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UK Court of Appeal Examines Copyright Claims over Bitcoin File Format

by Blockchain NewsJuly 22, 2023

The UK Court of Appeal has been examining a claim related to the copyright of the Bitcoin File Format. The case is an appeal from an order of Mellor J, dated 7 February 2023, which refused to grant the Claimants permission to serve the claim form on Defendants outside the jurisdiction of England and Wales. The claim form is centered around an alleged infringement of copyright in a work referred to as the Bitcoin File Format.

The First Claimant, Dr. Craig Wright, asserts that he is the creator of the Bitcoin system, the author of the original Bitcoin source code, and the author of a document known as “the White Paper”. He alleges that he made the White Paper public on 31 October 2008 under the pseudonym Satoshi Nakamoto. This claim is one of four in the Business and Property Courts involving Dr. Wright, with a common issue being whether it was Dr. Wright who adopted the pseudonym Satoshi Nakamoto when announcing the creation of the Bitcoin system. This issue is set to be determined at a trial in January 2024.

Dr. Wright claims that he owns the copyrights in two original literary works: the Bitcoin File Format and the White Paper. He also alleges to be the owner of database rights in three databases related to the Bitcoin blockchain. The Second and Third Claimants are companies controlled by Dr. Wright, which have joined the case in the event they own some or all of the rights claimed.

Dr. Wright has raised objections to two “airdrops”, which he claims made significant changes to the Bitcoin system without his consent. The first airdrop occurred on 1 August 2017, resulting in what Dr. Wright refers to as the BTC Network. The second airdrop occurred on 15 November 2018, creating another new peer-to-peer network, the BCH Network. Dr. Wright alleges that the operation of the BTC blockchain and the BCH blockchain results in the extraction and/or re-utilisation of all or substantial parts of the databases in which he claims to own database rights.

The outcome of this case could have significant implications for the copyright status of the Bitcoin File Format and other similar digital assets. Legal and cryptocurrency experts are closely monitoring the case. The identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, remains a mystery. Dr. Wright’s claims have stirred controversy in the crypto world, and the case’s resolution may provide some clarity on these contentious issues.

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What is Shibarium?

by Blockchain NewsJuly 22, 2023

Introduction to Shibarium

Shibarium is a Layer 2 (L2) blockchain solution developed by the Shiba Inu project, a decentralized community inspired by the Ethereum blockchain. The development of Shibarium is part of the Shiba Inu project’s mission to create a decentralized ecosystem that includes its own blockchain, decentralized exchange (ShibaSwap), and various tokens (SHIB, LEASH, and BONE). As stated in the official Shiba Inu blog, Shibarium is “being built to fulfill Ryoshi’s vision” and is seen as a “transitional evolution of the Shiba Ecosystem”.

The Genesis of Shibarium

Shibarium was first introduced to the Shiba Inu community in a blog post on the official Shiba Inu blog on January 15, 2023. The post explained that Shibarium would be a Layer 2 solution, which means it operates on top of another blockchain—in this case, Ethereum—to enhance its capabilities. Layer 2 solutions, like Polygon (Matic), Arbitrum (ARB), Optimism (OP), and Starknet (STARK), are typically designed to solve issues related to scalability and high transaction fees, common problems on the Ethereum network.

Shibarium’s primary function is to serve as a platform for building decentralized applications (dApps) and integrating them into real-world businesses. It is designed to be low-cost and efficient, with a focus on burning SHIB tokens in the process to reduce the overall supply and potentially increase the token’s value.

Development and Progress

The development of Shibarium has been a community-driven effort, with updates and progress reports regularly posted on the Shiba Inu blog. On February 20, 2023, the Shiba Inu team provided a year-in-review update on Shibarium, detailing the progress made and the challenges faced. The team also shared their plans for the future, including the development of an intake system to support those interested in building on Shibarium.

In early 2023, the Shiba Inu team announced the start of the early beta test of the Shibarium network, also known as “PuppyNet.” This marked a significant milestone in the development of Shibarium, allowing developers and users to test the network’s capabilities and provide feedback for improvements. The beta test phase was a crucial step in the development of Shibarium.The beta test phase enabled the team to pinpoint and rectify any problems prior to the mainnet launch, guaranteeing a sturdy and dependable network. The community’s feedback during this period was of immense value, aiding the team in refining Shibarium to reach its maximum potential.

Shibarium’s Intake System

To foster a truly open and inclusive ecosystem, the Shiba Inu team developed an intake system for Shibarium. This system allows anyone interested in building on Shibarium to submit their project for review and support. The intake system is designed to help the Shiba Inu team find the best projects and link them with others who can assist or collaborate with them.

The intake system exemplifies the Shiba Inu project’s dedication to fostering community participation and promoting decentralization. It is a system designed to stimulate creativity and teamwork, enabling the most promising ideas to gain prominence and secure the necessary resources for success. This methodology aligns with the Shiba Inu project’s philosophy of being a community-led initiative, where each member has the opportunity to express their views and contribute to the expansion of the ecosystem.

Shibarium’s Beta Test

The early beta test of Shibarium, or “PuppyNet,” began on February 2, 2023. During this phase, developers and users were encouraged to test the network’s capabilities and provide feedback. The beta test was open to anyone, and the Shiba Inu team provided documentation for those interested in setting up a test node. The feedback from this beta test was instrumental in refining and improving Shibarium, ensuring that the platform would be robust and reliable for its users.

