Category Archives: Smart Contracts
Worldcoin Protocol Successfully Passes Security Audits by … – Cryptopolitan
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Worldcoin, a blockchain-based protocol, has recently undergone two separate security audits conducted by renowned audit firms Nethermind and Least Authority. The audits began in April 2023 and focused on various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. The results of these audits have now been made Read more
Worldcoin, a blockchain-based protocol, has recently undergone two separate security audits conducted by renowned audit firms Nethermind and Least Authority. The audits began in April 2023 and focused on various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. The results of these audits have now been made public, demonstrating Worldcoins commitment to transparency and security.
Worldcoins protocol, which includes both off-chain and on-chain components, is based on Semaphore from the Ethereum PSE group. The protocols implementation, including its use of cryptographic constructs and smart contracts, is documented in the Worldcoin whitepaper.
The audits covered a broad range of areas, including the correctness of the implementation, common and case-specific implementation errors, adversarial actions, secure key storage, and resistance to DDoS attacks. Other focus areas included potential vulnerabilities leading to adversarial actions, protection against malicious attacks, performance issues, data privacy, and inappropriate permissions.
Netherminds audit focused on the protocols smart contracts, which include the World ID contracts, the World ID state bridge, the World ID example airdrop contracts, the Worldcoin tokens (WLD) grants contracts, and the WLD ERC-20 token contract and its associated vesting wallet. Of the 26 items that surfaced during this security assessment, 92.6% (24) were identified as fixed after the verification stage, while one was mitigated and the remaining one was acknowledged.
Least Authority, on the other hand, concentrated on the protocols use of cryptography. This included the Semaphore protocol and the enhancements made to scale the protocol in a more gas-efficient manner. The team identified three issues and offered six suggestions, all of which have either been resolved or have planned resolutions. The Least Authority report stated, We found that the cryptographic component of the Worldcoin Protocol is generally well-designed and implemented.
In some cases, items identified were due to the protocols dependencies on Semaphore and Ethereum, such as elliptic curve precompile support or Poseidon hash function configuration.
Worldcoin first rose to prominence in 2021 when it announced that it would give away free tokens to any users who verify their humanness, which they could do by having their iris scanned by a device called an Orb. The project was co-founded by Sam Altman, the co-founder of AI developer OpenAI. At the time, Altman and other team members argued that AI bots would become an increasing problem on the internet if people didnt find a way to verify their humanness without giving up their privacy. According to the protocols documentation, The Orb produces a hash of the users iris scan but does not keep a copy of the iris scan.
Worldcoin initiated its public launch on July 25, after nearly two years of development and beta testing. But criticism of it erupted almost immediately. The United Kingdoms Information Commissioners Office (ICO) reportedly said the government body was deciding whether to investigate the project for violating the countrys data protection laws. French data protection agency CNIL also questioned Worldcoins legality. The crypto community was divided over the projects launch, with some participants seeing it as the start of a dystopian future where privacy would be eliminated. In contrast, others saw it as a necessary step towards protecting humans against malicious AIs.
Worldcoin aims to establish a proof of personhood that is decentralized, privacy-preserving, open-source, and accessible to everyone. The successful completion of these audits is a significant step towards achieving this goal, demonstrating the robustness and security of the Worldcoin protocol.
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Worldcoin Protocol Successfully Passes Security Audits by ... - Cryptopolitan
I Want To Buy My Groceries With Crypto So What’s Stopping Me? – Entrepreneur
Opinions expressed by Entrepreneur contributors are their own.
Now that the metaverse has mostly come and gone, it looks like the key pillars of Web3 are recalibrating back to reality. Even Vision Pro, Apple's virtual reality proposition, is a lot more about answering emails or watching films than living full-time in a neon cyberpunk wonderland.
Crypto, Web3's most important tenet, is also seeing some use cases come back down to Earth. And while this course correction to nearly mundane functionality is overdue, we've seen few tangible ways to make that happen. Many crypto projects set lofty and unattainable goals to transform the financial industry completely. But harsh regulatory conditions, shaky market climates and no shortage of scandals illustrate why that probably isn't going to happen.
That being said, if crypto can't be a worthy adversary to the world of traditional finance (TradFi), it certainly could be complementary. What's preventing that from happening?
If you ask this question to most crypto enthusiasts, you're likely to hear a tirade about regulatory persecution, the evils of the SEC, and a million other external factors preventing crypto from reaching its full potential. In some cases, they're right. But it's easy to thrust the blame onto regulators or "bad actors" in the industry for putting crypto into an unsavory position and it's not entirely accurate.
Related: Bitcoin as Currency Triggers Our Fear of Missing Out. Can It Be Fixed?
Of course, regulation and legislative misunderstandings are major obstacles that are slow to overcome due to the red tape involved with setting fair and comprehensive rules in crypto. And if crypto is to exist as a functional tool and currency in the real world, as significant industry outsiders say it will, you can't really get around regulation to prevent exploitation and full-fledged industry meltdowns.
If regulators do have a general distaste toward crypto, they can't entirely be blamed for it based on the number of scandals the industry has faced in this past year alone. If anything, it's more about companies not being able to get their act together rather than governments completely writing off crypto as a concept. But that's still not the only factor.
