Discord

Blockchain messaging is going to replace Telegram and Discord

Your crypto wallet will become your mailbox and offer functionalities that Web2 messaging platforms like Discord and Telegram can only dream about.

A new era of messaging applications will soon cross the chasm of Web3 mass adoption. Web3 messaging applications will become an integral part of the blockchain ecosystem, allowing users to communicate with each other and interact with decentralized applications (DApps) and the protocols themselves in a secure, direct, decentralized manner. This editorial will discuss the benefits and challenges of Web3 messaging applications and their impact on the future of communication.

Web3 messaging protocols, such as the Extensible Message Transport Protocol (XMTP), are implemented on a decentralized communication network, using a peer-to-peer architecture to facilitate communication between verifiable identifiers like an Ethereum public address or an Ethereum Name Service domain. Unlike traditional messaging platforms such as Telegram or Discord, which are centralized and rely on central servers to route messages, Web3 messaging protocols use decentralized networks to create a trustless environment where users can communicate without intermediaries through their wallets.

One of the advantages of Web3 messaging protocols is their decentralized nature, ensuring the security of messages. With traditional messaging platforms, messages are often stored on centralized servers, leaving them vulnerable to cyberattacks and data breaches. In contrast, Web3 messaging protocols use encryption algorithms to protect messages from unauthorized access, making them virtually impossible to intercept or decrypt.

Related: Time to switch from LinkedIn to MetaMask? Not yet, but soon

Further, it is easy for the recipient of a message to prove the authenticity of the message sender. If you look at Twitter or Discord, they are full of scammers and phishing attacks through “official” fake accounts. Proving the authenticity of a sender is extremely easy when using Web3 messaging applications and massively lowers the chance of becoming the victim of a scammer, as it can be quickly verified on-chain.

Another benefit of Web3 messaging protocols is their ability to enable micropayments for messaging services. Micropayments can help combat spam and trolling, as spammers are less likely to waste their money on low-quality messages.

Of course, users do not need to pay anything if they don’t want to when messaging, but they have the feature to require senders to pay a fee to send them a message to lower spam and also as a way to generate revenue. One could imagine a feature where if someone who is not in your contacts wants to contact you, they are required to pay a certain amount in tokens that are locked and can be returned by the sender if the message is genuine and not spam. This could solve the spam issue of Web2.

However, there are also challenges associated with Web3 messaging applications. One major issue is scalability, as the current infrastructure of most blockchain networks cannot support the high volume of messages that traditional messaging platforms handle. In addition, Web3 messaging protocols currently require a certain level of technical proficiency to use, which may deter less tech-savvy users from adopting them.

Related: Facebook and Twitter will soon be obsolete thanks to blockchain technology

Both of those issues have been addressed or will be addressed soon. With more and more scaling solutions on the market, the scalability issue will be solved — or in some cases, it has already. Account abstraction solutions are being invented that will not require the average user to be tech-savvy to interact with them.

Furthermore, there is a risk that Web3 messaging protocols could become a communication method for criminals, as the decentralized nature of the network makes it difficult for law enforcement agencies to track and trace illegal activities. As a result, there is a need for clear regulations and guidelines to ensure that Web3 messaging protocols are not exploited for nefarious purposes.

Despite these challenges, the potential of Web3 messaging applications is enormous. As the world becomes increasingly digital, the need for secure, decentralized communication will only continue to grow. Web3 messaging applications have the potential to revolutionize the way we communicate, allowing for a new level of privacy, security and transparency. Discord and Twitter will be made obsolete as data moves on-chain.

Web3 messaging protocols are a promising development in the blockchain ecosystem, offering a secure, decentralized way to communicate between users, DApps and protocols. While there are challenges associated with their adoption, such as scalability and the risk of misuse, the benefits of Web3 messaging protocols outweigh the risks. As blockchain technology continues to evolve, we can expect to see more innovation in the realm of Web3 messaging, paving the way for a new era of communication that makes the old apps obsolete.

