1. Home
  2. Czech Republic

Czech Republic

Czech automobile conglomerate Škoda Auto launches NFT platform

The nonfungible token platform was launched in partnership with Near Protocol.

On June 20, Škoda India, the Indian subsidiary of Czech automobile conglomerate Škoda Auto, launched a Web3 and nonfungible token (NFT) experience in partnership with Near Protocol. Dubbed “Škodaverse India," developers say the platform will possess low gas fees, interoperable NFTs for multiplatform usage, and eco-friendly, scalable NFTs. The firm wrote: 

“Škodaverse India will also unlock bespoke utilities and experiences for NFT holders which will be revealed along with the first drop details. All NFTs will be minted on carbon-neutral blockchains, aligning with our sustainable vision."

The debut Škoda NFT collection is scheduled to launch “soon," with no fixed date or offer price. Users will be able to mint the NFT whenever it is dropped through the addition of funds to their wallets. 

Benefits for NFT holders, as listed by developers, include owning a unique digital asset representing Škoda’s artwork or collectibles, potential for “value appreciation” and resale in the future, and access to exclusive perks, rewards or experiences tied to NFT ownership. Trading is available via both fiat and cryptocurrencies. Developers also stated the NFT platform represents the firm’s first venture into Web3: “We step into the Web3 space and invite you to join us by exploring, collecting and owning unique digital art pieces."

Established in 1925 in what was then Czechoslovakia, Škoda was one of the largest industrial manufacturers in Interwar Europe until it became state-owned in 1948. The firm gradually became a subsidiary of German automobile manufacturer Volkswagon after the collapse of the Czechoslovak Communist regime in 1990. Its car brand is popular among countries in Central and Eastern Europe, with 731,000 total cars delivered in 2022. 

Magazine: Binance humiliated, HK needs 100K crypto workers, China’s AI unicorn: Asia Express

‘It’s Gonna Rip’: Top Analyst Says Memecoin That’s Exploded Over 6x in Five Months Is About To Go Parabolic

Trezor CEO cites usability as top factor for the hardware wallet: BTC Prague

Trezor doesn’t plan to introduce any private key recovery tools as it has provided all possible tools to help users secure the seed phrase, CEO Matej Zak said.

Amid the expanding trend toward self-custody, hardware wallet Trezor's CEO Matej Zak has highlighted the most relevant development vector for the company so far - enhancing usability to significantly increase the number of users over the next few years.

Speaking to Cointelegraph at the BTC Prague 2023 conference on June 9, Zak said: “Educate hard and build simply” is currently Trezor’s most relevant strategy in developing its hardware wallets amid the growing demand for self-custody."

“You need to explain what self-custody is because it’s still a different concept. It’s nothing that existed before Bitcoin, and Bitcoin has only been around since 2009,” he added.

While allowing investors to be their own banks, the concept of self-custody also makes users the sole responsible entity for the safety of their Bitcoin. The most important part of this responsibility is keeping your private key, or seed phrase, safe and private.

Security, privacy and usability have always been key parts of self-custody as well as Trezor’s proposition, Zak said. “But the usability, you know, plays a really important part,” the CEO noted, adding that Trezor is still trying to make its hardware wallets as user-friendly as possible. The exec stated:

“Usability is the one where you want to make things easier, more simple to use. So all those people coming from exchanges can actually feel at home and not be scared by losing their private keys.”

By increasing usability, Trezor hopes to double or even triple the amount of hardware wallet users around the world in the next three to four years. Citing some estimates, Zak said that less than 2% of all 420 million crypto users globally currently use hardware wallets.

Trezor CEO Matej Zak at BTC Prague conference. Source: Cointelegraph

Focus on usability is part of the reason the Trezor CEO also believes that complicated self-custody wallet setups like multisignature, or multisig, may not be the best solution for newcomers to the industry.

Unlike common Bitcoin wallet setups, Multisig involves using more than one public key to authorize a transaction, which is designed to increase security of self-custody.

“Security at the expense of usability, comes at the expense of security,” Zak said, referring to a quote by Bounce Security CEO Avi Douglen.

Related: North Korean hackers swipe over $100M from Atomic Wallet users

While focusing on usability and education, Trezor doesn't plan to introduce any new built-in features to help users recover their private keys, though.

According to the CEO, Trezor has done everything possible to help its customers secure their seed phrase. Zak mentioned implementations like the Shamir backup, which is often used to distribute the private key phrase among different locations. Introduced by Trezor in 2019, the Shamir backup is designed to keep user’s Bitcoin safe from theft or accidents.

