveiled by the protocol, the ecosystem will be supported by Non-Fungible Tokens (NFTs), which will enable users to tokenize profile pictures and contents shared on their pages.

“Lens Protocol has familiar social media functions like having a profile, commenting, resharing a post, and more – but unlike social media of the past, Lens Protocol is powered by NFTs, so you own and control all of your content,” one of the tweets reads, “Profile NFTs are the main primitive of the Lens Protocol. These dynamic NFTs are composable, non-custodial & permissionless. Individual addresses can own profile NFTs, an address can have multiple profile NFTs & a profile NFT can be owned & run by a DAO via a multisig wallet!”

To trail a different path from the big tech companies operating a social media platform, the Lens Protocol will incentivize some key actions taking place on the platform, including sharing contents and trading of the tokenized collectables generated on the platform. The Lens Protocol has earmarked a reasonable fund to back developers looking to build applications on the platform.

The Lens Protocol is lifting off with backing from Polygon Network and other Web3.0 name service providers. With Lens Protocol coming to challenge outfits like Jack Dorsey-backed BlueSky, decentralized social finance is billed to be resuscitated with the new crave surrounding NFT and metaverse engagement.

Image source: Lens Protocol

Sending Ethereum Tips on Twitter Becomes a Reality

After enabling Bitcoin tipping on its platform in September 2021, Twitter has stretched its hands by adding Ethereum to the mix.

Through a tweet, Twitter said:

“Have you set up Tips on your profile yet so it’s easy for people to show their support? Yes: Cool, we’ve added Paga, Barter by Flutterwave, Paytm, and the option to add your Ethereum address.”

The tipping mechanism enables users to ask for support from different influencers and content creators on Twitter. Therefore, the latest development will allow Twitter users to send tips through the Ethereum (ETH) network.

The Bitcoin tipping feature used the Lightning Network payment gateway Strike to generate BTC Lightning invoices needed to make the payments.

Therefore, the social media giant is opening up more opportunities by enabling ERC-20 tokens and ETH tips to be made through payment channels like Paytm, Barter by Flutterwave, and Paga.

Johnny Winston, the lead product manager of creator monetization at Twitter, welcomed this development and stated:

“We’re continuing to expand ways to get paid on Twitter which includes more choices for creators and fans who want to use crypto. We’re excited to add the ability for anyone to add their ETH address to Tips.”

Nevertheless, the new feature is not open to domain names utilized by the Ethereum Name Service (ENS).

Twitter continues to delve deeper into the Ethereum ecosystem, given that it presented an official verification mechanism for non-fungible token (NFT) avatars, allowing some users to set the NFTs they owned as their profile picture last month.

The Twitter avatar of the verified NFT would be different from the standard avatar because it would entail a nice hexagonal border instead of a circle, denoting ownership on the blockchain.

Resonate Partners with Fetch.ai, Rendering a Decentralized AI-Powered Social Media Experience

To offer users a personal AI-powered, decentralized, and trusted social media experience, Resonate, a decentralized social non-fungible token (NFT) platform, is leveraging the power of blockchain technology and machine learning provided by Fetch.ai.

Resonate seeks to harness digital twins or autonomous economic agents availed by Fetch.ai so that its decentralized system is automated through the strategic partnership.

As a result, offer users a web3.0 social media experience devoid of untrustworthy and malicious actors and sources.

With the power of blockchain technology, Resonate enables users to make videos, photos, and posts and transform them into non-fungible tokens (NFTs).

Abhinav Ramesh, CEO of Resonate.Social, said:

“We are creating Resonate because we feel that there could be a protocol-level linkage between social networks and the inherent properties of an NFT, kind of like combining the best of social media and NFTs.”

Eliminating centralized curation of social feeds

Resonate intends to simplify the process of NFT innovation and its trading so that the costs only fractions of a dollar.

“We felt that there is a need to simplify the NFT market to enable easy, social-focused creation and trade of NFTs. Resonate helps users easily create NFTs at a very low cost, and brings about comments/likes/shares on the NFT within the same platform,”

To provide a seamless flow of social experiences, the partnership seeks to eliminate the centralized curation of personal social feeds and the problem of value exchange through NFTs and tokens.

