▶️TopSelEdu - What are Innoscriptions in Cryptocurrency?

📌You've probably heard about the recent Arbitrum and zkSync blockchain failures, and they were exactly because of Innoscriptions.

🕵‍♂️We've dug into different resources and tried to elaborate on what it is and what the pros and cons are for the industry

Innoscriptions are pieces of metadata where you can store text, images, code, and more. It's something between a token and an NFT, but many times smaller and consumes much less gas for commissions

📜It all started with Bitcoin Ordinals, which was the only way for BTC to add NFT support since it doesn't support smart contracts

✍️Then developers realised that the same could be done in Ethereum, Solana and so on. While the Bitcoin network records data to individual SATs, other networks record data to Calldata, which is additional data that can be sent in transactions. They are read-only and cheap to use compared to storing data in a smart contract

🔼Benefits:

- The xRC-20 and NFT metadata is stored on the blockchain and available for everyone to read.

- Transactions, if compared to smart contracts, turn out to be cheaper.

🔽Cons:

- There is a huge dependency on off-chain indexers.

- Innoscriptions are easy to spam because they are extremely cheap, this has led to Arbitrum and zkSync failures

🔥 - Throw in reactions if it made sense to you

🔝TopSelEdu: What is a Multisig wallet and why is it needed in blockchain?

Multisig is when 2+ users can sign the same document. But how can this principle work with wallets?

🏦 Wallet vs Safe Deposit Box:

The best analogy to Multisig wallet is a bank safe deposit box with 2 keys. This box can only be opened when 2 people reach an agreement ➡️ bring their keys ➡️ open it and can take their money

With Multisig wallet the same - multiple codes that only together open access to the wallet 👛

🤔Why do we need a Multisig wallet?

The average crypto user often doesn't need one. We use non-custodial wallets where only one seed-phrase is needed. But crypto companies and startups need them

If all of an exchange's funds is stored on an address that is opened with a single key. It could cause vulnerability to breaches and hacker attacks. But if there are 2, 4 or more keys. It's very hard to hack into a wallet like that.

It is not necessary to open the wallet with all keys at once. For example, there are 3 keys, and access is opened with 2 keys, which can be changed in the settings.

🔥Other benefits of Multisig wallet:

High level two-factor authentication - Keys don't have to be held by different people. They can also be stored by one, just on different devices: laptop, phone and etc

👍 - Share your reactions if the post was informative for you

🔝Summary of the year 2023 and the main events in the Crypto world

The passing year of 2023 was a positive one for the cryptocurrency market. We hope that you managed to end it on the bright side, gaining a huge base of knowledge and experience in blockchain, in particular by reading our channel

What are the major events in the last 12 months in the crypto market?

🔹 Submission of applications to launch spot Bitcoin ETFs
🔹 Ripple's partial victory in its legal battle with the SEC
🔹 Falling inflation in the US
🔹 New momentum in the development of NFT (Ordinals)
🔹 And the consequence of the events above, the end of the crypto winter

2024 should be an even more successful year. And here's what we're most looking forward to:

🔸 Approval of applications for spot cryptocurrency ETFs
🔸 Bitcoin halving
🔸 And of course plenty of webinars and practical bootcamps for future blockchain developers together with Top Selection

Expectations for 2024 are most optimistic. Happy holidays everyone, stay tuned, there will be a lot of interesting content ahead!

📚🧑‍🎓TopSelEdu - Cryptocurrency legalisation by countries

CoinGecko published an article about the legal status of cryptocurrencies in most countries around the world. We have compiled the main points from this article:

1️⃣Cryptocurrency is legal in 119 countries

It can be seen that most countries in the world have legalised cryptocurrency, with 64.7% of them being countries from Asia and Africa

2️⃣Cryptocurrency laws are in force in 62 countries

Comprehensive regulation of cryptocurrencies is active in only 62 of the 119 countries that have legalised the asset. Half of these countries are leading global economies, such as France, Japan and Germany

3️⃣Cryptocurrencies as a payment method are legal in only two countries

Despite the legalisation of cryptocurrencies in most countries around the world, they are only fully legal as a means of payment in El Salvador and the Central African Republic (CAR):

🇸🇻El Salvador legalised bitcoin for payments back in August 2021, becoming the first country in the world to pass a Bitcoin Law. However, BTC adoption in El Salvador is low, with only 1.72% of the population owning bitcoins.

🇨🇫The CAR adopted bitcoin as a means of payment in April 2022, but by March 2023 the government had already cancelled its decision on legalisation - this was due to the difficulties of bitcoin acceptance by the population.


4️⃣Cryptocurrencies are illegal in 22 countries

Northern Macedonia, Bolivia, China, Egypt, Iraq, 13 African countries, etc. have completely banned the circulation of cryptocurrencies. The countries of the East most often explain such a rule by compliance with the rules of Islam. At the same time, 58 million people in China and 3.3 million people in Egypt own cryptocurrency. Bans on the use of crypto don't stop users from holding it in their wallets.

👉Check out the full article here

🔝Which Web3 sectors were in trend in 2023?

CoinGecko experts analyzed the crypto-narratives of 2023 and ranked the most popular sectors in Web3. We have collected the main points from the article:

👆According to the chart above, you can see the 15 categories that generated the most user interest out of 139 different narratives

Let's walk through the leaders:

▶️AI tokens were the most popular among other assets in 2023, due to the growing interest in AI technologies and the blossoming of ChatGPT and other neural networks.

▶️GameFi has finally become truly gaming. Many projects started to improve their products: Pixels, Illuvium, Gods Unchained increased access to games and attracted a larger audience to Web3 gaming in general.

▶️Memcoins also gained huge popularity in 2023. $BONK was the most successful memcoin, reaching a top price of 129 times higher compared to the beginning of the year. $PEPE ranked second among coins with 19 times higher returns than at the beginning of the year.

▶️The top blockchain ecosystems were Solana, Ethereum and Avalanche. Arbitrum lost ground, while L2 blockchains - Base, zkSync Era and Mantle gained visibility among other ecosystems.

▶️BRC-20 tokens have attracted the attention of users and developers, increasing interest in the bitcoin ecosystem as a whole.

📍Learn more about the best narratives of 2023 in the article

Hey, guys 👋

ℹ️We want to announce that we are slightly changing the format of our posts in the Telegram channel

👥 Due to the fact that our main audience in Telegram is from the CIS, we decided to share useful content also in Russian

🎮Subscribe to our discord where we will continue to publish posts in English

🔥Stay tuned - soon we have an important announcement for you

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