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That’s Not a Bank; That’s an IOU | Bankless Publishing Recap
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Dear Bankless Readers 🏴
We’re back with another recap for your reading pleasure. In this edition you can gain a little insight into the importance of self custody, read about two particularly awesome NFT projects affiliated with BanklessDAO, learn why crypto ‘banks’ are worse than real banks, and grab some tips for utilizing the ENS protocol. We offer sincere thanks to all the authors who keep submitting work to Bankless Publishing: your efforts ensure that we’re able to keep shipping educational content in line with BanklessDAO’s mission.
At Bankless Publishing, our goal is to further increase education and awareness about key concepts and emerging trends within the crypto industry. So read a snippet, and for anything that piques your interest, go check out the whole article.
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Bankless Publishing is driven by a mission to ennoble its writers and showcase their content to a broad audience of crypto-interested readers. We also work with crypto’s leading protocols to help them get their message out to our audience. Whether you’re a writer or protocol team, we’re interested in talking with you.
✍️ Article Summaries
If we’ve learned anything this year it’s that self-custody is king. For a while there, the saying “Not your keys, not your crypto” just sounded like it might be a clever marketing campaign for cold storage wallets like Ledger and Trezor. There seemed no way centralized behemoths could fail, but fail they did.
“You are entirely responsible for your assets; no third party can place restrictions or limits on your transactions. No permissions are required and you are free to buy or sell any number of digital assets.”
Read the full article to learn more about why you are the only one who can truly control your crypto.
The BanklessDAO Writer’s Cohort has given rise to some great material. This article brings together two articles written about NFT projects: Good Morning News and Chippi.
GMN is a stalwart of publishing — the first ever on-chain newspaper. Chippi is a collection of charming characters made by Perchy for the Bankless Nation. Every Chippi finds its way into a Bankless Location — a Where’s Waldo-esque collection of eight iconic web3 experiences.
“Additionally, Good Morning News has its own profile pictures called Newsies. When the Newsies were released, Good Morning News gave 20% of mint proceeds back to BanklessDAO and the Writers Guild.”
“First, Chippi are “original, hand-drawn characters”, created by the artist, Perchy. At first glance, Chippi are simple, but ingrained within the strokes are a high level of attention to detail, thoughtfulness, uniqueness, and creativity. The drawings remind me of old-school newspaper comics and feature a rounded head that faces to the right.”
It’s projects like these that help to strengthen the BanklessDAO community. Learn more about the first decentralized publishing organization and check out one of the coolest comics in crypto.
With centralized crypto banks seriously malfunctioning this year, lawpanda takes us on a factual journey as to why they are the worst combination for crypto. In 2022 alone, we saw Celsius, BlockFi, and FTX go under. These centralized entities lost their web3 customers’ funds, and it’s not okay.
“While many retail investors believe that these companies — which are registered in various jurisdictions and sometimes publicly traded — are subject to regulatory scrutiny and consumer protection requirements, that is often not the case.”
Simply doing an FTX commercial with Larry David doesn’t guarantee customer funds. Crypto banks aren’t even banks, we’ve just dubbed them that because they are ‘comfortable’ holding customer deposits.
Learn more about the nightmare of crypto “banks”.
ENS has quickly become a go-to utility for web3 organizations. Whether it's managing a multisig, assigning a unique ENS name to a hot wallet, or knowing that each ENS name is a NFT, everyone is interested in learning how to use this technology better.
“Accessing ENS utility begins at the very root of the product: the NFT that is minted when an ENS domain is registered. The wallet that registers the .eth domain mints the ENS NFT and is the wallet under which the domain is stored and controlled. Like most NFTs, these can be transferred, traded, bought, and sold on secondary markets.”
Learn more tips for making the most of ENS domains.
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