Understanding Crypto

In this episode of Understanding Crypto, Paul and James tug the thread of the FTX saga, which is fast-becoming stranger than fiction! THIS EPISODE IS SPONSORED BY CRYPTO FOX MINERS CLUB https://www.cfmc.io/ Sam Bankman-Fried also known by his initials SBF, is an American entrepreneur, investor and founder and former CEO of the cryptocurrency exchange FTX, FTX.US and quantitative cryptocurrency trading firm Alameda Research. But his Wikipedia bio only tells some of the story as SBF might well have been the mastermind behind the world’s biggest ever pump and dump scheme (allegedly… feel like we write that for this episode!) The FTX situation, which looks to have been a multi-BILLION dollar fraud has resulted in pretty much the whole financial world calling for regulations and protections to be put into place after a handful of key members of FTX (and their stakeholder partners) being able to collapse what was once the second biggest exchange by volume. Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show, your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world real-time businesses and brands as possible. CONNECT WITH PAUL CONNECT WITH JAMES CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://www.cfmc.io/ ** Nothing in this show should be considered financial advice - all content is for entertainment purposes only. The opinions of the individuals featured on this show do not reflect the opinions, views or thoughts of the company **

In this episode of Understanding Crypto you will learn about the NFT project being built by Paul, Crypto Fox Miners Club. A project powered by 10,000 NFTs that will make a real return by powering an open and equitable internet. Paul explains how his NFT project works and his plans to use it to build a crypto mining rig. The project gives you ownership of a percentage of a crypto mining rig and is going to be managed using key features of Web 3.0 such as Smart Contracts, NFTs and blockchain. Check out Crypto Fox Miners Club here: https://www.cfmc.io/ In the show you will learn: What Crypto Fox Miners Club isHow this NFT project worksWhy you should join the pre-mint list for Crypto Fox Miners Club Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. CONNECT WITH PAUL CONNECT WITH JAMES CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject

In this episode of Understanding Crypto James & Paul speak to Oliver Yonchev, CEO of Flight Story. Flight Story offers innovative communication services for the finance industry, emerging technologies, and disruptive brands. Flight Story puts the people, processes, and technology within your company’s walls, whilst offering direct access to Flight Story’s world-leading global creative and public relations firm - ultimately providing more effective and sustainable solutions. This episode Oliver, James and Paul discuss Oliver’s previous career as Managing Director of Social Chain, a world leading social media and e-commerce group. They also speak about the process of building Flight Story and the issues they plan to solve for brands who want to get into crypto & Web 3. In the show you will learn: Oliver’s Career history before he started working at FLight Story What Flight Story isHow Flight Story worksHow brands can enter Web 3 correctly For more information about this episode head to: https://www.flightstory.com/ Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. CONNECT WITH PAUL CONNECT WITH JAMES CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject

In this episode of Understanding Crypto, James Burtt sits down with Zebu Digital's founder, Ashton Barger. Ashton has worked in the web3 industry for most of his career. He is currently focused on establishing innovative methods to assist brands and web-based businesses in developing IRL (in real life) activations, and bridging the gap between real-life activations and digital projects. Making the Transition to web3 Ashton’s interest in bitcoin technology piqued in 2017 while he was a university student. He was particularly interested in alternative applications of blockchain technology outside of bitcoin and cryptocurrencies, specifically use cases for supply chains for larger businesses as well as private and public blockchain applications. After graduating from university, he worked briefly at a marketing agency then left to get into blockchain full time. [Listen from 1:23] James comments, "What you've been able to do is take this web3 digital world and make sure that it interlinks and intertwines with the real world." Ashton responds that real-world applications for web3 brands are important for reaching a larger cross section of consumers. It’s about making it easy for them to use and understand. He and James agree that new users need the right education, so that they would not be compelled to use Web 2.0-based solutions if more effective web3 technologies are available. Ashton encourages the companies he partners with to educate consumers about the transition from physical to digital through relatable examples. He thinks that the best course of action for organizations is to develop methods to reward their current real-world communities. "You've got to reward that community in a way that they actually want to be rewarded or that actually gives them genuine value," he says. [Listen from 8:12] NFTs Done the Right Way: Zebu Live In the Moonbird project, NFTs are merely a gateway to investment within the larger project. James believes the program has great promise as well as a practical, cutting-edge plan. He credits the project owner for the project’s prospective success. Entrepreneurs who have expertise in launching real-world firms usually produce fruitful web3 projects, he posits. Ashton agrees: “I think what you'll start to see in web3 spaces, is that the ones that are going to stay around are the ones that know how to run a business, know how to keep revenue,” he tells James. He also supports a new start-up called Dancing SeaHorse, which is the title sponsor for his company's major annual event, Zebu Live which is a gathering of savvy brand builders and innovators. This group has been assisting businesses and developing experience in the music industry. Additionally, they have developed web3 spaces to bring music into the environment. They are now constructing a location on Hollywood Boulevard where NFT holders will have exclusive access. Community, functionality, and ownership are defining features of the web3 space and typically indicate a successful project, James remarks; he believes the project has potential. He and Ashton talk about the schedule for this year's Zebu Live conference. He is excited to chat with Steven Bartlett in particular. Additionally, he is eager to share his future plans for the area. Several keynote speakers' discussions will also share their vision for the web3 sector. James believes that the conference offers attendees a fantastic opportunity to interact with web3 technologists in the real world. [Listen from 19:25] The Way Forward Ashton's business, ZEBU, is eager to expand their Zebu Live model and host various conferences in addition to their regular gatherings. They've already started making preparations for Zebu Live 2023. He is optimistic about the future and believes that they have just begun to explore the sector's full potential. Key Takeaways: The right education is crucial to help brands bridge the knowledge gap between users' familiarity with Web 2.0...

