Hey there 👋
Glad to have you as a part of the Safient family. Welcome to our newsletter. At Safient we prioritize community growth through product growth making us a reliable and trusted community building a trustless protocol. Our ecosystem offers every individual to be a contributor by simply joining our community, tap on the discord server link to join us today!
Our weekly newsletter would comprises of three sections that include:
A week in crypto - Here we talk about the crypto current affairs.
Self custody Gyaan - We will discuss much needed things about crypto self custody.
Safient weekly inside - Finally, we will update you on our latest developments at Safient 🚀
So, let's get started, shall we? In this week's article, we take a swift dive into the world of NFTs, as an announcement made by Meta may have an effect on the data security and privacy of the NFT ecosystem. After which, we make a sharp turn into more deep crypto talks as we focus on the feud between FTX and the FDIC’S which confirms that the importance of self-custody cannot be overemphasized. Finally, we roll out weekly updates and all you need to know behind the scenes happening at Safient. Sit back and enjoy the ride 😁.
A WEEK IN CRYPTO
META ANNOUNCES NFT INTEGRATION
On Monday, August 29, Meta Newsroom made an announcement on Twitter about the integration of NFTs to its prestigious social media applications Facebook and Instagram, it reads below.
We’re introducing the ability to post digital collectibles across @facebook and @instagram. You can now connect your digital wallet to either app to share your #NFTs on both.
What NFT are you excited to share? 👀
— Meta Newsroom (@MetaNewsroom)
Aug 29, 2022
While the Meta announcement may have seemed to some like a mass adoption win for some digital asset enthusiasts, not all were pleased with the news. This is because privacy, data security, and protection have remained key issues with the use of Facebook and Instagram. The Cambridge Analytica saga being one of the most famous data breaches by Facebook has created a stigma that becomes increasingly difficult to erase. With Meta gaining notoriety for data breach and privacy, here are some reactions and comments made.
So they can figure out which wallets are yours and keep tabs on you and your crypto activities? This is worse than the government iwo. https://t.co/JoGsE46U2p
— CryptoBARTENDER (@CryptoBartender)
Aug 29, 2022
This is a great adoption. But isn't this also dangerous? Imagine posting on your account that you own a rare NFT which is worth millions of dollars…https://t.co/kDWXZDdQfH
— Famousfxck (@famousfxck) 22/08/22
In the announcement, Meta also disclosed that, as part of keeping its platforms safe and enjoyable, “people can use our tools to keep their accounts secure and report digital collectibles which go against our community guidelines.” Although Meta has not yet shared any concrete plans it has to keep its user’s digital wallet-related data safe.
FDIC–FTX, SELF-CUSTODY IS ONCE AGAIN VINDICATED
The issue of self-custody remains pivotal as decentralization continues to show its importance in the world of digital finance. The FTX-FDIC hurdle is yet another reason to value the importance of self-custody.
This article by Cointelegraph explains more in detail.
Here are a few things we can learn from this article
The incident serves as an endorsement of self-custody, because it reminds us that exchanges can only protect user funds as far as their pockets allow them.
Empowering consumers to hold their funds on ideal wallets significantly reduces the chance their funds will be lost to a company’s insolvency, like in the case of Celsius, or even to a hacker gaining access to wallets held by a central entity.
Money isn’t inherently safe when it’s held by scarcely regulated central entities known for suffering hacks and always being vulnerable to the possibility of executives running away with user funds.
SAFIENT WEEKLY INSIDE
Let us update you on what are we up to at Safient this week.
After hearing your feedback on Safient Wallet's initial version we have made a few needed feature updates and squashed some bugs. Here are a few updates:
intuitive onboarding using existing wallet and social logins.
Optional beneficiary info while creating a wallet that doesn't need a recovery.
Specifying claim conditions is optional to allow the beneficiary to immediately access the wallet.
You have already shown a huge interest in our Safient Voucher application by subscribing to early access. Whoever signed up will get an early preview of Safient Voucher this week on Discord. Sign up for the early access if you haven't already:
Finally, we are moving our Safient Protocol alpha test network from Kovan testnet to Polygon Testnet due to the deprecation of the earlier network. This doesn't change anything for the existing users.