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Tag: Blockchain

  • Tron Network Outpaces Ethereum in Revenue Over the Past 90 Days

    Tron Network Outpaces Ethereum in Revenue Over the Past 90 Days

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    According to recent data from Token Terminal, the Tron network has overtaken Ethereum in terms of revenue generation.

    Over the past 90 days, the blockchain network has accrued approximately $435 million in fees, outpacing Ethereum’s $364 million.

    Tron’s Revenue Surpasses Ethereum by 50%

    Tron’s founder, Justin Sun, took to X on August 15 to highlight this achievement, stating that in the last 30 days, Tron’s protocol revenue exceeded Ethereum’s by 50%.

    He also projected that if the current trend continues, Tron’s protocol revenue could surpass $2 billion by the end of 2024, making it “the most profitable blockchain on Earth.”

    In response to an inquiry from his original post, Sun clarified that 100% of its revenue is distributed to TRX holders.

    In addition to this revenue growth, the network recorded $1.25 trillion in USDT settlement volumes in the second quarter of 2024. According to Token Terminal, this represents nearly a third of Visa’s annual settlement figures.

    A major contributor to Tron’s revenue growth is its dominance in the stablecoin market, particularly with Tether (USDT). Currently, half of all USDT in circulation operates on the network.

    Given that USDT represents about 70% of the entire stablecoin market, this concentration is a major revenue driver for it.

    Upcoming Innovations

    Meanwhile, Tron will be introducing a new feature by the end of the year that could further boost its market position. The network is developing a solution that will allow users to pay transaction fees with stablecoins, such as USDT, eliminating the need to hold TRX for transfers.

    Sun believes this will simplify blockchain transactions, particularly for large companies, and could drive broader adoption of blockchain technology.

    This feature is expected to launch first on the Tron network, with plans to expand to Ethereum and other Ethereum Virtual Machine (EVM)-compatible chains.

    Despite Tron’s revenue figures, the network faces challenges in other key metrics. According to data from DefiLlama, the blockchain platform’s total value locked (TVL) fell to a six-month low of approximately $7.6 billion in June 2024.

    Although there was a moderate recovery in July, with TVL rising to $8.7 billion, it has since returned to around $7.4 billion.

    Interestingly, this decline in TVL coincided with a significant rise in the price of TRX, which saw a 9.5% gain in June 2024.

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    Wayne Jones

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  • 3 Ways the Intersection of AI and Blockchain Will Change the Future of Your Business | Entrepreneur

    3 Ways the Intersection of AI and Blockchain Will Change the Future of Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    AI and blockchain are complementary forms of technology that have, as readers are likely aware, gained stunning momentum in recent years. Over the course of just last year, the former has found expansive application across the business landscape: According to a survey from UKG from late 2023, no less than 78% of executives reported that their companies were using artificial intelligence. A further 71% considered AI to be a medium to high priority for their businesses, and 62% thought they were not adopting such solutions fast enough.

    Second, we have blockchain technology. As early as 2018, 84% of C-suite members in a PwC survey claimed to have a blockchain initiative underway, and the rapid rise of cryptocurrency in the intervening years has shed further light on its potential.

    Related: Meet The Visionary Shaping Entertainment Through Blockchain

    The benefits of AI and blockchain working in tandem

    As these two concepts become more mainstream, business leaders are increasingly recognizing their productive capacity in working together. In a recent presentation at the EY Global Blockchain Summit 2024, for example, EY Global Chief Innovation Officer Jeff Wong addressed the synergistic possibilities of blockchain’s ability to certify original ownership, particularly as AI-generated content increases. He pointed out that technologies rarely create a leap forward on their own: Usually, Wong said, they have to come together with other new or existing ones to enable higher utility and a surge of development.

    Companies can use AI and blockchain together to change business processes and influence digital transactions—among the payoffs are a further reduction in costs and a transformation of consumer experiences in the consumption of online content and in other digital interactions.

    The question is, what might all this potentially translate to in day-to-day business operations?

    Here are a few possibilities:

    1. AI-driven predictive analytics

    The ability of artificial intelligence to look at past data and use it to predict future outcomes has gained impressive recent utility. However, that usefulness diminishes if past data is unreliable. Blockchain reinforces the predictions of AI-driven analytics by ensuring that data used in each algorithm is accurate, untampered with and transparent.

    Companies can use blockchain to create a level of integrity and reliability that’s not possible in a less secure set of data for AI models.

    Related: A Complete Guide to Using Predictive Analytics in Your Business

    2. Enhanced data security and capability

    Blockchain’s ability to improve data trustworthiness is unrivaled. It publicly traces all iterations of a piece of data, recording transactions in a decentralized and tamper-proof manner.

    This markedly improves data quality but does not boost utility. That’s where AI comes into the picture: It can execute increasingly sophisticated actions, including creation and generation. But here once again, the quality of data lies at the heart of each LLM’s (large language models) dependability — something blockchain naturally elevates.

    Blockchain technology can create data that powers cleaner and more accurate AI results.

    3. Sophisticated smart contracts

    Contracts make the business world go round, but can also hold things up when not handled efficiently. Blockchain makes it possible to store self-executing smart contracts on-chain when certain conditions are met. This reduces errors, eliminates the need for intermediaries and lowers costs.

    AI takes the basic yet vital acceleration of blockchain contract execution and increases complexity. The LLM models and neural networks that power AI algorithms introduce a higher degree of adaptation to the smart contract model. This gives them a dynamic, decision-making quality that uses real-time data to power adjustments.

    Businesses can use AI to enhance smart contract capabilities and reduce workloads.

    Related: Making a Difference with Adaptive Neural Networks

    Investing in synergy

    Technology is always advancing, but rare are the moments when multiple complementary techs overlap in powerful ways. The intersection of blockchain’s reliability and AI’s capability could lead to an explosion in business efficiency and dynamism. The question is, are you and your company ready to explore that new frontier?

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    Rashan Dixon

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  • Pressure Grows in Congress to Treat Crypto Investigator Tigran Gambaryan, Jailed in Nigeria, as a Hostage

    Pressure Grows in Congress to Treat Crypto Investigator Tigran Gambaryan, Jailed in Nigeria, as a Hostage

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    When Tigran Gambaryan was first invited in February to meet with the Nigerian government in order to settle a dispute with his employer, the cryptocurrency exchange Binance, Nigerian officials detained him against his will, stripped him of his passport, and told him he was a “guest” of the state. He’s since been charged with financial crimes and jailed for months as a criminal suspect.

    Pressure is now mounting within the US Congress for the Biden administration to treat him as what his supporters argue he has been all along: a hostage, held illegally by an unaccountable foreign country.

    On Wednesday, US congressman Rich McCormick, who represents Gambaryan’s district in his home state of Georgia, submitted a resolution to the House Committee on Foreign Affairs that both urges the Nigerian government to release Gambaryan and calls on the US government to recognize that Gambaryan is being illegally detained as a hostage in an effort to extort his employer, Binance. That resolution represents the latest in a series of growing calls from Congress for the White House to step up its pressure on Nigeria to release Gambaryan, a former federal agent who led many of the most significant cryptocurrency-related criminal cases of the last decade during his time as an IRS criminal investigator.