In this episode of Understanding Crypto Paul and James break down some of the basic concepts around the Fear and Greed Index. The mainstream version of the index is used to look at market sentiment across the S&P but a variant has been created specifically for the crypto market. Data points are collated and valued in order to visualize meaningful progress in sentiment change of the crypto market. Crypto indexes were initially aimed at bitcoin only but a lot of data now looks at the whole de-fi monetary market including alt coins and large projects. In the show you will learn: What is the Fear and Greed Index What data is used to make up the web3-specific index How sentiment affects the market Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. CONNECT WITH PAUL CONNECT WITH JAMES CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject

In this episode of Understanding Crypto Paul and James discuss some of the recent breaking news in the world of web 3.0 including FIFA’s attempt to launch digital collectibles, Binance’s changes to Stablecoins and they debate how much decentralisation people really want. Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show, your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. CONNECT WITH PAUL CONNECT WITH JAMES CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject

In this episode of Understanding Crypto Paul talks through the technical details of the upcoming Ethereum merge. The Ethereum network will finally be moving from proof of work to proof of stake, this move having initially been announced in 2016. There are two major issues with Ethereum, energy usage and scalability, and this merge will impact these two issues differently. The merge is happening in two stages, the Bellatrix phase and the Paris phase, and Paul breaks down what will happen during these phases. In the show you will learn: How users will be affected by the change from POW to POSWhat the Bellatrix and Paris phases areHow the merge will affect the energy usage and scalability of Ethereum Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. CONNECT WITH PAUL CONNECT WITH JAMES CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject

In this episode of Understanding Crypto, James Burtt and Paul Abercrombie describe Ethereum’s preparation to transition to proof of stake. According to Paul, the switch might be advantageous for Ethereum because it would speed up transactions and increase energy efficiency. However, they also think that the changeover would eventually affect the security of the network. They discuss whether the mining sector is prepared to make the required adjustments to ensure its continued existence following the transition. What is P.O.W. and P.O.S.? Paul and James explain the differences between proof of work (POW) and proof of stake (POS) as well as the implications of this transition. Proof of work is the foundation for blockchain construction. James explains that it is simply a duplicate of the ledger, which uses a lot of processing power. Alternatively, proof of stake, which forms the basis of several other blockchains, replaces the nodes with validators who verify any existing transactions. This procedure necessitates a more hands-on approach and rewards or penalizes the performance of the validators on the network. [Listen from 2:30] The Compromise: Speed or Security? Ethereum, a cryptocurrency that was initially designed with proof of work in mind, is currently transitioning to proof of stake. Both James and Paul concur that this decision has many advantages and limitations. “So in this trifecta you've got decentralization, speed, and security. If you bring something more centralized, you can speed up the performance of a blockchain, but then you compromise security," comments Paul. Although switching to proof of stake on Ethereum will ultimately increase transaction speed and energy efficiency, security will be significantly jeopardized. "It's using 90% less energy, but actually some of that security could be questioned. Nobody really knows how that's gonna play out, when that merge happens, whether the following day will be the biggest hack." [Listen from 6:41 ] According to James and Paul, the entire main network will be affected by the change, and as a result, many people are currently calling for the establishment of an Ethereum proof-of-work fork, which is merely a blockchain with a cloned source code. Paul makes broad projections while James asks about the current market volatility. “So every time there's been a good announcement, it shoots up. If it fails on account of a technical issue on the first day of the merger, the price will fall." They debate how this modification would impact the mining industry, which has made significant investments in GPU mining equipment. According to Paul, creating a hybrid crypto mine that adheres to both validator and mining principles could prove beneficial. However, they note that many miners don’t believe Ethereum’s shift to proof of stake will happen, despite the network publishing a proposed date for the shift. [Listen from 11:19 ] Key Takeaways: Although switching to proof of stake on Ethereum will increase transaction speed and energy efficiency, security may be significantly jeopardized. Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram

In this episode, James Burtt and Paul Abercrombie of Understanding Crypto meet with Mr. Hunter Orrell, a co-owner of Wagmi United, the most recent owners of the Crawley Town Football Club. They discuss the ways in which the organisation’s most recent acquisition combines web3 and web2 business tactics. In Hunter's opinion, NFTs are one of the best resources for fostering both online and offline fan communities within the club. The current web2 commercial structures, in his opinion, will eventually give way to a community-based economy. We Are All Gonna Make It The name of the online team, Wagmi United, is an acronym for ‘We Are All Gonna Make It’. This echoes the decentralised philosophy of web3. Hunter received an unexpected text message asking if he was interested in buying a team, so he reached out to other football enthusiasts and web3 supporters to complete the transaction. The group's decision to utilise web3-style financing allowed the procedure to be completed in as little as two months. "We're all web3-based people, and if you look at the world around you right now, there are all these different industries. Web3 will come in and disrupt your industry no matter what industry you're in right now," Hunter tells James and Paul. It is no surprise that one of the group's guiding principles is the progressive incorporation of the web3 business model into the existing Web2 organisation. The club's long-term goal is to get to a point where fans regularly receive information about the club's community and gradually saturate web3 with news of the club's successes. James applauds the Crawley Club's continuous development as well as their commitment to inform fans about web3. [Listen from 1:13] Building Community Hunter believes that NFTs are the most effective tool for building communities and fans. This conviction has since motivated him to use the technology to create special opportunities for fans to vote on choices involving the club's players. He emphasises the significance of permitting season pass holders to vote as opposed to restricting them because they lacked NFTs. This strategy was effective and they were able to win over the support that the initiative lacked at its inception. Paul notes that it's common practice in the UK to vilify club owners; Hunter thinks that public perception will change as club owners' demonstrate their commitment to the development of the local economy. Fans being able to witness the club's daily business is invaluable to its growth. James agrees and commends their strategy: "I think you guys have taken the web3 concept of community and you're actually taking it to Crawley and executing it in the real world,” he tells Hunter. Hunter believes that eventually the current Web2 business models will shift. "The community economy is the type of company model I believe we'll see in the future. It will be one where companies that prioritise community development give value to clients.” [Listen from 11:15] Financing the Purchase Paul and Hunter discuss the financial planning strategies that were used to purchase the football club. When questioned about the group's club selection methods, Hunter acknowledges that Crawley Town didn't have any real management concerns, but that their willingness to use web3 technology was the key deciding factor. He notes that the Crawley team matched his cultural ideals regarding innovation, which made the transition easy. He claims that his decision to leave the corporate sector and fully immerse himself in the realm of web3 is evidence of his commitment to this enterprise and shows his loyalty to cryptocurrency. He accredits his current success to his consistent investments in NFTs, which took him down some interesting avenues, including this current endeavour. "I've owned multiple merch companies, but for me the way it's possible to be a co-owner in a football club was through web3 crypto and NFTs." He believes that NFTs will undergo further...

In this episode of Understanding Crypto, James tells you how you can get verified on Twitter using your NFT. Getting verified on Twitter in the traditional way can be a huge pain for even the most famous of people. With Twitter Blue, the latest update from the app, you can connect your Crypto Wallet to link your NFT to your profile. James walks you through the process step by step, as well as explaining the benefits of this new update for undoxxed founders in NFT projects. In the show you will learn: What an undoxxed founder isThe conditions of getting verified on TwitterHow you get verified on TwitterHow to connect your crypto wallet to Twitter Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible. CONNECT WITH PAUL CONNECT WITH JAMES CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject

On this week's episode of Understanding Crypto, Jolyon Layard Horsfall, the CEO and CFO of Sparkworld, chats with James Burtt. Jolyon discusses the development and sustainability of Fair Predictions Launches (PFL), a gamification suite that assures that users receive equal opportunities to purchase NFTs. They also discuss using staking and the white list to ensure quality participation through price and effort discrimination. SparkWorld Jolyon describes Sparkworld as "a full-service launch pad and marketplace aggregator focused on innovation, community, and engagement." The company's primary goal is to raise money for NFT initiatives through crowdsourcing. James commends the company's contribution to equality within an NFT-focused community. Jolyon laments that in current Web3 launches, "Bots are coming in and scooping up all of the initial distribution of the NFTs. Then they're getting sold or manipulated on the secondary market, and that's bad for the project." James talks about Sparkworld's development and usage of Fair Prediction Launching (FPL), a gamification process, which is essentially a suite of tools that guarantees that customers are given the same opportunities to purchase NFTs. The Fair Prediction Launch (FPL) ensures equity and transparency because all predictions are stored and shared on the blockchain. “If you use a prediction event, you might predict the price of Bitcoin in three days, the closest 500 predictions get on the white list. We're being transparent and it's a fair process." [Listen from 2:53] Changing Direction Jolyon is a trained accountant and as early as 2013, recognized the viability of the cryptocurrency market. He left his accounting practice to concentrate on the web3 industry. "I saw some of these projects that were being made and I thought I could write a white paper and token economy better. Not because I was good, but because some were really bad." He ultimately chose to focus his time and energy on designing tools to enhance the NFT community. The creation of FPLs by StackWorld offers members a more inclusive option where incentives are based on participation, with the size of the investment determining the return. [Listen from 8:51] Avalanche Jolyon and his team at Sparkworld selected Avalanche, an open-sourced decentralized blockchain platform, to host their blockchain. He explains that this platform provides a more energy-efficient option that is also EVM compatible, enabling the use of MetaMask. Avalanche also won their approval because it addresses the three key problems of scalability, decentralization, and security, as well as its superior potential for implementing novel approaches to achieving these solutions. For Jolyon, his company would become a dominant player in the Avalanche ecosystem, a reward for their early adoption. He and James discuss using the white list, a method that many NFT communities are using to pre-select their communities. They agree that it can ensure the success of any NFT project. [Listen from 19:04] The Way Forward The Hydro Whales Mining Club, which reflect the real principles of the decentralized web, have held Jolyon’s interest. It's very transparent, he says! Additionally, he is impressed by the creators' participation in the Discord server and their work on upgradeable NFTs, which he views as a promising prospect. [Listen from 29:48] Key Takeaways: Fair Prediction Launches or FPLs are a suite of tools that guarantee that all community members are given equal opportunities to purchase NFTs. Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram

In this episode of Understanding Crypto you will learn about the different tools you can use to explore and learn more about the world of crypto and Web 3.0. The world of Web 3.0 can be hard to get into without knowing the best tools to use to explore it and keep safe care of your crypto and NFT assets. Paul talks about the best marketplaces for buying and selling your NFTs, like Opensea. He explains why Coinbase is his preferred exchange site and why using Metamask to access your crypto wallet is helpful. Those who want to know how much they will be taxed on their crypto are shown why Koinly.io is the best place to go, and how the explorer sites Etherscan, Solscan and Blockchain Explorer serve their purpose. The newsletter TheBlock.co also gets spoken about, as well as Steven Barlett’s Thirdweb, and Rally.io. Understanding Crypto is not affiliated with any of the apps, sites and projects spoken about in today’s podcast. In the show you will learn: Which NFT marketplaces are the best to useHow different blockchain explorers serve their purposeThe most helpful apps to mint your coins onWhich newsletters will teach you more about crypto Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life. In this show, your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more. Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world real-time businesses and brands as possible. CONNECT WITH PAUL CONNECT WITH JAMES CHECK OUT THE LATEST WEB3 PROJECT FROM THE UNDERSTANDING CRYPTO TEAM VIA https://tinyurl.com/understandingcryptoproject

In this episode of Understanding Crypto with James Burtt and Paul Abercrombie, they discuss NFT use cases to prevent counterfeiting and protect commercial supply chains. Both James and Paul agree that corporate NFTs are the business model of the future. James contends that the current system, with all of its inefficiencies, continues to benefit the corporate world. However, Paul maintains that blockchain technology can help with a number of time-consuming processes. NFTs to the rescue!! Counterfeiting is a major product-based infringement which can be remedied by blockchain technology. There are many NFT use cases that can ensure that business supply chains are not compromised. Paul reminds listeners, "NFTs are not just about speculative profit, it's about solving a real-world problem using the functions of a smart contract." Presently, some companies are pioneering this real-world functionality by using NFTs to track and verify the authenticity of the parts before assembly. Paul adds, "You will find a world where your normal financial environment will contain not just your bank account but your crypto assets and your digital assets in one place." [Listen from 3:05] These NFTs, referred to as corporate NFTs in the business world, are intended to replace the continuous paper trail that historically accompanied corporate financial transactions. James says that he agrees with this move because "It's probably five or six different handover points and everyone is using a different system. When you think about it, they’re actually relying on trust." However, there are frequent violations of trust in the high-stress fields of motor, aviation, and marine sports that make supply chain management very challenging. As a result, the use of counterfeit parts is widespread. They both argue that this can be changed. However, the majority of people generally view NFTs as investments, even though they have several real-world applications that could help the industry. [Listen from 8:45] If business owners are able to use NFTs in innovative ways, James believes that they can shift the language surrounding the technology. On the other hand, Paul presents an opposing view that explores the resistance to the technology because the current system continues to be profitable for the corporate world. Using the construction industry as an example, he explains that many time-consuming practices can be solved with blockchain technology, but the old system pervades. Both Paul and James agree that corporate NFTs are the future. "With non-sexy use cases of NFTs, you're not going to make a million quid by buying one of them, but it actually solves problems." [Listen from 16:48] Key Takeaways Corporate NFTs are the business model of the future. Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram

In this episode of Understanding Crypto, James Burtt chats with Gianina Skarlett, founder of Crypto Tech Women. She shares her journey from humble beginnings to the CEO of a successful tech company. They discuss her recent success with the Crypto Tech Women NFT initiative, which was minted in February 2022 and was fully sold out in less than 24 hours. They also chat about the methods she used to pique and sustain enthusiasm for the project. The Journey Gianina describes herself as a software engineer from Venezuela with a background in management. Although she always had a deep enthusiasm for coding, educational opportunities along that career path were limited in her native country. She eventually relocated to California and took part in Cryptozombie.io, a basic coding course specialising in Solidity contract coding. Successfully completing the training led her to a career in technology. Yet the more she coded and worked within the web3 space, the more she understood the value of representation. “Representation matters. That's why I'm here. So many other women who are part of the web3 space put themselves out there every day. Because if there's no representation how will others know that it's possible or doable or achievable?” [Listen from 2:34] Gianina's desire to start an NFT project was first supported and encouraged by her friends, and this inspired the development of Gigi Codes, which then evolved into Crypto Tech Women. She outlines the complex procedures involved in starting the project, including the development of websites and social media platforms. Through her research she learned about generative art and used this technology to make the 8,888 NFTs for the platform that sold out in 24 hours. This success only came after developing a community and a social media presence. Her ultimate goal, which is to fill the web3 space with knowledgeable users, builders, and creators, has remained constant throughout. James says that, as an investor in the program, he is consistently astounded by the quality and frequency of programs and events. [Listen from: 11:38] Marketing Strategies and More James asks about the marketing strategy she employed that enabled her NFTs to sell out in a few hours. Gianina emphasises that it was mostly dedication and in-depth research. She explains that she was only able to develop an NFT project that was well embraced by a community because she invested time in understanding her audience and assuring that they were genuinely engaged. "You cannot start talking into a void. You have to start finding channels that are willing to listen or start hosting other people." Although her first public speaking engagements were nerve-wracking, she quickly saw the value of the opportunity. "I want to empower the women in web3 and I want to bring them on. They are definitely a minority who are left behind." On social media, she searched for other women who shared her interests and focused her attention on building connections—a tactic that quickly became essential to her success. James concurs, pointing out that one of the best things about web3 is that the community tries to be inclusive because real-world identities are typically meaningless. He tells Gianina, "The reason you’ve been so successful in such a short period of time is because you were a willing novice, while there are so many people posturing themselves as ‘experts’.” [Listen from 21:39] What makes a successful NFTs launch? There are significant factors, in Gianina's opinion, that might determine a project's success or failure. As an investor and creator, she views validating social media platforms as an essential research activity. She advises that developers should not view the number of followers a project has as a true indication of community engagement. She points out, "We didn’t even have more than 10,000 and we were sold out. We did have a very engaged community…” Before minting the NFTs, she thinks creators should spend...

In this week's episode of Understanding Crypto, Paul Abercrombie and James Burtt discuss Minecraft’s and Microsoft’s decision to reject adding NFTs to their platforms. In an official statement, the company explained that "NFTs take the focus away from playing the game and encourage profiteering, which we think is inconsistent with the long term joy and success of our players." Both Paul and James think that the statement is just one company's decision, not the death of NFTs as stated by the media. Rejection or Reinvention? The integration of NFTs into Minecraft and Microsoft's platforms has been rejected. According to the official statement by the company, "NFTs take the focus away from playing the game and encourage profiteering, which we think is inconsistent with the long-term joy and success of our players." Paul responds to this claim by highlighting Minecraft’s current practice, which encourages users to participate in comparable consumer behaviours, specifically the acquisition and use of digital assets. "They're just not calling it an NFT because it doesn't live on a smart contract or on a blockchain. However, they are selling you digital assets already and people are buying them." As such, Microsoft's choice to reject NFTs, according to Paul, is merely a ruse. [Listen from 2:40] Paul believes that the present debacle has also highlighted Web3’s preoccupation with blockchain semantics. He states, "The ownership of a digital asset is here and it's just gonna be here forever," so holding on to the term NFT may create unnecessary categorizations. Paul thinks that Microsoft is essentially indicating that it dislikes the specific brand and not the technology itself. Essentially, they both believe that the company will build its own brand because it has everything it needs to develop and implement the technology on the blockchain. "In Minecraft, digital ownership is already there. It's just not on a blockchain. It's just that it's not called an NFT." In essence, the company is distancing itself from the terminology but not the concept. According to James, game firms like Roblox are actively utilising the terminology to their advantage in a safe decentralised ecosystem. Paul remarks, "NFTs are the future of everything! They will change our world forever." Microsoft's rejection is only one company's decision, not the death of NFTs. [Listen from 6:33] Key Takeaways: Microsoft's rejection is a statement of the company’s disapproval of a specific brand and not the technology itself.NFT-like constructs already exist in Minecraft which allow users to purchase and use digital assets. Resources James Burtt on Twitter | LinkedIn | Instagram | Clubhouse Paul Abercrombie on Website | Twitter | LinkedIn | Instagram

