Category Archives: Smart Contracts
5 Ways Smart Contracts Are Making A Real-World Difference – HackRead
One of the most promising innovations in the blockchain industry is the smart contract. They provide a superior alternative to traditional contracts because theres no need for a third party to enforce the terms. Instead, everything is done through code, with smart contracts programmed to execute automatically only when certain, specified conditions are met.
From simple payments to complex, multi-step, and multi-party transactions, smart contracts enable more independence by removing the middleman. With traditional contracts, a third party such as the government or courts will get involved whenever theres a dispute. Third parties often play a role in creating the contract too. The downside, of course, is that the middleman always insists on taking a cut of the deal.
With automated smart contracts, the need for these third parties is eliminated. It means that smart contracts are more streamlined and cost-effective for the individual parties involved in any transaction. Its no surprise that multiple industries are beginning to recognize the benefits of smart contracts. In terms of real-world examples, we have already seen dozens of different use cases for smart contracts evolve.
In the music industry, emerging artists often have to rely on the income they get from fans who stream their music. With smart contracts, enforcing these royalty payments becomes much easier. Smart contracts can define what percentage of the royalty income is received by the artist and their record label and will enforce this each time someone downloads one of their songs.
A good example of this in practice is Tune.fm, which has built a tokenized music economy that ensures artists are paid in crypto directly for every second someone streams one of their tracks. Smart contracts will record the exact length of time someone listens to the song and then automatically pay the artist in JAM tokens.
Self-enforcing contracts can operate autonomously, and that makes them especially useful for tasks like supply chain management. For instance, when a product or component is delivered to its intended destination, be it a factory, warehouse, or store, it will trigger a pre-agreed escalation clause and record this delivery onto an immutable blockchain.
An Australian startup called Datahash is doing exactly this for the countrys agricultural supply chain. Its built on the Hedera Consensus Service that tracks products from one location to another and is designed to automate supply chain operations and prevent fraud that costs the Australian wine industry around $3 billion a year. Each time a delivery is made, a smart contract records it has happened, making it possible to trace each bottle of wine from the store shelf back to the vineyard where it was produced.
A fit and healthy population is essential for any economy, and so there are lots of good reasons to want to motivate people to keep fit. This is the goal of Sweat Economy, creator of the move-to-earn application Sweatcoin, which uses smart contracts to facilitate the transfer of rewards to users based on how many steps they take each day.
The Sweatcoin app is linked to a fitness tracking app such as Google Fit, which tracks the users number of steps. This movement is then validated by an oracle before passing on a message confirming the user has taken the required number of steps to the smart contract. This triggers the smart contract to calculate the exact amount of Sweat coins the user is due, then transfer them to their wallet. In this way, Sweat Economy is uniquely able to incentivize people to keep fit with financial rewards.
Smart contracts are also helping to improve the real estate industry in various ways, such as through streamlined transactions and fractional ownership. Rather than having just one person own a house, the ownership of that property can be segmented based on the number of tokens someone holds. So whoever owns tokens also owns a percentage of the related property. It enables micro-investing in real estate for the first time.
Transactions can also be performed through smart contracts. Once payment is made in crypto, the digital record of ownership for the property in question will automatically transfer to the wallet that paid for it and be recorded onto the blockchain. A startup called Propy facilitated the first-ever smart contract-powered real estate transaction back in 2017 when an apartment was sold for $60,000 worth of ETH. That same house was later transformed into an NFT and sold again for $93,000 in 2021.
The requirement to constantly show a government-issued identity document when signing up for a new service could one day be eliminated by smart contracts. Its possible to store such documents on a blockchain in an encrypted way, which also has the benefit of preserving user privacy while still validating their identity. When a user signs up for a new service, counterparties can use smart contracts to validate the individual without requesting their documentation.
This technology can even evolve to cover things like credit scores, enabling lenders to assess risk in a decentralized way. MyEarth ID is a good example of a decentralized identity platform, enabling users to retain control over their identity data while verifying it securely with trusted third parties.
Democracy itself can benefit from smart contracts, which create a secure environment for public voting that reduces the risk of fraud. In such a system, each vote is recorded by a smart contract and encrypted to ensure the privacy of the voter. While smart contracts have yet to be used in government elections, theyre often employed by decentralized autonomous organizations that allow for community governance.
If employed by a nation-state, its quite possible that smart contracts could increase voter turnout in national elections. Because the entire system is online, it would eliminate the need for voters to travel to a polling station to make their vote.
For now, traditional pen and paper-based contracts remain a lot more commonplace than their automated counterparts. Old habits die hard, after all. But its clear enough that smart contracts have incredible potential to streamline almost any kind of transaction, making them proceed more smoothly and with lower costs.
Its for this reason that companies and governments alike continue to experiment with potential use cases for smart contracts. They may not fully replace pen and paper, but theyll surely become far more commonplace.
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5 Ways Smart Contracts Are Making A Real-World Difference - HackRead
Coinbase Cloud Will Run Chainlink Node in Bid to Improve Smart Contract Security – Blockworks
Chainlink, which launched on Ethereum in 2019 as a decentralized finance (DeFi) oracle provider, essentially transports off-chain data to a number of blockchains, including BNB Chain, Avalanche and Polygon.
Oracles like Chainlink are the way that DeFi protocols get access to data that allow them to execute smart contracts. With DeFi controlling over $74 billion in total value locked, the functionality of oracles is crucial.
