Category Archives: Smart Contracts
Project claiming to be AI-powered drains $1M from users – Cointelegraph
As artificial intelligence (AI) recently became a trending topic due to the capabilities displayed by ChatGPT v4, a project claiming to be an AI-based decentralized application has taken almost $1 million from its users in a suspected scam.
Blockchain security platform CertiK has recently confirmed that Harvest Keeper has stolen around $933,000 of users assets at the time of writing. In addition, users have also lost around $219,000 from ice phishing transactions across the Ethereum, BNB Chain and Polygon networks, according to CertiK. The security firm urged users to revoke the permissions they gave the project and warned people to stop interacting with its website.
Harvest Keeper claims to be an AI project that optimizes the trading process for maximum payout and promises a 4.81% return on user deposits. On its website, the platform promises a 101% return on investment within 21 days and an 8% referral reward. The project has almost 30,000 followers on Twitter and more than 32,000 followers on its Telegram channel.
Cointelegraph reached out to Harvest Keeper for comments but did not get a response.
Related: BingChatGPT pump and dump tokens emerging by the dozen: PeckShield
Meanwhile, as the ChatGPT hype resurfaced on Twitter, dozens of accounts claiming to be related to CryptoGPT haveemerged on the social platform. On March 10, a hashtag associated with a token project called CryptoGPT was trending on Twitter. With it, several similar accounts have emerged, with some advertising fake giveaways. Dozens of Twitter accounts with a similar name have also plagued the social platform, with some offering giveaways and airdrops suspected to be fake.
As the newest version of ChatGPT showed that it could audit smart contracts on Ethereum, many speculated whether it could eventually replace developers. However, at the recent ETHDubai event, blockchain developers expressed that they are confident that the new iteration of the popular AI tool will not replace developers but will help them.
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Project claiming to be AI-powered drains $1M from users - Cointelegraph
Helio Protocol: The revolutionary USD Destablecoin backed by BNB – AMBCrypto News
Stablecoins have emerged as one of the most significant innovations in the crypto sector. These stablecoins were seen as the entry point to broad cryptocurrency adoption since they provide a stable store of value compared to more volatile assets such as BTC. Nonetheless, because of its centralized management structure and sensitivity to inflation, it works mostly like a fiat currency.
Although fiat-backed, centralized stablecoins such as USDC, USDT, and BUSD have been widespread, alternative forms of stablecoins promising to address these shortcomings have gained traction.
Crypto-backed stablecoins are the primary alternative to fiat-backed stablecoins. Thesestablecoins typically utilize a unique combination of behavioral economics, smart contracts, andcarefully designed algorithms to maintain the peg to fiat currencies without the controlof a centralized custodian.
Helio Protocol strives to upgrade existing stablecoin initiatives by focusing on safety and capital efficiency with a revolutionary model.
Helio Protocol
Helio Protocol is an open-source liquidity protocol built on the BNB Chain that features a dual token model and tools for quick conversions, asset over-collateralization, borrowing, yield farming, and staking.
The protocol allows users to borrow and earn interest on HAY destablecoin. This new asset class is over-collateralized with liquid-staked asset BNB. The protocol seeks to establish HAY as the dominant destablecoin in the BNB Chain ecosystem.
Leveraging proof-of-stake (PoS) rewards, liquid staking, and yield-bearing assets.Helio Protocol will operate as a DAO, where the community will govern the protocolstreasury, revenuepool, and future direction.
The rise of various decentralized stablecoin projects over the last several years to gain market dominance has produced a very intense and competitive environment. As a result of this competitive dynamic, projects are promising more ambitious promises and payouts than the next player if customers opt to invest.
To make matters worse, the lack of a clear leader and historical best practices have prevented users from doing their research and discerning effectively between the influx of new stablecoin projects.Several initiatives have ignored their long-term sustainability to get consumers in the short term, which has considerably slowed down the goal of broad market adoption.
Stablecoins built on the Ethereum blockchain continue to use costly and ineffective proof-of-work mechanisms. On the other hand, the BNB Chain has the potential to offer the same maturity and scale as Ethereum, but with lower cost and far greater efficiency. Yet, there currently needs to be a dominant stablecoin that is decentralized and safe for users within the BNB ecosystem. As a result, there is a market need for a sustainable yet profitable stablecoin project, which Helio Protocol intends to fill.
Helio protocol aims to overcome concerns such as frozen funds (fiat-backed) or held value loss (algorithmic) due to price volatility by combining liquid staking, the functionality of the MakerDAO model and added liquidity from LPs on DEXs.
Helio Protocol introduces the concept of Destablecoins, a new asset class inside the crypto space that seeks to represent a new model in the existing stablecoin environment. The word destablecoins aids in the achievement of the following goals:
1) The prefix de in destablecoins refers to decentralized, which distinguishes products like HAY from classic stablecoins like BUSD and USDC, which are governed by a centralized custodian. This also contributes to the evolution of stablecoins from centralized to decentralized, and the DeFi sector as a whole.
2) Destablecoins strives to establish widespread stability without absolute reliance on fiat currencies. Because all currencies are distinct and have various reference rates, price fluctuations should be seen as a standard determined by the free market rather than striving for absolute price stability at all costs. Similarly, destablecoins do not seek absolute price parity with the US dollar as a primary objective nor do they rely on fiat assets as collateral.
3) The terms stablecoin or algorithmic stablecoin is often misleading, because all stablecoins, even fiat-backed ones, have the ability to de-peg, although at a considerably lower level. The stablecoin sector is under ongoing criticism since many retail investors over-invest in the promise of constant stability, leaving themselves exposed to considerable financial loss during such an occurrence.
