The Ethereum scaling platform Polygon Labs said on Tuesday that it has lost about 100 workers, or 20% of its workforce.
This time, the main news comes from the cryptocurrency exchange Young Platform, which is announcing a collaboration with Freename.io. The latter is a cutting-edge technology that makes it possible to affordably buy, administer, and utilise Web3 top-level and second-level domains while also offering the chance to earn royalties.
Contrarily, Young Platform is the Italian exchange where customers can buy and sell Bitcoin and other popular cryptocurrencies without any hassles.
Every time a new user buys a domain on a certain Top Level Domain, the TLD owner receives 50% of the price of that name, essentially turning into a Registrar that may make money.
Strictly speaking, the Web3 domains offered by Freename.io are non-fungible tokens (NFTs), which are accepted by the majority of crypto services and applications since they adhere to the ERC-721 standard.
Presently, the Polygon, Binance, Aurora, and Cronos blockchains are supported by Freename.io. In particular, users will be able to easily search for a Freename.io domain on Young Platform Web, assess the cost, and choose whether to buy it thanks to the integration that resulted from this agreement.
To transmit tokens to a cryptocurrency wallet, utilise a Freename.io domain. The domain really has the data needed to instruct the blockchain which wallet to transfer the tokens to.
As a result, domains rather than wallet addresses will be able to send and receive cryptocurrency through Young Platform wallets thanks to the integration.
Future of the Web: young platforms and cryptocurrencies3
NFT domains are necessary for examining Web3’s potential. They serve a variety of purposes, including those of legible and readily shareable wallet addresses, resolvers for conventional websites, domains for building and displaying decentralised websites, and the ability to send emails and messages using the blockchain.
NFT domains are used to maintain one’s identity on the Web3 and bring together all of one’s online identities with a simple and uncomplicated tool because of these and other capabilities.
Freename.io is relevant in this situation and seeks to make users’ transition into the future decentralised Internet era as simple as possible. a goal similar to Young Platform’s, which is to raise awareness of these concerns by making them more common.
Web3, a decentralised, transparent version of the internet that rewards artists and content producers, will be powered by blockchain and cryptocurrency. As of right now, we are aware of a genuine paradigm shift that will see all the advantages of blockchain applied to the internet in all its facets, from information sharing to payments to prospects for virtual socialising.
About the collaboration, Davide Vicini said:
“We are pleased to work with Young Platform, a top cryptocurrency exchange in Europe and a pioneer in the Web3 industry. Young Platform clients will be able to send and receive Web3 emails, use their own domain as a payment address, and surf the internet normally using Freename domains thanks to the integration of Web3 domains.
The CEO of Young Platform, Andrea Ferrero, stated as follows:
“We are excited to announce the addition of Freename.io to our platform, giving our users the option to purchase and exchange Web3 domains. The usage of cryptocurrencies and Web3 domains will now be more accessible and convenient for our users thanks to this agreement.
Youth Platform as a Start-Up for 2022
The Politecnico I3P incubator’s selection of “Start Up of the Year 2022” included Young Platform and the home care initiative epiCura. At the yearly I3P Startup Festival, which also included case studies, cutting-edge goods, and services from all 25 firms that entered incubation in the previous year, the two recipients of the prizes were given them.
The capacity of epiCura and Young Platform to continually innovate and reinvent themselves, notably by paying attention to market demands, was one of several factors that made them deserving of this honour.
For instance, Young Platform, with its cryptocurrency exchange capabilities, is positioning itself in an industry that is constantly changing and is able to reach a new generation of investors, while epiCura, with its solutions, is positioning itself at the centre of the healthcare innovation process.
Young Platform won the competition and demonstrated how cryptocurrencies are also used in Italy when it comes to innovation by representing the whole Italian crypto sector.
The cryptocurrency exchange, which was established in 2018, offered a simple method to enter the world of cryptocurrencies through the provision of digital goods, a vigorous educational campaign, and the popularisation of blockchain technology and its uses.
Moreover, Young Platform, which had a 36% market share and more than 1 million members at the end of the first quarter of 2022 alone, is one of the top three cryptocurrency trading platforms in Italy.
Young Platform closed a 16 million euro investment lead by Azimut in 2022 after raising 3.5 million in 2021, with participation from a group of investors that included Banca Sella and United Ventures.
Young Platform hopes to use the additional funding to further its development goals, which include growing its staff from 41 to 110 by the end of 2022 and geographically entering new countries including Spain and France.