    “The continued detention of Tigran Gambaryan in Nigeria is a clear violation of his rights, and he is simply being used as a means of extortion by the Nigerian government,” McCormick wrote in a statement. “We urge Nigeria to immediately release Tigran and provide him with the necessary medical care and due process. The United States Government must do everything in its power to secure the release of Tigran Gambaryan, and all of our citizens wrongfully detained abroad.”

    McCormick’s resolution to push for Gambaryan’s release follows an earlier open letter from 16 members of Congress calling on the White House to transfer Gambaryan’s case to the Office of the Special Presidential Envoy for Hostage affairs. That letter noted that Gambaryan has suffered from malaria and pneumonia, collapsing in court during one day of his trial, yet has been denied proper care in a hospital. “Gambaryan’s health and wellbeing are in danger, and we fear for his life,” the letter read. “Immediate action is essential to ensure his safety and preserve his life. We must act swiftly before it is too late.” Two House members, French Hill and Chrissy Houlahan, visited Gambaryan in jail last month and have also called for his release.

    Gambaryan and another Binance staffer, Nadeem Anjarwalla, flew to Abuja in late February at the invitation of the Nigerian government after the country’s officials accused Binance, where Gambaryan works as head of its investigations and financial crime compliance, of money laundering and contributing to the devaluation of the country’s national currency, the naira. But just days into that negotiation, the two men were detained in a government-run “guest house” against their will.

    The situation escalated further when Anjarwalla, who is based in Kenya, escaped during a visit to a mosque for Ramadan prayers. Gambaryan was then criminally charged with tax evasion and money laundering—all signs suggest those charges relate to the behavior of Binance, not Gambaryan personally—and moved to Kuje prison, where he has since been held.

    Tigran Gambaryan

    Photograph: Binance

    The charges against Gambaryan are particularly ironic given his track record as a federal agent. Prior to being hired by Binance, which was widely seen as part of the exchange’s efforts to clean up its operations’ lax compliance and years of alleged money laundering documented in a $4.3 billion settlement with the US government last year, Gambaryan spent a decade leading many of the most significant crypto crime investigations in history. From 2014 to 2017 alone, for instance, Gambaryan identified two corrupt federal agents who had enriched themselves with cryptocurrency from the Silk Road dark-web drug market, helped to track down half a billion dollars worth of bitcoins stolen from early crypto exchange Mt. Gox, helped develop a secret crypto tracing method that located the server hosting the massive AlphaBay dark web crime market, and helped to achieve the takedown of the Welcome to Video crypto-funded child sexual abuse video network.

    Gambaryan’s supporters point out that his work for the IRS led to the seizure of more than $4 billion dollars, including several of the largest monetary seizures in the history of US criminal justice. “He’s done so much good for this country throughout his career,” Gambaryan’s wife Yuki told WIRED in March. “I believe it’s his turn to get the same amount of support from his country.”

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    Andy Greenberg

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  • Can blockchain make weather forecasts better? WeatherXM thinks so

    Can blockchain make weather forecasts better? WeatherXM thinks so

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    Accurate weather forecasts are critical to industries like agriculture, and they’re also important to help prevent and mitigate harm from inclement weather events or natural disasters. But getting forecasts right is extremely difficult. That’s why the founders of WeatherXM have been looking to make weather forecasts more accurate for the past 12 years.

    In 2012, Manolis Nikiforakis, Stratos Theodorou and Nikos Tsiligaridis launched an app that allowed community members to provide grassroots weather updates. They then worked as consultants to enterprise customers, like the Athens airport, in weather-sensitive industries. Now, they are building WeatherXM, a network of community-monitored weather stations that are collecting and sharing local weather data through systems built on the blockchain.

    Nikiforakis, WeatherXM’s CEO, told TechCrunch that the startup has already deployed 5,000 of its own weather stations in over 80 countries. These stations collect local ground weather information and are monitored by volunteers that are compensated with WeatherXM’s own crypto token, $WXM. All of the data collected is accessible to anyone to use personally for free with paid offerings for enterprises that want to use it commercially.

    “We are strong advocates of open source,” Nikiforakis said. “We believe [WeatherXM’s mission] is not purposeful without collaboration with multiple different sides of people and expertise. We are making all this data openly available to anyone. You can see in real time what every weather station is reporting.”

    The startup just raised a $7.7 million Series A round led by Faction, an early-stage blockchain-focused fund that is affiliated with Lightspeed, with participation from VCs including Borderless Capital, Alumni Ventures and Red Beard Ventures, in addition to more VCs and other types of investors. The startup will use the capital to expand its team and set itself up to start monetizing its commercial users.

    Tim Khoury, a partner at Faction, said he was drawn to invest in the company because it offered an attractive use case for a community-driven blockchain project that had both the supply of people willing to join the community and the demand for what the company was producing. The potential TAM for more accurate weather data didn’t hurt, either.

    “The falling of a lot of deep networks is the demand side,” Khoury said. “If there isn’t demand for what is actually being generated, or produced, in this case, you can’t sustain the network over time.”

    As someone with a basement that has flooded on multiple occasions during storms that weren’t accurately predicted, this deal immediately piqued my interest. But the blockchain and crypto token aspect of WeatherXM’s strategy confused me initially.

    Nikiforakis told me that the crypto incentive structure is the only way this local weather network could work. Paying each person who oversees a weather station would make the idea too costly and complicated to scale to the size the network needs to reach to be effective. He said via their first app, they discovered that people were willing to provide weather data for free, so WeatherXM’s structure is meant to incentivize users just a bit more.

    “[Using crypto] also helps coordinate that [weather stations] are deployed in the areas where we care about the most, developing nations and rural nations,” Nikiforakis said. “The crypto rewards work as a coordination tool. In many ways this is a community project, therefore that crypto is acting as a governance tool. People can vote using this token on decisions that influence how the project works.”

    While I’ll admit I’m not bullish when it comes to blockchain or crypto, utilizing that structure here does make a lot of sense. It’s also complementary to the startup’s focus on making the data open source, which requires blockchain technology to actually be effective.

    I was moderating a panel earlier this week that was focused on how communities can prepare for climate emergencies and disasters, and one thing that came up on multiple occasions was that data like this needed to be open source so that public and private entities could more easily work together to both plan for climate disasters and better respond to them.

    WeatherXM making all the data open source, especially from its stations in underserved or rural areas, could be advantageous to communities that are fighting the growing threat and damage of climate events without needing a large budget or resources.

    The mission here is easy to get behind, but we’ll see whether bringing weather to the blockchain gets enough demand to really make a difference.

    “We need to create an ecosystem around our technology and ideas for the industry to move forward, for meteorology to improve in general,” Nikiforakis said. “We don’t like the old way where things are happening in silos and not giving access to anyone who has the credentials or payment. We are going against the stream. We are opening the data to everyone.”

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    Rebecca Szkutak

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  • 900 Million Telegram Users Send TON Token Soaring 15% – Details

    900 Million Telegram Users Send TON Token Soaring 15% – Details

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    Telegram, the messaging giant, has reached a staggering 900 million users. This surge directly impacts Telegram Open Network (TON), the blockchain designed to work seamlessly within Telegram. TON has seen a remarkable 15% growth in the last week, highlighting its potential to become a mainstream crypto player.

    
    TON price action. Source: Coingecko

    TON: Cheap Transactions Draw In Users

    The key to TON’s recent success lies in its tight integration with Telegram. Users can ditch the hassle of separate crypto wallets and make transactions directly through Telegram’s native wallet.