Darius Moukhtarzadeh is an entrepreneur and advisor focused on decentralized social media applications. He’s the co-founder of memester.xyz, an NFT meme platform on Lens Protocol, and previously worked as a researcher for Sygnum, a digital asset bank. He also worked for Ernst & Young in blockchain consultancy and for several startups in the Swiss Crypto Valley.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

4,400 disgruntled investors are hunting for Terra’s Do Kwon

A retail investor group is trying to track down Terraform Labs co-founder Do Kwon following the crash of the Terra ecosystems’ cryptocurrencies.

Members of a 4,400-strong Discord group called the “UST Restitution Group” (URG) have been attempting to track down the whereabouts of Terra co-founder Do Kwon.

Members of the group, seemingly out of frustration at the lack of results from law enforcement agencies, are scouring the internet for clues and sharing them with the group in an attempt to track down Kwon.

Members have suggested that he could be residing in places such as Russia, Dubai, Azerbaijan, or even on a yacht.

Their continuing efforts come despite authorities in South Korea taking significant steps to bring Kwon to justice, with a Seoul court issuing a warrant for his arrest on Sep. 14 and Interpol having reportedly issued a “Red Notice” to law enforcement worldwide on Sept. 26 in response to the warrant.

URG was originally formed on May. 16 as a chatroom for Terra ecosystem investors and to help launch lawsuits on behalf of its members to recover funds lost from TerraClassicUSD (USTC), the so-called stablecoin that depegged from the U.S. dollar.

One member of URG, Kan Hyung-suk, will soon be traveling to Dubai according to an Oct. 19 report from the Financial Times, a city where many from the group believe Kwon is hiding. Another member from the URG was reported as saying:

“Dubai is friendly to crypto, very international (he would not stand out), and has limited extradition treaties in place. It would seem like the best fit for the 3-5 hour timezone shift apparent in the data.”

Hyung-suk is a 26-year-old software engineer and a former employee of Terraform Labs, the company behind the development of the Terra blockchain, and has been a member of the URG since May 26.

Kwon, who became a controversial figure in the wake of the Terra ecosystem implosion, has maintained claims he is not “on the run” and is fully cooperating with all government agencies in communication with him.

Related: South Korean foreign ministry orders Do Kwon to return his passport

Kwon was interviewed on Oct. 19 by Laura Shin, a crypto-journalist and host of the Unchained podcast, who asked him a range of questions relating to current news stories.

Speaking on his current whereabouts, Kwon suggested that he moved from Singapore following the Terra crash due to privacy and personal security concerns, saying as an example that his apartment was broken into, and stated:

“It’s not in the interest of being on the run or something like that, that I don’t want to disclose where I live. It’s just that every time the location where I live becomes known, it becomes almost impossible for me to live there.”

A spokesperson from Terraform Labs maintains the charges against Kwon are “highly politicized”, and that South Korean prosecutors have expanded the definition of financial securities in response to public pressure. Kwon echoed this sentiment during his interview with Shin.

4,400 disgruntled investors are hunting for Terra’s Do Kwon

A retail investor group is trying to track down Terraform Labs co-founder Do Kwon following the crash of the Terra ecosystems’ cryptocurrencies.

Members of a 4,400-strong Discord group called the UST Restitution Group (URG) have been attempting to track down the whereabouts of Terra co-founder Do Kwon.

Members of the group, seemingly out of frustration at the lack of results from law enforcement agencies, are scouring the internet for clues and sharing them with the group in an attempt to track down Kwon.

Members have suggested that he could be residing in places such as Russia, Dubai, Azerbaijan or even on a yacht.

Their continuing efforts come despite authorities in South Korea taking significant steps to bring Kwon to justice, with a Seoul court issuing a warrant for his arrest on Sep. 14 and Interpol reportedly issuing a Red Notice to law enforcement worldwide on Sept. 26 in response to the warrant.

URG was originally formed on May 16 as a chatroom for Terra ecosystem investors and to help launch lawsuits on behalf of its members to recover funds lost from TerraUSD Classic (USTC), the so-called stablecoin that depegged from the United States dollar.

One member of URG, Kan Hyung-suk, will soon be traveling to Dubai, according to an Oct. 19 report from the Financial Times, a city where many from the group believe Kwon is hiding. Another member from the URG was reported as saying:

“Dubai is friendly to crypto, very international (he would not stand out), and has limited extradition treaties in place. It would seem like the best fit for the 3-5 hour timezone shift apparent in the data.”