Humayun Sheikh, the CEO and Founder of Fetch.ai, welcomed the collaboration and stated:

“We are excited Resonate.social team chose to build on the Fetch.ai network. Social networks form the center of many other services including NFT marketplace and SoFi and Resonate plans to expand into several of these.”

Through Fetch.ai’s autonomous ecosystem, the digital twins will assist users in curating their feeds for NFT-driven tokenomics, social clout, privacy, and safety.

Meanwhile, social trading is gaining steam because it enables traders to compare and learn from their techniques. This social aspect assists users to understand how to create and invest in financial NFTs.

Damus, a decentralized social network teased an upcoming feature

The decentralized social network Damus has hinted that its mobile application will soon include a feature that would enable users to earn satoshis, the smallest fraction of Bitcoin (BTC), depending on the interaction they get on their posts on the site.

In a tweet, the Damus team brought attention to the fact that the “coming soon” version of the app would have a function that enables users to earn satoshis and that this function will be available “soon”. After the first statement, the team did not give any more information.

Damus markets itself as a decentralized social network that is user-run and does not depend on centralized businesses for its functionality. The program is based on Nostr, which stands for “Notes and Other Stuff Transmitted by Relays.” It is a decentralized network that makes it possible for users to communicate with one another in a private setting. Within the confines of its network, there are no servers. Instead, messages are sent across the system through a decentralized network of relays.

Members of the community as a whole have shown their enthusiasm for the newly implemented Damus function, with some even going so far as to refer to Nostr as “the future of monetization.”

Jack Dorsey, who formerly served as CEO of Twitter, has also been showing his support for the Nostr initiative by contributing financial resources to its creators. Dorsey said on the 16th of December that he had contributed 14 BTC, which was equivalent to around $250,000 at the time, to assist in the growth of the decentralized social network.

On February 1, Damus was released to the public on the Apple App Store and became accessible for users of the iPhone to download. After this, Jack Dorsey also announced the news through his Twitter account, where he referred to the change as a new “milestone” for open-source protocol development.

Back on December 14, the former CEO of Twitter advocated for the establishment of a decentralized Twitter alternative. This was in response to the publication of the findings of an internal inquiry that had been headed by Elon Musk and had shown problems relating to censorship on Twitter. Dorsey addressed various solutions to the problems, such as resistance to control by corporations or governments, giving writers the authority to delete their own material, and using algorithmic moderation.

Biden urges technology firms to prioritize safety in AI development

During a meeting with science and technology advisers on Tuesday, US President Joe Biden raised concerns about the safety of artificial intelligence (AI) and urged technology companies to prioritize safety when developing and releasing AI products. While acknowledging the potential benefits of AI in tackling issues such as disease and climate change, Biden stressed the need to address possible risks to society, national security, and the economy.

“It is yet to be determined. There is a possibility,” Biden replied when asked about the potential hazards of AI. He cited the negative impact that powerful technologies can have in the absence of appropriate measures to protect against them, citing social media as an example. “Absent safeguards, we see the impact on the mental health and self-images and feelings and hopelessness, especially among young people,” he said.

Biden emphasized the importance of technology companies ensuring their products are secure before releasing them to the public. He called for the U.S. Congress to approve non-partisan privacy laws that limit the personal data gathered by technology firms, prohibit child-targeted advertising, and give priority to health and safety in product development.

In recent years, there has been growing concern about the potential risks associated with the development and use of AI. While AI has the potential to revolutionize many industries and address complex global issues, it also poses significant risks to society, including job displacement, bias, and the potential for unintended consequences.

The Center for Artificial Intelligence and Digital Policy, a technology ethics organization, recently urged the U.S. Federal Trade Commission to prevent OpenAI from releasing new commercial versions of GPT-4, a language model that has both impressed and alarmed users due to its human-like capacity to create written responses to prompts.

The debate over the safety of AI is likely to continue as technology continues to advance at a rapid pace. Biden’s call for technology firms to prioritize safety and for Congress to enact privacy laws that prioritize health and safety in product development is an important step towards ensuring that the benefits of AI are realized while minimizing the risks.