In a public statement, Coinbase explained that timely, reliable and accurate data is essential for Web3 to become the standard. Coinbase is also in a strong position to run a Chainlink oracle node because of its multi-cloud and multi-region infrastructure.
Coinbase said that it is able to support competitive uptime, ensuring our oracle nodes remain live and handling data requests without skipping a beat.
Plus, the San Francisco-based crypto exchange already runs nodes on networks such as Aptos, Solana, Ethereum, Algorand and Flow.
Kai Zhao, Coinbases Group Product Manager, said he believes Web3 is the future and with this move, Coinbase wants to get closer to that future.
Our participation in Chainlinks Decentralized Oracle Network is a statement of our commitment to the security and reliability of smart contracts. We believe on-chain is the next online, and we look forward to working with Chainlink to further this future, Zhao said.
Other high-profile Chainlink node operators include Amazon Web Services and T-Systems Multimedia Solutions, a subsidiary of telecommunications giant Deutsche Telekom.
Blockworks reported Thursday that Coinbase launched its zero trading fee subscription service called Coinbase One.
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Coinbase Cloud Will Run Chainlink Node in Bid to Improve Smart Contract Security - Blockworks
Forward x Boba Network Integration Partnership – A Framework for … – Captain Altcoin
Home Journal Forward x Boba Network Integration Partnership A Framework for Scalability, Usability, and Flexibility in DeFi
California, United States, May 24th, 2023, Chainwire
Forward makes a giant stride in its mission to deliver the framework to promote and reward participation within decentralized systems through Forward Factory with our collaboration with Boba Network. The latest chain integration arrangement with Boba Network will make Forwards customizable and non-technical smart contract solutions accessible and deployable on Boba Networks L2 blockchain. Boba Network and Forward will also explore future collaborations to develop new templates for the Forward Marketplace.
The integration partnership with Forward aims to provide an environment where blockchain users can access and deploy interactive smart contracts and improve the current infrastructure to present more user-friendly and intuitive solutions for our communities. Users can deploy dApps and smart contracts from Forward Factory on the Boba Network and look forward to more exciting times through this collaboration.
Boba Network is a blockchain Layer-2 scaling solution and Hybrid Compute platform that offers fast and affordable transactions to users. Its Hybrid Compute technology uses smart contracts to communicate with Web2 APIs to execute complex algorithms such as machine learning classifiers, pull in real-world or enterprise data in a single atomic transaction, or sync with the latest state of a gaming engine.
Boba Network leverages off-chain computation and real-world data to provide industry-leading and interactive experiences for developers and creators within its ecosystem. It focuses on three core areas
Boba Network runs on the Ethereum, BNB, and Avax blockchain and explores the role of L2s in optimizing the building blocks. It is built on the Optimism Rollup developed by Optimism. The project runs on Optimism because it is a modified version of Ethereum, which ensures EVM and Solidity compatibility and facilitates seamless smart contracts migration from L1 to L2.
Forward does not compete with anybody; they collaborate to make blockchain adoption seamless and straightforward. Forward looks forward to providing the infrastructure to facilitate the next wave of one billion blockchain users through intuitive dApps and smart contracts available on Forward Factory and deployable on the Boba Network.
Forward is excited to move forward together and continue to build the future through our dApp templates and smart contracts in the Forward Marketplace.
Mitch Rankin, Forward Co-Founder, said:
The blockchain is a better place when projects moving in the same direction help each other achieve their goals. So, collaborating with Boba Network is a no-brainer for our projects, communities, and the blockchain ecosystem. Now, we have to continue on the same path that has brought us this far so fast. The future is Forward, and we are thrilled Boba Network is along for the epic ride!
The partnership with Forward Protocol will deliver customizable and non-technical smart contract solutions accessible and deployable on the Boba Network, further enriching the experience for those building on Boba Network and the rest of the ecosystem, said Curtis Schlaufman, Enya Labs Global Head of Marketing, a contributor to the Boba Network.
Through this partnership, users can deploy dApps and smart contracts from Forward Factory on Boba Network and enjoy all the generous perks available on its blockchain. Together, the organizations aim to provide the framework to protect every participant within the DeFi space.
About Forward Forward uses an easy-to-use WordPress-like model to facilitate a no-code environment for users to deploy their dApps, subnets, and blockchains without technical knowledge. Applications and smart contracts from Forward can be deployed on any EVM & Rust compatible chain in a few clicks.Visit ForwardFactory.net to deploy your own dApps on 700+ integrated chains.
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About Boba Network Boba Network is a multichain layer 2 optimistic rollup that aims to unlock the potential of roll-up technology and enable interoperability between blockchains and the real world. The protocol is fully compatible with EVM-based tools and has already deployed multichain support for Ethereum, Avalanche, BNB, and Fantom, supporting lightning-fast transactions and fees anywhere from 40-100X less than the respective layer-1. Boba Network is powered by HybridCompute technology that brings the power of Web2 on-chain, with smarter smart contracts that allow developers to leverage off-chain compute and real-world data to deliver enriched experiences for decentralized applications.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
Forward x Boba Network Integration Partnership - A Framework for ... - Captain Altcoin
Tokenization of Investment Fund Units – Lexology
Tokenization of investment funds offers efficiency, cost reduction, compliance improvements, liquidity, transparency, and innovation, but faces legal, technological, and market challenges.
