Category Archives: Smart Contracts
Top 10 Ethereum Smart Contract Auditing Companies in 2024 – CoinGecko Buzz
This article is brought to you by Hashlock.
The decentralized world thrives on innovation, but security remains paramount. Smart contracts, the self-executing code powering Ethereum applications, are responsible for immense value and require meticulous scrutiny to ensure their integrity. Here, we delve into the top 10 Ethereum smart contract auditing companies.
Hashlock is a leading edge blockchain security and smart contract auditing firm. The team consists of seasoned security architects with extensive experience in blockchain technology and cryptography, going beyond vulnerability detection to simulate real-world attack vectors, and proactively identifying potential weaknesses before they become critical exploits. They are also able to find obscure logic errors in contracts and code, as they recruit team members from bug-bounty competition-like settings.
This relentless pursuit of security has earned Hashlock the unwavering trust of enterprises and burgeoning startups alike. Their proven track record speaks volumes billions of dollars in digital assets secured, countless vulnerabilities neutralized, and a reputation for excellence that precedes them. Choosing Hashlock isn't just about safeguarding your smart contracts; it's about gaining a strategic security partner who understands the ever-evolving threat landscape of the Ethereum ecosystem.Visit Hashlock at: https://www.hashlock.com.au/
Certik is a household name in the auditing space, renowned for their pioneering use of formal verification techniques like DeepSEA. This method mathematically proves the absence of certain vulnerabilities, offering an additional layer of assurance for complex smart contracts.
OpenZeppelin goes beyond auditing they are the architects of some of the most trusted security libraries in the Ethereum space. Their auditing services leverage this deep understanding of secure coding practices, offering a comprehensive solution for building and auditing robust smart contracts.
Code4rena champions a proactive approach to security. Their expertise lies in threat modeling, where they meticulously analyze potential attack vectors before they materialize into critical vulnerabilities. This forward-thinking approach helps development teams build secure smart contracts from the ground up.
Spearbit strikes a perfect balance between manual expertise and cutting-edge automated tools. They leverage static analysis and symbolic execution to efficiently identify vulnerabilities, while their team of experienced auditors provides in-depth analysis and remediation strategies.
Trail of Bits is a pioneer in integrating security into the entire software development lifecycle (SDLC). They offer a holistic approach that extends beyond the final audit, helping developers identify and address security concerns throughout the development process.
QuillAudits, also known as Quillbit, delivers a balanced approach to smart contract auditing. They combine manual code review with automated analysis tools to ensure a comprehensive assessment that identifies both common and highly specialized vulnerabilities.
Quantstamp is a well-established firm with a proven track record in the blockchain security space. Their team of seasoned security professionals offers in-depth smart contract audits along with other security services, ensuring a well-rounded approach to project security.
PeckShield is a leading player in the Asian blockchain market, offering a comprehensive suite of security services, including smart contract auditing. Their global reach and deep understanding of the regional landscape make them a valuable partner for projects targeting the Asian market.
Backed by the industry leader ConsenSys, ConsenSys Diligence offers security expertise for the entire blockchain ecosystem. Their smart contract auditing services leverage the collective knowledge and experience of a company at the forefront of blockchain innovation.
The ideal auditing partner depends on your specific project needs and budget. Consider factors like the complexity of your smart contracts, the level of ongoing security support required, and the auditor's experience with both Ethereum and your chosen development tools.
By partnering with a top Ethereum smart contract auditing firm, you gain the peace of mind that comes with a secure foundation. This allows you to focus on building innovative applications for the decentralized future, confident that your users' funds and data are protected from malicious actors.
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Top 10 Ethereum Smart Contract Auditing Companies in 2024 - CoinGecko Buzz
Smart Contracts in Healthcare Market to See Huge Growth by 2030 | Intellectsoft, Sumatosoft, Eleks, Leeway Hertz – openPR
Smart Contracts in Healthcare
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Major players profiled in the study are: HashCash Consultants (United States), Sumatosoft (Belarus), Eleks (Ukraine), Solulab Inc (United States), Cyber Infrastructure Inc (United States), Intellectsoft (United States), Leeway Hertz (United States), Quest Global Technologies (India), S-pro (Ukraine)
Scope of the Report of Smart Contracts in Healthcare Smart contracts define laws and penalties around an agreement and automatically enforce those applications which are kept in public databases which are used in the healthcare sectors to digitally facilitate the verification or performance of the contract. Various smart contracts work independently and are also implemented together. The major advantages of smart contracts are decreasing transaction risk, improving business process efficiency, and decreasing management and service cost.
In January 2019, CortexLabs.ai, a provider of Blockchain technology, partly launched an AI-based Blockchain technology named AI Smart Contract TestNet. This launch provides a new Al platform to CortesLans.ai. The platform allows the end-users to upload their Al models and integrate them with smart contracts on the Blockchain.