Fake Video of ECB President Lagarde Admitting to Digital Euro Control

A video of European Central Bank (ECB) President Christine Lagarde has been making the rounds on social media, with many believing it to be real. In the video, Lagarde appears to be admitting that a digital euro will be used to control payments in a limited manner. However, it has since been revealed that the video was a fake.

The video was initially shared by the breaking news account Watcher Guru on April 6, and it generated a significant amount of social media chatter. In the video, Lagarde is heard saying that she does not want to rely on an “unfriendly countries currency” or a currency provided by a “private corporate entity like Facebook or like Google.” She goes on to say that she is “personally convinced that we have to move ahead” with the digital euro.

It has since been revealed that the video was taken from a prank video created by a group of individuals who have had similar conversations with other public figures. Harry Potter author J.K. Rowling and former United States President George W. Bush have also fallen victim to similar hoaxes.

The ECB has not yet announced any concrete plans for the development or implementation of a digital euro. However, the idea of a central bank digital currency has been gaining traction in recent years, with many countries exploring the potential benefits and drawbacks of such a system.

A digital euro could potentially provide a number of benefits, including increased financial inclusion, lower transaction costs, and greater security and privacy. However, there are also concerns about the potential risks and challenges associated with such a system, including the possibility of cyber attacks and the need to balance privacy concerns with the need for transparency and accountability.

In light of the recent hoax video, it is important to exercise caution when consuming news and information online. Misinformation and fake news can spread quickly, and it is important to verify the authenticity of sources and information before sharing or acting on it. The ECB has not made any official announcements regarding the use of a digital euro, and any news or rumors should be taken with a grain of salt until confirmed by credible sources.

Twitter Rolls Out Bitcoin Price Quotes

The addition of Bitcoin price quotations to Twitter’s social media platform occurred around the 18th of April. The price quotations are provided by the charting platform TradingView, however they are only accessible for the price of Bitcoin. Price quotes for other major cryptocurrencies are not provided. The accompanying Bitcoin price chart includes a link that users may use to purchase or sell Bitcoin on the Israeli cryptocurrency market known as eToro. In addition, a caution that reads “Your Capital Is At Risk” is shown beside the chart that displays the price of bitcoins.

Twitter has emerged as an essential component of the retail investing community, and it is anticipated that the inclusion of Bitcoin price quotations will play a big role in the dissemination of financial news and the acquisition of information. The implementation of “$Cashtags” has the goal of elevating users’ familiarity with the Bitcoin market on the site and encouraging more user participation therein.

Elon Musk made the declaration on the 17th of April that he would develop a piece of artificial intelligence software that he would call “TruthGPT” in order to battle what he considers to be a left-wing bias in the media business. It is anticipated that the AI software would actively seek the truth and encourage impartial reporting.

While Twitter is the most recent social platform to integrate Bitcoin price quotes, on April 10th, Douyin, the Chinese counterpart of TikTok, began providing Bitcoin price quotes to an estimated 730 million users in Mainland China. Twitter is the most recent social platform to incorporate Bitcoin price quotations. The quotations were, however, taken down a day later and replaced with a statement that warned users that “unofficial digital currencies do not possess the same legal standing as fiat currencies.”

The introduction of Bitcoin price quotations on Twitter’s social media platform is a big step towards expanding knowledge of and involvement with the cryptocurrency market on social media. This is because Twitter is the largest social media platform in the world. In addition to this, it brings to light the ever-increasing significance of cryptocurrencies in the financial sector, as well as the need of reliable information and impartial reporting.

CertiK: Crypto Social Media Scams Surge

In light of the increasing number of cryptocurrency scams permeating social media platforms, blockchain security company CertiK has delineated a comprehensive examination of this menacing trend. On October 26, 2023, CertiK took to Twitter to elucidate how the meld of social media’s extensive reach and cryptocurrency’s decentralized, and often murky, nature concocts a fertile ground for scam artists.

CertiK initiated its discourse by referencing a report from the Federal Trade Commission (FTC). The report stressed that cryptocurrency scams led to a staggering loss of over $1 billion in the 18 months leading up to June 2022. Interestingly, nearly 50% of these losses stemmed from engagements on social media platforms, whether via an advertisement, post, or direct message.