When it comes to asset tokenization, it is essential to choose a blockchain that allows applications to be built directly on the blockchain. These applications are software programs known as smart contracts, which may serve almost any purpose. Given these two distinct but connected layers, it is important to distinguish between the protocol layer and the application layer.
Theprotocol layerrefers to the blockchain as the underlying infrastructure. Article 973d of the Swiss Code of Obligations (CO) designates this layer (including further layers, cf. 2.2 below) as a securities ledger, which is appropriate as blockchain is one type of distributed ledger technology (DLT). Blockchain can be described as a decentralized and cryptographically secured database in a peer-to-peer network. A blockchain can only be extended chronologically, for which consensus among the nodes is required. Due to these features, a blockchain is considered immutable.
Furthermore, nowadays, scalability solutions are now being built on top of most blockchains with the aim of making transactions faster, cheaper and more efficient. Strictly speaking, these scalability solutions form a separate layer as smart contracts (incl. DApps) can be built on top of such or be connected to such solutions. However, for the sake of simplicity of this short overview, such scalability solutions will not be further explained herein.
Theapplication layerrefers to smart contracts. Depending on its purpose, a smart contract might mint tokens which could reflect the value of an asset, entitle the token holder to a membership right or use, or represent ownership of an item. Depending on the use case and, in particular, for the tokenization of financial instruments in Switzerland, an in-depth examination of the financial marketregulations and art. 973d et seq. CO must be performed prior to processing with the tokenization of real assets. Failure to comply with financial market regulations can have severe consequences and may result in high fines and a forced liquidation of the company.
2. Tokenization in General
2.1. How does Tokenization Work
In simplified terms, tokenization can be described as the process of digitizing an asset by creating a blockchain-based token. Combining this description with the Federal Department of Finances (FDF) understanding, tokenization can be defined as the creation of a digital representation of a digital or non-digital asset that is electronically registered and therefore tradable on the blockchain. Consequently, this digital representation of a digital or non-digital asset constitutes a token.
With this in mind, it would be reasonable to conclude that a token can be defined as a representation or linkage of a digital or non-digital asset. However, and with view to the BCP-Framework, which was introduced by MME in 2018and is shown below, this is only true for so-called Asset Tokens, Counterparty Tokens, or Ownership Tokens.
The categories of Asset Tokens, Counterparty Tokens, or Ownership Tokens. truly represent a non-digital asset, e.g., a relative right or an absolute right to an asset. Accordingly, the represented right can only be transferred if the token is transferred, as the respective right and the token are inseparably interlinked as further explained below.
However, in this regard it must be noted, that the Swiss Financial Market Supervisory Authority (FINMA) does not distinguish Asset Tokens into further categories (cf. paragraph below).
2.2. Legal framework
In addition to the financial market regulations, which primarily aim to protect investors, in Switzerland, the Collective Investment Schemes Act (CISA) is the authoritative law when launching a Swiss-based investment fund. It might therefore be surprising that the CISA is irrelevant for the tokenization process of investment funds units. Hence, neither the fund structure nor its method of distribution (e.g., listed funds) are relevant for the tokenization of the investment fund unit. However and make no mistake - the CISA applies to all Swiss-based investment funds regardless of whether their units are tokenized or not. For the legal qualification of a tokenized investment fund unit, however, other laws are relevant which is why some compare tokenization to securitization.
Tokenization and securitization may be compared to the extent that all claims (relative rights) can be securitized and therefore also tokenized in the sense of a digital securitization. Nonetheless, securitization refers to the representation of a relative right in either negotiable securities (Wertpapiere) or an entry in a centrally kept register and hence in uncertificated securities (einfache Wertrechte)or in intermediated securities (Bucheffekten). In case of corporate membership rights, however, securitization is only possible where the law permits it, i.e., in case of companies limited by shares (Aktiengesellschaft) and partnerships limited by shares (Kommanditaktiengesellschaft).
Conversely, tokenization goes further than securitization in the sense that not only securitizable rights/claims can be tokenized, but also non-securitizable rights, such as absolute rights or other membership rights, including investment funds units. Furthermore, tokenizing an asset aims to result in a ledger-based security (Registerwertrecht)and hence in a right that is electronically registered on adecentralizedledger the blockchain.
From a private law perspective, tokenized shares or investment fund units generally qualify as ledger-based securities, provided the securities ledger (the blockchain including its respective layer [scalability solution and smart contract]) meets the requirements of art. 973d para. 2 CO. The category of ledger-based securities was specifically created in 2021 to recognize tokenized assets within Switzerlands legal framework.
However, contrary to the term ledger-based security, not every tokenized share or investment fund unit automatically qualifies as a security in the sense of financial market law. For a tokenized share or unit to constitute a security under securities law, the following must be met cumulatively:
(i) the tokenized right must be transferable only through the token (securitization);
(ii) the token must be publicly offered in the same structure and denomination (standardization); and
(iii) the tokens must be fungible among each other (fungibility).
If the aforementioned is not met, the token will not qualify as a security but as a financial instrument, hence the requirements of securities law are not applicable. For example, an issuer of a financial instrument which does not qualify as a security is not subject to prospectus obligations. However, the consequences are much more far-reaching because, for example, the criminal provisions under financial market law on insider trading and market manipulation only apply to securities.
