Category Archives: Smart Contracts
Blockchain and Smart Contracts – Enabling Trustworthy Digital … – Tech Critter
In todays digital age, where most transactions and interactions occur online, it is crucial to have a system that ensures the security and authenticity of digital agreements. Blockchain technology and smart contracts are two innovative solutions that have gained popularity in recent years for their ability to create trustworthy digital agreements. In this article, we will explore how blockchain and smart contracts work and the benefits they offer. If you are looking for a reliable trading, The Bitcoin Era AI bot is one of the best platforms to start bitcoin trading.
Blockchain is a decentralized, distributed ledger technology that is used to record and verify transactions on a network. In simple terms, a blockchain is a chain of blocks that contains information. Each block in the chain contains a unique code, a timestamp, and a record of recent transactions. Once a block is added to the chain, it cannot be altered or deleted, ensuring the integrity of the data stored on the blockchain.
Blockchain technology operates on a peer-to-peer network, where each node has a copy of the blockchain. Whenever a new transaction is made, the nodes on the network validate the transaction and add it to the blockchain. The blockchains decentralized nature ensures that there is no central point of failure or control, making it nearly impossible to hack or manipulate the data stored on the blockchain.
Smart contracts are self-executing digital contracts that are programmed to execute automatically when certain conditions are met. They are built on top of blockchain technology and operate on the same principles of decentralization and transparency. Smart contracts enable the creation of trustless agreements, meaning that the parties involved in the agreement do not have to rely on a third-party intermediary to enforce the terms of the contract.
Smart contracts are created using programming languages and are stored on the blockchain. The terms of the contract are written in code, and once the contract is deployed on the blockchain, it cannot be altered. The contracts code is designed to execute automatically when certain conditions are met, such as a certain date or the fulfillment of certain obligations by the parties involved in the contract. Once the conditions are met, the contract executes and the agreed-upon transaction takes place.
The combination of blockchain technology and smart contracts offers numerous benefits for creating trustworthy digital agreements:
One of the significant benefits of using blockchain technology for digital agreements is its transparency and immutability. The information stored on the blockchain is visible to all parties involved, making it impossible to modify or delete the information without the consent of the network. This ensures that all parties have access to the same information and that there is no chance of fraud or manipulation.
Smart contracts eliminate the need for third-party intermediaries, such as lawyers, brokers, or banks, to enforce the terms of a contract. This significantly reduces the cost of executing agreements and makes the process more efficient and streamlined.
Smart contracts are programmed to execute automatically when certain conditions are met, making the process of executing contracts faster and more efficient. This reduces the risk of errors and eliminates the need for manual intervention in the contract execution process.
The decentralized nature of blockchain technology ensures that there is no central point of failure or control, making it nearly impossible to hack or manipulate the data stored on the blockchain. Smart contracts, once deployed on the blockchain, cannot be altered or deleted, ensuring the integrity and security of the contracts terms.
Blockchain technology and smart contracts offer a revolutionary solution for creating trustworthy digital agreements in todays digital age. The transparency, immutability, cost-effectiveness, automation, efficiency, and security that they provide make them an ideal solution for creating digital agreements in various industries, such as finance, real estate, healthcare, and supply chain management. As the technology continues to evolve and improve, it is likely that we will see even more widespread adoption of blockchain and smart contracts in the years to come.
In addition, blockchain and smart contracts offer a powerful solution for creating trustworthy digital agreements that are transparent, secure, and cost-effective. By leveraging the power of decentralized networks and self-executing contracts, businesses and organizations can streamline their contract execution process, reduce costs, and improve overall efficiency.
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Blockchain and Smart Contracts - Enabling Trustworthy Digital ... - Tech Critter
Cardano (ADA) launches the future of smart contracts with Aiken in … – Crypto News Flash
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The Cardano Foundation has been pushing hard and working on the effective functioning of smart contracts on the Cardano blockchain network. A novel and accessible programming language Aiken is working to enhance the development of smart contracts on Cardano.