The word destablecoins emphasizes the inherent risk of stablecoins and encourages users to invest more responsibly, resulting in a healthier and more sustainable user environment.
HAY is an overcollateralized destablecoin backed by liquid-staked BNB and is redeemablefor a $1 USD value of cryptocurrency. The Helio Protocol can ensure HAY is redeemable following the scenarios below.
When HAY > $1, the supply of HAY will have to be increased.
When HAY < $1, the supply of HAY will have to be reduced.
Upon launch, HAY will be issued as a BEP-20 compatible token. Its use cases include the following:
The Helio Protocol is designed to offer users an alternate way to produce long-term income and unlock liquidity for their crypto assets. The protocol loans HAY to borrowers that employ liquid-staked BNB as collateral. In exchange, it earns a competitive interest rate on its collateralized assets via HAY staking and DEX liquidity.
Helio Protocol aspires to be the BNB Chain ecosystems top destablecoin and reliable reference rate enabler. Users will be investing in the greater Helio ecosystem by holding and borrowing HAY to make it the go-to settlement layer throughout the broader crypto world.
To know more about the platform, please visit their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.
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Helio Protocol: The revolutionary USD Destablecoin backed by BNB - AMBCrypto News
How Will Bitcoin DeFi Gain Importance in 2023? Cryptopolitan – Cryptopolitan
In 2023, DeFi (Decentralized Finance) applications on Bitcoin are proving to be highly relevant and vital. The reason is that these applications can solve many of Bitcoins challenges, such as scalability, enabling users to interact with the network more efficiently. With DeFi applications, users no longer have to wait for extended periods to complete transactions or pay high fees.
DeFi applications offer a range of features, such as escrow services and lending platforms, which can increase the usability of Bitcoin and make it more attractive to potential users.
Bitcoin DeFi refers to developing innovative decentralized applications on Bitcoins blockchain network. Bitcoins Scripting language, although heavily reliant upon for the core purpose of its network, offers limited programmability due to it needing to be Turing complete. As a result, loops and other logical operations cannot conduct on the main Bitcoin network without additional programming.
To get around this limitation and enable the building of decentralized finance (DeFi) applications on Bitcoin, layer-2 scaling solutions and side chains are used to host smart contracts on the platform. The Taproot upgrade remained the same, focusing more on privacy and scalability improvements than on increased programmability. With the emergence of DeFi on Bitcoin, users can access decentralized applications and protocols on the Ethereum blockchain using a variety of tokens like Wrapped Bitcoin (wBTC).
wBTC provides users with a bridge between Bitcoin and Ethereum, allowing BTC to be used as an asset in Ethereum-based smart contracts. In addition, they open up several new possibilities for cryptocurrency usage and promote greater interoperability between blockchains while allowing users to access DeFi protocols without having to convert their BTC. This allows us to move resources between different systems, creating a dependable experience for the user.
The Bitcoin DeFi ecosystem is multiplying, with many projects emerging to address Bitcoins scalability issue. In 2023, the list of such projects includes Lightning Network and Drive Chain solutions and many decentralized applications (apps) and platforms that enable users to interact with their asset holdings in trustless ways.
Here are projects defining the Bitcoin DeFi space in 2023:
Bity: Bity is a Swiss-based asset management platform that provides users with an easy way to access and manage their Bitcoin holdings.
Eidoo: Eidoo is an all-in-one blockchain asset platform that allows users to buy, sell, and manage their crypto assets securely and conveniently.
imToken: imToken is a mobile wallet app that provides users an easy and secure way to store, send, and receive cryptocurrencies.
ZenGo: ZenGo is a keyless crypto wallet that allows users to easily store, manage, and transfer their assets securely.
Bisq: Bisq is a decentralized Bitcoin exchange that enables users to trade crypto assets without relying on centralized third parties.
Badger DAO: Badger DAO is a decentralized autonomous organization that enables users to join forces and create financial products for the benefit of all.
MoonPay: MoonPay is an open-source payments platform that allows users to buy, sell and manage Bitcoin and other crypto assets securely and conveniently.
QuickNode: QuickNode is a platform that enables users to quickly and easily deploy Bitcoin nodes on the cloud.
RSK: RSK is an innovative smart contract platform that enables users to build DeFi dApps on Bitcoin.
Lightning Network: The Lightning Network is a layer 2 scaling solution for Bitcoin which enables faster and cheaper transactions by reducing the load on the main Bitcoin blockchain.
Stacks: Stack is a platform that allows users to build and deploy Bitcoin-based applications in a secure and trustless manner.
Money on chain: Money on Chain is a stablecoin protocol collateralized using Bitcoin.
Wrapped Bitcoin: Wrapped Bitcoin (wBTC) is a tokenized version of Bitcoin that allows users to use BTC in Ethereum-based smart contracts and decentralized applications (dApps).
pNetwork: pNetwork is a platform that enables users to swap cryptocurrencies across different blockchains while preserving the value of their holdings.
Dune analytics: Dune analytics is a platform that provides users with real-time insights and data on the Bitcoin DeFi ecosystem.
Chainlink Price Feeds: Chainlink Price Feeds is a decentralized oracle network that provides on-chain real-time price data for DeFi projects.
Token Terminal: Token Terminal is a web-based platform that provides users with detailed analytics and insights into DeFi projects, tokens, and assets.