In this episode of Understanding Crypto James Burtt and Paul Abercrombie interview the author of Zero to Hero Crypto Guide, Jeff J. Hunter. Jeff is well recognized for his branding company Branded Media that uses remote workers from his virtual assistant agency VA Staffer. He has made numerous advancements in the field of gamification while promoting its significance in the world of cryptocurrency. In this episode he discusses the potential for his marketing firm and the growth of the gaming industry in Web3. Dedicated to Gaming Jeff maintains that gaming has always been an essential part of his life, considering that he was raised in a military household that frequently moved. “You know gaming has always been a kind of absolute in my life,” Jeff confesses. His dedication to the craft saw his evolution from being a volunteer at a computer shop, to becoming an IT guy throughout the district education system, and finally becoming an IT project manager at a Fortune 500 corporation. He began creating virtual teams from this point on. According to Jeff, he acquired this skill "before it was cool," and it has grown and changed over the course of his career. His passion for gaming has led to numerous opportunities in top gaming companies such as E-Sports, League of Legends, and DOTA. He reflects on his journey, stating that, “I've always been an early adopter and sometimes that is really painful when you're too early. In crypto it's really hard to be too early.” He claimed that one of the main issues with being an early adopter is that you enter too early and most times exit too early. [Listen from 4:06 ] VA Staffer James praises Jeff's amazing marketing strategy for the business, and questions him about his decision to found VA Staffer. James comments, “The biggest shift in that business comes when you change the value proposition… looking at it from the business benefit of increase of revenue not a decrease in salary costs.” Jeff explains that the introduction of Covid19 and the global financial crisis have made remote teams a necessity for organizations. In order to support both his branding firm and his crypto gaming team, he needed to employ the recruiting skills he learned through his staffing agency. He also attributes his eventual entry into the cryptosphere to the connections he has made through the VA Staffer agency, which led to his eventual participation in Axie Infinity, a NFT online game. He was immediately intrigued by the game’s play to earn model and saw its potential. He remarks, “I started thinking about how much that could impact the world, by having us invest in these things and to have other people play these video games and do a profit share.” [Listen from 15:11 ] A Guide to the Cryptosphere Jeff said that he had been quite dubious of cryptocurrencies since he had not yet grasped the idea of utility. However, he gained practical expertise in blockchain technology thanks to his involvement with Axie Infinity. He reveals that the wait involved in converting money from fiat to cryptocurrency, and vice versa, was the hardest adjustment for him. From his own experiences, which he used to write the book, he thinks that the best way to learn about cryptocurrency is to use it. He wrote the book with the intention of bringing the complex learning curve connected to the cryptocurrencies down to an eighth-grade level. James concurs; “The learning curve is steep but the market is even faster! Which is why anyone who's running around as crypto experts can't be, because it changed two seconds ago,” he argues. [Listen from 23:57 ] Future and Present Projects Jeff thinks the recent cryptocurrency crash has exposed many excellent developers who are dedicated to the Web3 industry. He is enthusiastic about the possibilities available to his brand agency, the expansion of the gaming market, and the chance to renew relationships with former allies in the cryptocurrency sector. He has a particular interest in two...