Across the crypto and blockchain sectors, projects tend to latch onto one specific application, trend, or use case and never ease their grip on it until it's too late. Even if it might not be the best thing for the project or the industry, it's difficult to deviate from the rest of the crowd in a sector where everyone is still trying to figure out what clicks.
This isn't an anomaly either we've seen it happen with centralized exchanges, NFTs and depending on who you ask, smart contracts.
As much as crypto companies now preach against the doctrine of FOMO (fear of missing out), there is an unmistakable undercurrent of it throughout new industry developments. When a new technology, especially one with a financial aspect inherently attached, does have so much potential, no one wants to get left behind. That's partly why we notice so much theorizing and abstract blockchain-AI integrations, despite most of them not making much practical sense.
There are, of course, many practical applications of AI in the blockchain and crypto. But when projects, or an entire industry, get attached to one thing, it's hard to put down the blinders and shift focus to other options. Instead of exploring concrete ways to boost functionality for the average person, projects shoot for the moon instead. And ultimately, when each company is trying to one-up the other in scope and adoption, you're bound to have function fall by the wayside.
A big roadblock towards crypto ubiquity and functionality stems from communication. Since many major crypto advancements develop in parallel, getting networks and currencies to communicate requires much more effort. Transferring cryptocurrencies often becomes more troublesome than needed and typically requires using relatively unsafe methods.
Smart contracts are a godsend for certain crypto functions. But they've proven time and again to be insecure and unreliable as they keep getting plagued by hacks. For someone looking to transact using crypto regularly, that creates a real risk to their security. Some projects have deviated from smart contracts too. Companies such as Kima, for instance, are developing protocols and settlement layers to facilitate crypto and fiat transfers without relying on them.
Kima's also eschewing smart contracts to help solve the convoluted mess of international crypto transfers, a facet that crypto should inherently be able to do to function as currency. Not that international transfers are so simple using fiat currency or TradFi methods, but I don't have to worry about committing international securities fraud for using PayPal.
Crypto's philosophy from the beginning was to remove intermediaries and bureaucratic stopgaps that prevent unrestricted financial activity. While certain factors are beyond the control of industry builders, there could certainly be a lot more effort put into finding creative solutions to the sector's inherent problems.
So what is stopping me from using crypto to buy groceries? Quite a few things at this point, and they're mainly interwoven. But reinforcing steady and tangible development into interoperability and streamlined everyday use can make crypto's future less daunting to reach.
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I Want To Buy My Groceries With Crypto So What's Stopping Me? - Entrepreneur
How Can Blockchain Technology Streamline Decentralized Online … – Cryptopolitan
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Over the past two decades, online learning has experienced significant growth, with E-learning being the fastest-growing segment in the education industry, boasting an average annual growth rate of 20%. It is projected that by 2027, the global market for mobile learning will reach an estimated worth of $80.1 billion, with China expected to have a Read more
Over the past two decades, online learning has experienced significant growth, with E-learning being the fastest-growing segment in the education industry, boasting an average annual growth rate of 20%. It is projected that by 2027, the global market for mobile learning will reach an estimated worth of $80.1 billion, with China expected to have a market value of $18.8 billion by the same year. Japan and Canada also show promising potential for growth in decentralized online learning during the period between 2020 and 2027. The integration of blockchain technology in online education has been recognized for its potential to yield excellent results.
Online education, also known as distance education or virtual learning, is a web-based approach that enables quick learning and content distribution. Thanks to the advent of Web 3.0 and the internet as the platform, online instruction overcomes geographical, time, and academic limitations, providing students with top-notch learning opportunities anytime and anywhere. The combination of blockchain and online learning is powerful due to Web 3.0, as blockchain enables decentralized learning environments managed through consensus rather than a central authority.
The transition to online education was accelerated by factors like the COVID-19 pandemic, making online learning increasingly important, especially for students from low socioeconomic backgrounds who may face limitations in accessing in-person instruction or costly tutoring. Online education covers many areas, including early childhood education, occupational training, certification programs, personal skill development, and language education. Massive open online courses (MOOCs) have gained popularity, with prominent providers like Coursera, Udacity, and edX offering courses since 2012.
However, the current models and frameworks for online education have some flaws, such as student privacy concerns, intellectual property issues, and the lack of a standardized cross-platform course-sharing mechanism. Blockchain technology has the potential to address these issues, ensuring data security, enhancing accreditation and improving acceptance in the educational context. Initial applications of blockchain in education have been explored, with notable examples like the MIT Media Labs digital learning certificate system and Sony Global Educations blockchain technology infrastructure platform, which enables secure sharing of learning courses and data.
Online learning has experienced exponential growth over the past decade, offering unprecedented access to education and training opportunities for learners worldwide. However, despite its numerous benefits, the digital learning landscape faces several critical challenges that hinder its full potential. These challenges underscore the need for innovative solutions, and blockchain technology emerges as a promising contender to address these issues.
Credential Verification and Fraud:
Verifying academic credentials in the online realm can be a cumbersome and time-consuming process. Educational institutions and employers often face challenges in confirming the authenticity and accuracy of academic records, leading to delays in admissions and recruitment processes.
The rise of diploma mills and unaccredited institutions poses a significant risk to online learners. These illegitimate entities offer degrees and certificates without adhering to recognized educational standards, undermining the value of legitimate credentials and deceiving learners.
