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Are Crypto Red Envelopes The Latest Trend This Chinese New Year?

Welcome to The Daily Forkast, January 28th, 2022, presented by Megha Chaddah. For the latest in blockchain & crypto news. On today's show: 00:00 Coming Up 00:43 Korean game developer Netmarble plans to issue own cryptocurrency. 01:31 Warner Music Group partners with The Sandbox to create metaverse land. 02:17 Crypto still a niche gift for Lunar New Year --- First up, South Korean game developer NetMobile is planning to issue its own cryptocurrency with CEO Kwon Young-sik saying the token will act as a key currency in the company's games. NetMobile, which has a market capitalization of US$10 billion, is among a growing list of Korean game developers who are diving deeper into blockchain gaming and the metaverse. The company is aiming to launch its play-to-earn game "Everybody's Mobile Meta World" this year to a global market. However, like all play-to-earn games, it will not be available in its native country. Why? Well, that's because play-to-earn games are restricted in Korea due to this speculative nature. Meanwhile, still missing out on the live music experience because of the pandemic. Not to worry, the Metaverse could offer a solution to that. Over in Hong Kong, The Sandbox has partnered with Warner Music to create a music themed world in its gaming metaverse named Warner Music Group Land. It will feature concerts and musical experiences from some of the artists on the music company's extensive roster. While The Sandbox, a decentralized gaming virtual world subsidiary of Animoca Brands, will hold a special land sale in March, offering music fans the chance to bag a spot right near the stage. Giving and receiving lucky money, traditionally crisp new bills tuck into fancy red envelopes during their first two weeks of the Lunar New Year as a part of many Asian cultures. But while digital payments are commonplace in Asia, the concept of gifting Crypto remains niche. However, some crypto exchanges and wallet operators are trying to change that. Binance, the world's largest crypto exchange by trading volume, already offers a gift card program, but it has stepped up its game by actively marketing the function ahead of the New Year, beginning on February 1st. As well as offering tips on ushering in the New Year with Crypto. Meanwhile, Singapore based Crypto.com offered a red envelope featured on its wallet app last year, and this year it is giving away red packets to friends and family of its users. While crypto custody and asset management platform Kobo, also based in Singapore, says it would randomly gift wrap packets to loyal users self custodial wallet and token told Forkast.News. It tried out a rare packet feature back in 2019, but users complained that transaction fees at the time were too high. However, they are optimistic that this could change, as there are now projects underway looking into reducing those costs. And Daniel So of Hong Kong based merchant payments provider Worldpay from FIS told Forkast.News that giving fiat currencies in red packets remains clearly in the lead for the moment. But as digital currencies become more mainstream, that could spur greater interest in Crypto red packets. Our lives are increasingly being lived on the internet, and as we now move towards a variety of verses, we are likely to generate even more personal information online. What if there was a way to verify who we are in our online avatars without giving away any personal data at all? Maybe there is a way with zero knowledge proof protocols and who better to discuss them than Adrian Brink of Anouma with his insights on all things disintermediation? Megha Chaddah: Very simply explain to us what our zero knowledge proof protocols and why should we care about them? Adrian Brink: They allow you to show that something has happened. You can simply reveal the proof and then the proof is mathematically guarantee that if the proof verifies, then in order to construct such a proof, you would have had to know the secret underneath. You can use them for computational compression. So think if I walk one hundred steps, what is the way to verify that I've walked on it? So the naive way is to to walk the same hundred steps, right? But that takes any amount of effort with zero knowledge proof. I can walk one hundred steps give you that proof that shows that I've walked on and steps and you have to verify the proof itself. Second component to zero knowledge proof is computational privacy. It allows you to hide data. So, for example, in the password example that people generally use, it's I can show to some external party that I know possible without ever revealing that password to them. I just generated proof and I need as a private input, my password. --- #Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #ChineseNewYear #LNY #RedEnvelope #Netmarble #Music #Gaming #WarnerMusic #SandBox #Metaverse