The Aiken language comes with state-of-the-art features offering an effortless integration with other tools that meet the expectations of developers. Also, Aiken seeks to foster the growth of the Cardano ecosystem by providing smart contract development along with an optimized developer experience.
As we know, the Haskell Plutus platform is one of the only fully developed smart contract languages on the Cardano network. However, setting up a working Haskell environment is certainly challenging for developers as it involves ad-hoc compiler plugins such as PlutusTx.
Furthermore, accessories such as language serves do not usually work with the default installation settings and thus are cumbersome to configure. Also, as the Plutus platform is tied to Haskells existing language, it adds different built-in libraries, program semantics, and ecosystems that will differ from standard Haskell, which often leads to confusing situations.
Additionally, Plutus also discourages the use of other languages for off-chain code, thereby preventing teams from working with their usual tools and languages. The good thing about Cardanos architecture and smart contracts virtual machine allows for third-party tooling as well as new languages to be created atop it. Heres exactly where Aiken comes into the picture.
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Aiken will be introducing a new easy-to-learn programming language to bring a smooth smart contract development experience to developers. Since Aiken is purpose-built for the Cardano network, it will include domain-specific conveniences making the development process a lot more easier and efficient. Some of the benefits of using the Aiken programming language are:
The Aiken language seeks to reduce the time it takes for developers to get started as well as finish their projects. Aiken converts the multi-day setup experience into just a 10-minute quickstart without compromising on security and other quality aspects.
With Aiken, the compiler can take the code written in the Aiken programming language, performs a variety of checks on it, and then outputs Untyped Plutus Core programs that can be used on the Cardano blockchain.
Related: Cardano: Million TPS with Hydra and Interoperability solutions IOG and Wanchain will lead ADA to #1 in blockchain space
Furthermore, Aiken also provides a toolkit for working with the Cardano smart contracts along with low-level Untyped Plutus Core. It provides an approachable way to compile on-chain code into a higher-level representation. It can also evaluate scripts in the context of a transaction or reports execution costs.
The Aiken project started with the initial support from TxPipe having shared goals and a common philosophy. In less than a year, Aiken is now ready for the alpha release. Santiago Carmuega of TxPipe said:
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With the immense support provided by the Cardano Foundation, Im confident that Aiken will have a profound impact on our ecosystem, fostering innovation and empowering developers.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
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Cardano (ADA) launches the future of smart contracts with Aiken in ... - Crypto News Flash
XRP Ledger Makes Progress Towards Supporting Native Smart … – The Crypto Basic
XRPL Labs and FYEO have teamed up to conduct a security evaluation of the Hooks Amendment, which seeks to bring smart contracts to the XRP Ledger.
XRPL Labs has partnered with FYEO to conduct a security assessment for the Hooks Amendment, a feature intended to enable smart contract functionality on the XRP Ledger. This collaboration brings the XRP Ledger one step closer to supporting native smart contracts.
FYEO disclosed the partnership in a recent tweet, emphasizing that it has already begun a comprehensive security audit on the Hooks Amendment feature. The objective of the assessment is to ensure the security of the feature.
FYEOs proficiency in blockchain-agnostic processes will be valuable in scrutinizing the Hooks Amendment. By conducting the security audit, FYEO will comprehensively evaluate the security of the Hooks Amendment to detect and address any possible issues.
In an official statement, FYEO confirmed that the security audit of the Hooks Amendment has commenced, starting with an assessment of the features foundation before moving on to scrutinize the code base. The audit has specifically examined the usage of WebAssembly (WASM), the hooks helper functions, and the setting and execution of hooks.
The Hooks Amendment is a proposed feature for the XRP Ledger that seeks to bring smart contract functionality to the network through the implementation of Hooks, a series of lightweight smart contracts. The feature was proposed by XRPL Labs, a team of software developers working towards enhancing and maintaining the XRP Ledger.
Smart contracts are programs that automate the execution of a contract. They operate on a blockchain and can transfer assets, verify identity, and execute contractual terms automatically. The benefits of smart contracts include increased efficiency, reduced costs, improved transparency, and greater security in transactions.