Data Security and Privacy Concerns:
Online learning platforms hold a vast amount of sensitive data, including personal information and academic records. Without robust security measures, these platforms become vulnerable to data breaches and cyberattacks, compromising the privacy and confidentiality of learners information.
Many online learning platforms rely on centralized databases, where all data is stored in a single location. Such centralization increases the risk of data loss and unauthorized access, making exploring more secure and decentralized alternatives essential.
Interoperability and Record Portability:
The online learning ecosystem comprises many platforms and institutions with systems for recording and managing student data. This fragmentation makes it challenging for learners to transfer their academic records seamlessly between institutions.
The absence of standardized protocols for data exchange and record sharing contributes to inefficiencies and data incompatibility, impeding the development of a cohesive and interconnected educational ecosystem.
Learner Ownership and Control:
Traditionally, educational institutions retain ownership of academic credentials, leaving learners with limited control over their records. This lack of ownership restricts learners ability to showcase and use their achievements effectively.
Learners often face difficulty presenting their credentials to employers or other educational institutions in a secure and verifiable manner. This lack of portability hinders career mobility and lifelong learning opportunities.
Blockchain technology presents a unique opportunity to revolutionize online learning by addressing the current challenges and enhancing various aspects of the educational experience. Here are the key ways in which blockchain can bring transformation to the world of digital education:
Secure Credentialing and Verification:
Blockchain enables the issuance of cryptographically secured and tamper-proof digital certificates and diplomas. These blockchain-based credentials can be stored directly in a learners digital wallet, giving them complete ownership and control over their academic achievements.
By accessing the blockchain, educational institutions, and employers can verify the authenticity of a learners credentials in real-time. They eliminate the need for time-consuming manual verification processes, streamlining admissions, recruitment, and hiring procedures.
Decentralized Record Management:
With blockchains decentralized architecture, learner data is stored across a network of nodes, reducing the risk of single points of failure and unauthorized access. Learners can have greater confidence in the security and privacy of their personal information.
Each data entry on the blockchain is linked to the previous one through cryptographic hashes, making it virtually impossible to alter or delete records. This immutability ensures the integrity of academic papers and protects against fraudulent activities.
Interoperability and Portability:
Blockchain platforms can adopt open standards for data exchange, fostering interoperability among different educational systems. Learners can easily share their academic records between institutions, facilitating seamless transfers and credit recognition.
Blockchain-based learning passports can serve as comprehensive and portable records of a learners educational journey. These passports can accumulate achievements from various learning providers, including formal education institutions, online courses, workshops, and certifications.
Micro-Credentials and Continuous Learning:
Blockchain allows for the creation of micro-credentials, which represent specific skills or competencies. Learners can earn these digital badges for completing short courses or demonstrating expertise in niche areas, showcasing their diverse skill sets to potential employers.
Blockchain can support a lifelong learning record that tracks an individuals learning journey from early education to professional development. This comprehensive record reflects the continuous pursuit of knowledge and encourages a culture of lifelong learning.
Smart Contracts for Learning Contracts:
Educators can leverage smart contracts to design personalized learning paths for each learner based on their progress, interests, and goals. Smart contracts automatically adapt course content and assignments to meet the specific needs of individual learners.
Smart contracts can handle automated assessments and grading. They reduce the burden on educators and allow them to focus more on providing personalized feedback and support to learners.
Blockchains transformative potential in streamlining online learning extends beyond the technical aspects. It fosters a more learner-centric approach, where individuals have greater control over their educational journey and can present their achievements transparently and confidently to the world. As more educational institutions and platforms embrace blockchain technology, the future of online learning holds the promise of enhanced accessibility, efficiency, and empowerment for learners worldwide.
As blockchain technology gains recognition and momentum in the education sector, several notable case studies and successful implementations have demonstrated its transformative impact on online learning. These pioneering initiatives showcase the practical applications of blockchain in addressing specific challenges and streamlining various aspects of digital education.
Blockcerts and Maryville University:
Maryville University became an early adopter of blockchain technology in education by implementing Blockcerts, an open standard for issuing and verifying digital credentials on the blockchain. Using Blockcerts Wallet, students can securely store their diplomas and academic certificates on the blockchain. The tech empowers learners to independently manage and share their credentials with potential employers and other educational institutions, eliminating the need for cumbersome and time-consuming verification processes. The tamper-proof nature of blockchain ensures the authenticity and integrity of each credential, instilling trust and confidence in employers and academic institutions alike.
Education Blockchain Initiative (EBI):
The American Councils Education Blockchain Initiative (EBI) focuses on advancing blockchain for record sharing between educational institutions and employers. By shifting ownership of academic credentials from institutions to students through blockchain technology, the EBI aims to empower individuals with greater control over their digital identities. This student-centric approach supports lifelong learning opportunities, fosters economic mobility, and simplifies the process of credit transfers between institutions. The EBIs grant awards to organizations like Student1 and UnBlocked demonstrate its commitment to pioneering real-world solutions that streamline education through blockchain technology.