“There's nothing we could improve on in this regard because the usability is good,” Trezor CEO said.

The remarks from Trezor 's CEO come a few weeks after rival hardware wallet supplier Ledger teased a new tool allowing users to recover their private keys. Following criticism from the crypto community, Ledger later postponed the launch of Ledger Recover, with Ledger CEO Pascal Gauthier claiming that it was a “humbling experience” and the result of miscommunication.

Magazine: Peter McCormack’s Real Bedford Football Club puts Bitcoin on the map

‘It’s Gonna Rip’: Top Analyst Says Memecoin That’s Exploded Over 6x in Five Months Is About To Go Parabolic

Study: Switzerland Has ‘the Most Profitable Bitcoin Traders’ Worldwide, While France ‘Is the Best Bitcoin Trading Nation’

Study: Switzerland Has ‘the Most Profitable Bitcoin Traders’ Worldwide, While France ‘Is the Best Bitcoin Trading Nation’According to a recent study published by the online investing news and education platform Invezz, Switzerland currently has the most profitable bitcoin traders worldwide. That’s according to data stemming from Chainalysis, Worldometers, and Triple A, which helped Invezz assign each country a score in terms of the most profitable bitcoin trading by country. Researchers Rank […]

‘It’s Gonna Rip’: Top Analyst Says Memecoin That’s Exploded Over 6x in Five Months Is About To Go Parabolic

Museums in the metaverse: How Web3 technology can help historical sites

Historical-site metaverses may become a new business model for tourism, and they may rewrite history in the process.

Metaverse events at ancient and historical sites could soon shape up to be an alternate future for tourism.

Owners of physical castles and villas who have drafted up augmented reality blueprints of their properties think their ambitious plans to attract visitors in the metaverse will work, as virtual events can help them pay the hefty maintenance bills for their aging properties and also offer a chance to change historical narratives.

The metaverse tourism model was expedited by downturns in tourism brought about by COVID-19, but the industry may have already been heading that way. 

Currently, major metaverse platforms are clunky, difficult to use and waiting for more “real estate” development, but firms are concentrating on what could be. Brands seem to be entering the metaverse en masse just for PR bragging rights.

So, it seems the possibility of learning existing, new and revised histories through the metaverse is not so remote. 

Nonfungible castles, villas and chateaus

Michelle Choi, founder of 3.O Labs — a Web3 venture lab — turned to digital opportunities to finance the upkeep of physical paintings, such as selling nonfungible tokens, or NFTs, as fundraisers to preserve illiquid assets.

Choi was a product manager at Google when she noticed the downturn in museum tourism due to COVID-19, seeing it as an opportunity for future metaverses. She subsequently quit her job and started her own metaverse experiments.

She began by working with a team to launch Non-Fungible Castle, an NFT exhibition and auction at Lobkowicz Palace, a real-life castle in Prague, held in October 2021. The event saw NFTs displayed next to 500-year-old paintings and had the goal to “broaden accessibility to cultural heritage.”

The launch raised enough to cover the restoration of all urgent projects at the property. Motivated by this proof-of-concept, Choi and 3.O Labs are now busily curating metaverse tourism experiences globally.

With the broader mission of making Web3 accessible to all users, 3.O Labs is already incubating an array of Web3 projects ranging from NFTs to decentralized autonomous organizations, or DAOs. Within its metaverse vertical, the venture lab is already building a project in a castle in Germany, which will be followed by a villa in India and then possibly a museum in Ghana.

Lobkowicz Palace. Source: Prague Morning

 Choi told Cointelegraph about her long-term vision for metaverse travel:

“Travel will be augmented as a teaching tool. In the past, tourism meant visiting a place. Photos were 2D, but 3D travel then emerged with virtual headsets. 4D time experimentation is now possible. Now, we can mesh different time periods. There’s a teaching angle.”

This raises a series of questions regarding what new histories will be created in the metaverse.

Will history be rewritten in the metaverse?

For better or worse, tourism businesses, education platforms and museums could reimagine history in the metaverse.

Priyadarshini Raje Scindia’s family owns Jai Vilas Palace, a 200-year-old palace-turned-museum in Madhya Pradesh, India. She is planning an NFT collection produced by local artists to fund a metaverse experience. COVID-19 shut her museum for two years, allowing time for some needed — but expensive — restoration work. 