    This frictionless experience, coupled with TON’s cheap transactions and fee-free USDT transfers, is a major draw for everyday users who might be hesitant to dive into the complexities of traditional crypto exchanges.

    Farming In Your Chats

    While TON facilitates everyday transactions, its goals extend further. The Telegram ecosystem thrives on a network of apps and bots that introduce inventive ways to interact with your wallet. A prime example is “farming,” which allows users to participate in decentralized finance (DeFi) activities using TON or other tokens, all within the familiar Telegram interface.

    Total crypto market cap currently at $2.323 trillion. Chart: TradingView

    This functionality to “farm” directly within chat windows showcases how TON fosters a deeper integration with cryptocurrencies. It breaks down the barriers between messaging and finance, potentially leading to a more seamless adoption of crypto in our daily digital interactions.

    Security Concerns

    However, TON’s path to mainstream adoption isn’t paved with roses. The biggest thorn in its side is security. While the integrated wallet offers undeniable convenience for small transactions, security experts raise concerns about its suitability for storing large amounts of cryptocurrency.

    TON weekly price ascent. Source: Coingecko

    Unlike traditional hardware wallets, which are considered the gold standard for secure crypto storage, Telegram’s software wallet might be more susceptible to hacks or breaches. This could be a significant deterrent for users wary of entrusting their hard-earned crypto to a messaging app.

    Regulatory Tightrope

    Another looming challenge for TON is the ever-evolving regulatory landscape surrounding cryptocurrencies. Governments worldwide are still grappling with how to handle these digital assets, and regulations can significantly impact how TON operates within different markets.

    Navigating this regulatory tightrope will be crucial for TON’s long-term success. The network needs to ensure it complies with evolving regulations while still offering users the functionality and freedom they expect from a decentralized blockchain.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Ethereum’s Cofounder Says SEC Is ‘Gaslighting’ Everyone About Crypto

    Ethereum’s Cofounder Says SEC Is ‘Gaslighting’ Everyone About Crypto

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    Joe Lubin is in a fight with the Securities and Exchange Commission. Not only is the financial regulator waging war against Ethereum, he claims, but making a grab for jurisdiction over the future of the Internet. So Lubin has decided to punch back.

    In 2015, Lubin was part of the team that created Ethereum, the computer network home to the world’s second largest cryptocurrency, known as ETH. Later that year, Lubin founded Consensys, with the loose ambition to support the development and adoption of Ethereum and built software products on top of the network. In April, Consensys received an unwelcome missive—known as a Wells Notice—from the SEC, informing the company that it was about to be sued. The regulator’s grievance, Consensys was told, had to do with one of the software products in its stable: MetaMask, a crypto wallet that lets users store crypto coins and interact with Ethereum-based apps.

    Consensys claims that the SEC notice, which has not been made public, states that MetaMask has made the company into an unregistered securities broker. Specifically, the SEC takes issue with two MetaMask features: one that allows users to trade between different tokens and another that lets them lock up their tokens in exchange for a regular reward, in a process called staking.

    On April 25, Consensys filed a lawsuit of its own against the SEC. The complaint accuses the regulator of an “unlawful seizure of authority over ETH,” which “bears none of the attributes of a security”—the specific type of financial instrument over which the SEC has dominion. The SEC having its way “would spell disaster for the Ethereum network,” the complaint alleges.

    In its Wells Notice, the SEC stopped short of calling ETH itself a security, says Consensys, focusing instead on the MetaMask features. But according to Consensys, the agency has long been quietly conducting an investigation into Ethereum, in the view that ETH should be reclassified as such.

    That’s not fair, claims Consensys, because an SEC director has previously described ETH as a commodity, not a security, and the Commodity Futures Trading Commission, a separate US financial regulator, has made the same contention. “Consensys built its business against the backdrop of this regulatory consensus,” the lawsuit says.

    In bringing the lawsuit, Consensys hopes to drag itself and Ethereum out from underneath the SEC, by clarifying the limits of its jurisdiction, and embolden the rest of the crypto industry to retaliate against what it describes as “aggressive and unlawful SEC overreach.” An SEC spokesperson declined to comment on the specific allegations made by Consensys, saying only that “noncompliance with the securities laws deprives investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosures, segregation of customer assets, safeguards against conflicts of interest, oversight by a self-regulatory organization, and routine inspection by the SEC. It’s investors who get hurt and the American financial markets that may suffer.”

    The following Q&A has been edited for brevity and clarity.

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    Joel Khalili

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  • EY Launches Ethereum-Based OpsChain Contract Manager for Business Contracts

    EY Launches Ethereum-Based OpsChain Contract Manager for Business Contracts

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    Ernst & Young (EY) has launched OpsChain Contract Manager (OCM), an Ethereum solution that leverages zero-knowledge proofs technology.

    The solution will help private businesses efficiently manage and execute intricate business agreements while ensuring confidentiality, timeliness, and cost-effectiveness.

    EY Launches the OpsChain Contract Manager

    EY, one of the top “big four” accounting firms alongside Deloitte, KPMG, and PwC, has been exploring the business applications of zero-knowledge proofs (zk proofs) since at least 2018.

    OpsChain Contract Manager (OCM) is tailored to facilitate the secure management of business contracts on a public blockchain. By leveraging zero-knowledge proofs, OCM ensures contract integrity and confidentiality while enhancing efficiency and reducing costs.

    The platform integrates with existing enterprise systems through a standardized API and supports various contract types, including volume purchase agreements and pricing models linked to market data feeds.

    The development of OCM came from EY’s previous client engagements, where it realized that contract term accuracy could be enhanced while significantly reducing cycle times and administrative costs by approximately 90% and 40%, respectively.

    Meanwhile, EY chose Ethereum, a public blockchain, over a private network to prevent any party from gaining undue advantage while mitigating the risk of sensitive business information leakage.

    Paul Brody, EY Global Blockchain Leader, highlighted that the technology behind OCM, Nightfall, initially emerged on Ethereum and underwent testing on its test network. The upcoming update will transition Nightfall to Ethereum’s mainnet and may incorporate a Layer-3 upgrade to enhance scalability and functionality.

    EY’s Venture Into Blockchain

    EY’s launch of OpsChain Contract Manager comes amid increasing blockchain adoption by major financial players. BlackRock also recently entered the space with a tokenized fund on Ethereum.

    EY’s OCM reflects its commitment to revolutionizing how enterprises handle contracts, focusing on enhancing process efficiency and transparency through blockchain solutions. By integrating blockchain into traditional business practices, EY sets a precedent for the industry’s progression toward embracing this transformative technology in routine operations.

    This latest development builds upon EY’s ongoing engagement with the blockchain sector. EY recently made headlines with a “healthcare breakthrough” by leveraging blockchain technology in collaboration with Canadian Blood Services.

    In October 2023, EY unveiled the fourth generation of its EY blockchain analytics tool, Reconciler, designed to aid Fidelity in enhancing internal risk management for digital assets.

    In September 2021, EY also announced its collaboration with Polygon to integrate Polygon’s solutions with EY’s flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.

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    Wayne Jones

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  • Vana plans to let users rent out their Reddit data to train AI | TechCrunch

    Vana plans to let users rent out their Reddit data to train AI | TechCrunch

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    In the generative AI boom, data is the new oil. So why shouldn’t you be able to sell your own?