In January 2023, shaking up the Cryptocurrency space with the launch of Ordinals, a new protocol was introduced by former Bitcoin Core contributor Casey Rodarmor.
Taking advantage of Bitcoins Taproot upgrade pioneered in 2021, this newly implemented protocol expands the capabilities of cryptocurrencies and empowers their users with features that were only available off-chain.
Its biggest draw is enabling on-chain Bitcoin-native NFTs that offer a unique crypto experience. Ethereum has been trying to replicate its innate approach but has yet to progress.
Taproot provides a myriad of promising opportunities for the near future. For example, it offers an efficient way to condense the size of transactions, which requires fewer data usage, and encourages developers to use smart contracts on the Bitcoin platform.
Taproot puts in place advanced cryptographic protocols that significantly increase the possibility of DeFi and NFT applications on the Bitcoin network. Taproot offers many advantages that provide more privacy, lower fees, and scalability capabilities.
Altogether, Taproot revolutionizes the entire blockchain ecosystem and makes way for many applications within the Bitcoin platform, including NFTs and DeFi, by advancing its already highly secure decentralized layer.
Bitcoin DeFi is a rapidly emerging and growing technology that has the potential to revolutionize the financial industry. It offers many advantages, such as trustless transactions, increased liquidity, improved privacy, and low transactional fees.
DeFi projects built on Bitcoins network also offer users an innovative way to invest in assets such as cryptocurrencies, stablecoins, tokens, and non-fungible tokens (NFTs).
Bitcoin DeFi promises to bring financial services to populations currently underserved by traditional banking or finance systems.
The emergence of Bitcoin DeFi has also brought forth a new wave of decentralized applications that could revolutionize how we interact with the financial system. Utilizing the strength of
Bitcoin and its blockchain technology, these projects are paving the way for a new era in financial services that anyone with an internet connection can easily access.
Overall, Bitcoin DeFi is a powerful tool that promises to revolutionize how we view financial services and has already brought forth countless innovative applications to the cryptocurrency space.
The future looks promising, and there are a lot of exciting developments we can look forward to soon. Innovative projects like Ordinals, wrapped Bitcoin, Money on Chain, and Lightning Network are pushing the boundaries of what is possible, and we will see even more advancements in the future.
The possibilities offered by Bitcoin DeFi are seemingly endless, and we will witness an explosion of applications and services soon. With Taproot making it easier for developers to create more sophisticated smart contracts, the blockchain world has become a much more inviting place for entrepreneurs and innovators to explore new projects and ideas.
Bitcoin DeFi is a dynamic and fast-developing field with many potential applications yet to explore. However, with the Taproot upgrade paving the way for more sophisticated smart contracts, the future looks dazzling regarding what developers can create and offer on Bitcoins network.
Investors should note these developments as they will yield some fantastic projects that could revolutionize the blockchain space in years to come. Bitcoin DeFi will take the world by leveraging new protocols and technologies like Taproot. We cant wait to see what the future brings!
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How Will Bitcoin DeFi Gain Importance in 2023? Cryptopolitan - Cryptopolitan
Australia’s largest bank breaks blockchain barrier with Ethereum … – Cryptopolitan
One of Australias largest bank, National Australia Bank (NAB), has broken the blockchain barrier by becoming the first major financial institution to complete an intra-bank cross-border transaction on the Ethereum blockchain using its own NAB-issued stablecoin.
The successful pilot transaction on the Ethereum blockchain has utilized smart contracts for seven major global currencies, with NAB investing in the development of Australias safest, simplest, and most secure digital asset ecosystem.
The transactions success indicates the potential to significantly reduce the time and cost of cross-border transactions, benefiting NABs corporate and institutional clients operating in multiple jurisdictions and currencies.
Drew Bradford, NABs executive general manager of markets, said the bank is committed to pursuing the right digital asset opportunities with clear customer benefits.
The success of the transaction was achieved through the rigorous governance frameworks in place, ensuring that NAB can support the creation of a safe and reliable digital financial system.
NAB plans to fully back its Australian stablecoin, AUDN, one-for-one with the Australian dollar, and manage it as a liability of the bank.
This makes it the cornerstone for NABs ambitions in digital assets, and the bank aims to support select clients in transacting with digital assets by the end of 2023.
NAB collaborated with Blockfold and Fireblocks to build and deploy its stablecoins on the Ethereum blockchain. This involved utilizing their expertise in smart contract creation, secure minting and burning of stablecoins, and managing custody of digital assets on the blockchain.
BlockFold CEO and co-founder Francois Schonken said: NABs multi-currency cross-border settlement execution on a public blockchain is exhilarating.
The NAB eco-system of stablecoins puts in place cross-border payment rails that unlock tokenisation potential for both real world assets and financial products.
Michael Shaulov, CEO and co-founder of Fireblocks, said the successful trade execution marks the beginning of the evolution of financial services from Web2 to Web3, underpinned by blockchain technology, strong governance, and risk management.
The Ethereum blockchain transaction is a significant milestone for the banking sector, offering new ways to interact with customers, and drive engagement.
NABs ambition is to enable transactions across seven of the top globally utilized currencies: Australian, New Zealand, Singapore, and US dollars, Euro, Yen, and Pound Sterling.
As the first major financial institution to complete an intra-bank cross-border transaction on the Ethereum blockchain, NAB has taken a significant step forward in transforming financial services from Web2 to Web3.