3. Benefits and challenges of tokenization of Investment fund units
Tokenization of investment fund units can revolutionize the way investors access and trade assets. The benefits of tokenization are numerous, for investors, issuers and investment fund managers alike and include the following:
3.1.1. Increased Efficiency
Blockchain technology removes the need for (financial) intermediaries by providing a decentralized and transparent ledger for transferring, verifying, and clearing of transactions. This automatically results in more efficient transactions as transactions are settled and cleared within seconds. Furthermore, blockchain technology allows a high level of automation through smart contracts, which may execute transactions automatically based on predefined conditions. The transfer of fund units, including the settlement and clearing, can thereby be conducted instantly and at the same time. In addition, customized features can be programmed directly into the units (i.e. whitelisting, freeze, unfreeze, destroy and recreate, corporate actions, ban of specific countries etc.).
3.1.2. Reduced Cost
As mentioned, intermediaries become obsolete in a blockchain ecosystem, or, where they are still necessary, usually get a new role (e.g., banks). Consequently, tokenization will result in cost savings for the issuance of financial instruments as well as other processes, including corporate actions, reconciliation, and trading on the secondary market. Likewise, the possibility for automation as well as transparency in keeping record may significantly reduce costs for issuers, investors, and investment fund managers alike. Automation further significantly reduces the risk of errors. Accordingly, the management of complex compliance requirements becomes significantly cheaper, especially because specific rules can be programmed directly into each token.
3.1.3. Improved Compliance
Tokenized investment units may significantly improve compliance or at least facilitate the compliance management of an investment fund provided the necessary infrastructure exists. For example, both the financial markets regulations as well as the CISA provide for a mandatory segmentation of investor categories some investment fund units may therefore only be offered to professional, qualified, or institutional investors but not to retail investors. By tokenizing an investment fund unit, it is possible to code such compliance rules into the token or into the smart contract (depending on the chosen blockchain protocol), i.e., by labeling the token as a unit meant only for professional investors. As a result, and in conjunction with a whitelist or blacklist (e.g. segmentation of investors into the above categories), such a token may only be traded by an investor who qualifies as a professional investor.
Similarly, other and individual compliance rules can be included in a tokenized investment fund units, such as trading halts or sanctioned individuals or countries. As blockchain and tokenization continue to gain traction, the adoption of this technology for compliance purposes is expected to offer transformative benefits across various industries and use cases.
3.1.4. Increased Transparency
The blockchain technology provides a distributed, immutable, and transparent ledger to record transactions and can thereby provide a single source of truth for all parties involved, improving transparency, and reducing disputes around record keeping. As a result, the utilization of blockchain technology is expected to result in enhanced efficiency and reliability in the trading, settlement and clearing of transactions. Blockchain technology further enables tracking and traceability of tokenized assets throughout their lifecycle, as each token representing an asset can be uniquely identified and recorded on the blockchain. This allows for transparent tracking of ownership, transfers, and other relevant information and provides a clear and auditable record of an assets history, assisting to prevent fraud, forgery, and other illicit activities.
Furthermore, tokenization of assets paves the way for asset management 2.0, as smart contracts can be programmed to invest according to a pre-programmed risk appetite and portfolio diversity, without the need for human interaction.
3.1.5. Improved Liquidity
Tokenization can improve liquidity of investment fund units (and all other financial instruments) in two respects:
(i) Firstly, most investment funds are not listed and therefore tend to be illiquid. By issuing tokenized investment fund units, in theory, these units become immediately tradable on the blockchain making an illiquid product liquid as at least the possibility for a facilitated exchange of such investment fund units exists. In practice, however, and in particular to comply with the relevant laws, a respective trading venue is required.
(ii) Secondly, and this is mostly true for private equity fund units/instruments, traditionally, participating in a private fund or venture requires investing a considerable amount. Such large tickets can be daunting and require a substantial commitment, especially considering that the investment amount is usually subject to a lock-up period. Tokenization provides a remedy as a large ticket can be tokenized and be divided into several smaller tickets. The potential use cases are basically infinite and mostly depend on the fund structure (contractual vs. corporate fund structure or open vs. closed fund structure) as well as on the respective governing documents such as a (limited) partnership agreement or the fund agreement. These documents are ultimately also decisive for the question of who will tokenize the investment fund units or who will divide a large ticket into smaller ones. Theoretically, and as an example, the fund management may only issue tokenized fund units, or a large investor may tokenize and divide larger tickets into smaller ones.
Furthermore, tokenization also assists financial inclusion, as many people in developing countries do not have a bank account, let alone a trading account. However, almost everyone has a smart phone including people in developing countries, provided there is stable and affordable internet connection. By tokenizing financial instruments, such instruments can also be made accessible in developing countries, since all that is needed to trade tokenized assets is a registered wallet on a smartphone and provided this is permissible by the applicable legal framework. Hence, more accessibility automatically leads to increased liquidity.
3.1.6. Facilitated Innovation
Tokenization has the potential to revolutionize the investment landscape by allowing for the creation of novel and innovative investment products, including fractionalized real estate, liquid revenue share agreements, dynamic ETFs, and other previously unmanageable offerings. This can expand investment opportunities for investors and generate new revenue streams for issuers, ushering in a new era of investment possibilities.
While tokenization offers numerous benefits, there are also challenges that need to be addressed. Challenges may include the following:
3.2.1. Legal and Regulatory Challenges
Tokenization presents unique and novel legal and regulatory complexities and requires, among other things, compliance with securities laws and regulations. The legal and regulatory frameworks surrounding tokenization in Switzerland are in the international context highly advanced and exemplary but still evolving, especially when it comes to their interpretation by the regulators. Consequently, it is necessary that issuers take measures to ensure compliance with all applicable laws and regulations.