The Global Smart Contracts in Healthcare Market segments and Market Data Break Down are illuminated below: by Application (Patient Data Management, Clinical Data Exchange and Interoperability, Claims Adjudication and Billing Management, Electronic Health Records (EHRs), Supply Chain Management, Others), Blockchain Platform (Bitcoin, Ethereum, Sidechains, NXT), End User (Pharmaceutical Companies, Healthcare sectors, Others)
Market Opportunities: Surging Healthcare Industries in Emerged and Emerging Economies Creates Lucrative Opportunities for Smart Contracts in Healthcare
Market Drivers: Rising Demand from Insurance Agencies for Smart Contracts in Healthcare Increasing Data Breaching Sites, especially in Healthcare Industry
Market Trend: Rising usage of Smart Contracts to reduce the cost of Healthcare
What can be explored with the Smart Contracts in Healthcare Market Study? Gain Market Understanding Identify Growth Opportunities Analyze and Measure the Global Smart Contracts in Healthcare Market by Identifying Investment across various Industry Verticals Understand the Trends that will drive Future Changes in Smart Contracts in Healthcare Understand the Competitive Scenarios - Track Right Markets - Identify the Right Verticals
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
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Strategic Points Covered in Table of Content of Global Smart Contracts in Healthcare Market: Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Smart Contracts in Healthcare market Chapter 2: Exclusive Summary - the basic information of the Smart Contracts in Healthcare Market. Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Smart Contracts in Healthcare Chapter 4: Presenting the Smart Contracts in Healthcare Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis. Chapter 5: Displaying the by Type, End User and Region/Country 2016-2022 Chapter 6: Evaluating the leading manufacturers of the Smart Contracts in Healthcare market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2024-2030) Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source
Finally, Smart Contracts in Healthcare Market is a valuable source of guidance for individuals and companies.
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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.
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About Author: Advance Market Analytics is Global leaders of Market Research Industry provides the quantified B2B research to Fortune 500 companies on high growth emerging opportunities which will impact more than 80% of worldwide companies' revenues. Our Analyst is tracking high growth study with detailed statistical and in-depth analysis of market trends & dynamics that provide a complete overview of the industry. We follow an extensive research methodology coupled with critical insights related industry factors and market forces to generate the best value for our clients. We Provides reliable primary and secondary data sources, our analysts and consultants derive informative and usable data suited for our clients business needs. The research study enables clients to meet varied market objectives a from global footprint expansion to supply chain optimization and from competitor profiling to M&As.
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Internet Computer Protocol’s Year 4 Roadmap Highlights AI and Blockchain Integration – FinanceFeeds
Since its launch in May 2021, the Internet Computer blockchain has been marked by zero downtime, processed over three billion blocks, and locked more than $3 billion in the Network Nervous System (NNS) DAO.
According to Electric Capital, the number of developers in the ICP ecosystem increased 12x between 2020 and 2023, despite the mainnet launching only in May 2021.
The Internet Computer Protocol (ICP), a decentralized blockchain network designed to extend the functionality of Web3 by addressing the limitations of traditional blockchains and smart contracts, has released its Year 4 Internet Computer Roadmap on the occasion of the 3rd anniversary of its mainnet launch. This new roadmap encapsulates three years of progress and outlines key development areas aimed at positioning ICP as a leader in Decentralized AI and as a central orchestration layer for the blockchain industry.
Since May 2021, the Internet Computer blockchain has maintained a perfect uptime record, processed an impressive three billion blocks, and secured over $3 billion in value within its Network Nervous System (NNS) DAO. This DAO is instrumental in governing the Internet Computer Protocol, ensuring its smooth operation and evolution. The growth of the developer community within the ICP ecosystem has been equally remarkable. Electric Capital reports that developer numbers have surged 12x from 2020 to 2023. In addition, ICP hosts some of the most widely used applications in the cryptocurrency space, including DMail, DSCVR, and OpenChat.
The roadmap for ICPs fourth year highlights several significant areas of focus, with Decentralized AI and Chain Fusion standing out as major themes.
Dominic Williams, Founder and Chief Scientist of the DFINIY Foundations says, The Internet Computer is the first and only Third Generation public blockchain. The mission is to drive a blockchain singularity, where over time fully decentralized blockchains become the worlds prevailing tech stack, even running secure and unstoppable AI. The DFINITY Foundation and its eminent team of cryptographers, research scientists and engineers, is now pushing ahead with a new roadmap, crafting contributions that will make the network faster, more efficient and more powerful than ever before.
Decentralized AI
The Decentralized AI (DeAI) roadmap for ICP sets out a vision where AI models can be both trained and run directly on-chain. In the current landscape, AI models often function as opaque black boxes, providing little insight into how data is used or how the models generate their responses. This lack of transparency can lead to issues regarding trust and reliability. ICP aims to tackle these challenges through its advanced computational power and sophisticated smart contract capabilities.
Milestone 1:
Milestone 2:
Achieving these milestones will open the door to several innovative use cases, such as:
ICPs initiative to bring AI on-chain and offer users and developers trustworthy AI models is not a recent development. In July last year, the DFINITY Foundation, a Swiss non-profit and major contributor to the Internet Computer blockchain, launched a $5 million decentralized artificial intelligence (DeAI) grant program to support Decentralized AI on the Internet Computer blockchain. Several innovative AI projects, including Kinic, DecideAI, ELNA AI, ICGPT, and Earthstream, are already building on ICP.