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Australia's largest bank breaks blockchain barrier with Ethereum ... - Cryptopolitan
How Can Blockchain 4.0 Technology Revolutionize Interactions with … – Cryptopolitan
Blockchain 4.0 is a term that describes the fourth generation of blockchain technology and its use in the industry. It represents an evolution of previous blockchain generations, providing new solutions to make blockchain technology more suitable for businesses. With the combination of distributed ledger technology, smart contracts, and machine learning, blockchain 4.0 technology will revolutionize the interaction of businesses and individuals with data and digital assets.
Blockchain 4.0 came into being after the development and evolution of versions 1-3. Combining these three elements has enabled blockchain 4.0 to offer improved scalability, security, privacy, speed, and efficiency.
Blockchain 1.0, the initial version of distributed ledger technology (DLT), was primarily used as an underpinning for digital currencies. Bitcoin is the leading cryptocurrency that uses these technologies, acting as a decentralized Internet payment system for those interested in an Internet of Money. They create a simple and secure way to execute financial transactions without relying on any single third-party authority. With this capability, it isnt surprising why cryptocurrencies such as Bitcoin have seen so much success since developers introduced DLT.
Smart Contracts are the latest innovation from Blockchain 2.0 technology and have revolutionized how we administer digital contracts. Smart contracts are self-executing computer programs that verify, facilitate and enforce the performance of contractual agreements without requiring a third party or intermediary. As a result, they save time and money in verification processes and ensure security by making it impossible for Smart Contracts to be tampered with or hacked because of their incorporation into the blockchain. One of the most popular applications of this technology is Ethereums implementation of Smart Contracts, which provides an easy and efficient way to carry out contractual terms while protecting against moral hazard risks.
Blockchain 3.0 is the concept of decentralized applications, better known as DApps. A DApp is an application whose backend code runs on a decentralized peer-to-peer network instead of centralized servers. The technology allows for data and operations to occur without a central authority or disruption in service.
You can use DApps for different activities such as financial services, file storage, communication systems, and other purposes requiring access from multiple users across different geographies. Blockchain 3.0 increases applications efficiency, scalability, and security by using smart contracts and revolutionizing tasks.
Blockchain 4.0 is the latest term for blockchain solutions that make it applicable to industry demands. It combines the concepts of Industry 4.0, with its focus on automation, enterprise resource planning, and integration of systems, with the added trust element provided by blockchain technologies such as distributed ledgers and smart contract technology. They allow businesses and industries to ensure their data security and establish trust between parties digitalizing their processes. In addition, it opens up possibilities for better scalability and privacy controls for companies embarking on digital transformations.
Security risks: Despite the safety and trust provided by blockchain networks, security risks are still associated with their use. Hackers can exploit weaknesses in the system or find a way to access stored data.
Regulatory uncertainty: As blockchain technology is relatively new, governments and other regulatory bodies may need clear regulations creating tension for companies, as they may need help complying with the rules or regulations.
Market volatility: Crypto assets and tokens are highly volatile, and their prices fluctuate quickly. Therefore, businesses must exercise caution when investing in them, as their investments may not yield the expected returns.
Lack of expertise: While blockchain technology is gaining popularity, a few developers and experts still have proper in-depth knowledge about it. Companies may need help finding the right personnel for their projects or initiatives, leading to problems with implementation and maintenance.
Healthcare: Blockchain 4.0 technology secures and privatizes medical records, providing a safer and more efficient way of sharing patient data between stakeholders.
Banking & Finance: Blockchain 4.0 enables banks and other financial institutions to provide more secure digital payments, faster transaction times, 24/7 access to funds, improved customer service, and better risk management.
Supply Chain Management: With its ability to store and manage data securely, blockchain 4.0 has utility in supply chain management to trace the origins of products, verify authenticity, reduce costs, and improve efficiency.
Government: Governments can use Blockchain 4.0 to simplify processes such as filing taxes, tracking voting records, and managing public services more efficiently.
Real Estate: we can apply The immutability of blockchain technology to real estate transactions to provide a secure digital title registry that is tamper-proof and transparent while streamlining property transfers between parties.
Insurance: Blockchain 4.0 can reduce fraud within the insurance industry by providing an immutable record of transactions that any single party can not alter or manipulate.
These are just a few potential use cases for blockchain 4.0. As technology evolves, more industries will likely take advantage of the many benefits provided by this revolutionary new system.
Blockchain 4.0 is the latest iteration of blockchain technology, offering improved scalability, security, and privacy for businesses looking to maximize their efficiency. Despite the risks associated with its use, we can apply many potential use cases across various industries. This technology has the potential to revolutionize how we store, manage and transact data, and it is only a matter of time before we see its influence in our daily lives. The key to successfully implementing blockchain 4.0 technology is ensuring that companies have the resourcesexpertise, personnel, infrastructure, and fundingto deploy it correctly.
As this technology continues to evolve, more and more businesses will take advantage of its potential, leading to a more efficient, secure, and transparent digital economy.
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How Can Blockchain 4.0 Technology Revolutionize Interactions with ... - Cryptopolitan
Discover Tanglechains.org: Your go-to source for EVM and Smart Contract Chains on Shimmer and IOTA – Crypto News Flash
Source: Immersion Imagery - Shutterstock
The IOTA Foundation has continued to expand its market footprint with new initiatives such as the launch of the Shimmer network. However, the IOTA community has been eagerly looking forward to the launch of ShimmerEVM along with the launch of IOTA 2.0 in the latter half of the year.
On the other hand, new players within the ecosystem continue to build new stuff for Shimmer and IOTA. Tanglechains.org is one such interesting new platform from SPYCE.5 that exclusively lists and shows EVM and smart contracts chains built atop the Shimmer blockchain.