3.2.2. Technological Challenges
Tokenization introduces novel technological hurdles, such as the imperative for robust cybersecurity protocols and the risk of technological disruptions that could impact asset trading and settlement/clearing processes. In addition, the increased use of blockchain technology may cause tokenization to face scalability issues, as networks may be limited in terms of transaction processing speed and capacity. Other issues may arise from the lack of interoperability or vulnerabilities due to coding errors or in the underlying blockchain technology itself. Therefore, in-dept knowledge and understanding of the underlying technology, its strategy as well as scalability solutions or other projects running on the blockchain are indispensable. Each project may or may not have a certain influence on the respective blockchain ecosystem as a whole.
3.2.3. Market Adoption Challenges
The concept of tokenization still is relatively new, and it may take some time for it to be widely adopted. Issuers may need to educate investors on the advantages of tokenization and strive to establish trust in this technology. Furthermore, trading on the secondary markets still is a challenge today, as such exchanges hardly exist. Nevertheless, this challenge equally exists in the traditional financial system as pure liquidity is only certain if a market maker exists.
3.3. Balancing Benefits and Challenges
Tokenization presents a plethora of advantages for both issuers and investors, such as enhanced efficiency, cost reduction, improved compliance, heightened liquidity, increased transparency, and facilitated innovation. Nevertheless, there are also obstacles that must be tackled, including legal and regulatory issues, technological complexities, and market adoption challenges. As the legal and regulatory frameworks for tokenization evolve, issuers and investors can anticipate growing opportunities for investment and expansion in this promising emerging field.
When tokenizing real assets, the jurisdiction must always be taken into account, as various jurisdictions have different approaches and regulatory regimes some are more favorable towards tokenization than others. It is advisable to contact a law firm with a corresponding track record before launching a tokenization project in order to avoid unwanted proceedings or penalties from regulatory authorities.
For more information on tokenization of private equity funds in Switzerland by example of the Limited Qualified Investor Fund:click here.
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The Future Of DeFi: Exploring BNB, Cardano, and Caged Beasts | Bitcoinist.com – Bitcoinist
As the world of decentralized finance (DeFi) continues to evolve, the spotlight falls on three prominent players: BNB, Cardano, and Caged Beasts. Join us on a journey to explore the future of DeFi and uncover the answer to the burning question: Which of these platforms will shape the financial landscape of tomorrow?
BNB, also known as Binance Coin, has emerged as a prominent cryptocurrency within the digital asset realm. Introduced in 2017 by the renowned exchange Binance, BNB has quickly solidified its position as a significant player in the market.
Primarily functioning as a utility token, BNB serves various purposes within the Binance ecosystem. It grants users discounted trading fees, unlocks access to exclusive features, and facilitates seamless transactions on the Binance platform. Beyond Binance, BNB has expanded its utility across decentralized applications (dApps) and decentralized finance (DeFi) platforms.
The future of DeFi holds great potential for BNB. Its vital role within the Binance ecosystem positions it as a fundamental currency for trading and accessing diverse services, establishing itself as an integral component of the DeFi infrastructure.
Additionally, BNB has embraced blockchain interoperability through its integration with the Binance Smart Chain (BSC). This interoperability enables developers to build decentralized applications and deploy smart contracts, providing an alternative to Ethereum with the added benefits of reduced transaction costs and quicker confirmations.
As the DeFi landscape continues to evolve, BNBs multi-faceted functionality, ecosystem integration, and commitment to innovation position it as a key player that can shape the future of decentralized finance.
Cardano (ADA) is a blockchain platform with the potential to revolutionize decentralized finance (DeFi). Developed by a team of academics and engineers, Cardano stands out for its scientific approach and robust infrastructure. It prioritizes peer-reviewed protocols, scalability, and sustainability.
Cardanos layered architecture and unique separation of settlement and computation layers enhance scalability, enabling faster and more cost-effective transactions. Its native programming language, Plutus, facilitates secure and complex smart contract development, reducing vulnerabilities.
Interoperability is a key strength of Cardano, allowing seamless integration with other blockchains. This fosters collaboration and opens up possibilities for diverse DeFi applications.
Cardanos commitment to inclusivity and sustainability sets it apart. It prioritizes ethical and eco-friendly solutions while providing equal access to financial services.
With its scientific rigor, scalability, smart contract capabilities, interoperability, and focus on sustainability, Cardano is poised to shape the future of DeFi.
Caged Beasts, a new and intriguing meme coin, has the potential to shape the future of decentralized finance (DeFi) through its unique concept and immersive experience. By introducing caged beasts as representations of each BEASTS token, Caged Beasts aims to cultivate an army of powerful creatures that can disrupt the financial landscape.
The project goes beyond being just a cryptocurrency, offering a captivating narrative set in an animal testing lab. With each stage of the presale, these caged animals undergo a transformation fueled by mutagens, cybernetics, and weaponry. The goal is to unleash them into the crypto world and challenge the dominance of traditional financial systems.
What sets Caged Beasts apart is its strong emphasis on community engagement. By locking 75% of the funds until the release date, the project ensures controlled distribution and fosters trust and transparency. Additionally, allocating 25% of funds to the marketing wallet demonstrates a commitment to raising brand awareness and attracting new participants.