Chain Fusion is another key highlight in ICPs Year 4 roadmap. This initiative aims to facilitate direct interoperability with major blockchains such as Bitcoin, Ethereum, other Ethereum Virtual Machines (EVMs), and soon Solana, without the need for intermediaries. This direct interoperability will allow developers to create smart contracts that span multiple chains, effectively addressing the fragmentation of liquidity and reducing tribalism within the blockchain industry. The development plan for Chain Fusion includes several critical milestones:
Milestone 1:
Milestone 2:
Milestone 3:
The Internet Computer Protocol (ICP) is a decentralized cloud 3.0 protocol designed to enable developers to build and run services and enterprise systems directly on a public blockchain network with unprecedented scalability. Services running on ICP are tamper-proof and can interact with the outside world in a trustless manner, whether with traditional Web 2.0 services or other blockchains. This fast, low-cost, and energy-efficient protocol sets a new standard for how decentralized networks operate within Web3.
ICP aims to create a more transparent and reliable AI ecosystem by leveraging its computational power and smart contract capabilities. The Decentralized AI roadmap and Chain Fusion initiative are significant steps towards achieving this vision. By providing robust support for AI and facilitating seamless interoperability between major blockchains, ICP is poised to become a cornerstone of the decentralized web.
The Year 4 Internet Computer Roadmap reflects three years of significant progress and lays out a clear path for the future of the Internet Computer blockchain. With a focus on Decentralized AI and Chain Fusion, ICP aims to address key challenges in the blockchain industry and establish itself as a leader in the decentralized web. By achieving the milestones outlined in the roadmap, ICP will enable a range of innovative use cases and create a more interconnected and transparent blockchain ecosystem. As ICP continues to grow and evolve, it will play a crucial role in shaping the future of Web3 and decentralized technologies.
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Internet Computer Protocol's Year 4 Roadmap Highlights AI and Blockchain Integration - FinanceFeeds
What Is Chainlink (LINK) And Should It Be In Your Crypto Portfolio? – UseTheBitcoin
Chainlink (LINK) is a cryptocurrency project that aims to bridge the gap between blockchains and the real world by providing a decentralized oracle network. An oracle is simply a computer (a node) that gathers data from different sources and then sends it to a smart contract that needs this data on the blockchain.
The project aims to enable smart contracts to interact with real-world data and events. This unlocks a wider range of applications for blockchain technology, such as DeFi, supply chain management, and the Internet of Things (IoT).
Chainlink (LINK) is a decentralized oracle network, acting as a middleman between blockchains and the real world. Heres a breakdown of how it works:
Smart contracts, which are self-executing programs on a blockchain, cant directly access external data. Instead, they initiate a request through the Chainlink network to interact with real-world information. This request specifies the type of data needed and the desired security level.
Chainlink does not rely on a single data source. Instead, it utilizes a decentralized network of oracles. These oracles are independent entities responsible for retrieving data from external sources like APIs or web servers:
Based on the request and reputation scores, Chainlink selects a set of oracles to retrieve the data. Each oracle independently fetches the data from the designated source.
The retrieved data from different oracles is sent back to Chainlink. Chainlinks smart contracts, called aggregation contracts, play a crucial role here:
Once the data is aggregated and secured, the final, reliable data point is delivered back to the smart contract requesting it on the blockchain. Based on the received data, the smart contract can then proceed with its programmed actions.
LINK tokens are used to pay oracles for their data retrieval services. The requesting smart contract pays in LINK, and the network distributes the fees among the participating oracles.
This process ensures that smart contracts can securely access and leverage real-world data for their operations, enabling a more comprehensive range of functionalities within the blockchain ecosystem.
The LINK token is Chainlinks native cryptocurrency. It is used for:
Token Details
Total Supply 1,000,000,000 LINK
Circulating Supply 587,099,970 LINK
Current Price $15.00
Market Capitalization $8,811,260,156
This information is current as of May 17th, 2024, and the tokens price, market value, and available supply may fluctuate.
Binance Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.
Bybit This exchange is known for its derivatives and margin trading features, but you can also use the platform for spot trading.
Coinbase Coinbase is an American-based cryptocurrency exchange that allows you to buy cryptocurrencies using various payment methods, including bank transfers, debit cards, and wire transfers.
Pros
Cons
Whether Chainlink (LINK) is a good investment depends on your risk tolerance and goals. Remember, this guide only provides a starting point for your research. Always conduct your due diligence before making any investment decisions.
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What Is Chainlink (LINK) And Should It Be In Your Crypto Portfolio? - UseTheBitcoin
How AI-powered smart contracts shape the future of social networks – Cointelegraph
ICX, a blockchain-based social network, is poised to address social networks fundamental problems through enhanced privacy and user ownership by integrating AI into smart contracts.
Data reveals that 62% of the global population has at least one social media account. However, social networks face challenges such as privacy concerns, misinformation distribution and algorithmic biases.
It is a known fact that centralized social networks make money by selling their users' data. On the other hand, the monopolization of the social media space by a few dominant companies such as Facebook, Twitter and YouTube is another hot topic.
The good news is that blockchain and artificial intelligence (AI) technologies can potentially relieve social networks pain points. Blockchains encryption capabilities can address privacy issues, and AI technologies can tackle the remaining challenges.
ICX, a decentralized social network, aims to facilitate online social interactions and the exchange of information among users via blockchain-based innovations. The platforms primary goal is to advance communication models featuring enhanced privacy, ownership and community-driven governance.