In this episode of Understanding Crypto Paul Abercrombie and James Burtt present eight points to consider when choosing and participating in an NFT project. Paul says that these 8 pillars are relevant if you're looking to invest in a project, as well as when you’re launching your own NFT. The eight core pillars of a successful NFT project are: Rarity: NFTs are often digital art pieces that are sold as collectibles; the individual components of the artwork are referred to as traits. Collectors are interested in collections that are distinct and have clear backgrounds for seamless compilations. James describes the procedure: “150 individual images may be placed into the generator and out of that you'll get 10,000 collections”. The rarest combinations produced by the algorithm have the highest perceived value, and are therefore more expensive. The rarity of the NFT and its collectability are also impacted by the quantity in the collection.[Listen from 3:01] Artwork:Contemporary developments have led to NFT artwork that changes over time. The use and potential value of the NFT can be affected by this method, which has since gained usefulness. Through the evolution of its artwork, inventive creators can access new functions.[Listen from 8:17] Utility:Paul thinks that when evaluating the utility of an NFT, investors and developers should take these considerations into account:What function does the NFT fulfill? What possibilities does the NFT present? What future use cases might there be? [Listen from 10:17] Secondary Market:The type of blockchain that developers use to design their NFTs is the primary factor that determines their ability to sell on particular secondary markets. Developers should carefully choose the blockchains they build their NFTs on, given the inter-portability limitations that currently exist in the Web3 world. "You need to consider where you want to post that and the market cap of the size of the blockchain you're on," says Paul.[Listen from 15:07] Gamification:Gamifying NFTs keeps participants interested and committed to the project. “You're incentivizing somebody to take part and you're rewarding them for their participation,” Paul explains. It is associated with utility and contributes to the evolution of the project's functionality. Ideal projects are balanced, which guarantees that investors are always engaged and dedicated to the project. [Listen from 20:00] Credibility: Who are the people involved in the NFT project? Who are the participants in the NFT project? “In the traditional world of business you wouldn't even dream of investing money into a company or a crowd fund unless you knew who was behind it,” James remarks. Both James and Paul concur that if a project is financed by a crowdfunding platform, NFT developers should never be undocked or anonymous. Investors should have access to all information, including the identities of creators, board members, and the addresses of physical offices or crypto-mining sites. [Listen from 23:36] Community: Paul argues that the concept of community in Web3 is that everyone gains and benefits in the same way. “It's a share of wealth, a new distribution of that wealth model which is different to traditional business.” Because they apply web2 tenets while utilizing web3 platforms, he thinks that many NFT developers do not accurately portray the principles of web3 community. The most successful NFTs projects are able to guarantee investors' equitable returns at every level of participation.[Listen from 30:30] Legacy:They anticipate that NFTs' overall legacy will be its normalization, making them a part of daily life. Paul invites developers of current NFT projects to consider how their NFTs might leave a legacy.“With our creator coin, our legacy is that we're giving people their voice, and we're allowing them to build their platform on our network.” [Listen from 37:31] Key Takeaway The eight pillars of a successful NFT project are:...

This week on Understanding Crypto with Paul Abercrombie and James Burtt they discuss the Securities and Exchange Commission (SEC) allegations of insider trading in the world of crypto and its subsequent reclassification of nine cryptocurrencies as securities. Though the Howey test has traditionally measured investment viability, Paul believes that the FCA task force laid the groundwork for future SEC regulation of digital assets. He predicts additional sanctions from the organization. SEC Announcement The Securities and Exchange Commission (SEC) announced nine cryptocurrency securities in response to insider trading charges. Paul explains that in order for a cryptocurrency to fall within the category of a security it has to be a financial asset with monetary value. He claims that it is now common for developers to sell tokens—which are intended to be a digital representation of shares—without really delivering the promised rewards. Although the SEC often disapproves of this approach, it frequently goes unnoticed because cryptocurrency currently operates outside the regulatory framework. The Howey test was developed to ensure investment viability by ensuring that assets fit into the following criteria: Is there an Investment of money?Is there a common enterprise?Are you investing with an expectation of profit? Are efforts derived from others? “This whole regulation, the SEC, the Howey test, almost sets the trends in crypto over the last couple of years,” Paul remarks. Interestingly, crypto creators have developed procedures to protect them from the bureaucracy associated with this class of investments in order to lower the likelihood that their digital assets would be classified as securities. However, the ongoing court dispute has shed light on these evasive tactics. [Listen from 1:35] Commonalities Insider trading is now illegal in the cryptocurrency industry as a result of the SEC’s retroactive classification of nine cryptocurrencies as securities. Paul explains, “The person who’s told his mate or his brother that this token is going to be launched, get involved because it's a good project, is actually insider trading because it's a security.” However, he believes the SEC's odds of winning this legal battle against the defendant is low, given that the investment was not a security at the time the offense was committed. A detailed examination of the websites of the re-classified crypto projects revealed commonalities, including the frequent use of terms such as community, DeFi institutions and escrow. “So a lot of what's come out of crypto is a circumvention of the Howey test through language. They're not calling profit profit, they're calling profit rewards,” observes Paul. As the SEC looks into other semantic loopholes that many Web3 creators have used to circumvent the stringent rules and processes, he predicts additional sanctions. Paul believes that the Financial Conduct Authority (FCA) task force, which began before Boris Johnson's retirement, laid the groundwork for future SEC regulation of digital assets. He continues, “What will come out of this is a change to the SEC's approach of how they view certain assets because [crypto] is here to stay now.” James' major concern is this: “If the S.E.C. can pin this onto nine cryptocurrencies, then how many of those projects that are existing out there right now sit in that gray area?” [Listen from 12:44] Key Takeaways Insider trading is now illegal in the cryptocurrency industry as a result of the SEC's retroactive classification of nine cryptocurrencies as securities.