    From big tech firms to startups, AI makers are licensing e-books, images, videos, audio and more from data brokers, all in the pursuit of training up more capable (and more legally defensible) AI-powered products. Shutterstock has deals with Meta, Google, Amazon and Apple to supply millions of images for model training, while OpenAI has signed agreements with several news organizations to train its models on news archives.

    In many cases, the individual creators and owners of that data haven’t seen a dime of the cash changing hands. A startup called Vana wants to change that.

    Anna Kazlauskas and Art Abal, who met in a class at the MIT Media Lab focused on building tech for emerging markets, co-founded Vana in 2021. Prior to Vana, Kazlauskas studied computer science and economics at MIT, eventually leaving to launch a fintech automation startup, Iambiq, out of Y Combinator. Abal, a corporate lawyer by training and education, was an associate at The Cadmus Group, a Boston-based consulting firm, before heading up impact sourcing at data annotation company Appen.

    With Vana, Kazlauskas and Abal set out to build a platform that lets users “pool” their data — including chats, speech recordings and photos — into data sets that can then be used for generative AI model training. They also want to create more personalized experiences — for instance, daily motivational voicemail based on your wellness goals, or an art-generating app that understands your style preferences  — by fine-tuning public models on that data.

    “Vana’s infrastructure in effect creates a user-owned data treasury,” Kazlauskas told TechCrunch. “It does this by allowing users to aggregate their personal data in a non-custodial way … Vana allows users to own AI models and use their data across AI applications.”

    Here’s how Vana pitches its platform and API to developers:

    The Vana API connects a user’s cross-platform personal data … to allow you to personalize your application. Your app gains instant access to a user’s personalized AI model or underlying data, simplifying onboarding and eliminating compute cost concerns … We think users should be able to bring their personal data from walled gardens, like Instagram, Facebook and Google, to your application, so you can create amazing personalized experience from the very first time a user interacts with your consumer AI application.

    Creating an account with Vana is fairly simple. After confirming your email, you can attach data to a digital avatar (like selfies, a description of yourself and voice recordings) and explore apps built using Vana’s platform and data sets. The app selection ranges from ChatGPT-style chatbots and interactive storybooks to a Hinge profile generator.

    Image Credits: Vana

    Now why, you might ask — in this age of increased data privacy awareness and ransomware attacks — would someone ever volunteer their personal info to an anonymous startup, much less a venture-backed one? (Vana has raised $20 million to date from Paradigm, Polychain Capital and other backers.) Can any profit-driven company really be trusted not to abuse or mishandle any monetizable data it gets its hands on?

    Vana Reddit DAO

    Image Credits: Vana

    In response to that question, Kazlauskas stressed that the whole point of Vana is for users to “reclaim control over their data,” noting that Vana users have the option to self-host their data rather than store it on Vana’s servers and control how their data’s shared with apps and developers. She also argued that, because Vana makes money by charging users a monthly subscription (starting at $3.99) and levying a “data transaction” fee on devs (e.g. for transferring data sets for AI model training), the company is disincentivized to exploit users and the troves of personal data they bring with them.

    “We want to create models owned and governed users who all contribute their data,” Kazlauskas said, “and allow users to bring their data and models with them to any application.”

    Now, while Vana isn’t selling users’ data to companies for generative AI model training (or so it claims), it wants to allow users to do this themselves if they choose — starting with their Reddit posts.

    This month, Vana launched what it’s calling the Reddit Data DAO (Digital Autonomous Organization), a program that pools multiple users’ Reddit data (including their karma and post history) and lets them to decide together how that combined data is used. After joining with a Reddit account, submitting a request to Reddit for their data and uploading that data to the DAO, users gain the right to vote alongside other members of the DAO on decisions like licensing the combined data to generative AI companies for a shared profit.

    It’s an answer of sorts to Reddit’s recent moves to commercialize data on its platform.

    Reddit previously didn’t gate access to posts and communities for generative AI training purposes. But it reversed course late last year, ahead of its IPO. Since the policy change, Reddit has raked in over $203 million in licensing fees from companies including Google.

    “The broad idea [with the DAO is] to free user data from the major platforms that seek to hoard and monetize it,” Kazlauskas said. “This is a first and is part of our push to help people pool their data into user-owned data sets for training AI models.”

    Unsurprisingly, Reddit — which isn’t working with Vana in any official capacity — isn’t pleased about the DAO.

    Reddit banned Vana’s subreddit dedicated to discussion about the DAO. And a Reddit spokesperson accused Vana of “exploiting” its data export system, which is designed to comply with data privacy regulations like the GDPR and California Consumer Privacy Act.

    “Our data arrangements allow us to put guardrails on such entities, even on public information,” the spokesperson told TechCrunch. “Reddit does not share non-public, personal data with commercial enterprises, and when Redditors request an export of their data from us, they receive non-public personal data back from us in accordance with applicable laws. Direct partnerships between Reddit and vetted organizations, with clear terms and accountability, matters, and these partnerships and agreements prevent misuse and abuse of people’s data.”

    But does Reddit have any real reason to be concerned?

    Kazlauskas envisions the DAO growing to the point where it impacts the amount Reddit can charge customers for its data. That’s a long ways off, assuming it ever happens; the DAO has just over 141,000 members, a tiny fraction of Reddit’s 73-million-strong user base. And some of those members could be bots or duplicate accounts.

    Then there’s the matter of how to fairly distribute payments that the DAO might receive from data buyers.

    Currently, the DAO awards “tokens” — cryptocurrency — to users corresponding to their Reddit karma. But karma might not be the best measure of quality contributions to the data set — particularly in smaller Reddit communities with fewer opportunities to earn it.

    Kazlauskas floats the idea that members of the DAO could choose to share their cross-platform and demographic data, making the DAO potentially more valuable and incentivizing sign-ups. But that would also require users to place even more trust in Vana to treat their sensitive data responsibly.

    Personally, I don’t see Vana’s DAO reaching critical mass. The roadblocks standing in the way are far too many. I do think, however, that it won’t be the last grassroots attempt to assert control over the data increasingly being used to train generative AI models.

    Startups like Spawning are working on ways to allow creators to impose rules guiding how their data is used for training while vendors like Getty Images, Shutterstock and Adobe continue to experiment with compensation schemes. But no one’s cracked the code yet. Can it even be cracked? Given the cutthroat nature of the generative AI industry, it’s certainly a tall order. But perhaps someone will find a way — or policymakers will force one.

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    Kyle Wiggers

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  • Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

    Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

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    Amid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.

    Nervos Network Decoded

    Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).

    Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners. 

    Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.

    Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it. 

    Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.

    How Secondary Issuance And State Rent Drive Sustainability

    Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications. 

    Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.

    Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage. 

    Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.

    Approaching ATH Amidst Bitcoin Integration Announcement

    Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years. 

    After trading in a range of $0.0024 to $0.0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.

    Currently trading at $0.032, CKB is close to its all-time high (ATH) of $0.043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.

    According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching $207 million in the last 24 hours, 9.7% from the previous day’s trading. 

    In addition, CKB’s market capitalization has increased significantly, nearly doubling from $740 million on April 2 to approximately $1.35 billion in just over a week.

    The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.

    As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market. 

    With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.