All user data on the network, including posts, images and videos, is stored on-chain. Therefore, users have full ownership and control over their data in accordance with the fundamental principles of privacy and user autonomy.
ICX is being developed on the Internet Computer (ICP) blockchain, a decentralized computing platform that allows software to run without traditional web servers. By leveraging the capabilities of the IC blockchain, ICX is set to embed AI within smart contracts self-executing agreement codes.
The Web3 social network is also planning to integrate large language models (LLMs) AI programs that can recognize and generate humanlike text to provide users with features like digital clones.
In addition to AI-driven innovations, ICX wants to differentiate itself from traditional social platforms by giving its community approval power. In the upcoming release, ICX will be governed by a decentralized autonomous organization (DAO) a structure run by member votes without central authority.
ICX developers suggest the DAO model will allow advanced crypto features to be used
With the DAO model, any significant updates or changes to ICX's decentralized application (DApp) will occur following a voting process. Users who want to participate in governance also called neurons need to lock their ICX tokens into the network to gain voting rights.
The democratic governance framework will also enable sophisticated features such as ragequitting. Ragequitting is a feature that enables DAO members to exit the DAO by burning tokens and withdrawing their share of the treasury.
As part of the development phases, ICX is preparing to release proof of concept, which is a preliminary demonstration used to confirm that certain theories have the potential to be developed.
In the first release, the platform will leverage AI to test new forms of social interaction. ICX's goal, which will evaluate initial reactions and feedback from users, is to determine the feasibility and effectiveness of AI in improving social networking experiences.
How integrating AI into social communication works. Source: ICX
Once the proof of concept receives positive feedback, the platform will move all its functionality on-chain and become fully decentralized, adhering to the principles of the Internet Computer blockchain protocol.
Aiming to transform the way people interact both online and offline, ICX argues that a better future can be built on the basis of AI-supported social networks. "We envision a future free from endless social feed scrolling, where humans connect more in the real world," ICX founder Marcio says, adding: "I believe robots and AI can guide us towards this paradise."
As traditional models come under increasing scrutiny for invading privacy and commoditizing data, the application of decentralized technologies presents a promising alternative. While the digital landscape evolves, the fusion of blockchain and AI may well redefine the foundational structures of social networking, steering it toward a more secure and user-centric future.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
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How AI-powered smart contracts shape the future of social networks - Cointelegraph
Can Bitcoin Ever Become Smart? – CCN.com
Key Takeaways
Bitcoins Taprootupgrade laid the groundwork for Ordinals inscriptions. Many in the Bitcoin community expect the network to debut DeFi capabilities and smartcontract functionality directly onto its base layer with cryptographic advancement.
In April, a decentralized blockchain network Internet Computer Protocol (ICP) integrated threshold-Schnorr signatures to allow web3 applications on Bitcoin.
CCN spoke to Lomesh Dutta, Vice President of Growth at Dfinity, a contributor to Internet Computer blockchain, to understand if advancements in Bitcoin can make itsmart.
The Internet Computer Protocol (ICP) recently introducedBitcoinadvancementwhichwill potentially allowit to do more thanjusthandle payments.
During the integration in April, ICP claimed that its programs could interact with Bitcoin directly. It used a cryptographic method called Schnorr signatures.
The threshold-schnorr method can offer potential enhancements toBitcoinsnetwork by increasing efficiency and security, especially for multi-signature transactions. Traditional multi-signature transactions in Bitcoin require each participant to individually sign a transaction, which can be inefficient and costly as it increases the transaction size and potentially the fees. Threshold-Schnorr simplifies this by allowing a single signature to represent a transaction approved by multiple parties.
Dutta explains,Bitcoin uses twodifferentdigital signature cryptographic schemes: ECDSA and Schnorr. In themost simpleterms, a digital signature proves that the owner of the funds has authorized the spending of those fundsi.e.if you have to send your Bitcoin to someoneelseit needs to be digitally signed by you (using your private key).
Dutta states that a lot of recent developments onBitcoin, including digital assets and features, are using Schnorr signatures.According to him, ICP is also adopting threshold Schnorr signatures to allow it to manage various types of Bitcoin-related activitiessecurely.
The VP adds,This means that you can build any form of advanced smart contracts on Bitcoin involving these assets (BRC-20, Runes, Ordinals, ARC-20, etc.) in an extremely secure way with 1-2s transaction finality andextremely lowgas fees (fee could even be paid by developers, so bitcoin smart contract transactions can even become free for end users).
When it comes tosmart contracts capabilities, Bitcoinwas never consideredto be on the list. Ethereum became the firstsmartchainfollowed by other players like Solana and Cardano.
Dutta points out that while Bitcoin is a highly recognized and widely used cryptocurrency, itwasntcreatedwith the capability to support smart contracts directly. He adds thatBitcoinssystem has inherent limitations such as slow transaction processing, limited ability to handle large volumes of transactions, and highcosts associated with transactions. Therefore, it is less practical for developerstoeffectivelybuild and operate applications directly onBitcoinsplatform.
According to the Dfinity VP, ICP is being used to address some ofBitcoinslimitations. Firstly, ICP claims to check how much Bitcoin someone has and can also authorizeBitcointransactionsdirectly,without needinga middleman.
