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Instagram Testing Full-Screen Format For Its Main Feed 📱
Instagram is experimenting with a new full-screen mode for its feed along with an updated navigation bar, hoping to make content more immersive and discoverable on the platform.
The test feature, which has been rolled out to a limited number of people, is the latest attempt by the company to compete with TikTok when it comes to social media.
If you are a member of that group, you’ll be able to watch videos nearly in full screen when you browse through the feed (the navigation bar will still appear underneath them).
The description will be displayed at the bottom, along with the button to comment and favorite on the video. The Instagram logo and other top buttons will appear floating above the top.
While Instagram has experimented with full screen on the feed before, the experimental UI seems like it wants to remain competitive with TikTok.
The move is also believed to mean that Meta is making changes to the algorithms underlying its feeds in an attempt to stay relevant to how its users consume media on its platform.
Google, Meta, Twitter Agree 🤝 to Fight Disinformation in Europe 🇪🇺
Major tech companies like Google, Meta, and Twitter, among others, have finally agreed to take a tougher line against disinformation, including deep fakes and fake accounts, under an updated Code of Practice on Disinformation or face hefty fines.
Over 30 signatories, including advertising bodies, have signed the updated Code of Practice on disinformation, according to the European Commission.
The agreed signatories must take significant steps to tackle deep fakes, fake accounts, and political advertising.
Introduced in 2018, the updated code will become a co-regulation scheme, with responsibility shared between the regulators and signatories.
The companies have six months to implement their measures once they have signed the code. Any signatory who fails to meet the obligations have to pay fines of as much as 6% of a company’s global turnover.
The updated EU code of practice will also be linked to strict new EU rules known as the Digital Services Act (DSA) agreed by the 27-country European Union earlier this year which has a part in combating disinformation.
DeFi Protocol Inverse Finance Exploited For $1.2 Million 🚨
Ethereum-based lending protocol Inverse Finance has again become the victim of yet another exploit, which saw the attackers make off with more than $1.2 million worth of cryptocurrency. The project is the latest DeFi protocol to be hit with a significant attack.
The exploit was conducted using a flash loan to manipulate the price oracle for a liquidity provider (LP) token used by the protocol’s money market application.
The attackers stole over 53 bitcoins worth $1.1 million and 10,000 Tether (USDT) from the protocol.
Soon after the attack, Inverse temporarily paused all borrowing on its platform.
“Inverse has temporarily paused borrows following an incident this morning where DOLA was removed from our money market, Frontier. We are investigating the incident however no user funds were taken or were at risk. We are investigating and will provide more details soon,” the company tweeted.
Inverse later said that only the attacker’s deposited collateral was affected in the incident and only incurred a debt to itself due to the stolen DOLA.
The platform has asked the attacker to return the funds in return for a generous bounty.
Esports Fantasy Startup FanClash Secures $40 Million in Series B 💰
FanClash, an Indian-based esports fantasy start-up, has raised $40 million in its Series B funding round.
The funding was led by Alpha Wave Global (formerly Falcon Edge Capital), along with participation from Sequoia Capital India, Info Edge, and Matic Networks (Polygon).
Founded in 2020, FanClash is a fantasy gaming app for esports and esports tournament hosting app.
The platform aims to build an esports gaming ecosystem allowing users to play fantasy games based on their esports knowledge and skill.
FanClash allows users to play fantasy games in all global tournaments across top esports titles such as Valorant, PUBG, CODM, Counter-Strike: Go, and FreeFire.
Users can compete with one another across the popular titles by selecting their favorite players to earn rewards based on the real-life performance of the teams.
The startup released its product in India in 2021 and in the Philippines in June 2022. FanClash plans to use the fresh capital for global expansion, hiring new talent, and user acquisition.
Around the Web 🌐
Luxury Watchmaker TAG Heuer Rolls-Out NFT-Enabled Smartwatch: TAG Heuer, a Swiss-based luxury watchmaker, has launched a smartwatch with features that enable users to showcase their NFTs collections. The company has partnered with Bored Ape Yacht Club and CLONE-X to create a smartwatch that displays NFTs and connects to crypto wallets such as MetaMask and Ledger Live.
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