It serves as an easy-to-use platform for developers to showcase their projects as well as connect with other developers within the Shimmer ecosystem. As we know, the Shimmer network is a high-performance, feeless, and scalable DAG-based ledger which serves as a testnet for the IOTA ecosystem. Unlike other blockchain networks, the good thing about Shimmer is that it can handle transactions in parallel.
Tanglechains.org is a Shimmer-dedicated platform due to its unique characteristics and advantage for developers. The official announcement from SPYCE.5 notes:
Tanglechains.org serves as a hub for information on smart contract chains, offering details on their RPC endpoints, one-click wallet connect and other key information. It is fully open source and we invite and encourage developers from the ecosystem and the community to enhance the platform with their own ideas, utility and functionality.
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Over the last year, there have been several hacks with other blockchain ecosystems due to faulty implementation of bridges leading to the loss of several hundred million dollars.
The IOTA team has designed the Shimmer network in such a way that it allows bridgeless asset transfers and composability without relying on any untrusted relays and bridges. Every chain listed with Tanglechains will be able to exchange tokens and digital assets natively with other chains present on the Shimmer network.
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Thus, it will make it extremely easy for developers to create decentralized applications that are more secure, faster, and more easily accessible than ever before. Tanglechains.org will make it extremely easy to find chain partners, interact with them natively, and create a streamlined customer experience. The other key benefits involve:
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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EU Parliament approves the Data Act, which requires – Kitco NEWS
(Kitco News) - Under new rules adopted by the European Parliament, smart contract developers may be required to implement kill switches in their contracts that would allow a reset of activity.
On Tuesday, the European Parliament voted in favor of the Data Act by a wide margin, with 500 votes in favor of the legislation versus 23 against it. While the legislation wasnt specifically crafted to target the crypto industry, its provision on smart contracts focuses on data from connected devices, also known as the Internet of Things (IoT).
While the measure is intended to give people more control over information from smart devices, it is also generating concerns in the Web3 community over fears that it will be used to target certain types of transactions.
According to Pilar del Castillo Vera, a centrist-right MEP and rapporteur on the Data Act, the legislation has the potential to contribute to optimizing existing business models and processes, boost the development of new ones, and by doing so creating new values and jobs. Castillo Vera made the comments while opening Tuesdays plenary in the European Parliament in Strasbourg.
The new rules will empower consumers and companies by giving them a say on what can be done with the data generated by the connected products, Castillo Vera said during a debate.
Based on the text of the legislation, smart contracts fall under Article 30 of the Data Act, which relates to essential requirements regarding smart contracts for data sharing.
The provision that is worrying crypto proponents is the rigorous access control mechanisms and protection of trade secrets integrated into the design of smart contracts. The legislation is looking to require a mechanism that could terminate or interrupt transactions, and it will be up to lawmakers to decide which conditions would make it permissible.
Experts worry that including such functionality the ability to stop or reset a smart contract could undermine their purpose.
The immutability of smart contracts is key to their survival (i.e., immutability is their main differentiating feature), Thibault Schrepel, an Associate Professor at VU Amsterdam University, tweeted ahead of the vote. Article 30, as currently drafted, goes a step too far in addressing the issues raised by immutability. Instead of enacting "practical immutability" (where immutability remains the principle and alterability the exception), it makes alterability the principle. In doing so, it endangers smart contracts to an extent that no one can predict.
According to Schrepel, who is a specialist in blockchain legal issues, the legal text is unclear as to who would be responsible for triggering the kill switch on a smart contract, which interferes with the fundamental principle that the automated programs cant be altered by anyone.
As currently drafted, Article 30 does not provide clarity as to who should be able to terminate the continued execution of transactions, Schrepel wrote. Is it the creator of the smart contract? Public authorities? Courts? If the EP wishes to proceed with Article 30, future versions should at least make it clear that only the creator of a smart contract can terminate it.
The Data Act will now move on to trialogue negotiations where each EU institution will defend its position and lawmakers will work with national governments to settle on a final version of the law.
According to a tweet from the developers at Curve Finance, a decentralized stablecoin liquidity protocol, it is impossible to comply with the stipulations outlined in the proposal.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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EU Parliament approves the Data Act, which requires - Kitco NEWS
Are Smart Contracts Integral to Blockchain or Just Useful Tools … – Cryptopolitan
Blockchain technology has taken the world by storm, transforming various industries by offering decentralized and transparent solutions. At the heart of this technology are smart contracts, which have garnered a lot of attention for their ability to automate processes and increase efficiency. But are smart contracts integral to blockchain? This question has been the subject of debate, with some arguing that smart contracts are a necessary component of blockchain, while others believe that they are merely useful tools.
To truly understand the role of smart contracts in blockchain technology, it is important to first grasp what smart contracts are and how they work.
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts contain rules and regulations that are automatically enforced, removing the need for intermediaries and reducing the risk of fraud.
Imagine you are buying a car from a seller, and you want to use a smart contract to ensure a secure and transparent transaction.
First, you and the seller agree on the terms of the sale, such as the price of the car and the conditions of the sale. These terms are then coded into a smart contract using a programming language.
Next, you and the seller both deposit funds into an escrow account that is managed by the smart contract. They held the funds in the account until they meet certain conditions.
You can configure the smart contract to release the funds to the seller you received and have confirmed that it is in good condition. The smart contract could be set up by you to release the funds if they do not deliver the car within a certain timeframe or if it does not meet the agreed-upon conditions.