Holberton School and Holbex Blockchain:
Holberton School, a project-based coding school, embraced blockchain technology to enhance its tuition payment process. Through its partnership with Holbex Blockchain, a blockchain payment solution, Holberton School enabled students to pay their tuition fees using cryptocurrencies like Bitcoin and Ethereum. This integration streamlined the payment process and allowed students to use cutting-edge financial technologies. By offering alternative payment options, the school broadened its appeal to a diverse pool of learners, fostering a more inclusive and accessible educational environment.
IBMs Open Badges:
IBM, a global leader in technology, leveraged blockchain to revolutionize its open badges program. IBMs use of blockchain technology ensures the verifiability and security of digital badges issued to employees and learners. These badges represent various skills and achievements acquired through training and professional development. By implementing blockchain, IBM instilled greater trust in its digital credentials, making them universally recognizable and transferable. This initiative exemplifies the potential of blockchain in ensuring the integrity and value of micro-credentials within the corporate and educational sectors.
These case studies and successful implementations offer compelling evidence of blockchain revolutionizing online learning. By streamlining record keeping, securing credentials, fostering interoperability, and promoting learner ownership, blockchain technology is shaping the future of education, making it more efficient, accessible, and learner-centric.
While blockchain technology holds immense promise for revolutionizing online learning, it is essential to recognize that its implementation also comes with its fair share of challenges and limitations. As educational institutions and stakeholders explore the adoption of blockchain in the education sector, it is crucial to address these potential hurdles to ensure successful and sustainable integration.
Technical Complexity:
With its decentralized and distributed nature, blockchain technology can be intricate to implement and manage effectively. Educational institutions may face challenges in understanding the technical aspects of blockchain, including setting up and maintaining the necessary infrastructure, ensuring data security, and managing smart contracts. The need for specialized expertise in blockchain development and maintenance could be a barrier for some institutions, particularly smaller ones with limited resources.
Scalability:
As the volume of data within the education sector grows exponentially, scalability becomes a crucial concern. Blockchains inherent design, where every transaction is recorded in a block, can lead to increased storage requirements and reduced transaction speeds. This limitation might hinder the seamless handling of large-scale educational data, particularly in massive open online courses (MOOCs) and platforms with a vast user base.
Energy Consumption:
Blockchain networks often rely on consensus algorithms like Proof-of-Work (PoW), which can be energy-intensive. The substantial computational power required for PoW can lead to environmental concerns, especially considering the significant energy consumption of global blockchain networks. In pursuing sustainable practices, educators may seek alternative consensus mechanisms like Proof-of-Stake (PoS) or other energy-efficient models.
Data Privacy and Security:
While blockchain is immutable and transparent, the public nature of some blockchain networks raises concerns about data privacy. Educational institutions must be cautious when handling sensitive student information to ensure compliance with data protection regulations like the General Data Protection Regulation (GDPR). Additionally, while blockchain is secure against tampering, vulnerabilities in smart contracts or private keys could lead to unauthorized access or data breaches.
Standardization and Interoperability:
The education sector comprises a diverse range of institutions, each with its systems and platforms for data management. Achieving seamless interoperability and standardization across these various systems may prove challenging. For blockchain to realize its full potential in online learning, the collaboration between educational institutions, industry players, and regulatory bodies is essential to establish common standards and frameworks.
Initial Investment:
Integrating blockchain technology into existing educational systems requires significant initial investment in infrastructure, training, and development. For some institutions, the financial commitment and the perceived risks associated with early adoption may deter the exploration of blockchain solutions. Demonstrating the long-term benefits and return on investment will be crucial in gaining institutional buy-in.
Legal and Regulatory Frameworks:
The adoption of blockchain in education also brings forth legal and regulatory considerations. The validation of academic credentials, recognition of blockchain-based certifications, and compliance with regional and international laws require careful attention. Policymakers and educational authorities must work collaboratively to establish a supportive regulatory environment that fosters innovation while safeguarding students rights and academic integrity.
Despite these potential challenges, viewing them as opportunities for growth and improvement is essential. As the education sector continues to explore and experiment with blockchain technology, collaborative efforts, and a forward-looking approach will pave the way for transformative solutions that streamline online learning and enhance educational experiences for learners worldwide. Addressing these challenges head-on will be crucial in harnessing the full potential of blockchain to revolutionize education for generations to come.
Blockchain technology offers myriad solutions to long-standing challenges and paves the way for a more efficient, transparent, and learner-centric educational ecosystem. As we have explored in this article, the decentralized nature of blockchain empowers students with ownership of their academic credentials, allowing for seamless record sharing, enhanced security, and greater control over their educational journey.
The future outlook for blockchain in online learning is promising, and its implications extend far beyond the digital realm. Blockchains impact on education will rise to global recognition of credentials, collaborative research, and the promotion of lifelong learning.
Blockchain gives students control over their academic records, enabling them to share verified credentials with potential employers and educational institutions, enhancing lifelong learning opportunities.
Blockchain-driven platforms can offer personalized learning experiences, allowing students to access tailored content and micro-credentialing opportunities aligned with their unique learning goals.
Blockchain's tamper-proof nature makes it difficult to falsify academic records, reducing the risk of academic fraud and ensuring the authenticity of credentials.
Blockchain facilitates the recognition of credentials across borders, making it easier for international students to transfer credits and receive recognition for their qualifications.
Yes, blockchain-verified academic records can simplify the hiring process for employers, ensuring the accuracy and legitimacy of candidates' qualifications.