A Kaspersky report also revealed a 40% increase in cryptocurrency phishing attack scams in 2022, with 5,040,520 attacks compared to 3,596,437 in 2021. These attacks involve duping investors through fake websites and communication channels, allowing attackers to access crypto assets. Despite uncertainty about the future of phishing attacks, one in seven Kaspersky survey respondents admitted to being victimized. The attacks usually involve giveaway scams or phony wallet phishing pages, but attackers continue to refine their strategies. Recent incidents like Trezor warning against deception and Arbitrum investors falling victim to phishing links highlight the need for enhanced vigilance, authentication, and hardware wallets for crypto asset storage.

The discourse proceeded to the ominous “pump and dump” schemes. These operations are characterized by artificial inflation of an asset’s value to reap profits. Small-cap cryptocurrencies, often hyped by celebrity influencers, are particularly susceptible to such manipulative practices. The Securities and Exchange Commission (SEC) hasn’t turned a blind eye and has taken steps against influencers who promote risky, unvetted tokens, underscoring the significant risks these schemes pose to unsuspecting investors.

Further in the discussion, CertiK highlighted the misuse of verification badges on social media platforms such as Twitter, Facebook, and Instagram. These blue checkmarks, emblematic of a verified account, are exploited by scammers who either acquire verified accounts deceitfully or fabricate the verification badge, misleading the platform users.

The dialogue also touched on counterfeit applications posing as legitimate crypto apps. These sham apps act as Trojan horses, either installing malware or draining funds from users’ accounts. Alarmingly, these apps have managed to infiltrate official app stores like Apple App Store and Google Play, further exacerbating the threat landscape.

Dubbed ‘pig butchering’, romance scams are yet another method that begins on social media and culminates in a loss of crypto assets. Here, scammers feign as traders pledging to amplify victims’ savings through trading, only to vanish with their money once trust is established.

In the culmination of the thread, CertiK suggested several measures to bolster security against these scams. Utilizing a hardware wallet, employing multi-signature wallets with timelock, and opting for smart contract security audits were among the recommendations. For a more thorough understanding, CertiK directed readers to their blog, which delves deeper into safeguarding oneself against crypto social media scams.

Google Sues Unknown Entities for Malware Scheme Disguised as AI Chatbot Bard

Google LLC has initiated legal proceedings against three anonymous individuals, accusing them of orchestrating a sophisticated malware distribution scheme under the guise of offering upgrades to Google’s AI chatbot, Bard. The lawsuit, filed on November 13, 2023, in the Northern District of California, San Jose Division, identifies the defendants as “Does 1-3,” reflecting Google’s current lack of specific identification.

Google alleges that the perpetrators have been exploiting the company’s trademarks, particularly those related to its AI products like “Google, Google AI, and Bard.” By creating misleading social media profiles and pages that mimic Google’s branding, these individuals have reportedly been luring victims into downloading malware. The fraud involves invitations to download free copies of Bard and other AI tools, purportedly from Google.

One striking example provided by Google includes a screenshot of a bogus “Google AI” social media profile used by the con artists. These profiles and pages are designed to deceive users into believing they are interacting with legitimate Google products.

Upon following the provided links, users unwittingly download malware, which is particularly engineered to hijack social media login credentials. This scheme is said to target businesses and advertisers primarily, exploiting their reliance on social media for marketing and communications.

In response to these fraudulent activities, Google has requested the court to grant a comprehensive restraining order and award damages, including attorneys’ costs. The tech giant is also seeking permanent injunctive relief for the harms caused by the defendants, any profits gained from the fraud, and other equitable relief deemed appropriate by the court.

This lawsuit emerges at a time when AI services, especially chatbot services, are experiencing a significant increase in global users. Recent data reveals Google’s Bard bot attracting 49.7 million individual visits each month, while OpenAI’s ChatGPT records over 100 million monthly logins and approximately 1.5 billion unique website visits.

Over the past year, major tech companies like Google, OpenAI, and Meta have been embroiled in various legal disputes. In July, Google faced a class-action lawsuit, underscoring the legal complexities in the rapidly evolving AI and digital services sector.

This case underscores the critical need for heightened digital security measures as AI technology becomes more integrated into everyday digital interactions. Google’s lawsuit not only seeks to safeguard its own intellectual property but also aims to protect unsuspecting users from malicious cyber activities disguised as legitimate AI offerings.