Thismeans ICP can potentially manage, send, and receiveBitcoinand other Bitcoin-based digital items. Secondly, ICP claims to provide an environment for creatingsmartcontracts by supporting developers and overcoming its design limitations around transaction speed, scalability, and costs.
When we asked Dutta what it could mean for Bitcoin, he said,It enables a plethora of use cases that have never been possible on Bitcoin earliersuchas decentralized exchanges (DEXs) offering BTC or BRC20 trading pairs, lending markets using Ordinals as a collateral, decentralized fundraisers accepting BTC, or Web3 SocialFi services allowing satoshis tobe sentvia chat messages!
According to Dutta, recent developments like Ordinals and BRC-20 tokensare designedto add new functions to Bitcoin, allowing it to handle different types of transactions and services.
More transactions also mean higher revenue for minerswhichis critical for the long-term security of Bitcoin (instead of simply relying on the assumption that price will continue to skyrocket),he added.
The answer to the question is No. Bitcoin itselfisntbuiltto function asa smartcontract platform. Bringingsmartcontract functionalities directly toBitcoinsbase layerisntstraightforward due to its design and the census challenges within the community.
Therefore, sidechains like RSK andLayer 2 solutionslike the Lightning Network bring additional functionalities to Bitcoin.
Dutta agrees thata smartBitcoin is a far-fetched idea when he says,Wedontneed to change Bitcoin to enable these functionalities. As a matter of fact it would be subject to major political and controversial debates if one were to implement changes in the core bitcoin architecture.
The VP suggests that to enablesmartcontract functionalities for Bitcoin,itsbetter to use separate systems rather than changingBitcoinscore structure.
The executive explains that the systems operate alongside Bitcoin without the need formiddlemen, relying only on thesecurity of theblockchainsthemselves.He highlights a current issue where some groups use insecure, centralized methods, known as bridges, to add functionalities to Bitcoin.
Dutta notes,Our biggest goal should be tostay away fromthese insecure bridges, a model that has lost billions of dollars for users.
Looking forward, Dutta dubsBitcoinand interoperability as two major themes. He states,Bitcoin is the most popular digital asset, with the most liquidityanditwill continue to be a dominant force in the web3 space.
Dutta pointed out that different blockchains have distinct features that make them useful for specific purposes.For example, Ethereumis often usedas a platform for executing and recordingcontracts and transactions.He emphasizes that Bitcoin, with its unique properties and recognition, will continue to beimportantand should be able to work in conjunction with other blockchains.
The goal for the blockchain industry is to achieve this interoperability in the most secure manner possible.Thiswill bring the trust of end users to our industry,Dutta added.
Advanced cryptographic techniques, such as threshold-Schnorr signatures,are enhancingBitcoinscapabilities. However, it is not directly on its core layer.
While Bitcoinitselfdoes not support these advanced functions natively due to its original design limitations, new technologiesare allowingsecure interactions with Bitcoin without intermediaries.Dutta highlights that these integrations enable the creation of smart contracts on platforms linked to Bitcoin, which can make transactions quicker and more cost-effective.
However,Bitcoinitselfcannot transform intoa smartcontract platform at this stage. Yet, these external advancements are vital as they circumventBitcoinsinherent constraints. By leveraging sidechains and Layer 2 solutions, Bitcoin can extend its functionalitywellbeyond its traditional role asdigital gold,supporting a broader array of applications.
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Flash News: OKX Ventures Announces Seed Round Investment in Arch Network, a Bitcoin-Native Application and … – PR Newswire
SINGAPORE, May 9, 2024 /PRNewswire/ --OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, has issued updates for May 9, 2024.
OKX Ventures Announces Seed Round Investment in Arch Network, aBitcoin-Native Application and Smart Contract Platform
OKX Ventures today announced its participation in the seed investment round for Arch Network, a Bitcoin-native application and smart contract platform.
Arch Network is the first Bitcoin-native application platform, enabling bridgeless DeFi on the world's largest blockchain. It is a parallelized, proof-of-stake network that leverages zero-knowledge proof (ZK proof) technology to enhance Bitcoin-native programmability. The network consists of a Rust-based zkVM, called the ArchVM, and a decentralized verifier network. Together, these components form a trustless execution environment directly within the Bitcoin blockchain, allowing for bridgeless trading experiences.
OKX Ventures Founder Dora Yue said: "We are delighted to invest in Arch Network, a Bitcoin-native application platform that takes inspiration from the SVM (Solana Virtual Machine). It utilizes parallelization and integrates ZK proof technology to facilitate dynamic, Turing-complete smart contracts on Bitcoin. This novel approach dramatically improves user experience and the trust assumptions made by Bitcoin users, enabling a smooth and frictionless experience while maintaining a trustless relationship with dApps and protocols."
For further information, please contact:
[emailprotected]
About OKX Ventures
OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Find out more about OKX Ventureshere.