The smart contract releases the funds from the escrow account to the third party, with no intermediaries, such as banks or lawyers, once its conditions have been met.
One of the key benefits of smart contracts is their ability to automate processes, which can increase efficiency and reduce costs. For example, in the case of a supply chain management system, smart contracts can be used to automate the process of verifying and tracking shipments, eliminating the need for manual checks and reducing the risk of errors.
Another benefit of smart contracts is their ability to execute complex business logic in a trustless and decentralized environment. This means that they can conduct transactions with no intermediaries, such as banks or lawyers, reducing costs and increasing transparency.
Smart contracts are also an essential component of decentralized applications (DApps), which are built on top of the blockchain. They design these applications to operate in a trustless and decentralized environment, with smart contracts for the infrastructure to facilitate transactions and enforce rules.
However, it is important to note that smart contracts are not infallible and can be vulnerable to bugs and vulnerabilities. This is why it is important to thoroughly test and audit smart contracts before they are deployed.
Smart contracts are a relatively new concept in the world of blockchain technology, having emerged in 1994 with the publication of a paper by computer scientist and cryptographer Nick Szabo titled Smart Contracts: Building Blocks for Digital Markets.
Szabo defined smart contracts as a set of promises, specified in digital form, including protocols within which the parties perform on these promises. However, it wasnt until the emergence of blockchain technology in 2009 with the creation of Bitcoin that smart contracts began to gain traction as a viable solution for various industries. The Bitcoin blockchain was primarily designed to enable secure peer-to-peer transactions, but it also enabled the creation of programmable contracts through the use of scripts.
In 2013, Ethereum, a new blockchain platform, was created with the primary goal of enabling the development of decentralized applications (DApps) through the use of smart contracts. Ethereum was designed to be a more flexible and programmable blockchain than Bitcoin, allowing developers to create and execute more complex smart contracts.
Ethereums introduction of smart contracts paved the way for a new era of blockchain technology, enabling the creation of decentralized applications with programmable contracts that can execute automatically when certain conditions are met. These applications are built on top of the blockchain and are designed to operate in a trustless and decentralized environment, with smart contracts providing the necessary infrastructure to facilitate transactions and enforce rules.
Blockchain is a distributed ledger system that allows for secure storage and transmission of information without the need for intermediaries. One of the key features of blockchain technology is decentralization. Unlike traditional systems, where data is stored on centralized servers, blockchain technology allows data to be distributed across a network of computers. This makes it extremely difficult for any single party to manipulate the data or corrupt the system.
Another key feature of blockchain technology is transparency. The data stored on the blockchain is visible to all participants in the network, providing a clear and transparent record of all transactions. This transparency ensures that all participants in the network are held accountable and reduces the risk of fraud.
Immutability is another critical feature of blockchain technology. Once data is stored on the blockchain, it cannot be altered or deleted. This ensures that the data remains tamper-proof and provides a clear and verifiable record of all transactions.
Blockchain technology has numerous applications in various industries, from financial services to supply chain management. In finance, blockchain technology can be used to facilitate cross-border payments, reduce the risk of fraud, and increase transparency. In supply chain management, blockchain technology can be used to track and verify the origin and authenticity of goods, reducing the risk of counterfeit products.
Smart contracts and blockchain technology are closely intertwined, with smart contracts playing a critical role in the functioning of the blockchain. Smart contracts are stored and executed on the blockchain, which provides the necessary infrastructure to facilitate transactions in a decentralized and trustless environment. The blockchain serves as a ledger of all transactions, with each block containing a record of all the transactions that have occurred.
When a smart contract is deployed on the blockchain, it becomes part of the distributed ledger and is executed according to the terms and conditions set out in the contract code. The contract code is stored on the blockchain and cannot be altered, ensuring that the contract remains immutable and tamper-proof.
Smart contracts are particularly useful in industries that require transparency and accountability, such as finance and supply chain management. By using smart contracts, businesses can reduce the risk of fraud and increase transparency by providing a clear record of all transactions.
One of the most exciting applications of smart contracts is in the area of decentralized finance (DeFi). DeFi is a new and rapidly growing sector of the blockchain industry, which uses smart contracts to automate financial transactions and eliminate the need for intermediaries. DeFi applications include lending and borrowing platforms, decentralized exchanges, and prediction markets, among others.
Smart contracts are a natural extension of blockchain technology, enabling the execution of complex business logic in a trustless and decentralized environment. They offer numerous benefits, including automation, increased efficiency, and reduced costs. However, smart contracts are not infallible and are vulnerable to bugs, errors, and security vulnerabilities. Despite the potential drawbacks, smart contracts have enormous potential to transform various industries, from finance to healthcare. The rise of decentralized finance (DeFi) is a testament to the power and potential of smart contracts in the blockchain industry.
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Are Smart Contracts Integral to Blockchain or Just Useful Tools ... - Cryptopolitan
Smart Contracts in Healthcare Market Projected to Hit USD 5.6 … – GlobeNewswire
New York, US, March 15, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Smart Contracts in Healthcare Market By Blockchain Platform, By Application - Forecast till 2030, The global smart contracts in healthcare market is projected to garner huge gains in the next few years.
The rapidly growing medical device industry would drive the growth of the market. According to Market Research Future (MRFR), the global smart contracts in healthcare market is projected to grow to USD 5.6 billion by 2030, registering a 16.82% CAGR throughout the forecast period (2022-2030).