Blockchain facilitates secure record sharing between educational institutions and employers, ensuring seamless verification of credentials and promoting stronger partnerships.
Yes, blockchain can democratize access to education by providing verifiable credentials, making education more accessible to underserved communities and learners.
Blockchain can transform research publications by providing transparent and immutable records of academic work, enhancing the visibility and accountability of scholarly contributions.
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How Can Blockchain Technology Streamline Decentralized Online ... - Cryptopolitan
WorldVest to Launch MineralCoin as the First Security Token Minted on Bitcoin Satoshi’s Vision "BSV" Blockchain … – AccessWire
FORT LAUDERDALE, FL / ACCESSWIRE / July 18, 2023 / MineralCoin, one of the first real world assets to be tokenized as a security on the Ethereum blockchain in late 2017 will be minted on the BSV blockchain using the Tokenized Smart Contract Protocol making it eligible for secondary global trading on approved platforms.
MineralCoin is a security token earning a mineral production royalty from the acquisition, exploration, and production of global mineral projects with a current portfolio consisting of Bauxite, Iron and Gold located in the mineral rich country of Guinea, West Africa. Since 2010, WorldVest has grown its bauxite concession assets significantly while in the same period, Guinea Bauxite has vaulted to World #1 in global reserves and production is ramping and boasts the highest quality Al2O3 extracted from the Bauxite and used in the production of Aluminum. WorldVest is currently exploring promising gold concessions while developing an artisanal gold production project in the gold rich areas of Siguri, Mandiana and Dinguiraye. As the global metals super cycle continues to grow, the ongoing development of opportunistic global mineral projects throughout Africa and the world generating additional royalty yield to MineralCoin and increasing its intrinsic value.
Since Q4 of 2018 when the world was crazy about ICO's and Cryptocurrencies, WorldVest focused on the tokenization of real-world assets and after six years the security token adoption is now a potential $16 Trillion dollar plus industry forming a foundation of the future of finance. WorldVest CEO, Garrett Krause commented "With the growth, maturity, and performance of Bitcoin Satoshi's Vision "BSV" Blockchain, the original Bitcoin Whitepaper Protocol, together with the all-inclusive Tokenized smart contract platform for the tokenization of real-world assets a viable solution has emerged to revolutionize financial contracts through digital transformation, ushering in the era of financial services" and further commented "This cutting-edge smart contract platform empowers the effortless issuance, management, and transferability of real world assets, like MineralCoin, which harness the scalability, security and performance of the BSV Blockchain."
Tokenized utilizes a unique architecture that combines private and permissioned subledgers within the application layer of the public and permissionless distributed ledger known as Bitcoin SV. According to Tokenized CEO, James Belding, "This architecture offers the best of both worlds: the advantages of a public distributed ledger, such as immutable and timestamped records free from political, jurisdictional, or organizational risks, while meeting stakeholders' needs for performance, privacy, security, compliance, and flexibility." And further states "Ultimately, this approach aims to create a faster, more efficient, and cost-effective financial system, particularly in the private markets, that unlocks a wide range of opportunities and use cases."
For more information, please refer to http://www.MineralCoin.io.
About WorldVest
WorldVest is an innovative project development & management company that seeks direct investments as a principal in select high-growth opportunistic global transactions. Recognizing the disconnect between the needs of projects and the limitations of traditional investment banking, private equity, and venture capital institutions and emerging as a partner and solution provider where one did not previously exist.
Since the initial Tokenization of MineralCoin on Ethereum Blockchain in late 2017, through recent announcement of TroyMoney, a gold and precious metals as money token on the BSV blockchain, WorldVest has been a pioneer and innovator in the tokenization and digitization of real-world assets and financial instruments projected to be the future of Finance.
For more information, please refer to the company's website at http://www.WorldVest.com.
About Tokenized
Tokenized is an award-winning smart contract protocol using the power of BSV Blockchain, as the original Bitcoin Whitepaper Protocol, delivering for a stable, scalable, secure, and economic proof of work platform. For more information, please go to http://www.Tokenized.com and http://www.BSVBlockchain.org.
Investor Relations / Media, please contact:
Garrett K. KrauseTel. (954) 598-1545[emailprotected]
Forward-Looking Statements:
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to several risks and uncertainties, including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties outlined in its filings with the Securities and Exchange Commission are incorporated herein by reference. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.
SOURCE: WorldVest
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Vitalik Buterin Explains How Ethereum Plans to Make Crypto Wallets as Simple as Email – Decrypt
Modern account abstraction is really elegant because it doesnt require changes to the underlying protocol like other upgrades before it, said Ethereum co-founder Vitalik Buterin at the Ethereum Community Conference (ETHCC) in Paris.
Developers have been working on account abstraction, or different iterations of it, since 2015, even before Ethereum was launched. The idea is to switch from Externally Owned Wallets, or EOAs, to smart contract-based wallets. If they pull it off, managing a crypto wallet would become as easy as managing an email account.
That would mean users could potentially recover their seed phrasethe private key used to sign trasnactionsas easily as they can reset the password on an email account.