In this episode of Understanding Crypto, Paul Abercrombie and James Burtt discuss the details and effects of Tesla’s Bitcoin liquidation. They both agree that this decision is merely one of Tesla's wealth management techniques for navigating the present economic crisis. James claims that although the market’s volatility places digital currencies in a riskier investment class, Tesla's sell-off is not an attack on the viability of cryptocurrencies. Cash is King The news reports on Tesla's crypto liquidation have led many to conclude that Elon Musk's decision may be a prelude to a new crypto-crash. Paul disagrees; he explains that though Tesla purchased $1.2 billion Bitcoin at the beginning of 2021, they had sold 10% of it to test the market's liquidity by the end of that year. He believes that Musk's sale of his digital assets should be accredited to the global economic collapse rather than an inherent mistrust of the currency. Paul demonstrates further that Musk's wealth management techniques also saw the withdrawal of his initial Twitter offer. He reminds listeners that during a recession cash is king, as such customers would convert their digital currency to fiat currency. “So what Tesla has done is they've sold Bitcoin to release the best part of a billion dollars of cash which now sits in their cash reserves or on their balance sheet to reinvest into their business.”. During a recession, the risk of keeping the investment as a digital asset is higher than the risk of turning it into fiat currency and may be utilized to offset real-world expenses.Though many observers regard this liquidity as a clear harbinger of doom, both Paul and James agree that Tesla is safeguarding itself in the midst of this present global economic crisis. [Listen from 1:53] Wealth Management The main lesson to be learned from this scenario, in Paul's opinion, is that investors must conduct their own research on crypto-related news because media releases on both sides of the divide may be skewed. Elon Musk's decision, though wildly exaggerated by mainstream media, is simply a large-scale extension of the risk-averse behavior displayed during the initial crypto crash. James says, “Selling one Bitcoin won't be a problem; you try and sell a billion pounds worth of Bitcoin, you've got very limited market buyers that want to buy that from you.” He thinks that Tesla's sell-off is a risk management strategy to protect the company's investments in a volatile digital market rather than an attack on cryptocurrencies. Paul claims he understands Tesla's decision to liquidate its digital assets because decreased consumer spending during a recession directly impacts Musk's consumer-based company. As such, their current digital liquidation should be seen as merely a coping mechanism for the current financial crisis. Although current market fluctuations place digital currencies in a riskier investment class, Tesla's sell-off is not an attack on the viability of cryptocurrencies. [Listen from 14:52] KeyTakeaways Tesla’s current digital liquidation should be seen as a wealth management strategy for the current financial crisis.

In this episode of Understanding Crypto, Paul Abercrombie demystifies Zero Knowledge Rollups or ZK Rollups, a layer 2 scalability solution which promises to improve the speed and cost of transactions. Paul says the function of the ZK Rollups is similar to a solicitor who confirms the specifics of a purchase without letting both sides see all of the information. The Problem Paul says that the two major challenges facing the crypto industry are scalability and inter-portability. Currently most large scale investments in the crypto market are based on addressing one or both of these challenges. In a typical crypto transaction all parties and nodes have to agree on the terms and conditions, known as proof of work. Additionally, gas fees make the process expensive: “You are paying to use the Ethereum network and out of gas fees, miners get paid their fee for carrying out that transaction,” Paul remarks. He believes that these operations are time consuming, expensive and ultimately reduce the system's efficiency. [Listen from 2:09 ] The Solution Zero Knowledge Rollups or ZK Rollups, one of the possible scalability solutions, helps to expedite the process by accepting only specific information from the contract, effectively reducing the time required for the transaction. ZK Rollups functions like a solicitor who confirms the specifics of a purchase without letting both sides see all of the information, Paul says. Currently, each node retains a copy of every transaction that occurs in the Ethereum blockchain. Paul comments, “That's exactly what scalability solutions are trying to solve with ZK Rollups, a way of storing that information off chain but providing enough information so both parties can agree.” The Merkle tree cryptographic structure, which is used to store data and enable knowledge transfer between participants, makes this possible. He suggests that listeners look for blockchains that are actively tackling the issue of scalability through solutions like ZK Rollups when looking for new investments. [Listen from: 6:50] Key Takeaways: Blockchains may be able to store data off-chain using Zero Knowledge Roll Ups, a potential scalability solution.