As a brand-new meme coin, Caged Beasts presents an exciting investment opportunity, especially during its early growth phase. Joining the presale enables investors to secure their position early and potentially benefit from the future developments and impact of Caged Beasts in the world of DeFi.
For More About Caged Beasts:
Website: https://cagedbeasts.comTwitter: https://twitter.com/CAGED_BEASTSTelegram: https://t.me/CAGEDBEASTS
Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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The Future Of DeFi: Exploring BNB, Cardano, and Caged Beasts | Bitcoinist.com - Bitcoinist
How Banks Plan to Use AI to Boost Web3 Adoption – BeInCrypto
Investment bank Goldman Sachs and Microsoft want to boost Web3 uptake on the Canton blockchain through artificial intelligence (AI).
The duo joins traditional finance (TradFi) giants Deloitte, S&P Global, Moodys, BNP Paribas, and Cboe Global Markets in building infrastructure during the crypto bear market.
The recently-released Canton Network links the trading platforms of Goldman and Deutsche Brse, whose notional volumes exceed the trading activity of many crypto assets.
The network is built on Microsofts Azure cloud. The consortium hopes to attract developers with the new digital asset smart contract language.
Microsoft said last month it wants to increase Web3 users with artificial intelligence on Canton. The firm said yesterday that added Bing to OpenAIs ChatGPT Plus premium service.
AI can analyze app usage patterns to help Web3 firms elevate user experiences. Firstly, it can assess a products weak points and help users easily pick up from where they left off.
In addition, the technology can also streamline complex tasks like decentralized governance and token management. AI can also improve network management through automated data collection, decision-making, monitoring for malicious activity, and streamlining transaction processing.
Google, also a notable cloud and AI player, became a Solana validator last year. After that, it joined forces with the Tezos Foundation in February for similar reasons.
Googles deal with Polygon last month provides tooling and infrastructure empowering zero-knowledge projects. The Silicon Valley giant recently opened the preview of its PaLM 2 library to enable coders to add AI to their applications.
TradFi firms envision real-world asset tokenization as their next goal, as banks can benefit from faster asset transfers on blockchains. According to Cathy Clay of Cboe, Canton can help create new market infrastructure and drive efficiency in the trading of products across the globe.
Early efforts have tokenized valuable assets like real estate, vehicles, or fiat for fast transfer across blockchains. BlackRock CEO Larry Fink told shareholders the bank would tokenize stocks and bonds this year.
Previously, JPMorgan Chase exchanged tokenized Japanese yen and U.S. dollars using a permissioned Aave pool whose access was governed by credentials in smart contracts.
For BeInCryptos latestBitcoin(BTC) analysis,click here.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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How Banks Plan to Use AI to Boost Web3 Adoption - BeInCrypto
Bitcoin NFT Blockchain Holds Second Space Defeating Solana – The Coin Republic
The current sales volume of Bitcoin is around $173 million, while that of Ethereum is $ 391 million. Solana is securing the third position with a $53 million sales volume. Recently Bitcoin Frogs were popular and hit a record high transaction. Bitcoin blockchain has been popularized more because of Bitcoin frogs, a Meme coin NFT token.
A blockchain is best known for storing the data of transactions. They can not be altered because there is no way to change the blocks. Bitcoin blockchain has exploded into various cryptocurrencies, NFTs, DeFi, and smart contracts.
Bitcoins blockchain is decentralized so that there is no authority, and transactions are immutable and viewable to all. Bitcoin NFTs have been here for some time. But it is gaining growth at a faster rate.
Gone are the times when we hear that popular NFTs are linked with Ethereum or Solana. Now, the most popular NFTs are linked with Bitcoin blockchains. NFTs on Bitcoin are unique and secured. The first NFT released on Bitcoin is Rare Pepes.
NFTs can be created on Bitcoin with the Bitcoin Ordinals and other base layers. These layers can have smart contracts and can settle the transactions on the base layer. Bitcoin NFTs are inexpensive, sustainable, and scalable due to layers. They make minting and exchanging affordable and secure.
The famous BRC-20 tokens like ORDI, MEME, and PEPE have no utility attached. They were issued just for experimental purposes. Twitter user DOMO created ORDI to showcase the BRC-20 functionality that is created by ordinals.
The market is now changed to media-based ordinals. Hence shift from BRC-20 to Bitcoin NFTs is seen. In the past week, bitcoin-based NFTs were in the top 3. It was after the Bitcoin Frog Hype.
The top Bitcoin NFTs are space pepes, bitcoin frogs, and $ ORDI BRC 20 NFTs. The space pepes has sales of approximately $7M, bitcoin frog of approximately $5M, and $ ORDIBRC 20 NFTs of approximately $2M. BITAmigos is the top NFT in the last 24 hours.
In the first half of May, BRC-20 meme coins reached the $1 billion mark. The current market capitalization of BRC-20 tokens is $447 million.
Currently, the market capitalization of over BRC-20 tokens stands at $447 million.
Comparatively, the Bitcoin ecosystem appears a lot behind Ethereum. Bitcoin supports decentralized autonomous organizations.
It has the advantage of using integration with the $27.5 billion-strong decentralized finance ecosystem. BAYC and Azuki are much more advanced. They have metaverse projects which provide exclusive add-on to NFT holders.