Despite its robustness, the XRP Ledger does not feature smart contracts. XRPL Labs unveiled Hooks Amendment in July 2020 to address this. They released the public beta version in April 2021, which was made available to all developers looking to test the feature for any issues.
The smart contracts implemented through the Hooks Amendment aim to surpass Ethereums smart contracts in functionality by providing a more streamlined and efficient solution.
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XRP Ledger Makes Progress Towards Supporting Native Smart ... - The Crypto Basic
Pi Network Reveals Tech and Product Updates for Pioneers – BSC NEWS
The utility and gaming sectors on the Arbitrum network saw impressive growth of 581.56% and 271.66%, respectively, over the month.
Arbitrum surpassed Ethereum in terms of daily activity on April 23 with 367.68 transactions against Ethereums 261.86k, according to data from Artemis. However, before that Arbitrum exceeded Ethereum in terms of daily transactions twice this month, on April 17 and again on April 19.
Among all the transactions, 298584 transactions were completed in the Arbitrum utility sector, which grew by 581.56% in the last 30 days. In contrast, the Arbitrum gaming sector saw 142,118 transactions, up 271.66%.
With the wide adoption of the Arbitrum protocol, TVL in its smart contracts has also increased significantly. As per DeFillama's data, the Arbitrum protocol ranks fourth after BNB Chain in terms of TVL. In this regard, its growth over the last six months has outperformed that of most other projects, with a TVL of $3.57 billion.
In addition to active daily addresses, Arbitrum lead Ethereum in daily transactions, with 1.13 million on April 23. Further, Arbitrum recently surpassed 200 million transactions.
Arbitrum also launched its token on March 23 with a much-anticipated airdrop to members of its community.
Although Arbitrum's protocol saw a lot of activity, the number of active developers on the network did not. Token Terminals data showed a significant decline in the number of active developers on the network over the past month. The number of developers on April 23 stood at 21, a decline from 32 on March 29.
Despite the protocol's positive performance, overall sentiment towards ARB has been bearish, with a fear and greed index of 53. Furthermore, the Arbitrum Foundation has come under fire for its recent governance proposals.
As a result of the decrease in the hype surrounding Arbitrum, network activity and transaction volume decreased.
Arbitrum($ARB) is trading at $1.34, down 7.21% in 24 hours, with a market cap of $1.7 billion.
Arbitrum is an Ethereum layer-2 network that allows developers to build and deploy highly scalable smart contracts for a low cost. Arbitrum chain will enable developers to use Web3 apps, deploy smart contracts, etc., but transactions will be cheaper and faster. The flagship product for the team, Arbitrum Rollup, is an Optimistic roll-up protocol that inherits Ethereum-level security.
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Unleashing the Potential: Tools and Apps on the Ethereum Blockchain – Captain Altcoin
Home Journal Unleashing the Potential: Tools and Apps on the Ethereum Blockchain
The Ethereum blockchain has emerged as a versatile platform for the development of various tools and applications, far surpassing its initial purpose as a digital currency. With its decentralized nature, smart contract capabilities, and expansive ecosystem, Ethereum has become an attractive option for developers and innovators alike.
Ahead of another incremental network update called Shanghai, we decided to explore the types of tools and apps that can be created on the Ethereum blockchain, showcasing its potential to revolutionize various industries. We will also evaluate how this potential may transform the price of ETH and the whole crypto market in general.
Not many blockchains can offer the same functionality as Ethereum. And when we get to compare the ecosystem size, no other blockchain comes even close to what Ethereum has to offer. Whether you are an ETH believer, or a developer looking to build on the network, here is a list of tools and apps, Ethereum currently has to offer.
One of the most prominent use cases for the Ethereum blockchain is decentralized finance, or DeFi. DeFi platforms allow users to access various financial services, such as lending, borrowing, trading, and investing, without the need for intermediaries like banks or financial institutions. Unlike major centralized crypto exchanges like Gate.io, the disadvantages of such platforms include lack of support, complicated UI, and at times, lack of security.
