Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: Web3's Apple Watch / Oura Ring

• 🔎 This seems important: TikTok’s move into Web3

• 🤝 Partner: SOLD! Bourbon generates 23% return for investors.​

• 🔪 Let's dissect this: TEXT

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Web2/3, crypto wallet, decentralized, blockchain.

💅 This is cool:

Web3’s Oura Ring Lets You Go ‘Full Rose’ With Your Health Data

In one sentence: The ‘Cudis’ ring (aka: the Web3 version of an Oura Ring) gives you full control and sole access to your encrypted health data, without any middlemen.

You know that scene at the end of Titanic?

The one where old Rose drops the ‘The Heart of the Ocean’ diamond necklace into the sea, causing it to be lost forever?

This is like that, but for your health data.

Confused? Let’s start here…

One of the biggest selling points of Web3 technology is that it increases your individual financial autonomy.

(You can store large sums of money on a USB instead of a bank account, and transact anonymously via a crypto wallet, instead of doxed via a debit card).

Now, the folks over at BeatBit Wellness Lab are attempting to extend a user’s individual autonomy beyond just their finances.

Here’s what they’re up to:

BeatBit have created the ‘Cudis’ ring, which is essentially the Web3 version of an Oura Ring (think: the health features of an Apple Watch, but the device is worn on your finger).

The point of difference here is:

Your health data is encrypted and anonymously stored on IPFS (a decentralized file storage system) — meaning only you can access it.

…ok, cool. How does that relate to individual autonomy?

It relates specifically to our individual body autonomy.

For example: when Roe v. Wade was overturned in the US, health trackings app got deleted en mass, cause users who lived in certain states feared these companies might start snitching on them to authorities.

And it’s not like it was an unfounded fear:

A fertility-tracking app known as Flo was taken to court by the FTC in 2021 for sharing user data with Facebook, Google, and others.

But even if these apps weren’t willingly sharing user data, and instead had privacy policies in place — that ain’t a fix!

With enough legal pressure, these policies can be broken.

So here’s how the ‘Web3 escape hatch’ works:

The only way to access/track health data using BeatBit’s technology is through the app on your phone, which holds the encrypted key — aka: a highly complex “would take a million years to crack” password.

(And there’s no company in the middle that also happens to have that key).

So if you delete the app from your phone and destroy any recorded backup passwords, your health data is accessible to no one, and gone forever.

Much like Rose’s diamond necklace.

Oh, and P.S: 

If you do want to ‘pull a Flo’ and sell your health data to third parties, you can do so completely anonymously.

🥇 Want the news before anyone else?

🔎 This seems important:

TikTok’s Move Into Web3

In one sentence: TikTok’s parent company just announced a move into Web3, letting companies buy access to cloud storage and AI services via the blockchain.

Remember yesterday when we got all giddy about Web2 companies partnering with crypto projects once again?

Well, when it rains, it pours…

ByteDance, TikTok’s parent company just announced a move into Web3!

According to CoinTelegraph:

…cool. What the hell does that all mean?

It’s vague, but here’s how we’re reading it — if you want to:

A) Store your game or social platform’s data somewhere.

And/or…

B) Use ByteDance’s AI to enhance the player/user experience

All while paying for these services instantly via the blockchain…

Now you can! All via the Sui network.

Another sign of good health for the crypto space :)

🤝 Partner:

SOLD! Bourbon Generates 23% Return For Investors

Vinovest sold its bourbon casks for $1,850 each resulting in a 23.3% return for clients over 1 year. This is Vinovest’s third whiskey exit. (Quite a track record.) And with Barron’s projecting that whiskey investing is “a global phenomenon that shows no signs of slowing down,” now could be a perfect time to add casks of whiskey to your portfolio.

Vinovest is the all-in-one platform that allows you to capitalize on this lucrative asset class in just minutes. Schedule a call with a whiskey advisor today.

🔪 Let's dissect this:

Futures Contracts (Discussed The Fun Way)

In one sentence: Futures contracts are an agreement to buy or sell an asset at a specific price at a later date; and since the value of BTC has dropped in the past month or so, huge futures liquidations have happened.

Let’s talk about futures contracts (but we’ll make it fun).

Futures contracts are an agreement to buy or sell an asset at a specific price at a later date.

For example, say Seb thought after BTC hit $73k last month, it might hit $80k by the 17th of this month (yesterday).

He might set up a contract to buy BTC at $73k, and come the 17th, he’d either be up for a killer deal (making $7k in the process) if we was right and it did hit $80k; or, he’d need to pay the difference between his buy price and the actual price.

Turns out, the price of BTC was about $61,200 on the 17th. Poor Seb.

(But that’s the risk you take!)

Bringing things back to the real world, according to Coinglass, about $220M worth of BTC liquidations have taken place over the past day.

Now, we’re about 2 days from the BTC halving.

If the BTC halving turns out to be a ‘sell the news’ event, chances are we’ll see more drops and more futures contracts liquidations.

On the other hand, if the past few days have been a sort of ‘sell the news of the news’ event, most of the major liquidations may have already happened.

Either way, while the price has fluctuated, nothing has changed about the fundamentals of BTC.

So the chances of it getting back up to that all time high price seem promising.

(Who’s ready to put on some futures contracts??)

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What are Bitcoin Futures?