Disclaimer
SOURCE OKX Ventures
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Will Regulation Clip Ethereum: Navigating The Uncertain Regulatory Landscape For Ethereum Tokens In 2024 – Blockchain Magazine
May 9, 2024 by Diana Ambolis
208
Ethereum, the worlds second-largest cryptocurrency by market capitalization, is a powerful blockchain platform that fuels a vast ecosystem of decentralized applications (dApps) and digital assets known as tokens. However, a looming cloud of uncertainty hangs over this innovative landscape: government regulation. The Rise of Ethereum and its Tokenized Ecosystem Ethereums programmable blockchain allows developers to
Ethereum, the worlds second-largest cryptocurrency by market capitalization, is a powerful blockchain platform that fuels a vast ecosystem of decentralized applications (dApps) and digital assets known as tokens. However, a looming cloud of uncertainty hangs over this innovative landscape: government regulation.
The Rise of Ethereum and its Tokenized Ecosystem
Ethereums programmable blockchain allows developers to create smart contracts, self-executing agreements that power dApps in various sectors, from finance (DeFi) to gaming (NFTs). These dApps often rely on Ethereum tokens, digital units with specific functionalities within their respective ecosystems.
Ethereum, the second-largest blockchain by market capitalization, faces a complex challenge: fostering innovation while navigating an uncertain regulatory landscape. Heres a closer look at this tightrope walk:
The Allure of Innovation:
Smart Contracts and dApps: Ethereums programmability allows for the creation of smart contracts (self-executing agreements) and decentralized applications (dApps) that revolutionize various industries, from finance (DeFi) to supply chain management.
Open Source and Decentralized: Ethereums open-source nature fosters a vibrant developer community that continuously pushes the boundaries of blockchain technology. Decentralization is a core principle, aiming to distribute power and control away from centralized authorities.
A Breeding Ground for New Ideas: The permissionless nature of Ethereum allows anyone to build upon it, fostering experimentation and the exploration of groundbreaking concepts like DAOs (Decentralized Autonomous Organizations).
The Challenge of Regulation:
Uncertain Regulatory Landscape: Regulatory frameworks for cryptocurrencies and blockchain technology are still evolving globally. This uncertainty creates challenges for businesses and developers building on Ethereum, as compliance requirements remain unclear.
Concerns About Security and Scams: The anonymity associated with cryptocurrency transactions raises concerns from regulators about money laundering and illegal activities. Additionally, some DeFi projects on Ethereum have been susceptible to hacks and scams, highlighting the need for potential regulations to protect investors.
The Howey Test and Classification: The Howey Test, a legal framework in the US, classifies investment contracts as securities. Some regulators are scrutinizing whether certain Ethereum-based projects might fall under this category, potentially triggering stricter regulations.
Finding the Balance:
Self-Regulation Efforts: The Ethereum community is actively exploring self-regulation initiatives to address concerns about security and scams. These efforts demonstrate a commitment to responsible innovation within the ecosystem.
Collaboration with Regulators: Open dialogue and collaboration between the Ethereum community and regulatory bodies are crucial for establishing clear and workable regulations that foster innovation while mitigating risks.
Technological Solutions: The development of tools and technologies that enhance transparency and accountability on the Ethereum network can help address regulatory concerns without compromising decentralization principles.
Also, read Your Ultimate Guide To Blockchain Powered Data Exchange And Its Top 5 Benefits
The ever-evolving regulatory landscape surrounding Ethereum can be daunting for both developers and investors. Here are some strategies to navigate this uncertainty:
For Developers:
Stay Informed: Keep yourself updated on the latest regulatory developments related to cryptocurrency and blockchain technology. Resources like industry publications, legal forums, and conferences can be helpful.
Focus on Building Compliant Applications: While maintaining core decentralization principles, consider incorporating features that enhance transparency and accountability within your dApps. This could involve implementing Know Your Customer (KYC) procedures or collaborating with regulated entities.
Engage with Regulatory Bodies: Participate in discussions and contribute to shaping regulations. The Ethereum communitys voice can be influential in establishing fair and effective frameworks.
Consider Building Regulatory Compliance Tools: Theres a growing need for tools that help developers ensure their dApps comply with evolving regulations. Building such tools could be a valuable niche within the Ethereum ecosystem.
For Investors:
Conduct Thorough Due Diligence: Dont be swayed by hype. Research any Ethereum-based project youre considering investing in, understanding its underlying technology, purpose, and potential regulatory risks.
Diversify Your Portfolio: Spread your cryptocurrency investments across different assets, including established projects with strong track records. Avoid overexposure to highly speculative ventures.
Stay Up-to-Date on Legal Developments: Follow legal news related to specific projects or the broader cryptocurrency space. Understanding potential regulatory hurdles can inform your investment decisions.
Seek Professional Financial Advice: Consider consulting a financial advisor with expertise in cryptocurrency to navigate the complexities of this emerging asset class.
General Strategies:
Embrace Transparency: Both developers and investors should prioritize transparency in their activities. This fosters trust and can help mitigate regulatory concerns.
Prepare for Change: The regulatory environment is likely to remain fluid for some time. Be prepared to adapt your strategies as regulations evolve.
Advocate for Innovation: Support initiatives that promote responsible innovation within the Ethereum ecosystem, while ensuring regulatory compliance.
While the path forward is uncertain, staying informed, adapting to changing regulations, and prioritizing responsible development and investment practices will be key to success in the Ethereum ecosystem. By working together, developers, investors, and regulators can navigate this uncharted territory and unlock the full potential of Ethereums groundbreaking technology.