Global Smart Contracts in Healthcare Market Competitive Analysis
Players leadingthe global smart contracts in healthcare market include:
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Over recent years, the use of smart contracts in healthcare systems has grown exponentially. Smart contracts are used to track patients' health information and progress toward their health goals. Patients' health information gathered from wearable monitoring devices and social media platforms are posted to their Blockchain ledger, adding another layer of usefulness.
Smart contracts and Blockchain technology can also enable medical device manufacturers, suppliers, distributors, and other mediators throughout the value chain to automate, clear, and settle these transactions. These systems witness vast demand from hospitals, pharmaceutical companies, and healthcare providers across the globe.
Smart Contracts in Healthcare Market Report Scope:
The rapidly growing medical device industry, witnessing increasing numbers of companies and business models combining consumables and equipment usage, has enabled the market to witness constant revenue growth. Smart contracts find applications across the healthcare industry. From insurance to telehealth, smart contracts can improve efficiency in healthcare.
The healthcare sector is immensely benefitted from the widespread implementation of self-executing smart contracts programs. Especially in the case of streamlining laborious manual processes, automating bureaucratic procedures, and growing issues caused by human error, smart contracts are more useful.
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Most healthcare institutions are increasingly relying on highly centralized conventional management systems to handle sensitive tasks such as record keeping, transactions, and correspondences. Though traditional systems can efficiently perform some of the tasks, they are often susceptible to failure due to limited interoperability, vulnerabilities to data corruption, and lack of transparency.
Industry Trends
The emergence of innovative technologies and major growth in the healthcare IT sector substantiate the market shares. The high adoption of healthcare IT solutions to improve healthcare services creates vast market demand. Additionally, the increasing demand for maintaining electronic health records is a major driving force for market growth.
Conversely, the lack of standardization of healthcare protocols and lower budget allocation to hospitals impede the growth of the market. Also, the shortage of in-house IT expertise in hospitals is a major obstacle to market growth. Nevertheless, the rising pressure to improve the quality of healthcare, proactively attract and engage new patients, and ensure financial viability would support the market growth throughout the review period.
Segments
The market is segmented into Blockchain platforms, applications, end-users, and regions. The Blockchain platform segment is bifurcated into Bitcoin, Sidechains, NXT, and Ethereum. The application segment is bifurcated into patient data management, electronic health records (EHRs), supply chain management, clinical data exchange & interoperability, claims adjudication & billing management, and others. The end-user segment is bifurcated into pharmaceutical companies, healthcare providers, healthcare payers, and others. The region segment is bifurcated into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.
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Geographical Analysis
North America leads the global smart contracts in healthcare market. Factors such as the presence of many key technology providers, such as SimplyVital Health, IBM Corporation, and Microsoft Corporation, and increased investments by tier 1 companies drive market growth.
Besides, rising research activities boost the market size, significantly contributing to the development of smart contract solutions in the region. Also, the rising numbers of hospitals and specialty care centers foster market revenues. Growing research activities boost the market size, significantly contributing to the development of smart contract solutions for the healthcare sectors in the region.
Favorable government initiatives, technological advances, and huge investments from healthcare IT industries propel the region's market shares. Canada and the US are the major markets for smart contracts in healthcare solutions in the region. The region is anticipated to retain its leading position in the smart contracts in healthcare market throughout the assessment period.
Competitive Analysis
The highly competitive smart contracts in healthcare market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive share, brand reinforcement, mergers & acquisitions, and innovation remain popular trends of the key players. The market competition is estimated to grow further due to the expected extensions in products and services. Industry players strive to develop decentralized health technology networks to power smart contracts, transacting secure medical solutions.
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For instance, on Feb.23, 2023, The Defense and Security Accelerator (DASA) and the Cabinet Office or Office for Veterans' Affairs, the UK, announced that 22 projects had won a fair share of 5 million in funding to develop cutting-edge healthcare technologies for the defense sector. Contracts are awarded to fund innovations that enhance veterans' healthcare in the UK. These projects are aimed at enabling better future commissioning of treatments.
Secured through DASA's Themed Competition, Veterans' Health Innovation Funds will be utilized to advance technologies, interventions, and health treatments to improve the capability to save and enhance lives. Veterans' Health Innovation Fund will seek innovations to improve the techniques and pathways for meeting the physical and mental health needs of military personnel.
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Smart Contracts in Healthcare Market Projected to Hit USD 5.6 ... - GlobeNewswire
What Is Stacks? Smart Contracts on Bitcoin[Outlook &Upate] – DataDrivenInvestor
In recent years, the world of cryptocurrency has been revolutionizing the way we conduct financial transactions. Since then, Bitcoin has been the face of the crypto movement.
Bitcoin was created as a digital currency, designed to act as a decentralized alternative to traditional currencies. It was primarily developed as a medium of exchange, and its main use case is for peer-to-peer transactions. Very much different is the approach of other projects such as Ethereum. Ethereum was created as a platform for building decentralized applications. It offers more advanced features and capabilities, including the ability to execute smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
Ethereum 2.0 Merge: Price, Impact & Outlook
Now, Stacks would like to combine both worlds. Stacks is a decentralized computing platform that has gained traction in the crypto community.
Stacks is expected to bring scalable transactions and useful smart contracts to Bitcoin without changing the underlying blockchain itself.
The project chose Bitcoin as it is the first and most secure blockchain. Bitcoin offers potential not only as a cryptocurrency but also as a general transaction protocol. The team assumes a similar development for cryptocurrencies as in the competition for Internet protocols back in the days. The TCP/IP protocol was the only version that became the standard. All others were then built on this protocol.