Non-fungible tokens (NFTs) have gained significant traction in recent years as a means to represent unique digital assets, such as art, collectibles, and virtual real estate. Built on the Ethereum blockchain, NFTs enable artists and creators to tokenize their work, ensuring authenticity and ownership. Marketplaces like OpenSea, Rarible, and Magic Eden have emerged to facilitate the buying, selling, and trading of NFTs, further expanding the possibilities for creative industries.
The networks smart contract capabilities have made it an ideal platform for building decentralized applications (dApps) that offer a wide range of services. Some popular dApps on Ethereum include:
The Ethereum blockchain also enables the development of identity and verification tools that can help streamline and secure online processes. Platforms like uPort and Civic provide decentralized identity solutions, allowing users to manage and share their digital identities securely while reducing the risk of identity theft and fraud.
Ethereum-based tools can help improve transparency, traceability, and efficiency in supply chain management. By using smart contracts and blockchain technology, companies can track the movement of goods and verify their authenticity, resulting in greater trust among consumers and businesses alike. Examples of Ethereum-based supply chain solutions include VeChain and OriginTrail.
Since its inception in 2015, Ethereum has experienced significant fluctuations in price, marking several key milestones along its journey. Initially, Ether (ETH), the native cryptocurrency of the Ethereum network, was introduced at a price of around $0.30 during its presale in July 2014. In 2017, Ethereum experienced its first major surge, reaching an all-time high of approximately $1,400 in January 2018, driven by the growing interest in decentralized applications (dApps) and initial coin offerings (ICOs).
Following this peak, the cryptocurrency market faced a bearish trend, and Ethereums price plummeted to around $85 in December 2018. The advent of decentralized finance (DeFi) and non-fungible tokens (NFTs) in 2020 rejuvenated Ethereums value, as the network became the backbone of these innovative sectors. This led to another all-time high in May 2021 when ETH price surpassed $4,300. Despite periodic setbacks and corrections, Ethereums price has continued to climb, reflecting the platforms utility and adoption in the ever-evolving world of blockchain technology.
Given the size of Ethereum ecosystem of apps, smart contracts and staking, analysts predict that the price of ETH may grow beyond $4,800. The main reasoning behind this is that Ethereum boasts real utility. Some compare it to the internet of the blockchain world, so the future is definitely bright.
The Ethereum blockchain has proven to be a versatile platform for the development of various tools and applications, thanks to its decentralized nature and smart contract capabilities. From decentralized finance platforms and non-fungible tokens to decentralized applications, identity and verification solutions, and supply chain management tools, Ethereum is revolutionizing industries and opening up new possibilities for innovation. As the ecosystem continues to grow and mature, we can expect to see even more groundbreaking applications emerge on the Ethereum blockchain, further solidifying its position as a critical force in the world of technology and finance.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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Unleashing the Potential: Tools and Apps on the Ethereum Blockchain - Captain Altcoin
Blockchain As A Service Market is expected to Exhibit a Massive … – Digital Journal
PRESS RELEASE
Published April 24, 2023
The Worldwide Blockchain as a Service Market size was estimated at USD 829 million in 2021 and is expected to hit around USD 84.6 billion by 2030, expected to grow at a CAGR of 60.31% during the forecast period 2022 to 2030.
Blockchain as a Service (BaaS) has enabled companies of all sizes to employ blockchain-based solutions without investing in internal development teams and processes. Businesses can utilize the service of the blockchain provider and build blockchain apps for very little money by using the BaaS paradigm.
Several reasons are driving the blockchain as a service market. The growing use of blockchain technology across a variety of sectors, such as finance, healthcare, and logistics, is one of the key motivators. BaaS makes it possible for businesses to leverage blockchain technology without having to make substantial infrastructure and hardware investments. The rising demand for transparent and secure data management systems is another factor. BaaS can offer a safe and open platform for data sharing and storing, which can help businesses increase productivity, cut costs, and manage risk.