The question of how regulation will impact Ethereums future is a complex one. While regulations can stifle innovation, they can also bring much-needed clarity and legitimacy to the blockchain space. Heres a closer look at how regulation might even act as a catalyst for Ethereums growth:
Potential Benefits of Regulation:
Increased Investor Confidence: Clear and well-defined regulations can provide investors with more confidence in the Ethereum ecosystem. This could attract new institutional investors who might have previously been hesitant due to the uncertainty surrounding cryptocurrencies.
Reduced Risk of Scams and Fraud: Regulations aimed at combating money laundering and illegal activities could improve the overall security and stability of the Ethereum network. This would create a more trustworthy environment for users and developers.
A More Sustainable Ecosystem: Regulations could potentially address concerns about energy consumption associated with Proof-of-Work (PoW) mining, the current consensus mechanism used by Ethereum. This could encourage the adoption of more sustainable alternatives like Proof-of-Stake (PoS).
Mainstream Adoption and Integration: Regulatory frameworks that provide a path for compliance could lead to wider adoption of Ethereum by established financial institutions and businesses. This would integrate Ethereum technology into traditional financial systems, unlocking its potential for mainstream use cases.
A Catalyst for Innovation: Regulations can sometimes act as a catalyst for innovation. Developers might be spurred to create new solutions and applications that comply with regulations, further expanding the utility of the Ethereum network.
Challenges and Considerations:
Overly Restrictive Measures: Regulations that are overly restrictive could stifle innovation and hinder the growth of the Ethereum ecosystem. Finding the right balance between protecting investors and fostering innovation will be crucial. Striking this balance will require careful consideration of the potential consequences of regulations on the core principles of decentralization and technological advancement.
Maintaining Decentralization: Regulations that give too much control to central authorities could undermine the core principles of decentralization that underpin Ethereum. Striking a balance between regulation and decentralization will be a complex task. Regulatory frameworks need to be crafted in a way that safeguards users and promotes responsible development, without compromising the essence of a permissionless and distributed network.
Global Coordination Needed: The success of regulations will depend on a coordinated effort from governments around the world. A patchwork of regulations across different jurisdictions could create confusion and hinder global adoption of Ethereum technology. International collaboration among regulatory bodies will be essential to establish clear and consistent frameworks that promote responsible innovation on a global scale.
One of the major regulatory hurdles for Ethereum tokens is the Howey Test, a legal framework in the US that classifies investment contracts as securities. If certain Ethereum-based projects are deemed securities under the Howey Test, they might fall under stricter regulations akin to traditional stocks and bonds. This could significantly impact the development and operation of these projects.
Navigating the Uncertainty: A Multi-Stakeholder Approach
Despite the uncertainties, there are ways for Ethereum to navigate this complex regulatory landscape. Open dialogue and collaboration between the Ethereum community, regulatory bodies, and industry players are crucial. The Ethereum community can contribute by:
Regulatory Considerations for a Sustainable Future
For regulators, crafting effective frameworks requires a nuanced approach. Here are some key considerations:
The Road Ahead: A Potential Catalyst for Growth
While the immediate impact of regulation remains uncertain, its not all doom and gloom for Ethereum. Thoughtfully implemented regulations can bring several benefits:
A Collaborative Future for Ethereum
The future of Ethereum in the face of regulation hinges on a collaborative effort. The Ethereum community, regulators, and industry players all have a role to play. By fostering open communication, prioritizing responsible innovation, and crafting clear and adaptable regulations, they can ensure that Ethereum continues to thrive and reach its full potential. The year 2024 might not provide definitive answers, but it presents a critical opportunity to shape the future of Ethereum and usher in a new era of responsible and transformative blockchain technology.
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Stellar Development Foundation Q1 2024 Report: Smart Contracts Live on Stellar and $533m in Real World Assets – Crypto Reporter
Today the Stellar Development Foundation (SDF) released its Q1 2024 report. In the first quarter of 2024, Stellar launched smart contracts. Soroban is a developer-friendly, Rust-based smart contracts platform designed for scale and sensibility. The total supply of real world assets held on Stellar also topped $533 million. The total payments volume expressed on Stellar in Q1 was $1.6 billion. Stellar continues to be an industry leader in low transaction costs, with an average transaction cost of $0.000065.
Stellar kicked off the new year with the launch of smart contracts, marking the biggest change on the Stellar network since it launched a decade ago, said Stellar Development Foundation CEO Denelle Dixon. The Stellar Community Fund awarded $3.2 million to projects being built on Stellar and that funding will help grow the Stellar community and support projects that will bring real world utility to the Stellar network. Tokenized assets continue to grow on Stellar as more financial institutions recognize the advantages of tokenized assets and the power Stellar gives them to issue and control those assets. The year is off to a great start and we look forward to gathering with the Stellar community on October 15-17 in London to celebrate what we have accomplished and the exciting projects being built on Stellar.
SDF is committed to a future proof and sustainable Stellar. Stellars low transaction fees, smart contract capability and the Stellar Community Fund are critical parts of building a sustainable Stellar network that is enabling real world utility today and will grow as blockchain technology is adopted more widely.
