🔥 Binance burns $550 million in tokens, hard fork succeeds

🔥 Binance burns $550 million in tokens, hard fork succeeds ⛓️ Samsung announced a blockchain-based security system for its phones ⚽ TopGoal and Galxe to explore the football metaverse

GM, vEmpions! Our motto for today is: "Never forget why you started." That means that every once in a while, you should take a step back and remember why you began doing what you're doing. It'll help keep you motivated and inspired, especially on those days when you feel like giving up.

Here's what we've got today:

🔥 Binance burns $550 million in tokens, hard fork succeeds

⛓️ Samsung announced a blockchain-based security system for its phones

⚽ TopGoal and Galxe to explore the football metaverse

Binance burns $550 million in tokens, hard fork succeeds

BSC recently updated to v1.1.16 to address a software weakness that allowed for $100 million to be drained from the network in an Oct 6th hack. Binance says that the hard fork was successful in completing its objective. A hard fork in this case implies a software update that is not backward compatible. This means that all of the network’s nodes, or computers, must update to the new software for the network to function properly.

During the October 6th hack, the attackers exploited a software weakness in the Binance Smart Chain network to drain 2 million BNB tokens worth more than $570 million at the time. The Binance team was able to halt the network in time to prevent all but $100 million from leaving the network. The Binance community will also vote on what to do about the hacked funds, including if the funds should be frozen or if Binance should use its burn protocol to destroy them.

Binance has also announced the burn of 2,065,152 BNB worth roughly $550 million as a part of its quarterly burn event. This is the largest amount of BNB burned in a single session, and also the largest amount of value destroyed by any blockchain project. The move comes as part of Binance's commitment to destroy 100 million BNB throughout its lifespan.

Investors who are bullish on the long-term prospects of Binance's projects are likely to see this as a positive development. The company is effectively making a large bet that the value of its token will continue to increase, which should lead to more demand for the token in the future. All in all, it's good that Binance is being proactive about handling the hack and ensuring that investors have confidence in the long-term prospects of the company. Which is something that cannot be said about all projects in the space.

Samsung announced a blockchain-based security system for its phones

Samsung has announced the implementation of a “private blockchain” style security system for its smart devices, which it has named Knox Matrix. The purpose of the system is to "enhance the safety of an environment that contains several devices by having each smart device monitor the activity of the others and share access data in order to make the process of detecting and responding to threats more efficient".

In addition to providing a higher level of security, the Knox Matrix system is also designed to improve the usability of Samsung devices by simplifying the process of managing multiple devices. Samsung says that this system will also make it easier for devices to share access data and detect threats. As of this moment, the release date for Knox Matrix has not been announced yet.

The Knox secuirty framework was first launched in 2013, and has been updated several times since. The Knox SDK was last updated in November last year.

The announcement of the Knox Matrix system comes as blockchain technology is beginning to gain traction in a variety of industries due to its potential applications. In the realm of security, blockchain has been touted as a potential solution to the problem of data breaches, due to its distributed nature which makes it more difficult for hackers to tamper with or delete data. In addition, blockchain-based systems have also been proposed as a way to improve the efficiency of supply chain management and other business processes.

The blockchain-based security system that Samsung is implementing is just one example of the ways in which the potential applications of blockchain technology are beginning to be realized. As blockchain technology continues to develop, it is likely that we will see even more innovative uses for it in a variety of industries.

TopGoal and Galxe to explore the football metaverse

We've seen all kinds of metaverse projects pop up lately, but what about sports? TopGoal is teaming up with Galxe to explore the idea of a football metaverse. Galxe, the largest credential data platform in the crypto world, will provide event portals for TopGoal.

With Galxe's NFT infrastructure and on-chain data credential net, TopGoal is looking to create a new world of football. At least according to TopGoal. We're not sure what that means yet, but it definitely sounds ambitious.

In either case, web3 provides the perfect space for such an endeavor. There's already a slew of projects trying to build virtual realities, so why not add sports to the mix?

The way we see it, there are a few key advantages that a football metaverse has over traditional sports IP. First off, web3 can offer a more immersive experience for fans. You'll be able to feel like you're right in the middle of the action, rather than just watching from the sidelines. This step will depend on the technology you use, of course. VR metaverses could become the same as watching a game on TV, while more immersive could make you feel like you're really there.

Second, web3 can help sports clubs and stars to better connect with their fans. With fan tokens and other digital assets associated with their brands, they'll be able to reach out to supporters in a more direct way. And since these assets will be stored on the blockchain, they'll be much more secure than traditional methods.

Last but not least, the use of blockchain technology will help to create a more sustainable model for the sports industry. By tokenizing the ecosystem, we can create new revenue streams that benefit everyone involved. From players to clubs to fans, everyone can get a piece of the pie.

TopGoal has experience and connections throughout the industry, so they're in a good position to make this happen. We'll be keeping an eye on their progress and who knows, maybe this is going to be the beginning of a new era for sports.