The blockchain as a service market is expanding as a result of the advent of smart contracts. Smart contracts can automate intricate procedures like financial transactions and supply chain management, obviating the need for middlemen and increasing productivity. Finally, the blockchain as a service market business is also being driven by the growing popularity of cloud computing. Blockchain technology may now be used by businesses from anywhere in the globe thanks to cloud-based solutions, facilitating data sharing and collaboration between various platforms and devices.
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The blockchain as a service market is developing quickly, and a number of new trends are influencing the sector. The growing emphasis on interoperability and standardization is one of the major themes. As more businesses implement blockchain technology, it is crucial to ensure that various platforms can efficiently connect. The increasing need for decentralized finance (DeFi) solutions is another trend. DeFi makes it possible to perform financial transactions on a decentralized network without the use of mediators. BaaS can offer a reliable and effective platform for DeFi solutions, making transactions quicker and more affordable.
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Blockchain as a Service Market,Based on Application:
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Blockchain as a Service Market,Based on Verticals:
Blockchain as a Service Market,Based on Region:
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Table of Contents: Blockchain As A Service Market
Chapter 1: Overview of Blockchain As A Service Market
Chapter 2: Market Driving Factor Analysis
Chapter 3: Global Market Status and Forecast by Regions
Chapter 4: Global Market Status and Forecast by Types
Chapter 5: Market Competition Status by Major Manufacturers
Chapter 6: Major Manufacturers Introduction and their Market Data
Chapter 7: Upstream and Downstream Analysis
Chapter 8: SWOT Analysis, PESTEL Analysis, PORTE 5 Forces.
Chapter 9: Cost and Gross Margin Analysis
Chapter 10: Sales Channels, Distributors, Traders, and Dealers
Chapter 11: Marketing Status Analysis
Chapter 12: Market Report Conclusion
Chapter 13: Blockchain As A Service Market Research Methodology and Reference
Chapter 14: Appendix
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Factual Market Research is a one stop industry research provider of actionable intelligence. Through our syndicated and consulting research services, we assist our clients in finding answers to their research needs. We specialize in 20+ industries. Visit our website to know more in detail about your industry. Factual Market Research provides unmatched quality Market Research Reports and Business Intelligence Solutions.
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Uncomfortable with the security of web3 transactions? Fire might be … – Refresh Miami
The first time software engineer Jeff Krantz bought Bitcoin over 10 years ago the whole transaction was a bit unpleasant. After a colleague told him to check it out, Krantz went home and bought one BTC for $35 on eBay. The seller then sent Krantz directions on how to set up a wallet.
An hour later, I heard this little noise on my computer: a ping of Bitcoin hitting my wallet, Krantz told Refresh Miami. I realized at that moment that this is something different. That if I lose my private key to this wallet, the funds are gone.
From then on, Krantz was hooked. He has had a front row seat to the ups and downs of the crypto space, from Mt. Gox to FTX and everything in between. He worked as a trading firm that was spinning up a crypto trading desk and worked as a freelancer, writing smart contracts and web3 front ends.
Then one day a college friend got in touch with Krantz and shared that the friend got his Bored Ape stolen. Having to explain that to him gave me a sinking feeling. Around that time, Krantz learned that Atomic had moved to Miami and eventually connected with the venture studio to build their first web3 startup.
The first idea that came to mind: What can we do to make self custody easier? My friend just lost his Bored Ape thats worth half a million dollars. Theres got to be a way to fix this.
That way? Its called Fire, a startup that this month raised $3.5 million in funding from Atomic. We came up with a tool that basically shows what youre about to sign before you sign it in a human readable format.
The platform, which has been live for about five months, is already used by over 60,000 wallets. Krantz said that this funding will help expand the currently five-person team, with a focus on product and engineering talent.
Originally, most of Fires users were crypto whales (people with large crypto holdings). But now, Krantz signaled that the company attracts a much broader clientele that includes newer crypto users.
Krantz attributes Fires rapid growth to product-market fit. Our use case is just so clear and the pain point is so acute that when users see the product, they realize they need it and want to tell their friends about it.
