Category: Technology

The Public Goods Network is an Optimistic layer-2 rollup of Ethereum, designed to redirect most net sequencer fees into public goods projects, rather than to token holders or developers. This model could, however, raise concerns about potential misuse of funds, lack of transparency, and biases, especially given reliance on a yet-to-be-defined new governance model.

In response to the surge in DeFi exploitations, a developer proposes a new Ethereum request for comment (ERC) introducing a “DeFi circuit breaker” concept. This proposed measure aims to limit large, suspicious outflows from DeFi protocols, potentially decreasing losses from hacks by 70%. However, the effectiveness of this potential security layer and its implications remain unclear.

Ethereum’s co-founder, Vitalik Buterin, recently debated Bitcoin’s future prospects with Eric Wall and Udi Wertheimer, well-known Bitcoin enthusiasts. The conversation centered around Bitcoin’s scalability, with Buterin suggesting a multi-pronged approach involving various layer-2 solutions and improvements to Bitcoin’s base layer. The suggested introduction of zero-knowledge rollups, a technology potentially impacting Bitcoin positively, sparked mixed reactions within the community.

“Central bank digital currencies (CBDCs), inspired by Bitcoin protocol, have the potential to shift global economic dynamics. Adoption by countries like Brazil, UAE, Russia, Singapore, and China, accounting for one-fourth of global output, could stimulate de-dollarization, altering U.S. capital markets and geopolitical relations. CBDCs could enable direct international trade settlements, impacting the dollar’s hegemony.”

“Mark Zuckerberg has introduced Threads, Meta’s new app, with protocols drawn from the open-source Mastodon system. Despite its decentralized backend, Meta could still gather full spectrum user data, reviving concerns about privacy. Its use of decentralization might urge acceptance of such protocols, but user interest stays uncertain.”

Polygon Labs, known for its innovative blockchain efforts, has initiated strategic leadership changes, aligning with their transition towards “Polygon 2.0”. Devoting efforts to unifying Polygon chains via a “coordination layer”, they also plan to upgrade their legacy “PoS” chain for a compatibility with zero-knowledge proofs, advancing their commitment to confidentiality of transactions while bearing potential complexities and security risks.

“Sega withdraws from blockchain gaming to avoid content devaluation. Bitfinex recovers more stolen assets from the 2016 hack. BarnBridge DAO halts all activities due to SEC’s investigation. Lightning Labs introduces tools for AI and Lighting developers. Moreover, AFME calls for DeFi’s inclusion in MiCA regulatory framework.”

Ecoterra, an eco-friendly crypto project, achieved $5.9 million in presale investment, aiming to address climate change, forest depletion, and waste management. It employs blockchain technology and a recycle-to-earn model to incentivize eco-friendly activities, rewarding participants with $ECOTERRA tokens. It also offers carbon offset programs and a recycled material marketplace.

“Shibarium, a project led by the Shiba Inu development team, is anticipated to go live next month. The launch aligns with Shiba Inu’s third-year anniversary. Shibarium’s capabilities will be exhibited at the Blockchain Futurist Conference, also sponsored by Shiba Inu’s ecosystem.”

“DeSo is a decentralized social media system built on blockchain technology, aiming to counteract issues with traditional social media platforms. By keeping user identities, content, and networks on-chain, DeSo proposes a platform where content ownership mirrors Bitcoin’s security. However, such systems can often lack moderation, potentially leading to cyberbullying, misinformation, or misuse.”

“Avail, a data storage and verification project from the Ethereum ecosystem, introduces a new ‘data attestation bridge.’ This technology could significantly reduce data storage costs on Ethereum by offloading data storage to layers 2 and 3, alleviating high transaction fees associated with posting data on the Ethereum main blockchain.”

“The clash between Elon Musk and Mark Zuckerberg pertains to claims of intellectual property rights infringement regarding Meta’s release of Threads, a replica of Twitter’s platform. This controversy underscores the importance of balancing innovation and protecting the intellectual property rights within the tech sector, while maintaining ethical practices amidst competition. This serves as a reminder that the path to technological supremacy should be paved with fair practices.”

“Shibarium, a highly anticipated layer 2 blockchain, is set to go live. Designed to alleviate congestion and reduce scaling issues, it will consolidate multiple off-chain transactions into one ‘layer 1’ transaction. Shibarium has tested well, with around 20 million transactions from approximately 16 million wallets. Emphasizing gaming and metaverse applications, Shibarium could be pivotal for the Shiba Inu meme coin’s evolution.”

Sega, a leader in GameFi and blockchain gaming, reportedly plans to step back from these sectors. Shuji Utsumi, co-Chief Operating Officer at Sega, voiced reservations about the sustainability and impact of blockchain technology in gaming, leading to speculation that Sega may abandon its blockchain-based game development plans. However, the company’s involvement with crypto investments and third-party blockchain game developers suggests its relationship with blockchain is an unfolding narrative.

“Lightning Labs is creating innovative tools that enable AI applications to manage Bitcoin transactions. Transitioning from traditional payment methods, the proprietary tools combine high-frequency Bitcoin micropayments with popular AI software libraries. This new approach reduces costs and broadens AI software access, paving the way for unprecedented AI applications.”