The latest version is EIP-4337 (Ethereum Improvement Proposal 4337), also known as Account Abstraction Using Alt Mempool. The Ethereum (ETH) upgrade would allow users to create non-custodial wallets as programmable smart contracts. This would unlock a number of features, such as easy wallet recovery, signless transactionswhich translates into lower transaction feesand team wallets (also known as multisignature wallets).
According to Buterin, the upgrade could be one of the driving catalysts for Web3 adoption around the world. One of the key properties we want blockchains to have is that they give you money before you register, he said.
The idea, he said, is for users to be able to receive any token, like a stablecoin, that isnt Ethereum with their smart contract wallet and be able to pay the gas fees without having to converthold ETH.
In order to allow for these types of wallets and transactions to be broadcasted, the latest account abstraction upgrade would enable the use of paymasters, which allow users to pay for gas fees with whatever token they are transacting with.
EIP-4337 also incorporates signature aggregatorswhich allow for multiple signers to join together, and only one gets used in a transaction.
Buterin claimed today that this is a pretty big deal, especially in rollups, due to the outsized footprint of a signature on these types of layer 2 solutions. Ethereum layer 2 scaling solutions, like Arbitrum or Optimism, batch transactions together and verify them off the Ethereum mainnet. Account abstraction would allow for signature aggregation. In simple terms, that would allow for more data compression, which translates into cheaper computation, and according to the Ethereum co-founder, will reduce costs by 86 times.
This is not the only Ethereum upgrade currently in the works. Proto-danksharding, or EIP-4884 is also underway. Its quickly become one of the main focuses of development on the network because it sets the foundation for a new data type which will drastically reduce costs and make data usage more efficient.
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Vitalik Buterin Explains How Ethereum Plans to Make Crypto Wallets as Simple as Email - Decrypt
Over 200 Ethscriptions Nabbed in Smart Contract Exploit – Decrypt
A new protocol that lets people create and share digital objects on Ethereum has hit a major setback, according to its creator, who said the Ethscriptions main marketplace had been hacked.
Launched last month by Tom Lehman, co-founder and former CEO of Genius.com, Ethscriptions is a novel way to create Ethereum assets that leverage transaction calldata to write non-financial data to the networks blockchain.
The Ethscriptions protocol itself and other applications that tap the technology havent been impacted, Lehman said. Yet, a sizable number of Ethscriptions listed on Ethscriptions.com have been stolen, Lehman said on Twitter on Friday.
About 123 individual addresses lost a total of about 202 ethscriptions in this exploit, he said. Any young protocol will have bumpy landings, but this is definitely not what I meant.
In terms of value, its unclear exactly how much was lost in connection with the exploit. But according to data from NFT marketplace OpenSea, some inscriptions have sold for as much as 5 Ethereum or around $9,600 in the past month.
Lehman told Decrypt that, regarding the Ethscriptions lost, its all terrible, but he specifically lamented the theft of Ethscription #56, describing it as brutal and pointing to the rarity often ascribed to earlier artifacts.
The exploit also has a particular sting, Lehman said, because it was meant to serve as an example that other marketplaces building out support for Ethscriptions could lean on.
The purpose of the marketplace was basically to help show other people how to create marketplaces and help build an ecosystem, he said. Unfortunately, we fell on our face in that area.
Lehman claimed responsibility for the failure, explaining the exploit could be traced to a smart contract that he and Indelible Labs co-founder Michael Hirsch created. A snippet of code allowed people to withdraw Ethscriptions that they didn't own from the marketplace.
Part of the challenge with this new protocol is that you save a bunch of money from limiting the use of smart contract storage, but then you have to be more strategic surrounding how you use contracts in cases like marketplaces, he said. You have to figure out a way to either give smart contracts information or make it so smart contracts dont need that information.
The Ethscriptions.com marketplace will be relaunched once necessary changes are made to the protocol itself, according to Lehman, who said hes been in contact with many of those impacted by the exploit. He praised them on Twitter as the earliest adopters of the Ethscriptions protocol.
Ethscriptions are distinct compared to traditional NFTs, stored in transaction-level data as opposed to being tokens issued on Ethereum by smart contracts, like in the case of the ERC-721 token standard. According to a Dune Analytics dashboard, around 474,000 Ethscriptions have been created so far.
The protocols emergence follows Ordinals rise in popularity, used for creating NFT-like assets on Bitcoin, which has led to a new wave of experimentation with cryptos oldest coin.
Lehman drew attention to the exploit on July 14. Days later, a disclaimer about the impacted state of the marketplace remains. A warning on Ethscriptions.com reads, There is an issue with the marketplace contract! Withdraw your Ethscriptions and do not create new listings!
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Over 200 Ethscriptions Nabbed in Smart Contract Exploit - Decrypt
The Role of AI in Smart Contracts – Fagen wasanni
Zero Barriers is a six-part series on the Decentralize with Cointelegraph podcast that explores the innovative technology of zero-knowledge proofs (ZK-proofs) and how they can revolutionize blockchain technology and smart contracts.
In the fourth episode, Andrew Fenton, managing editor of Cointelegraph Magazine, discusses the development and impact of ZK-rollups with Eli Ben-Sasson, co-founder and chief architect of StarkWare, and Cem Dagdelen, co-founder of Giza.