Our mission at Fire is to help onboard the next billion users in web3 by making transactions easier for users and dapp developers alike, Jordan Kong, Principal at Atomic, shared in a blog post. To date, the vast majority of users have not been able to self-custody in a secure and easy way, much less interact safely with dapps across the crypto ecosystem. Were starting with security, but our work has just begun.
Next up for fire: launching a wallet product by the end of the year, Krantz said. Weve built up a brand, weve built up some trust, weve built up a user base and now were working on building out a wallet, which is a much bigger market than this original kind of tool that weve built.
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I am a Miami-based technology researcher and writer with a passion for sharing stories about the South Florida tech ecosystem. I particularly enjoy learning about GovTech startups, cutting-edge applications of artificial intelligence, and innovators that leverage technology to transform society for the better. Always open for pitches via Twitter @rileywk or http://www.RileyKaminer.com.
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Uncomfortable with the security of web3 transactions? Fire might be ... - Refresh Miami
Automotive Blockchain Market is expected to represent Significant … – Digital Journal
PRESS RELEASE
Published April 24, 2023
The Automotive Blockchain Market is expected to value $429.51 million in 2020 and is projected to reach $ 5.63 billion by 2030, registering a CAGR of 29.7%.
By switching from a centralized to a decentralized system, blockchain technology, which is still a relatively new technology, has the potential to totally transform the automotive sector. With the introduction of blockchain to the sector, third-party middlemen, whose services are currently necessary in the automotive business, wont be needed. The operations of the automobile industry, including design, production, distribution, marketing, sales, finance, and service of vehicles, will become more flexible thanks to blockchain technology and will also significantly aid in the expansion of the sector.
Increases in e-mobility and on-demand services, the popularity of car/ride sharing among young urban customers, rising auto sales globally, lower operating costs, and the need for quicker transactions are the driving forces behind the expansion of this sector. Opportunities for the market include the growing use of blockchain in logistics and transportation, the creation of new business models for the automotive aftermarket, and the growing optimization of car recalls in the US. The integration of blockchain interfaces with current systems for applications like peer-to-peer trading, creating smart contracts, and other prospective blockchain applications in the automotive industry is a hurdle for international blockchain operators.
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Both primary and secondary research methods have been used to evaluate the future of the blockchain in the automotive industry. The precise worth of the Blockchain in Automotive Market is validated by this reports in-depth qualitative and quantitative assessments. Primary interviews, surveys, and vendor briefings are all a part of the qualitative study. The following paper discusses their revenues and provides an estimate for the size of the blockchain in the automotive market from 2022 to 2030 based on secondary research. The main sources are then used to validate and verify the data.
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North America
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Table of Contents: Automotive Blockchain Market
Chapter 1: Overview of Automotive Blockchain Market
Chapter 2: Market Driving Factor Analysis
Chapter 3: Global Market Status and Forecast by Regions
Chapter 4: Global Market Status and Forecast by Types
Chapter 5: Market Competition Status by Major Manufacturers
Chapter 6: Major Manufacturers Introduction and their Market Data
Chapter 7: Upstream and Downstream Analysis
Chapter 8: SWOT Analysis, PESTEL Analysis, PORTE 5 Forces.
Chapter 9: Cost and Gross Margin Analysis
Chapter 10: Sales Channels, Distributors, Traders, and Dealers
Chapter 11: Marketing Status Analysis
Chapter 12: Market Report Conclusion
Chapter 13: Automotive Blockchain Market Research Methodology and Reference
Chapter 14: Appendix
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Automotive Blockchain Market is expected to represent Significant ... - Digital Journal
VeChain explores Billion-$-KI industry with OpenAI – Crypto News Flash
Source: Akarat Phasura - Shutterstock
For the last couple of weeks, the talk of the tech town has been on the developments around artificial intelligence (AI). From the looks of it, other than possibly destroying humanity, the new technology will much like cryptocurrencies revolutionize billion-dollar industries and make users wealthy.
Keeping with the developing times, VeChain developers are looking into AI and how it can possibly integrate it into its existing tech to be a cutting-edge project. As confirmed on Friday, VeChain developers are exploring OpenAI. The firstimplementation will be a human-readable description of decoded contracts.