“Bitcoin miners generated over $100 million from transaction fees in Q2 2023, a fivefold increase over last five quarters, revealing high demand for Bitcoin transactions. The surge in fee revenue is driven by Bitcoin’s recent price surge and the strategic adoption of BRC-20 token standard and Ordinals.”

StarkNet, Ethereum’s scaling solution, test launched StarkNet Quantum Leap, a layer-2 network aiming at performance enhancement and throughput improvement. With throughput increased tenfold, this upgrade could quicken transaction processing significantly. Despite often compromising a network’s decentralization, this high throughput is critical for user-friendly, decentralized finance applications. StarkNet’s new upgrade also plans to substitute the “PENDING” transaction status with “ACCEPTED_ON_L2”.

“A recent study shows ‘AI jobs’ dominating ‘crypto jobs’ in online searches, with AI’s popularity as an employment sector historically surpassing crypto. Interest in ‘crypto jobs’ spiked with the 2021 cryptocurrency burst but dropped due to various factors including a bearish downturn and regulatory scrutiny.”

Brett Harrison, former FTX.US president, has launched Architect, a new trading platform harnessing AI for trading strategies. The platform could equip traders to buy cryptocurrencies like Bitcoin on Coinbase when the market price drops, while also fostering an understanding of the technology. However, the integration of AI into trading raises questions about potential complications.

Financial giants Citigroup, HSBC, and BNY Mellon are experimenting with a “regulated liability network” for negotiating wholesale payments via shared ledgers, which may revolutionize the handling of payments. However, questions regarding security, implications for CBDCs and private stablecoins, and the potential for increased digital bureaucracy persist. This suggests a need for careful investigation and a balanced perspective on the potential risks.

“NFT Inspect and MoonPay are combining forces to enable Twitter users to secure cryptocurrencies and NFTs via a browser extension. This partnership promises a broadened platform for purchasing a variety of cryptocurrencies through MoonPay’s proficient payment infrastructure, supporting methods like debit cards, Apple Pay, and bank transfers.”

“Blockchain’s potential lies in its ability to offer transparency in data storage and contract execution. It can record every change made to AI system parameters, creating a probing transparency into AI systems’ evolution. Hybrid blockchains could ensure system reactions as intended, providing boundaries for this largely unknown technology, ushering in a promising future.”

“The integration of AI in crypto markets could undermine traditional trading wisdom, argues blockchain consultant Sheraz Ahmed. AI trading bots are transforming profit realizations while drawing scepticism about their current capabilities. However, the potential of AI outperforming human traders and changing the mechanisms of trading seems indefeasible.”

“Singapore-based blockchain startup Web3Go raised $4 million in seed funding, largely supported by Binance Labs. The firm is preparing to launch its native asset creation platform which addresses the personalized needs of content creators in the digital universe, paving the way for the Web3.0 revolution.”

“Chinese state-run banks aim to integrate the digital yuan with government-issued social security cards in an initiative promoting digital payments. This assists the elderly and rural populations with low smartphone ownership, while addressing the issue of unbanked individuals within these demographics.”

Brazil’s Central Bank has archived central bank digital currency (CBDC) related documents on GitHub, providing insight into the core aspects of the digital real. However, the document’s incompleteness sparked requests for the source code, which is promised to be made public after necessary audits. The bank plans to use the Hyperledger Besu blockchain and aims to introduce the digital token by 2024.

This article examines how geographical elements impact the success of crypto startups, using the experiences of Mitchell Amador, CEO of Immunefi. The article discusses the benefits and challenges of incorporating businesses in Portugal and Singapore, while emphasizing the importance of strategic growth and adaptability in the dynamic crypto industry.

Bitget, a crypto derivatives exchange, has introduced a crypto lending program providing loans in alternative cryptocurrency. Users stake their coins as collateral, mirroring traditional lending practices. This allows expansion of investment portfolios, however, the risk of hacking and fraud is an inherent vulnerability.

“The union of AI with crypto trading can transform the financial sector, believes ex-FTX.US CEO, Brett Harrison. His venture, Architect, offers algorithmic trading code for crypto using AI tools, extending sophisticated investment tools to retail traders and financial institutions. Future developments might integrate advanced market indicators into the trading process.”

“Investment in AI-backed blockchain company Web3Go highlights a trend of infrastructural providers flourishing amidst a crypto investment lull. Web3Go simplifies the ownership verification of AI-native digital assets with tools like real-time data processing and a digital curation protocol.”

The decentralized exchange (DEX), dYdX, has launched its public test network on the Cosmos blockchain, marking a significant step towards transitioning from its Ethereum-based version. The new test network offers users advanced capabilities and highlights the company’s strategic shift for improved performance efficiency, responsiveness, and scalability.

New technologies like blockchain, stablecoins, and central bank digital currencies (CBDC) aim to expedite cross-border payments. However, existing infrastructures like Wise, which uses established systems, already process 55% of such payments instantly. Central banks worldwide are also introducing real-time retail payment systems, indicating growing diversification of instant payment options.