It’s always exciting on the blockchain, and this week- Facebook Meta has partnered with one Digital Assets that is going under everyone’s radar-, and privacy coins are getting a surge of attention, Thanks to the Treasury Department.
NFTs coming to instagram was inevitable! But let’s dive more into what specific crypto META chose to use for this revival!
Plus with additional attention to privacy coins, lets go over a few of my favorites and how I’m looking to trade them!
Well, this was an inevitable move…
META has officially announced a partnership with FLOW to bring NFT’s to Instagram..
This has had quite an effect on FLOW suring over 55% this past week!
With one of the largest names in Social Media bringing NFT to the forefront of adoption the NFT market is just getting started. It’s still in its very early stages!
This is going much larger than just static pictures of cool looking monkeys. Real estate, identification, plane or concert tickets, and much more will all be impacted by NFTs!
But what the heck is FLOW? And why did Meta choose them? Not Only META though, Warner Music and the NBA have also taken a firm stance to secure FLOW as their blockchain of choice.
Flow was purposefully designed to be an NFT specific platform, and it was created by the team that brought the first popular NFT mainstream back in 2017, Dapper Labs and their project Crypto Kitties.
This team has been growing and working tirelessly under the radar for years! Even back in 2018 before NFTs became what they are today, they were building and pushing for mainstream adoption raising $15m to push blockchain to the forefront!
Now they’re about to unleash the beast of what they’ve been working on for years! And lucky you, you’re at the beginning stage of it all!
I speculate that Instagram will have its own NFT marketplace quite soon, like OpenSea, and it will all be built on the Flow platform…
⚖️Privacy Coins, and “Mixers” Targeted by the US Department of Treasury
So, just imagine a currency that can transfer peer-to-peer, like bitcoin, but is 100% anonymous, with no wallet addresses, no known amount sent, no time interval it was sent in. All you know is that it was sent successfully with zero-knowledge of any details.
That’s exactly what Privacy coins like Z-Cash, or Monero allow… Of course governments are going to have a problem with that..
Recently the US Department of Treasury has sanctioned a “mixing” service Tornado Cash that takes this one step even further, by completely removing any knowledge of the privacy coins even further by jumbling them with a pool of different ones..
Not knowing which coins came from who or where they’re going.. Here’s one of the most respected Chainlink developers, Patrick Collins, take on it..
I firmly believe this will be a net positive for privacy coins in the long run, especially the two most dominant and popular one Z-Cash and Monero.
Even if people wanted to stop privacy coins they couldn’t, that’s the beautiful thing about decentralization. However, these mixing services like Tornado Cash are a little bit more vulnerable..
With this recent attention, I’m putting Z-Cash and Monero on my watchlists! Especially Z-Cash though, as
🔥 Bottom Line
NFTs are just getting started, and Major companies like META, Disney, Warner Music, the NBA and many others are taking this space more and more seriously as time goes on. This is the beginning stages of NFTs..
Now it’s fun collectible, but fairly soon it will be real estate, in game items, tickets, and much much more..
With the US Treasury Department sanctioning Tornado Cash, and removing their contribution on Github, I suspect privacy coins like Z-Cash and Monero to start to get the attention they deserve.
Keep an eye out for my next update! The Crypto ecosystem moves fast as lighting!
Image and article originally from ragingbull.com. Read the original article here.