Scindia told Cointelegraph that NFTs should be embraced as art, as “Every generation has its art and the interpretation of it. This is a new medium and a new platform for hungry, emerging Indian artists.” She added that there “should be no barriers around art creation.”

Scindia is convinced that the metaverse is the future, as “A person usually visits a museum once,” but they can visit multiple times in the metaverse. She says that in India, especially, museums are not the first destination people think to go to for entertainment. Private museums in small towns can be taken for granted, especially when compared with shopping malls and cinemas. So, she is working with 3.O Labs to “create immersive experiences — for example, animations that allow you to put yourself in short history documentaries.” It’s about opening more doors for conversations and education.

Scindia also has a story to tell the world via the metaverse:

“I disagree with my family history. We have rooms of research documents in the palace. Now is the right time and the right platform to correct history.”

She told Cointelegraph that the historical narrative she would like to paint with her immersive experiences is “to tell the real story of my clan, the Maharatas. Retelling the story told by the British, which sounds like a Game of Thrones book — dark and barbaric. We fought for independence from all exterior forces, yet it was made out that we were fighting Indians in India. It is a historic fact that the Maharatas were the rulers of India, post the Mughals. And their narrative and value system are even more essential to study and understand today. I would like to use the platform to change the narrative through art, culture and history.”

“I disagree with the way Maratha history is portrayed. However, today there is a renewed interest, maybe because of the glamor of cinema, but there’s also a new world out there. People have a deep interest in history today and are rediscovering art and history. The metaverse may be the right platform to inform and educate people, to generate interest, so they may start their own journey of a deep dive into history, art and culture through this amazing world.” 
Jai Vilas Palace. Source: Mohitkjain123

DAOs for castles, villas and chateau restorations

Prince Heinrich Donatus of the Schaumburg-Lippe family owns Bueckeburg Castle, a castle in northern Germany, 45 minutes from Hannover. Schaumburg-Lippe was one of the 16 reigning families of the German Empire until 1918. Later, the British Army of the Rhine confiscated the castle to use as its headquarters from 1948 to 1953. It had previously been under American control following the end of World War II in 1945 until Germany’s occupation zones were established.

A bullet hole in the outhouse serves as a reminder of the castle’s recent history. Americans were the first to arrive at Bueckeburg during the war, and their tank shell that penetrated the dome is still viewable in the castle’s museum. The family exhibits the shell and has left the hole in the ceiling as a reminder of the war.

Donatus has the same idea as Scindia: a metaverse for historical preservation.

Bueckeberg Castle. Source: Trip Advisor

Donatus, who co-founded 3.O Labs with Choi, will soon operate an NFT exhibition and a DAO-focused hacker house at the castle. He told Cointelegraph that “The metaverse isn’t a virtual reality world. It is a new economy. For example, the incentivization to enter the metaverse could be to protect a castle.”

But why support noble families in 2022?

For illiquid assets like sprawling estates, the cost of maintenance can outweigh a family’s cash flow. The preservation of privately owned sites of historical significance is, therefore, a significant challenge for owners and a national or global public good. 

In 2001, Donatus’ grandfather sold a castle for 1 euro, and the new owner’s latest two attempts to sell the same castle for 1 euro failed to find a buyer. Donatus added:

“Foreigners who buy European castles give up after a year when they realize what is involved.”

“The Bueckeburg castle is not meant to be lived in anymore — it is primarily a cultural site,” Donatus said, “We have the sole responsibility to maintain this history working with limited resources, and suddenly resources can be vastly enhanced and crowd-sourced.”

“Virtual tours could be profitable, though metaverse ideas could take several years to pay back,” noted Choi. “But long term, there are no maintenance or air conditioning expenses for the metaverse.”

Donatus said he foresees a launching DAO treasury for renovations, akin to a “people’s UNESCO” — a reference to the United Nations agency tasked with protecting sites of cultural and historical significance.

DAOs are not constrained by borders, and this can create network effects for new models of tourism. “A sort of PleasrDAO for castles,” said Donatus. “They will include decentralized access/stewardship to castles, and castle hackathons — as castles are a cool place for meetups.”

Augmented 4D metaverse events 

Historical storytelling and experiences can also be augmented to create surreal and impossible scenarios.

“Under no circumstance do I want to experience things I can experience in the real world,” said Donatus. “The Metaverse can recreate and preserve the past.” He said one could create a “tennis match in a ballroom in the Palace of Versailles as a great tourist drawcard.”

Choi said, “In the metaverse, we can upload guns and recreate wars for historical teaching purposes.” Historical reenactments with reconstructed weapons happen all over the world, including in the United States, Germany, Russia, the United Kingdom and Italy, and there may be many future teachable moments in the metaverse.

