Hillstone Finance Weekly Update (Mar 27~ 31)

Hillstone Finance
3 min readMar 31, 2023

Welcome to the weekly update from Hillstone Finance. We have brought one news for this week:

  1. Duk-hyun Hong participated in the NBN news

NBN News(Mar 30)

Q1. Gucci and Yuga Labs have entered into a partnership. What’s the background?

A1. Through collaboration between fashion brands and technology companies, we intend to establish a fashion and entertainment business using metaverse.

Gucci’s participation in Yuga Labs’ metaverse project, Arthurside, will take place.

This can create new experiences and values beyond the boundaries of the existing fashion market.

More businesses and individuals are expected to participate in the NFT ecosystem after Gucci.

Q2. It is said that the hacker who proceeded with the hacking of Euler Finance returned the stolen amount, so can I know the overall content?

A2. Euler Finance is a DeFi protocol, and cryptocurrency worth 250 billion won was recently stolen.

However, the hacker released a message asking for forgiveness, including in the transaction, returning 84 percent of the proceeds.

The reason for the hacker’s return cash is that he wants to admit his safety and wrongdoing. And other reason is difficult to cash in the cryptocurrency in the wallet he is currently tracked.

Q3. What is Euler Finance CEO Michael Bentley’s position?

A3. Negotiations are underway between the hacker and the CEO, but the details are not disclosed.

Even if the hacker returns most of the funds, the tracking is likely to continue as some of the funds are already believed to have moved to the Lazarus Group under North Korea.

With this incident, it is expected that security will be strengthened and the tracking ability of related agencies will be further developed.

Q4. Since Arbitrum, many projects have been working on airdrop farming. What should investors prepare for?

A4. Arbitrum drawing a lot of attention after airdrop.

The next project to be expected is zkSync, a zero-knowledge roll-up solution.

In fact, Ethereum is moving a lot from Mainnet to zkSync.

Q5. What is a Zero-knowledge proof?

A5. Zero-knowledge proof is called the 23-year technology trend of the year.

Zero-knowledge proof is a cryptographic technology that provides the minimum amount of information needed to prove information. Using this, you can prove which information is correct, but you can prove it without exposing the actual information.

In cryptocurrency, transaction information is publicly recorded through a blockchain, and if it is valid without disclosing the transaction details, it can be verified.

It is in the spotlight because it can be used in many fields because it can protect personal information and increase security.

Q6. What is the difference between the Soulbound Token mentioned by Vitalik in 2021?

A6. Soul Bound Token (SBT) is a token for proving the identity of the wallet owner, which can prove the wallet owner’s career, competence, etc.

SBT is an attributable token, which cannot be transmitted or sold by the owner to another wallet.

The similarity between Young-Knowledge Proof and SBT is that it can prove the identity of the wallet owner. However, knowledge proof proves identity through minimal knowledge proof, and SBT uses tokens to prove identity.

Q7. What is the impact of SBT on cryptocurrencies?

A7. With SBT, you don’t need to trust the centralized platform, and you don’t need to link reality with identity.

It is suitable for trends that require safer protection of digital assets and privacy, and there is a possibility that the scope of use will expand to various fields such as recruitment, education, and finance.

That is all for this weekly update.

Thank you.

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