SocialFi- Newest Social media platform ⭐️

Welcome 🙏to Joint #34! We are sure to give you some insights about this week's weekly updates too🥳 keep reading!

This week was really happening and yes aapko ni idea…but worry not! Web3 Stash Hai na😇. I hope you know reading this will bring you closer to your Crush👀

Let's start by having a look at BTC and ETH 👀

Abhi let's dive into some good web3 news and trust me it's fun keep reading😭😭🤌🏻 Today we have rolled 🙌the following topics for you all -

1. Introducing SocialFi 🎉

2. Binance New CEO🤔

3. Understanding Cryptography ⭐️

🎉Introducing SocialFi🎉

As the web3 industry continues to expand its influence into the social media sector🫂, it is good to know about SocialFi💡, a concept that combines decentralized finance with social media

The integration of renowned and well-performing social media platforms, like Facebook 🙌and TikTok,🎶 with the fascinating world of decentralized finance (DeFi), has initiated a concept dubbed Social Finance (SocialFi)🚀

The idea behind SocialFi is built on the concept of merging social interactions with financial engagements within the crypto sphere🌐💰

It is basically the most recent mechanism employed by the crypto space to monetize online social interactions🙏

SocialFi embodies a Web3 approach 🔒to creating, managing, and owning social media platforms and associated content⭐️, with the inclusion of tools like crypto and non-fungible tokens (NFTs)🥳

Structured as decentralized autonomous organizations (DAOs), SocialFi platforms offer robust resistance🤌 to centralized censorship decisions🤔

Thanks to the advancements in blockchain technology, the infrastructure of SocialFi accommodates the necessary throughputs for seamless social media engagements🎯💯

As the digital space continues to evolve, SocialFi 🎯emerges as a groundbreaking force, seamlessly blending the potential of decentralized finance🤝 with social networking

 🤔Binance New CEO🤔

A native of Singapore, Mr Teng joined the world's largest crypto exchange just over two years ago😱 as the chief executive of Binance's Singapore business🤔

That was the year when Binance came under a Justice Department investigation, ⚒️and as regulatory scrutiny of the company and Mr Zhao 🙏intensified Mr Teng was rapidly climbing the ranks in the background🚀

He only stayed in his original position as the Singapore CEO for five months🙌 and then he was promoted to regional head of Europe, Asia and the Middle East and North Africa in April 2023💯💯🤌

Mr Teng later moved on to become head of regional markets this May before he was appointed to the top job - just slightly more than two years after he was first employed by Binance🤝👥

In March, US regulators sought to ban the company, alleging it had been operating in the country illegally.

It was also accused of breaking numerous US financial laws, including rules intended to thwart money laundering🤔🔻

The Justice Department later ordered Binance to pay $4.3bn in penalties and forfeitures😭😭

️Despite this, Mr Teng has reiterated that Binance is "here to stay", adding that company's foundation stands "stronger than ever”

👉🏻Understanding Cryptography👈🏻

Cryptography is the art and science of securing communication through the use of mathematical techniques. 🤔🔐 

It involves creating and analyzing protocols to prevent unauthorized access or information disclosure. Here's a brief breakdown:

1. Encryption 📜🔒:

- Encrypting information transforms it into an unreadable format using an algorithm and a key.

- 🔄 Symmetric Encryption: Uses a single key for both encryption and decryption.

- 🔑 Asymmetric Encryption: Involves a pair of public and private keys, enhancing security.

2. Hash Functions 🔄🔍:

- Hash functions convert input data into a fixed-size string of characters.

- 🌐 Cryptographic Hash Functions: Produce unique hashes, making it difficult to reverse-engineer the original data.

3. Digital Signatures ✍️🔏:

- Digital signatures use asymmetric encryption to verify the authenticity and integrity of a message.

- 🛡️ Ensures that the sender is genuine and that the message has not been tampered with.

4. Public Key Infrastructure (PKI) 🏛️🔑:

- PKI manages digital keys and certificates to secure communication.

- 🌐 Used in online transactions, secure email, and other applications requiring a secure channel.

5. Cryptographic Protocols 🔐🔒:

- Protocols like SSL/TLS secure internet communication.

- 🚧 Provide a framework for secure data transmission and authentication.

6. Steganography 🎨🕵️‍♂️:

- Conceals the existence of information within other data.

- 🖼️ Hides messages in images or audio files, adding an extra layer of security.

Cryptography plays a crucial role in safeguarding sensitive information in various digital contexts, from online banking to secure communication. It's the guardian of our digital secrets! 🛡️💻

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This is what the JOINT #34 had to offer we went from Binance to Cryptography and we promise to deliver an even better experience next time🤗🤗 so stay subscribed!

Also please do me a favor and share this newsletter with your web3 friends 🫂🫂(secret - this will make sure you make good money in web3 world in the coming future)❤️❤️😭😭😭

Thanks for spending your valuable 5 minutes with us, see you soon in JOINT #35!!🫂🫂