    The daily chart shows CKB’s price trending upwards. Source: CKBUSD on TradingView.com

    Featured image from iStock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Sarcophagus Is a Dead Man’s Switch for Your Crypto Wallet

    Sarcophagus Is a Dead Man’s Switch for Your Crypto Wallet

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    The system, says Hamilton, is designed to be “anti-fragile,” meaning it depends on no party’s good will to achieve its end. Nobody but the originator and recipient have access to the contents of the file, all other parties are financially incentivized to cooperate, and redundancies ensure the payload is always available. “Little strings of data control our lives,” says Hamilton. Because humans are “gooey”—that is, unreliable and prone to mistakes—the only sensible protection for those strings is cryptography, he adds.

    There are various other ways, says Hamilton, that Sarcophagus might be applied outside of a crypto setting. A digital dead man’s switch could be used by a whistleblower to release incriminating material or by a dissident or journalist who suspects a threat to their life, as a kind of SOS. In a more mundane context, it could be used to pass account credentials from one generation of employees to the next.

    ILLUSTRATION: ALBERTO MIRANDA

    Sarcophagus has received $6 million in funding to date from investors including Placeholder, Blockchange, and Hinge Capital. The project is managed by a decentralized autonomous organization, or DAO—a collective that governs the Sarcophagus treasury and development process through a system of community voting. In its present state, Sarcophagus is best described as an “early beta,” says Hamilton. The service is operational but not widely used, and it does not generate significant revenue—only a small cut of every payment.

    One barrier to broader adoption is that recipients must already have access to a crypto wallet, whose credentials are used to decrypt the data payload. There is an option to create a new wallet for someone, along with a PDF walking them through the process for accessing it, but a level of crypto literacy would certainly help.

    As the generation of people comfortable with crypto grows older and begins to reckon more seriously with their mortality, Hamilton thinks a larger subset will begin to understand the need for a service like Sarcophagus. “Millennials are just starting to think about this problem,” he says. Hamilton imagines that more accessible services will be built atop Sarcophagus technology, too. These “boomer products,” as Hamilton calls them, one of which his own team is developing, will abstract away some of the technical complexity, such that people won’t realize they are using crypto infrastructure. (Although there is an inevitable trade-off between security and convenience.)

    In any case, says Hamilton, the present system—whereby credentials to high-value crypto wallets might be stored in bank vaults protected by armed guards—approaches the absurd. The “billion-dollar file cabinet” has to go, says Hamilton. “We are still relying on heavy metal doors and guys with guns when cryptography itself can act as a steel wall of incredible thickness.”

    This article originally appeared in the May/June 2024 issue of WIRED UK.

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    Joel Khalili

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  • SUI Slips After Hitting All-Time High: TVL Tumbles 12%

    SUI Slips After Hitting All-Time High: TVL Tumbles 12%

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    The burgeoning world of Decentralized Finance (DeFi) has witnessed a rollercoaster ride for newcomer Sui, a Layer 1 blockchain designed to scale DeFi applications. After a stellar start to 2024, Sui’s Total Value Locked (TVL) – a metric reflecting the total value of crypto assets deposited in its DeFi protocols – surged to a record $724 million in late March. However, this celebratory moment proved fleeting, as the platform has since experienced a downward trend.

    SUI TVL Takes A Tumble

    Despite the recent decline, Sui’s TVL currently sits at a healthy $654 million, according to DeFiLlama. This translates to a 12% drop from its peak, showcasing a correction following its initial surge. However, it’s important to note that Sui remains in a positive light compared to some established players.

    SUI TVL. Source: Defillama

    Silver Linings For Sui

    While the recent dip might raise concerns, Sui boasts a more optimistic outlook when considering a broader timeframe. Compared to its New Year’s Day value, the current TVL represents a significant 25.5% increase.

    This upward trajectory extends further back, with a staggering 68% growth since the beginning of the year. This impressive background performance fuels optimism for Sui’s potential to regain its momentum, potentially propelling it towards a coveted spot amongst the top 10 DeFi chains.

    Total crypto market cap is currently at $2.571 trillion. Chart: TradingView

    SUI Token Mirrors Market Trends

    The price of Sui’s native token (SUI) reflects a similar pattern to its TVL. Currently trading at $1.65, SUI has shed nearly 30% of its value compared to its all-time high of $2.20 reached in late March. Despite the recent slump, SUI has managed a modest 2% daily increase. However, zooming out reveals a 11% loss over the past week.

    SUI price action in the last week. Source: CoinMarketCap.

    Can Sui Recover its DeFi Mojo?

    Regaining the lost TVL will be a key test for Sui’s development team. Identifying the reasons behind the user exodus is essential. Were there any security concerns or technical glitches that caused users to pull their funds? Transparency and addressing these issues head-on will be critical for rebuilding user confidence.

    Related Reading: Filecoin Bull Run On The Horizon? Analyst Sees 250% Surge

    Building A Thriving DEX Ecosystem Is Vital

    Meanwhile, a vibrant DEX ecosystem is another pillar for Sui’s future. Decentralized Exchanges allow users to trade cryptocurrencies directly with each other, without the need for a centralized intermediary.

    Fostering a healthy DEX landscape will attract more users and liquidity to the Sui blockchain, ultimately boosting its TVL. Enticing established DEX protocols to migrate to Sui or supporting the development of native DEX solutions could be effective strategies.

    Featured image from Pixabay, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Blockchain startup LightLink raises $6.2m as cryptocurrency VC activity shifts

    Blockchain startup LightLink raises $6.2m as cryptocurrency VC activity shifts

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    Ethereum layer-2 blockchain LightLink secured $6.2 million in funding during an extended seed round.

    Institutional and individual investors participated in the effort.

    “No further rounds planned [at the moment],” the company stated in a social media post on Saturday, April 6.

    LightLink extended the seed round due to high demand from investors. The startup ended up receiving an additional $1.7 million in the process. ‘

    The company plans to use this influx of capital to support its vision of a web3 ecosystem accessible to millions while advancing proprietary technologies for gasless transactions.

    Roy Hui, LightLink’s co-founder and CEO, expressed enthusiasm about the investment, highlighting the company’s commitment to practical blockchain solutions.

    Our mission at LightLink is to make blockchain practical and accessible. This investment will help us continue building a Web3 ecosystem for millions of users from our enterprise partners and enhance our proprietary technology for gasless transactions.

    Roy Hui, LightLink CEO and co-founder

    The extended seed round saw participation from prominent venture capital (VC) firms such as MH Ventures and NxGen, alongside contributions from individual crypto investors like Eric Cryptoman and Satoshi Stacker.

    LightLink reportedly records about 115,000 daily transactions and enjoys a strategic alliance with Animoca Brands. 

    Additionally, one of its upcoming initiatives is the launch of its LL token, backed by a liquidity bootstrapping pool. The move is designed to ensure equitable distribution and efficient price discovery within the LightLink ecosystem, which facilitates instant, gasless transactions for dapps and enterprises.

    The company’s successful seed round comes against a backdrop of renewed VC interest in the crypto space.

    According to data gathered by Crypto Koryo, venture capital funding in crypto projects has surged by 38% since Q4 2023. 

    Crypto Koryo’s data indicated that the number of crypto projects receiving VC funding also increased by 49%.

    Venture firms such as Andreessen Horowitz, OKX Ventures, and Paradigm led major investment rounds in the first quarter of 2024. 

    In March alone, crypto VC funds invested over $1.1 billion across 180 crypto startups, with a focus on infrastructure and decentralized finance projects.