Hyung-suk is a 26-year-old software engineer and a former employee of Terraform Labs, the company behind the development of the Terra blockchain, and has been a member of the URG since May 26.

Kwon, who became a controversial figure in the wake of the Terra ecosystem implosion, has maintained claims he is not “on the run” and is fully cooperating with all government agencies in communication with him.

Related: South Korean foreign ministry orders Do Kwon to return his passport

Kwon was interviewed on Oct. 19 by Laura Shin, a crypto-journalist and host of the Unchained podcast, who asked him a range of questions relating to current news stories.

Speaking on his current whereabouts, Kwon suggested that he moved from Singapore following the Terra crash due to privacy and personal security concerns, saying as an example that his apartment was broken into, and stated:

“It’s not in the interest of being on the run or something like that, that I don’t want to disclose where I live. It’s just that every time the location where I live becomes known, it becomes almost impossible for me to live there.”

A spokesperson from Terraform Labs maintains the charges against Kwon are “highly politicized,” and that South Korean prosecutors have expanded the definition of financial securities in response to public pressure. Kwon echoed this sentiment during his interview with Shin.

Beeple’s Discord URL ‘hijacked,’ directing users to wallet drainer

Other users in the Crypto Twitter community believe lax security management is to blame for the latest phishing scam aimed at Beeple’s fans and followers.

Nonfungible token (NFT) artist Mike “Beeple” Winkelmann has found himself the target of phishing scammers yet again, warning users that the URL link to his official Discord server was “hacked” — sending unaware new members to a wallet-draining Discord channel if they follow the link. 

In an Oct. 3 post, the NFT artist warned users not to go into the “fraudulent” Discord channel and verify as it will “drain your wallet.”

However, Beeple wasn’t the first to notice the URL sleight-of-hand, with Twitter user maxnaut.eth noting in a post hours earlier that the Discord link connected to the Beeple: Everydays — 2020 Collection on NFT marketplace OpenSea may have been “hijacked.”

The screenshot shared by maxnaut.eth suggests that the URL points to a “CollabLand wallet drainer,” showing a Collab.Land Bot on Discord which directs members to verify account ownership — instead it works to drain their wallets, noting:

“Your Discord URL probably got hijacked and your team didn’t update it on OS. You need to change that ASAP or people going to get rekd.”

While Beeple claims the URLs were hacked and that Discord is to blame, other Crypto Twitter community members are arguing that lax security measures are truly to blame.

NFT analyst and blockchain detective OKHotshot replied to the artist’s announcement, stating the URLs were not hacked but instead alleging, “Mismanagement of discord URLs allows this happen, probably just like it happened to CryptoBatz.”

While cybersecurity firm Black Alchemy Solutions Group commented their belief that it was not “a Discord problem.”

“This is a problem with a mismanagement of the Beeple Information Security apparatus. If you haven’t already, hire a vCISO (Security Officer), web3 doesn’t = Natively Secure.”

It appears that the misdirecting Discord URLs have been fixed by the artist, according to maxnaut.eth, noting that it “Seems Beep Man picked it up and has fixed it now.”

At the time of writing, the Discord link in the affected OpenSea listing also appears to be gone.

Related: 8 sneaky crypto scams on Twitter right now

Beeple’s social media and messaging platforms appear to be a popular target for scammers and hackers, having sold some of the most expensive NFTs on record, including the First 5,000 Days, a compilation of 5000 pieces of artwork that sold for $69.3 million.

Elon Musk’s spacecraft manufacturer Space X, tech giant Apple, luxury brand Louis Vuitton and other high-profile companies and individuals are all listed as clients on Beeple’s website.

In May, a phishing scam netted $438,000 in crypto and NFTs through a hijacking of his Twitter account, linking to a raffle purporting to be related to a Louis Vuitton NFT collaboration. 

In Nov. 2021, his Discord was part of another scam, where an admin account was compromised and a fake NFT drop was advertised, netting the scammers an estimated 38 Ether (ETH), worth roughly $176,378.14 at the time.

Beeple did not disclose how many users may have been impacted by the current malicious Discord links.

Cointelegraph has reached out to Beeple but has not received an immediate response at the time of publication.