If metaverses truly are the future, the planning for their rules and composition starts now. This is why, for example, a group of Indigenous Australians plan to set up an embassy in the metaverse. Mixing the ancient and the new is seemingly tenuous, but it all depends on how bullish one is about the significance of the cultural totems in the metaverses of the future.

As metaverses become new models for tourism, they may also rewrite history in the process.

‘It’s Gonna Rip’: Top Analyst Says Memecoin That’s Exploded Over 6x in Five Months Is About To Go Parabolic

‘One currency change every generation,’ how monetary skepticism spearheaded cryptocurrency adoption in Czechia

"Since the end of the 19th century, there have been seven distinct currencies in ... Czechia," says SatoshiLabs' economist Josef Tětek.

Czechia, a country of 10.7 million people in Central Europe, is known for its beautiful capital (Prague), rich history and good beer. Within the last decade, however, one can now add cryptocurrency adoption to that list. In fact, the Trezor wallet, the first cryptocurrency hardware wallet in the world, was invented here in 2014 and is still going strong. Its parent company, SatoshiLabs, has expanded into creating secure chips for electronic hardware via Tropic Square and advancing cryptocurrency education via Invity.

What's more, the country also gave birth to the world's first Bitcoin (BTC) mining pool — Braiins (Slush Pool), with close to 1.3 million BTC mined since 2010. Then there's General Bytes, one of the world's largest crypto ATM chains, with close to 8,000 machines installed. Furthermore, the country's biggest e-commerce retailer, Alza, accepts BTC purchases and has been writing deep-dive articles on Bitcoin and technology in the past year.

But what drove this small nation of 10.7 million people, out of all places, to create a disproportionally large presence in the crypto sphere? In an exclusive interview with Cointelegraph, Josef Tětek, SatoshiLabs' in-house economist, explains the phenomena in detail. Tětek also happens to be Trezor wallet's brand ambassador, writes for Bitcoin Magazine, and holds a Master's Degree (equivalent) in economic policy from the Prague University of Economics and Business. Here's what he had to say:

“In the geographical region that is now the Czech Republic, there have been seven different currencies in circulation over the past 140 years. First, there was one backed by gold and then, two forms of silver coins [during the rule of the Austria-Hungarian Empire]. After the country gained its independence in 1918, there was the gold-standard Czechoslovak koruna [crown].”

During the interwar era, Czechoslovakia was an industrial powerhouse led by Škoda Works, one of the largest European industrial conglomerates making everything from cars to tramways to aircraft to military equipment. It was also stood as the only Central European country with a parliamentary democracy after 1933.

However, faith in the Czechoslovak koruna and the country as a whole quickly faded with the Munich Betrayal of 1938 — where its allies Britain and France gave the silent nod for Germany to annex the heavily industrialized and fortified regions outlying Czechoslovakia. As a country left without natural barriers to defend against the German war machine, it quickly became a puppet state for the former, leading to another currency change.

But the reestablishment of the Czechoslovak koruna was again short-lived. Immediately after the Allied victory in World War II in 1945, an Iron Curtain spread from the Baltics to the Black Sea. The newly independent Czechoslovak Third Republic became a satellite state of the Soviet Union after merely three years, with a new form of Soviet-controlled koruna.

To further the policy of Stalinism, in 1953, leaders of the Czechoslovak Communist Party devalued all personal savings denominated in koruna by a ratio of 50:1. As Tětek told Cointelegraph:

“Many people still remember it [the 1953 event] to this day, such as our parents and grandparents. Basically, it was large-scale theft [by the state].”

Then, in 1989, came the Velvet Revolution that toppled the Communist Party and gave birth to the fifth Czechoslovak Republic. But at first, independence did not restore faith in the new koruna. (It also did not help that Slovakia left the union in 1993). Inflation in the early 1990s in the country remained almost consistently above 10% every year.

To sum it up as to what makes the Czech people drawn to cryptocurrencies, especially to their decentralized nature, Tětek writes:

“There was basically a currency change every generation in Czechia. So we tend to be skeptical of the official monetary regime. However, combined with a high percentage of people receiving high-quality technical education, the factors drove the adoption of crypto in Czechia.”

Portrait of Josef Tětek | Source: Podcast Proti Proudu

‘It’s Gonna Rip’: Top Analyst Says Memecoin That’s Exploded Over 6x in Five Months Is About To Go Parabolic