    This upward momentum in VC funding mirrors the trend seen in the fourth quarter of 2023, which observers say indicates a positive outlook for continued growth and innovation in the crypto space.


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    Julius Mutunkei

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  • Crypto Magnate Do Kwon Found Liable for Multi-Billion-Dollar Fraud

    Crypto Magnate Do Kwon Found Liable for Multi-Billion-Dollar Fraud

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    The defense attempted to draw a distinction between the failure of Terraform’s crypto assets, whose risk profile it implied was well understood by investors, and the acts of fraud alleged by the SEC. “Failure doesn’t equal fraud,” David Patton, attorney to Kwon, reportedly told the courtroom in his opening statement.

    The defense also sought to undermine the credibility of the SEC whistleblowers, whom it reportedly suggested were in it only for the financial reward. The defense dismissed the account of the former Jump employee as hearsay and cast the Chai whistleblower as a disgruntled former staffer.

    The defense also contended that Chai had utilized the Terraform blockchain, and argued that the SEC could not prove otherwise without access to the Chai source code. The messages between Shin and Kwon about “fake transactions,” Kwon’s lawyers claimed, related to a different project entirely.

    The jury was ultimately unconvinced.

    Having been found liable, Kwon and Terraform will be dealt a financial penalty, the size of which will be confirmed by the judge at a later stage. They’ll likely be prevented from participating in the US securities market in the future. But the implications of the case spill further afield.

    Before the trial, the defense had called for dismissal on the grounds that the SEC had misclassified UST, LUNA, and other Terraform tokens as securities—a specific class of financial instrument from which investors expect to profit—and, therefore, lacked jurisdiction. The debate over the appropriate classification of crypto is central to multiple ongoing legal disputes in the US, between the SEC and Ripple, Coinbase, and other firms. The crypto industry has repeatedly accused the SEC of “regulation by enforcement”—of wielding legal action instead of articulating clear rules for the road—and making a jurisdictional land grab.

    However, in an opinion issued before the trial, Judge Jed Rakoff, who presided over the Kwon case in New York, rejected the arguments for dismissal. The SEC should be allowed to “resolve new and difficult questions posed by emerging technologies where the technologies impact markets that on their face appear to resemble securities markets,” he ruled.

    The opinion does not establish a rule that other US judges are duty bound to follow, but in combination with the verdict in favor of the SEC, sets a precedent of sorts for a crypto organization having violated US securities laws. “This case is before a well-respected judge who is thorough and careful. He’s influential,” says Lisa Bragança, attorney at Bragança Law and former branch chief at the SEC. “A decision from him will be cited over and over again by fellow judges.”

    Terraform had already signaled prior to the trial its intention to appeal an unfavorable verdict, citing the ambiguity over the proper classification of its tokens. The absence of Kwon from the courtroom, which denied him the ability to “sit at the counsel table, hear the testimony of witnesses, and respond,” says Bragança, could support the appeal bid.

    In the absence of legislative direction from the US Congress, says Silva, the classification question will be settled only when a crypto case moves through the appellate courts, perhaps arriving eventually at the US Supreme Court. “It’s an evolving area of the law,” he says. “It’s crystallizing with each case that comes down. It just hasn’t crystallized yet.”

    From 4,500 miles away in Montenegro, Kwon will have played his part.

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    Joel Khalili

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  • Solana: Expert Analysis Points To Buying Opportunity

    Solana: Expert Analysis Points To Buying Opportunity

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    Solana (SOL), a prominent player in blockchain technology, finds itself at a crossroads. While crypto analyst Altcoin Sherpa remains bullish on its long-term potential, recent price drops and a surge in failed transactions raise concerns.

    Is Solana Poised For A Major Rally?

    Sherpa, known for simplifying complex investment strategies, suggests a buying range of $168-208 for SOL. He emphasizes a long-term approach, advocating patience over short-term price movements.

    This aligns with Solana’s reputation for innovation, offering a fast and scalable platform for decentralized applications (dApps). Its growing popularity and strong foundation in blockchain technology further solidify Sherpa’s optimistic outlook.

    The analyst urges investors to exercise patience and adopt a long-term perspective while dealing with the erratic cryptocurrency market and advises against overanalyzing the short-term price fluctuations.

    By contrast, he advocates refocusing towards a broader point of view, emphasizing that significant profits could result from a less fearful response to price fluctuations within the suggested purchase frame.

    In light of the volatility of cryptocurrency investments, this perspective offers some degree of clarity and suggests that Solana’s value is about to see a significant increase.

    But, SOL Price Is On The Weak Side

    However, Solana’s recent price performance paints a different picture. Over the past 24 hours and the last week, SOL has experienced a slight decline. This dip comes amidst a period of high trading volume, exceeding $4.3 billion in the last day alone. While high volume can indicate strong market interest, it can also be a sign of volatility.

    Further dampening investor sentiment is a concerning rise in failed transactions on the Solana network. Data from Dune Analytics reveals a staggering rate – nearly three-quarters of all transactions on the SOL chain have failed since March 2024.

    Source: Dune Analytics

    While bots causing spam are attributed to most of these failures, legitimate users interacting with the blockchain for swaps or decentralized exchange (DEX) transactions could also be affected. This network congestion raises questions about Solana’s scalability, a core strength Sherpa highlights.

    The Road Ahead For SOL

    Solana’s future trajectory hinges on its ability to address these network issues. Developers are actively working on solutions, but it remains to be seen if they can effectively mitigate the problem. Addressing scalability concerns will be crucial to maintaining user confidence and attracting new ones.

    Total crypto market cap is currently at $2.405 trillion. Chart: TradingView

    The contrasting perspectives on Solana highlight the inherent volatility of the cryptocurrency market. Investors considering SOL should carefully weigh Sherpa’s long-term vision against the recent price decline and network issues.

    Looking ahead, several factors will influence Solana’s future. The success of upcoming projects built on its platform and the broader adoption of blockchain technology will play a significant role. Additionally, regulatory developments and the overall performance of the cryptocurrency market could also impact SOL’s price.

    Solana remains a force to be reckoned with in the blockchain space. Its innovative approach and strong foundation are undeniable. However, overcoming network congestion is paramount to fulfilling its long-term potential.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Top 5 RWA Cryptocurrencies to Watch in April

    Top 5 RWA Cryptocurrencies to Watch in April

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    TL;DR

    • The Real-World Asset (RWA) niche, prominently featuring Ondo (ONDO) as its leader, showcases significant growth and investor interest in blockchain tokenization of physical assets.
    • Other key players in the cohort, like XDC Network (XDC) and Polymesh (POLYX), exhibit varying performances, from market corrections to impressive gains, underscoring the sector’s dynamic nature.

    Ondo (ONDO)

    Real-world Assets (RWA) have become quite popular lately. They represent certain physical assets, such as objects, properties, and others, and function on the blockchain through smart contracts. The market capitalization of the niche currently stands at over $8.6 billion, with Ondo (ONDO) being the largest token of that type.

    The asset is the governance coin of the New York-based crypto company Ondo Finance, which focuses on tokenization (recording assets such as bonds and US Treasuries on blockchains).

    ONDO’s price surged to an all-time high of $1.05 (per CoinGecko’s data) on March 31. It currently trades at around $0.82 in resonance with the broader market correction but remains 60% up on a monthly scale.