CryptoPunks enjoy popularity due to their rarity. It is still on test to see how popular Bitcoin NFTs will remain. They still need to build their strong community. The market of bitcoin NFTs has been going up since January. Galaxy estimates this could be worth $4.5 billion by 2025.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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Bitcoin NFT Blockchain Holds Second Space Defeating Solana - The Coin Republic
Ethereum (ETH) Staking Gains Momentum: $2,000 Price Target? – BeInCrypto
Ethereum (ETH) jumped 4% this week to clear the $1850 resistance. With investors accelerating on DeFi staking, ETH looks set to make more gains in the coming days. Can the bulls gain enough momentum to validate the bullish $2,000 ETH price prediction?
This week, the cryptocurrency market experienced a surge as Ethereum (ETH) and other Layer-1 coins made sizeable gains. On-chain data shows that the rise in staking activities among ETH holders is a critical factor behind the current rally.
Heres why Ethereum investors are holding out for more gains in the coming days.
This week, the percentage of ETH circulating supply staked across the ETH 2.0 mainnet and DeFi smart contracts has risen to a new all-time high.
The chart below shows that after the recent blip on May 17, Ethereum investors have staked an additional 430,500 ETH as of May 22.
The Supply in Smart Contracts metric tracks the percentage of a cryptocurrencys circulating supply that investors have locked up in various staking protocols. When it starts to increase, it cause a temporary shortage in market supply.
If Ethereum investors continue to stake at this rate, the recent ETH price surge could evolve into a prolonged bull rally.
Furthermore, the decline in ETH Network Value to Transaction Volume (NVT) ratio reveals that it is currently undervalued. The chart below shows how the Ethereum NVT ratio dropped 49% from 92.92 to 46.64 between May 20 and May 22.
Typically, strategic investors use the NVT ratio to assess the relationship between a cryptocurrencys market capitalization and the underlying transactional activity.
When the NVT ratio drops considerably, as observed above, it indicates that the asset is still undervalued and could be due to more price pumps.
In summary, the low NVT ratio could spur other investors to mirror the trades of the bullish whales. If that happens, the heightened demand could validate bullish ETH price predictions.
IntoTheBlocks In/Out of the Money Price Distribution data signals that ETH could soon reclaim the $2,000 milestone.
However, Ethereum could have difficulty breaking above the $1,925 resistance level. At that zone, 1.41 million investors holding 1.31 million ETH could sell when they break even around $1,925 and inadvertently trigger a pullback.
Nevertheless, as predicted, those holders could turn bullish if the bullish momentum strengthens. If that happens, ETH can break out and rally toward $2,100.
Still, the bullish Ethereum price prediction could be invalidated if ETH price drops below $1,800 again.
However, the 3.23 million investors that bought 4.86 million ETH at an average of $1,800 can offer some support.
If that support level cannot hold, ETH may drop to $1,750.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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Ethereum (ETH) Staking Gains Momentum: $2,000 Price Target? - BeInCrypto
How Will Dogetti Fare When Bitcoin and Ethereum’s Price and … – Analytics Insight
In the fast-paced world of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) have come out on top, captivating investors and enthusiasts alike with their groundbreaking technologies and forward-thinking attitudes. It was even announced, recently, that Bitcoins price is now braced for 3 billion users, with the CEO of Strike issuing a serious Coinbase and Ethereum warning.
This article aims to dissect the similarities and differences between these industry giants, exploring their impact on the market and shedding light on what this means for up-and-coming projects newly entering the market, such as Dogetti (DETI).
Bitcoin, the first decentralized digital currency, burst onto the global scene in 2009. It exists as a reaction to the 2008 Financial Crisis- a reaction to the traditional financial market which has been shown to fail its users. By creating a network where users work together, Bitcoin is able to remain stable, avoiding financial fates like the one it was created from.
Bitcoin operates on a peer-to-peer network, allowing users to conduct secure transactions without the need for intermediaries. With a finite supply of 21 million coins, Bitcoins scarcity has been a driving force behind its value, allowing the coin to dominate the market.
While Bitcoin blazed the trail, Ethereum introduced a revolutionary concept to the crypto landscape: smart contracts. Launched in 2015, Ethereum expanded the possibilities of blockchain technology by enabling developers to create decentralized applications (dApps) and execute programmable contracts. Ethereums native cryptocurrency, Ether, fuels the network, and is highly sought after for its utility within the Ethereum ecosystem.
Since its inception, the answer to the question, Is Ethereum a good coin to buy? has almost always been yes from the wider crypto community, with the network continuing to innovate to this day.
Bitcoin and Ethereum have exerted a significant influence on the broader cryptocurrency market. As the leading cryptocurrencies by market capitalization, their price movements often influence the industry as a whole. Both coins have experienced substantial price volatility, attracting investors looking to capitalize on market fluctuations.
Bitcoin, with its widespread recognition and established infrastructure, has become a digital asset that institutional investors and hedge funds are increasingly considering as a hedge against inflation. Its finite supply and growing acceptance in mainstream financial institutions have contributed to its status as a digital gold.
On the other hand, Ethereums impact stretches beyond being a mere cryptocurrency. Its underlying blockchain platform has become a foundation for countless innovative projects and decentralized finance (DeFi) applications. Ethereums smart contract functionality has unlocked new possibilities for fundraising through Initial Coin Offerings (ICOs) and tokenization of assets, revolutionizing the way businesses operate and raising the bar for technological advancements.
