The rapid growth of cryptocurrencies and virtual non-fungible tokens have dominated news headlines in recent years. But not many may see how these modish applications connect together in a wider idea being touted by some as the next iteration of the internet — Web3.
Seven domain names used in a recent cryptocurrency confidence crime, known as “pig butchering”, were seized by the U.S. Attorney’s Office for the Eastern District of Virginia earlier this year. Through these seven domain names, five people were scammed losing $10 million.
There have never been more ways to ask for money on the internet. For rightwing extremists looking to monetise hate, that can be a big opportunity – and the earning potential of these digital assets hasn’t gone unnoticed in Australia.
Companies inspired by the cryptocurrency are creating social networks, storing online content and hosting websites without any central authority.