The developers are calling on the community to share their thoughts as the project looks to tap into the billion-dollar AI industry. Industry experts such as McKinsey, AI may deliver an additional $13 trillion to the economy by 2030.
Smart contracts have been around for years and can be executed on the VeChain network. The smart contracts and DApps are built on top of it and are applied to logistics, supply chain management, and other industries to help these industries enhance their operations. AI can further advance the network and these industries at large. As AI goes mainstream, this could further the adoption of the project and its native token VET.
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Arguably, blockchain and AI are two of the most innovative technologies in the last decade. It is now a race between projects to find an intersection of distributed ledger that allows for secure, transparent, and tamper-proof applications and the tech that enables machines to assist humans and make intelligent decisions. VeChain hopes to get ahead of the curve by using the leading AI company OpenAI with the VeChain revolutionary technology. To start off, AI can improve the operational efficiency, information accuracy, and data security of the VET blockchain.
It is widely known in the crypto community that the best projects focus on building during the bear and bull markets. Despite VET prices slumping, CNF has continuously reported on the numerous positive developments around the VeChain network.
In all its developments, VeChain has indicated that it will continue to work with governments in Europe with VET having compliance built-in into its architecture. The comprehensive MiCA framework on digital assets has been hailed by prominent crypto personalities due to clear rules for crypto token issuers, traders, and crypto platforms.
Read More: VeChains Billion-Dollar Industry Set to Build on Foundation Laid by EUs MiCA Regulation
At the time of press, VET is exchanging for $0.02241. The digital asset is under pressure, shedding around 14 percent in the last 7 days. Investors are optimistic that the token will turn it around and end the year on a new high and the numerous developments point to this possibility.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
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VeChain explores Billion-$-KI industry with OpenAI - Crypto News Flash
Attention Crypto Scammers: AI is on the Hunt – BeInCrypto
Blockchain security firm AnChain.ai is leveraging the recent artificial intelligence (AI) hype to detect crypto scams and illicit blockchain fund flows.
The firms CEO, Dr. Victor Fang, hopes a new framework called Web3 SOC will reduce the seven-day detection window for 2022s smart contract exploits.
The company wants to close the gap between Web3 and traditional cybersecurity breaches. Web3 projects only respond to hacks almost 40 days after the exploit, compared to the five-hour response time for conventional cyber breaches.
AnChain.ai agrees that the smart contract audit is the first step of a comprehensive risk management framework. It uses machine learning to detect smart contract anomalies, together with a multichain analytics platform.
According to Fang, funds lost to smart contract exploits in 2022 totaled $4 billion, costing victims about $200 million per incident.
Notable hacks include Harmonys Horizon Bridge exploit, which cost victims over $600 million, and the $566 million Binance Smart Chain hack.
According to AnChain.ai competitor Cyvers.ais Web3 securityreport, smart contract audits are insufficient to prevent crypto scams. Audited smart contracts were involved in around 52% of hacks.Additionally, human error, including compromised keys, accounted for 30% of 2022 Web3 hacks.
AnChain.ai also helps money laundering authorities detect whether companies violate the Bank Secrecy Act. The Internal Revenue Service uses the firms technology to examine digital asset filings and white-collar crime.
On a corporate cybersecurity level, artificial intelligence can detect deviations from a companys normal network activity. Companies are using firewalls and artificial intelligence to keep threat actors at bay. Cyvers.ai advocates real-time on-chain and off-chain analysis with alert systems for critical smart contracts or wallet addresses
Crypto scams often convert stolen funds to censorship-resistant cryptocurrency. Hackers later pass the funds through a mixer, like Tornado Cash, to break the links between the funds source and destinations.
Forensic firms like Elliptic, Chainalysis, and PeckShield can provide transaction data to train AI models to detect suspicious transactions. Cyvers.ai uses geometric machine learning to learn typical crypto user behaviors and identify anomalies.
Firms developing AI cybersecurity toolssaythe first goal is to reduce false positives. Acumen Research estimates that the global market for AI cybersecurity will reach $133.8 billion by 2030.
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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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