Shibarium and Shibacals

In addition to serving as a platform for dApps, Shibarium also plays a crucial role in the Shiba Inu ecosystem’s real-world applications. One such application is Shibacals, a system for authenticating physical collectibles using NFC chips. These chips can link to dynamic destinations, setting up a myriad of possibilities ideal for businesses. The NFC chips that authenticate these collectibles require Shibarium, demonstrating another use case for the blockchain.

Shibacals represents a significant step forward in bridging the gap between the digital and physical worlds. By using blockchain technology to authenticate physical collectibles, Shibacals is bringing the benefits of decentralization, transparency, and security to a new domain. This is just one example of the innovative applications that can be built on Shibarium, showcasing the platform’s versatility and potential.

Conclusion

Shibarium represents a significant step forward in the Shiba Inu project’s mission to create a comprehensive decentralized ecosystem. With its Layer 2 solution, Shibarium aims to provide a scalable, low-cost platform for building dApps and integrating them into real-world businesses. As the development of Shibarium continues, it is expected to play an increasingly important role in the Shiba Inu ecosystem

Reference

https://blog.shib.io/introduction-to-shibarium/

https://blog.shib.io/shibarium-the-invite/

https://blog.shib.io/shibarium-2022-year-in-review/

https://blog.shib.io/shibarium-intake/

https://blog.shib.io/shibarium-early-beta-test-is-live/

https://blog.shib.io/shibarium-zoomed-out-shibacals-andmore/

https://blog.shib.io/shibarium-the-foundational-blog/

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Tagged : BONE / Layer 2 / Leash / PUPPYNET / Shib / SHIBARIUM / Wiki

Cosmos’ Osmosis Sees 43% Decrease in Trading Volumes in Q2 2023, Reported Messari

by Blockchain NewsJuly 22, 2023

According to Messari, in Q2 2023, the Osmosis Protocol, a decentralized exchange (DEX) within the Cosmos ecosystem, experienced a decrease in volumes and users, each down over 25%. Despite this, Inter-Blockchain Communication (IBC) transfers remained a bright spot, bringing in nearly half a billion dollars in inflows to Osmosis.

The quarter saw a 43% quarter-on-quarter (QoQ) decrease in trading volumes, with ATOM volumes falling to 15% of total volume, its lowest share ever. “USDC made up 14.9% of volume in Q2, its lowest in the last four quarters,” which is expected to change with the introduction of native USDC to the Cosmos network.

Average daily liquidity on Osmosis has been trending lower since Q1 2022, with a 17.9% fall from the previous quarter in Q2 2023. Despite this, “depositors remained patient in Q2, as average daily yield from trading fees fell to 3.8% (daily fees per unit of TVL, compounding daily) from 5.6% in Q1.”

Transaction counts of every type fell in Q2, with governance-related activity seeing the largest QoQ decline. Voting and Osmosis staking transactions were down 71% and 55%, respectively, accounting for nearly a third of the fall in transactions counts in the quarter. However, transactions related to the core product, with IBC transfers and swaps, fell only 21% and 23%, respectively.

Despite a year of subdued value flows, “over $466 million was transferred to Osmosis via the IBC network in Q2.” Total IBC transfer volume on Osmosis fell 4% from the previous quarter to $2.1 billion transferred.

On June 19, Osmosis unveiled its next development phase, OSMO 2.0, which includes a revised tokenomics model aimed at improving the sustainability of the protocol and better aligning incentives. Key changes include a halving of the inflation rate, an extension of the emission timeline, a shift in emission allocation to incentivize long-term stakers, the introduction of a protocol revenue burn mechanism, and a fee share mechanism.

Despite the decrease in key metrics, the network continues to adapt and implement new strategies for its growth. The introduction of OSMO 2.0 demonstrates an ongoing commitment to sustainability and better alignment of incentives, which could set the stage for a potential rebound in the coming quarters.

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Tagged : Cosmos / DEX / Messari / News / Osmosis

Bundle Africa Stops Exchange Services

by Blockchain NewsJuly 22, 2023

Bundle Africa, a prominent player in the crypto space, has announced that it will be discontinuing its exchange services to concentrate on Cashlink, its payment solution for the Web3 ecosystem. The announcement was made on July 20, 2023, and the last day of operations for the exchange services is set for September 10, 2023.

Accordingt to the announcement, Bundle Africa has achieved significant milestones, including Cashlink processing over 3 million transactions and Bundle itself reaching 50,000 monthly active users with a monthly volume of $50 million over the past three years. However, the decision to cease exchange services comes as part of a strategic shift to focus on payment solutions that meet the growing needs of the Web3 and blockchain community.

For Nigerian users of Bundle, the company advises withdrawing all funds to an exchange of their choice or, for those holding NGN, withdrawing it through Cashlink into their bank account. The same advice applies to Ghanaian users, who can also convert their GHS to USDT and transfer it to another wallet. Kenyan and Francophone users are advised to convert their KES or XAF to USDT and withdraw it through the blockchain or transfer it to another wallet.

Users holding less than $10 in their accounts can withdraw using a provided link, but cannot withdraw less than $10 from their Bundle account. The last day for withdrawal if you have less than $10 is August 30, 2023. After this day, funds will be automatically converted to USDT.

From the date of the announcement, users will no longer be able to sign up on Bundle, deposit assets into their Bundle wallet, swap assets in their Bundle wallet (except for USDT), or withdraw with Cashlink if they do not have NGN or fiat on Bundle.

Bundle Africa has scheduled a community AMA today to address any questions or concerns from its users. As the company transitions from exchange services to focusing on Cashlink, it marks a significant shift in its business strategy, reflecting the evolving needs of the blockchain and Web3 community.

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Tagged : BUNDLE AFRICA / CASHLINK / GHS / News / Web3