Amid the rise of Bitcoin and Ethereum, Dogetti, a soon-to-launch meme token, must navigate the evolving market dynamics.
Bitcoins prominence as a store of value and hedge against traditional financial uncertainties presents Dogetti with a unique opportunity: Bitcoins motivations are based on an event from over a decade ago, with seriousness in its operation. Dogetti, as a mob-themed dog token, has space to play and inject fun into crypto trading, giving it a specific appeal.
This is also the case with Ethereum. Ethereum has been designed with practicality and technological advancement at its forefront, making it somewhat challenging to get involved with, especially for crypto newcomers. Dogetti breaks down these walls with an easily accessible project, giving it opportunities to build a wide and dedicated community.
In the ever-changing landscape of cryptocurrencies, Bitcoin and Ethereum stand out as influential players, each with its own unique strengths and impact on the market. While Bitcoin serves as a store of value and medium of exchange, Ethereum has revolutionized the concept of smart contracts and decentralized applications. The impact of these cryptocurrencies transcends their individual networks, influencing the entire crypto market.
For Dogetti, understanding the implications of Bitcoin and Ethereum is crucial. By capitalizing on the popularity and utility of these coins, Dogetti can cement its position in the crypto world and provide its users with innovative solutions.
Dogetti is on pace to launch in just a few weeks time, offering its users a compelling opportunity to make the most of their investment. By using code LAUNCHDETI, users can expect a 400% token bonus at launch, making now the perfect time to get involved.
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How Will Dogetti Fare When Bitcoin and Ethereum's Price and ... - Analytics Insight
Vitalik Buterin calls DFINITY Ethereum’s sister network EDCON … – Cryptopolitan
During the EDCON 2023 conference, Vitalik Buterin called the The Internet Computernetwork Ethereums sister network refuting competition claims. In the world of blockchain technology and crypto, Ethereum has emerged as a prominent player, revolutionizing the way we think about decentralized applications and smart contracts.
However, another platform has recently gained significant attention in the crypto community, positioning itself as Ethereums sister network: the DFINITY project. DFINITY is a groundbreaking blockchain platform that aims to provide a highly scalable and efficient decentralized computing network. Created by a team of visionary developers, DFINITY offers a unique approach to blockchain technology.
Ethereum and DFINITY both strive to create a decentralized future, empowering individuals and businesses with the ability to interact directly, securely, and without intermediaries. While Ethereum has established itself as a leader in the field, DFINITY aims to complement its capabilities by addressing some of the scalability challenges that Ethereum currently faces.
When it comes to Layer 1s that allow smart contracts, Ethereum is without a doubt the most popular. With a market valuation of approximately 216 billion dollars and 70 billion dollars in multiple DeFi protocols, Ethereums success has surely given door to many technical advances that other cryptocurrencies employ today.
DFINITY, the future public blockchain-based cloud computing network that will seed a decentralized internet known as cloud 3.0. It is also completely compatible with the Ethereum Virtual Machine (EVM) and significantly reduces the cost of IT systems and business applications.
Its incredible that DFINITYs Blockchain Nervous System can mechanically adjust economic conditions as well as specific network settings to suit capacity needs. In brief, this network can evolve and address real-time issues, making it far more adaptable than present systems.
Ethereum is unquestionably the dominant decentralized public blockchain platform for running smart contracts. The Ethereum smart contract and EVM components added credibility to the technology. In addition, it possesses all the fundamental advantages that the conventional blockchain lacks. Here are the top 5 differences between Ethereum and Dfinity.
1. On-chain governance VS off-chain governance The The Internet Computer BNS is a built-in on-chain governance structure, whereas Ethereum discussions and decisions must be conducted off-chain.
2. Proof of Stake (PoS) VS Proof of Work (PoW) PoW is the requirement that block creators solve cryptographic riddles to earn the right to create a new block. PoS is a system that allows you to become the next bookmaker based on the stake fraction you own or deposit into the system.
In comparison to PoS, the PoW system requires more costly computations. Therefore, individuals produce evidence of their stake, which DFINITY will use. In certain circumstances, Ethereum uses both the PoW and the PoS. Note that Ethereum has transitioned to PoS.
3. Security over Lifeness VS Lifeness over Security Typically, DFINITY is so-called threshold groups, in which a random selection of 400 IDs manifest blocks and generate unique threshold signatures. When the threshold is not met, the entire system fails. In such circumstances, Ethereum takes a different approach using the proof of work architecture, which prioritizes life over security. The The Internet Computer, on the other hand, favors security over lifeness.
4. Fixed-sized deposits VS variably sized deposits There is a fixed sized deposit at DFINITY where the quantity of stake that you must deposit is fixed by the system and there is a requirement to create more than one ID. There are variously sized deposits in Ethereum where you can design the system with diverse affects.
As a result, in the never-ending war between The Internet Computer and Ethereum, both win according to different standards. It is also important to note that both are roughly equivalent in terms of their distinct individual characteristics.
5. Actor model VS serialized contract execution DFINITY, in general, follows the Actor Model because it allows for the execution of applications. This represents the fact that it provides both parallel contract execution and asynchronous message passing. On the other side, everything happens on Ethereum one after the other, and you need to store a lot of data in your memory, which puts a pressure on your machines memory.
Vitalik Buterin calls DFINITY Ethereum's sister network EDCON ... - Cryptopolitan