Stacks, formerly known as Blockstack, is a unique project that uses the Bitcoin blockchain to build decentralized applications (dApps). This platform leverages the security and stability of the Bitcoin network while adding new functionalities to the blockchain. Unlike other blockchain-based projects, Stacks focuses on empowering developers to build scalable, decentralized apps that can run on Bitcoin.
Bitcoin has a limited capacity to process transactions, which can cause delays and high fees. Stacks addresses the scalability issue through a combination of Layer 2 scaling, dApp scaling, the PoX consensus algorithm, and support for sidechains. By leveraging these strategies, Stacks can improve the speed, efficiency, and scalability of its network, while also providing a secure and decentralized platform for building decentralized applications.
The Stacks platform offers several benefits to its users, including enhanced security, transparency, and decentralization:
One of the primary advantages of Stacks is its focus on empowering developers to build decentralized applications. The Stacks platform provides developers with all the tools they need to build and deploy dApps, including a suite of developer tools, a robust smart contract language, and comprehensive documentation. This makes it easier for developers to build and deploy decentralized applications, even if they have limited experience with blockchain technology.
Stacks also offers several unique features that set it apart from other blockchain-based platforms. For example, Stacks allows for the creation of non-fungible tokens (NFTs) on the Bitcoin blockchain, which has been a highly anticipated feature in the crypto community. Additionally, Stacks offers a Stacking feature that enables users to earn Bitcoin by holding and locking their Stacks tokens.
Stacks operates using its unique programming language Clarity and development environment Clarinet.
Clarity, a novel language that brings smart contracts to Bitcoin, is designed to prevent the many bugs and exploits prevalent today.- Predictable- Decidable- Secure- Security into Bitcoin stacks.co
The Stacks blockchain enables users to write smart contracts, build apps, issue nonfungible tokens (NFTs), and participate in decentralized finance (DeFi) backed by the BTC Blockchain at all times. By using Stacks apps, creators can also have a share of the value that they help create
The Stacks Blockchain provides a direct connection to the Bitcoin Blockchain using a hybrid consensus mechanism, the Proof-of-Transfer (PoX). This ensures that every transaction executed on the Stacks Blockchain can also be verified and traced on the Bitcoin Blockchain.
Stacks is not the only second-layer solution for Bitcoin.
The Lightning Network, for example, is a second-layer network built on top of the Bitcoin blockchain. The network enables fast and economically efficient off-chain processing of transactions, contributing to Bitcoins scalability. The second-layer solution, in which Bitcoin transactions are processed off-chain until they are settled, is an increasingly important pillar for BTC payment transactions.
Read more: Lightning: The Upgrade That Bitcoin Needs
However, there are several key differences between Stacks and Lightning. While both platforms are built on the Bitcoin network, Stacks focuses on empowering developers to build decentralized applications, while Lightning is primarily focused on enhancing the payment capabilities of Bitcoin. Additionally, Stacks offers more comprehensive smart contract capabilities than Lightning, making it a more flexible platform for developers.
The platform Cake DeFi provides an easy and user-friendly way to generate passive cash flow on your crypto portfolio. This is done in three different ways, called lending, staking, and liquidity mining. All you have to do is to sign up for the platform, top-up money via credit card, or transfer cryptocurrencies and put your assets to work. Read more.
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On the official site of Stacks, there are already several decentralized apps that you can use with the STX Hiro Wallet. Meanwhile, you can find more than 400 apps developed on the Stacks ecosystem by independent developers and entities.One of the main reasons why Stacks has recently attracted so many investors might be related to the release of several NFT projects.
City Coins are cryptocurrencies that can be issued by communities to improve their cities. They can be mined by anyone, with 70 percent of the profits going to the miners and 30 percent of the mining proceeds going to the respective city. The mined city coins, in turn, can be staked on stacks, thereby accumulating Bitcoin.The first coin of this kind is the MiamiCoin (MIA), which was released by the US city in the state of Florida. Miami is considered a crypto hotspot worldwide. Mayor Francis Suarez even wants to make Miami the Bitcoin capital of the world. So far, everything seems to be going according to plan on this mission. Since August, the Miami City Wallet has raised over 17 million US dollars.
In den letzten Wochen sind immer mehr NFT-Projekte auf Stacks gestartet. Beispielsweise wurden Anfang dieser Woche die sogenannte Bitcoin-Birds-Kollektion binnen weniger Stunden komplett ausverkauft. Die erhhte Nachfrage nach den Bitcoin NFT hat dazu gefhrt, dass auch die Nachfrage nach STX angestiegen ist.
Stacks STX token is at the center of the ecosystem and is used to execute smart contracts and process transactions on Stacks.STX coins are mined by holding bitcoin. In addition, Stacks also offers the opportunity to earn bitcoin by staking STX. The cryptocurrency STX is thereby required to operate the networks smart contracts.
Stacks enables the creation of smart contracts that are secured by the Bitcoin blockchain. This has opened a new door for making NFTs and DeFi products that have high security provided by Bitcoin. With its focus on empowering developers to build decentralized applications, Stacks has the chance to become a relevant player in the world of blockchain technology. While it does face competition from other projects like Lightning, its unique features and comprehensive smart contract capabilities set it apart from other blockchain-based platforms. As the world of cryptocurrency continues to evolve, it will be exciting to see how Stacks and other promising projects shape the future of decentralized computing.
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What Is Stacks? Smart Contracts on Bitcoin[Outlook &Upate] - DataDrivenInvestor