Eli Ben-Sasson has been at the forefront of ZK-proofs since their early stages as a conceptual idea, and he played a crucial role in StarkNets superfast Quantum Leap upgrade. Cem Dagdelen, on the other hand, is focused on the intersection of artificial intelligence (AI) and ZK-proofs through his work at Giza.
The episode explores how ZK-supercharged smart contracts can be combined with other emerging technologies, such as AI. It delves into the possibilities and implications of this fusion and how it can shape the future of blockchain technology.
The Zero Barriers series, created in collaboration with StarkWare, aims to shed light on the scalability of the Ethereum network, the pain points of blockchain technology, and its impact on various sectors globally.
The first three episodes of the series covered topics such as the future of Ethereum and the success of blockchain technology, the challenges and solutions in blockchain technology, and its potential impact on different industries.
Listeners can tune in to the Zero Barriers series on platforms like Spotify, Apple Podcasts, Google Podcasts, or any podcast platform of their choice.
It is important to note that Cointelegraph does not endorse the content of this article or any specific products or companies mentioned. Readers are advised to conduct their own research and take full responsibility for their decisions.
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Ethereum’s Solidity Developers Have Bridge to Solana via Solang – Crypto Briefing
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Solana Labs, known for its high-speed, low-cost blockchain platform, has unveiled a new compiler, Solang, in an effort to bridge the gap between Ethereum developers and the Solana ecosystem, Solana published on July 19.
Solang follows Neons announcement earlier this week, suggesting a coordinated effort to bring the benefits of deploying Ethereum DApps directly onto the network, using Solanas technical capabilities with minimal code reconfiguration.
Both utilize Solidity, but as a Solang statement read, both are complimentary approaches to the same issue of improving compatibilty of Solana with existing Ethereum development approaches.
By opening Solana to Solidity, Solang creates a more accessible platform for Ethereum developers. Until now, Solana has been widely recognized for using Rust or C languages for writing smart contracts, but this move into Solidity could potentially diversify its developer base.
Solangs key features include compatibility with Ethereum Solidity 0.8, allowing a familiar working environment for Ethereum developers. It has the capability to call other Solana smart contracts, which ensures effortless integration within the existing ecosystem. It also supports Solana SPL tokens, widening the range of transactions available on the Solana network.
The new compiler also accommodates program derived addresses, enhancing the systems overall security. Another notable feature is its support for Anchor, a popular framework for Solanas smart contract development, which further streamlines the development process on Solana.
Solang builds native Solana smart contracts and provides access to native Solana built-in functionality, allowing developers to take advantage of Solanas unique attributes. This release aligns with Solana Labs ongoing drive to expand the reach of its ecosystem, following the community-led creation of Seahorse last year, which allowed Solana smart contracts to be written in Python.
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Ethereum's Solidity Developers Have Bridge to Solana via Solang - Crypto Briefing
Bitcoin and Smart Contracts: Automating Transactions – The Phuket News
Bitcoin smart contracts are undoubtedly automating local and global transactions. Heres what you should know about these innovations.
Most people consider Bitcoin a form of money. However, its gaining more popularity for its use in smart contracts. Currently, this cryptocurrencys capital remains predominantly idle. Thats because about 76% of the Bitcoin supply is illiquid. It doesnt have any transaction history. Therefore, theres a significant opportunity for unlocking Bitcoin productivity by expanding smart contracts. If the Bitcoin network program more smart contracts, it will accelerate its mainstream adoption as a financial service and value storage.
Smart contracts are blockchain programs that run when parties meet predetermined conditions. Typically, people and organizations use them to automate agreement execution to ensure the participants are sure about the outcome without involving an intermediary or losing time. Also, organizations and individuals can use them to automate workflow by triggering certain actions after the parties meet specific conditions.
Bitcoin has relatively simple smart contracts on the main chain. Also, it has more complex smart contracts which developers programmed with its layers. However, Bitcoin doesnt always come up when people discuss smart contracts. Thats because it has a limited scripting language, making it inferior to modern standards concerning blockchain programmability.
Bitcoin smart contracts are either on its mainchain or layered solution. Bitcoin Script or scripting language is relatively simple, making complex smart contracts challenging to deploy on a base layer. Satoshi Nakamoto designed Bitcoin to be relatively unmodified and straightforward to maintain its blockchains durability and integrity. Thats why people can access and use it on a prominent crypto exchange like Yuan Pay Group without understanding its underlying technology.
Although protocol upgrades occur periodically, the developer hoped they could keep the blockchain the same. They only provide minor enhancements on the edges. Here are the basic smart contract functionalities on Bitcoins base layer.
P2PKH is a typical contract that people use in Bitcoin transactions. The script establishes contracts whose execution is by a public key. Also, corresponding private keys create a signature.
Multisig is a Bitcoin address requiring transaction approval by multiple parties before its completion. Most parties use it to execute agreements with predefined signatures to perform some actions, like releasing funds.
HTLC is a conditional crypto transaction whose contingencies are time-bound. It has hardcoded time constraints, and the parties release Bitcoin at a specific date and time. Transaction cancellation occurs when the parties fail to meet specific requirements within the preset deadline.
DLCs use oracles in executing trustless P2P transactions. The Oracles can evaluate real-world events outcomes and provide on-chain information for smart contracts. Most parties use DLCs when they commit to a financial agreement or based on results.