    ONDO Price
    ONDO Price, Source: CoinGecko

    XDC Network (XDC)

    This is the second-largest asset in this segment, with a market cap of around $630 million, or nearly two times smaller than the one of ONDO. XDC Network is an open-source blockchain suited for real-world decentralized finance with tokenization at the forefront.

    The price of its native token peaked in August of 2021 at $0.18. The prolonged bear market in 2022-2023 took its toll, and XDC plunged significantly before resurging once again last summer. As of the moment, the asset is worth approximately $0.04, representing a 3% decrease for the past month.

    XDC Price
    XDC Price, Source: CoinGecko

    Polymesh (POLYX)

    POLYX’s market cap lags behind XDC by mere millions, while its price was recently on a roll, peaking at $0.74. The coin has performed quite impressively in the last 30 days, experiencing a 140% upswing in its valuation.

    POLYX Price
    POLYX Price, Source: CoinGecko

    Polymesh is a specially designed blockchain that focuses on regulated assets and is sometimes called the “Ethereum for security tokens.”

    MANTRA (OM)

    The fourth-biggest RWA cryptocurrency, with a market capitalization of $530 million, is another token that has made the headlines recently. Last month, its price hit a new all-time high of over $0.80 after trading below $0.10 between April 2022 and February 2024. OM is up a whopping 1,800% for the past year.

    OM Price
    OM Price, Source: CoinGecko

    Mantra is a layer one blockchain network that creates a bridge between TradFi and DeFi by offering the necessary infrastructure for tokenizing Real-World Assets.

    Pendle (PENDLE)

    Last but not least, we will touch upon PENDLE, whose price has rallied substantially lately. It recently hit an ATH of $5.74 before retracing to its current level of around $5. The asset was worth a mere $0.60 in October 2023, meaning a 730% price increase in six months.

    PENDLE Price
    PENDLE Price, Source: CoinGecko

    Pendle Finance is a blockchain protocol that provides decentralized financial services focusing on fixed yields and yield tokenization. It supports cross-chain compatibility and involves automated market-making mechanisms for effective trading.

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    Dimitar Dzhondzhorov

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  • Ethereum Sees Rise In Daily Activity, But Why Is Price Down?

    Ethereum Sees Rise In Daily Activity, But Why Is Price Down?

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    Ethereum’s network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum’s native cryptocurrency, has undergone corrections in the past few days. Notably, Ethereum is down by over 10% in the past seven days, underperforming Bitcoin and the S&P 500.

    While this decline can be felt through the majority of large cryptocurrencies in the industry, the number of daily active Ethereum addresses has been steadily rising over the past month. 

    Ethereum’s Network Activity Surges But Price Remains Stagnant

    An increase in network activity is usually a bullish sign for the price of cryptocurrencies as more activity means more demand. Interestingly, the number of daily active Ethereum addresses has increased by over 46% since January 3. 

    This increase in active addresses largely came with a surge in price over the past few months. Ethereum shot up from $2,909 on February 24 to reach a two-year high of over $4,000 on March 12, representing a surge of over 39%. According to data from YCharts, the number of daily active addresses increased simultaneously from 432,647 to 515,145 during the same time frame. 

    However, Ethereum has been on a price decline since its brief cross over $4,000 and is currently down by 17% in the past 10 days. On the other hand, the network has witnessed a continued surge in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the past 24 hours, its highest point since October 2023. 

    According to data from IntoTheBlock, ETH’s daily average volume has been steadily growing in a similar manner to the one recorded in 2020’s early bull market. This growth has now pushed the amount of ETH transferred on Ethereum to its highest level since May 2022 this week.

    Ethereum is now trading at $3,420. Chart: TradingView

    Can Ethereum Resume Its Uptrend?

    At the time of writing, Ethereum is trading at $3,355. The price of any cryptocurrency, including ETH, depends heavily on market sentiment and speculation. While growing adoption and network activity are positive signs for long-term price growth, speculation is what really drives the price, at least in the short term.

    At the same time, its price remains under pressure from several areas. One of such pressures is a recent report that the SEC is poking around Ethereum and the Ethereum Foundation and is looking to classify ETH as a security

    As the second-largest cryptocurrency, ETH’s classification as a security could cause chaos that would eventually cascade into other crypto assets.

    Ethereum seems to have now formed a minor support at the $3,280 price level. Failure to hold above this price point could mean a further move to the downside.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • This Blockchain Game Was Exploited for $4.6 Million Right Before its Launch

    This Blockchain Game Was Exploited for $4.6 Million Right Before its Launch

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    Super Sushi Samurai, a blockchain game native to layer-2 solution Blast, was exploited hours before its much-anticipated gaming product was launched.

    The exploit, reportedly orchestrated by a white hat hacker, has resulted in a loss of $4.6 million due to a bug in its smart contract code.

    Smart Contract Bug Exploited

    According to an announcement from the Super Sushi Samurai team, the exploit was due to a bug in the smart contract code, allowing an unauthorized party to initiate an infinite mint function. This resulted in the creation of an excessive number of tokens that were subsequently sold into the liquidity pool.

    CertiK, an on-chain security firm, confirmed the extent of the exploit, stating that $4.6 million worth of tokens were affected. According to CoinGecko data, the exploit led to a 99% token value slippage following an unauthorized token dump. The attacker managed to get 1310 ETH from the token’s main liquidity pool by exploiting the smart contract vulnerability.

    Investigations into the incident revealed that an unauthorized party acquired 690 million SSS tokens and initiated a series of transactions through an attack contract designed for this purpose.

    Exploiting a vulnerability within the platform’s update function, the attacker duplicated the tokens in their possession 25 times, inflating the quantity to 11.5 trillion, which was then exchanged for approximately 1,310 ETH.

    Recovery Efforts

    Following the breach, Super Sushi Samurai has actively engaged with its community, providing updates and assurances through its official Telegram channel and other social media platforms.

    In an X post, they revealed that the exploit was conducted by a white hat hacker who is currently in communication with their team. The hacker’s message, visible on Blastscan, indicated that it was a rescue mission and plans to reimburse affected users were underway.

    They have also disclosed the address containing the compromised funds to facilitate tracking and potential recovery of the lost assets and that they are working with the white hat hacker to ensure the safe return of funds.

    Meanwhile, a “post-mortem” update from Super Sushi Samurai outlines the extent of the damage, with negotiations ongoing to reach a resolution that safeguards both users and the white hat hacker involved in the incident.

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    Wayne Jones

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  • Solana Captures Nearly 50% Of Global Crypto Attention

    Solana Captures Nearly 50% Of Global Crypto Attention

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    The Solana ecosystem has achieved a significant milestone by becoming the most popular blockchain ecosystem of the year. This is due to its ability to capture nearly half of the world’s crypto investor interest in the chain-specific theater.

    Together with the outstanding performance of native meme coins like dogwifhat and important ecosystem project tokens like Pyth, Solana’s comeback to 2021 peaks show a revived faith in the network.

    Solana’s Dominance: Coingecko Study Insights

    According to a study by Coingecko, as a result of Solana’s nearly 50% share of global chain-specific interest, and its affiliated projects’ increasing popularity and performance, the ecosystem has a significant mindshare that reinforces its leadership in the cryptocurrency market.