Financial inclusion and real world utility are integral to SDFs mission. SDF is focused on everyday financial services because we want to help build a global financial system that includes everybody. Asset tokenization, on and off-ramps, and wallets are all key parts of the network that are providing real world utility to people across the globe. SDF is also pushing for increased adoption of the utility that Stellar Aid Assist and the Stellar Disbursement Platform (SDP) are providing to organizations engaged in humanitarian work, like the United Nations High Commission for Refugees (UNHCR). To date UNHCR has used Stellar Aid Assist to disburse more than $2.2m to internally displaced people in Ukraine.
SDF also believes that a trustworthy technology stack is the best kind to advance adoption of blockchain technology. That is why SDF has collaborated with the ecosystem to make sure not only that Soroban is the best smart contract platform, but also that it is secure. This quarter, the Stellar Development Foundation has focused on the technical capabilities and third party services necessary to establish smart contracts on Stellar as a leader in safety. Thats why SDF launched the Soroban Audit Bank as part of SDFs ongoing commitment to promoting high standards for smart contract security throughout the Stellar ecosystem. The program is distributing up to $1 million dollars in security audit credits in coordination with six top-tier audit firms. Audit credits have been used for 15 projects thus far.
SDF leaders have traveled across the globe and conducted listening sessions in Ghana, Nigeria, and Kenya to hear directly from Stellar community members in places too frequently left out of the global financial system. At Meridian 2024, October 15-17 in London, SDF will convene our community to celebrate what weve achieved and look ahead to what we will build next on Stellar.
About Stellar
Stellar is more than a blockchain. Powered by a decentralized, fast, scalable, and uniquely sustainable network made for financial products and services and a thriving and passionate ecosystem that includes a non-profit organization driven by a mission, Stellar is paving the path to unlock the worlds economic potential through blockchain technology. Built with speed and low costs in mind, the Stellar network provides builders and financial institutions worldwide a platform to issue assets, and to send and convert currencies in real time creating real world utility. Founded in 2014, the Stellar Development Foundation (SDF) supports the continued development and growth of the Stellar network and also serves the ecosystem of NGOs, corporations, universities, small businesses, governments, and solo entrepreneurs building on the Stellar network through tooling, funding and strategic collaborations. Together, Stellar is where blockchain meets the real world.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the worlds financial infrastructure. Founded in 2014, the Foundation helps maintain Stellars codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the worlds economic potential through blockchain technology. For more information, visit stellar.org/foundation.
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Friend.tech v2 airdrop could introduce non-transferable token – TradingView
Decentralized social media platform Friend.tech is preparing for its version two launch and airdrop on May 3, but a leaked smart contract suggests it may have controversial features, including a non-transferable token.
The nontransferable tokens may be introduced with the airdrop, according to pseudonymous decentralized financeresearcher CBBOFE, who claims in a May 2 X postto have potentially found the smart contracts.
Ticker is $POINT, not transferable unless to some whitelisted addresses. $POINT will be tradable on BunnySwap (FT native DEX).
A nontransferable token means that airdrop recipients wont be able to sell or exchange the coins, except for certain whitelisted protocol addresses.
Restaking protocol EigenLayer has also decided to issue a nontransferable token for its EIGEN airdrop, which was one of the main reasons behind the recent outrage surrounding EigenLayer.
Friend.tech made the token nontransferable to make users pay the 1.5% fee, according to Kasper Vandeloock, a quantitative crypto trader and adviser at the X10 exchange. He told Cointelegraph:
If you cant transfer it, you are forced to sell it through them, which has the 1.5% fee. [] Which is kind of ironic, they bring this strong we are anti-VC vibe to the table while being a profit factory for Paradigm.
The new potential token, POINTS, will function as a utility token that allows for the creation of social clubs on the platform, which may cost a 1.5% platform fee, according to CBBFOE:
New smart-contract called Clubs. Anyone can create multiple clubs and a bonding curve among several options. 1.5% platform fee and 1.5% staking contract. Club keys are bought with $POINT.
The new tokens will also be offered as rewards for users staking their Ether (ETH) and POINTS tokens in the Friend.tech smart contract.
The announcement caused concerns among crypto enthusiasts. Pseudonymous crypto trader MK commented:
I hate Eigen so much for starting this non-transferrable meta.
Related: EigenLayer sees over 12,000 queued withdrawals How far will TVL fall?
Non-transferable tokens could reduce initial airdrop selling pressure
While nontransferable tokens have been causing significant community outrage, they could benefit the long-term price action of the cryptocurrency, as tokens tend to see drastic declines following airdrops.
At the end of April, the Omni Networks OMNI token fell 55% in less than 18 hours following it airdrop, losing over half of its market capitalization.
Wormholes W token is another example, falling nearly 25% in value only a couple of hours after anairdrop on April 3. The token is down over 47% since the airdrop, according to CoinMarketCap.
Crypto airdrops are often riddled with professional airdrop hunters (or squatters) that farm the same airdrop with multiple cryptocurrency wallets with no intention of using the protocol in the long term and market selling the rewards after claiming.
In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from Arbitrums ARB airdrop from 1,496 wallets into just two wallets they had controlled.
Related: LayerZero cross-chain interoperability protocol completes first airdrop snapshot
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Friend.tech v2 airdrop could introduce non-transferable token - TradingView