The P2TR script sends Bitcoin while introducing Schnorr Signatures and Merkle Trees. These transactions provide lower transaction fees and better security. Also, they enhance flexibility. The Taproot Upgrade introduced this contract.
Bitcoin has unique layers that may introduce new features without modifying the networks main chain. Instead of changing the Bitcoin code, developers can introduce experimental developments and innovations without altering this cryptocurrencys blockchain. That way, Bitcoin core remains unaffected and straightforward.
Ultimately, users settle Bitcoin layer transactions on its base layer. That means every transactions history is on the Bitcoin ledger. And this is the gold standard for immutability, security, and durability on the blockchain. The verification degree sets the Bitcoin blockchain apart from the other networks. Altering a layer transaction requires changing the mainchain transaction. And this is almost impossible.
Bitcoin smart contracts whose execution is on the layers provide the following advantages:
Higher scalability
Greater programmability
Better efficiency
Some of the platforms where users can create Bitcoin-powered smart contracts include Rootstock and Stacks. However, such venues are increasing since this cryptocurrency has a globally known presence as a digital asset and a payment system.
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Bitcoin and Smart Contracts: Automating Transactions - The Phuket News
Tezos: A Smart Contract Platform with On-Chain Governance – Robotics and Automation News
Welcome to the world of Tezos, a groundbreaking smart contract platform that combines cutting-edge technology with on-chain governance.
In this comprehensive article, we will delve into the intricate details of Tezos and explore its unique features, advantages, and potential applications.
Join us on this exciting journey as we uncover the remarkable capabilities of https://thebitcoincode.io/, an online trading platform, and understand why Tezos stands out among other blockchain platforms.
In the world of blockchain technology, Tezos stands out as a truly decentralized network that not only facilitates the creation and execution of smart contracts but also incorporates a self-amendment system through on-chain governance.
This distinctive feature sets Tezos apart from its competitors, ensuring its long-term sustainability, adaptability, and versatility.
At its core, Tezos is a decentralized blockchain network that provides a platform for developers and users to create and deploy smart contracts.
Smart contracts are self-executing agreements with predefined rules that are automatically executed when specific conditions are met.
These contracts eliminate the need for intermediaries, enhance transparency, and enable a wide range of applications across various industries.
What truly distinguishes Tezos from other blockchain platforms is its innovative self-amendment system enabled through on-chain governance. Traditional blockchains require hard forks to implement protocol upgrades or amendments, often leading to disagreements and divisions within the community.
Tezos, on the other hand, empowers its stakeholders to propose and vote on protocol upgrades directly on the blockchain, ensuring a democratic decision-making process.
With on-chain governance, Tezos provides a mechanism for stakeholders to actively participate in shaping the platforms future. The governance process allows stakeholders to propose amendments, improvements, or new features to the protocol.
These proposals are then voted upon by the community, and if approved, they are automatically implemented without the need for disruptive hard forks. This unique approach promotes a cooperative and inclusive ecosystem, fostering collaboration and reducing fragmentation.
At the heart of Tezos lies its revolutionary on-chain governance mechanism. Through this self-amendment process, stakeholders of the Tezos network can propose and vote on protocol upgrades and amendments directly on the blockchain.
This democratic system empowers the community, giving them the ability to shape the future of the platform collectively. It eliminates the need for hard forks, divisive debates, and contentious decision-making, making Tezos a reliable and adaptable platform.
Tezos utilizes a unique consensus algorithm called Liquid Proof-of-Stake (LPoS), which combines the benefits of both Proof-of-Stake (PoS) and Delegated Proof-of-Stake (DPoS) systems.
LPoS ensures that the network remains secure and efficient while providing stakeholders with the flexibility to participate actively in the governance process or delegate their voting rights to others.
Tezos enables the creation and execution of smart contracts, which are self-executing agreements with predefined rules. These contracts are executed automatically when specific conditions are met, ensuring transparency and eliminating the need for intermediaries.
Tezos smart contracts can be written in Michelson, a functional programming language designed specifically for the platform. Its safety features and formal verification capabilities make it ideal for developing complex and mission-critical applications.
Tezos addresses the scalability challenge by utilizing a unique mechanism called baking. Bakers are network participants who validate and add new blocks to the blockchain, and they are rewarded with newly minted XTZ tokens.
This incentivizes the active participation of stakeholders, ensuring the networks security and scalability. Additionally, Tezos is built to support layer 2 solutions, such as sidechains and off-chain scaling solutions, further enhancing its performance and capacity.
Tezos has gained significant traction in various industries and has been adopted for numerous use cases. Its versatility and adaptability make it suitable for applications such as decentralized finance (DeFi), non-fungible tokens (NFTs), supply chain management, asset tokenization, and more.
Notable projects, including StableTech and TQ Tezos, have already embraced the Tezos platform, highlighting its potential for real-world impact and innovation.
Tezos stands as a formidable force in the blockchain industry, driven by its unique on-chain governance and smart contract capabilities.
Its flexibility, security, scalability, and versatility make it a preferred choice for developers and businesses seeking to build robust and future-proof decentralized applications.
As Tezos continues to evolve and attract more stakeholders, it is poised to reshape the digital landscape and redefine the possibilities of blockchain technology.
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Tezos: A Smart Contract Platform with On-Chain Governance - Robotics and Automation News