    Currently priced at $191, Solana (SOL) has increased by 13% in value over the past 24 hours. The fifth-ranked cryptocurrency has a market capitalization of nearly $85 billion, and its 24-hour trading volume amounted to $9 billion.

    Bitcoin price action. Chart: TradingView

    The popularity of Solana’s meme coins and ecosystem initiatives are successful in attracting attention to the network’s lively and dynamic ecosystem. As long as Solana is drawing attention and capital, its ecosystem will continue to dominate the cryptocurrency investor scene, paving the way for network expansion and innovation.

    Ethereum, on the other hand, is the second most popular blockchain ecosystem this year, having garnered nearly 13% of investor interest. Ethereum is probably not a new, hot crypto narrative anymore as its ecosystem and investors are already familiar with it. The Ethereum ecosystem is also seeing its focus spread out among the layer 2 ecosystems that are developing on top of it.

    SOL seven-day price ascent. Source: Coingecko

    Factors Driving Solana’s TVL Increase

    Meanwhile, according to DefiLlama’s data, the Solana blockchain has demonstrated a remarkable performance, with its decentralized finance (DeFi) total value locked (TVL) rising by nearly 80% in the previous month alone.

    Related Reading: DeFi Turmoil: Over $5 Million Wiped Out In Liquidations Amid Ethereum Price Drop

    This incredible ascent represented a significant turning point for the network, with the Solana TVL reaching its highest point in the previous two years. According to the most recent report, Solana is among the top five with the fastest-rising TVL in DeFi, with nearly $4 billion.

    Source: Defillama

    Much of Solana’s TVL is based on the increase in trade volume, which is tracked by the Defi protocols and operates across its Layer 1 (L1) network.

    Just this past month, there was a 125% increase in the daily trading volume of these protocols; the level of trading reached a peak of nearly $3.7 billion.

    Additionally, the network achieved an all-time high of $1.6 million in total daily fees, with fee income of $3.61 million.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Craig Wright Is Not Bitcoin Creator Satoshi Nakamoto, Judge Declares

    Craig Wright Is Not Bitcoin Creator Satoshi Nakamoto, Judge Declares

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    A judge in the UK High Court has declared that Australian computer scientist Craig Wright is not Satoshi Nakamoto, the creator of Bitcoin, marking the end of a years-long debate.

    “The evidence is overwhelming,” said Honourable Mr. Justice James Mellor, delivering a surprise ruling at the close of the trial. “Dr. Wright is not the author of the Bitcoin white paper. Dr. Wright is not the person that operated under the pseudonym Satoshi Nakamoto. Dr. Wright is not the person that created the Bitcoin system. Nor is Dr. Wright the author of the Bitcoin software,” he said.

    The ruling brings to a close a six-week trial, in which the Crypto Open Patent Alliance, a nonprofit consortium of crypto companies, asked the court to declare that Wright is not Satoshi on the basis that he had allegedly fabricated his evidence and contorted his story repeatedly as new inconsistencies came to light. “After all the evidence in this remarkable trial, it is clear beyond doubt that Craig Wright is not Satoshi Nakamoto,” claimed Jonathan Hough, legal counsel for COPA, as he began his closing submissions on Tuesday. “Wright has lied, and lied, and lied.”

    In the last five years, Wright has used his claim to be the creator of Bitcoin to bring multiple lawsuits of his own against developers and other parties he has accused of violating his intellectual property rights. COPA is seeking an injunction that would prevent Wright from further brandishing the claim. “We are seeking to enjoin Dr. Wright from ever claiming to be Satoshi Nakamoto again and in doing so avoid further litigation terror campaigns,” says a COPA spokesperson, who asked to remain nameless for fear of legal retaliation from Wright.

    The parties will have to wait a month or more for a formal judgement to be published, detailing the specific findings and forms of relief Wright will be required to submit to. The judgement will “be ready when it’s ready and not before,” said Mellor.

    This story is developing, please check back for updates.

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    Joel Khalili

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  • Solana’s price rises to $160, highest level since January 2022 as memecoin mania rises | TechCrunch

    Solana’s price rises to $160, highest level since January 2022 as memecoin mania rises | TechCrunch

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    Dogwifhat and politically-inspired tokens of President Biden and Trump also see price spikes

    The token behind Solana, a layer-1 blockchain that’s competitive with the Ethereum blockchain, has been through the wringer after it plummeted from a high of about $260 to a low around $8 in early 2023. But like every good movie with a character redemption arc, Solana has one too.

    The cryptocurrency passed $160 on Wednesday, marking its highest price since January 2022. It’s the fourth largest cryptocurrency (excluding stablecoins) by market cap behind bitcoin, ether and BNB, in that order, and it’s up 44.8% on the month and about 676% from the year-ago date, according to CoinMarketCap data.

    The blockchain behind the token is well known for its NFT marketplace, which is the second largest by all-time sales volume at $5.2 billion, as well as its decentralized finance (DeFi) ecosystem and more recently, developers’ ability to churn up memecoins on its chain faster than I can write this article. So it’s not surprising that the growth and traction on its blockchain is also being transpired through to its token.

    Since mid-December, a number of Shiba Inu dog-themed tokens on the Solana blockchain like Bonk and dogwifhat have taken off. The two tokens, which try to capitalize on the popularity of the original dog-based memecoin, Dogecoin, are up 150% and 600% on the month, respectively. The dogwifhat community also self-funded about $700,000 in less than four days to get the token shown on the external surface of the new Las Vegas Sphere – and people paid through USDC, the second-largest stablecoin, not dollars, to do it.

    And don’t worry, cat lovers: kitty-themed tokens like Popcat that are also showing crazy gains. For context, Popcat’s price increased 3,205% on the month.

    Bonk and Solana’s web3 smartphone Saga gained more attention after savvy crypto traders realized they could redeem 30 million tokens of BONK, worth between $500 to $800 in December, on the device. At current prices, the 30 million in free BONK tokens is worth almost a grand.

    In recent weeks, a number of politically inspired memecoins on the chain also have gained traction, like jeo boden, doland tremp and the crudely-named elizabath whoren, with market capitalizations of $71.8 million, $47.8 million and $8.8 million, respectively, at the time of publication. (If you’re wondering if I misspelled those tokens based on U.S. politician’s names, I didn’t.)

    Even Coinbase, the largest crypto exchange in America, shared steps on its website how to buy some of these tokens in the U.S., through other avenues off its own platform. In order to trade some of these cryptocurrencies on Solana, users need the native chain’s token to pay a nominal fee, fractions of a penny. (Please note none of this is financial advice, but one of the reasons that could point to Solana’s price increase.)

    Memecoins in general have seen a huge rally as the crypto market continues to thaw from its most recent winter. This, alongside airdrops from projects’ tokens, have sparked interest in Phantom, a crypto wallet heavily used across the Solana ecosystem, which has seen its active user base more than triple in the past year to 3.2 million monthly active users.

    While majority of these tokens have no underlying utility – dogwifhat is literally named after a dog wearing a knitted hat – people are still rallying behind them, arguably in hopes of getting rich quick or because they resonate with the eccentric, tsunami-like communities these assets create.

    But what goes up, often comes down, and the quick rise of some memecoins is often followed often extreme busts, sometimes within days of launching. While some may retain price support for months, as we’ve seen with a handful of tokens, it’s important to consider that not everything that shines like glitter is gold.

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    Jacquelyn Melinek

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