Day: August 1, 2023

Polygon Expanded Collaborations with Disney, Meta, Starbucks, and More in Q2 2023

by Blockchain News

Accordint to a report released by Messari, Polygon ($MATIC), a suite of Ethereum-based scaling solutions, unveiled key insights and recent developments in its ecosystem for the second quarter of 2023. Among the key highlights, Polygon Labs introduced Polygon 2.0, a network of zero-knowledge Layer-2 blockchains. This new development aims to become the “Value Layer of the Internet,” bringing significant updates to protocol architecture, tokenomics, and governance.

The Polygon zkEVM, a Zero-Knowledge (ZK) Layer-2 rollup protocol for Ethereum, showed steady growth, achieving 200,000 unique addresses by the end of Q2. This notable achievement was marked by collaborations and integrations with various industry players. An important aspect of the report was MATIC’s inclusion in the SEC’s complaints against Binance and Coinbase. However, the document emphasizes that Polygon’s network fundamentals were unaffected by this news.

Further, the report indicates that Polygon has expanded its partnerships with prominent legacy companies and institutions such as Franklin Templeton, Securitize, Mastercard, and Warner Music Group. These new additions join existing partners including Adobe, Adidas, Disney, Meta, Nike, Reddit, Robinhood, and Starbucks.

Other exciting developments include the launch of the Polygon zkEVM Mainnet Beta on March 27, 2023, aimed at enabling secure, quick, and cheap transactions. Additionally, the report provides insights into Polygon Miden, an upcoming ZK Layer-2 rollup protocol designed for Ethereum, utilizing the Miden Virtual Machine (MVM) written in Rust. An app-chain-focused scaling solution for Polygon PoS, known as Polygon Supernets, is currently in testnet. Finally, Polygon ID, a privacy-preserving identification service for Web3 users, uses ZK-proofs to verify user credentials privately.

Polygon’s Q2 report underscores the platform’s ongoing commitment to innovation, collaboration, and growth. These initiatives place Polygon at the forefront of the blockchain industry, reinforcing its position as a leading provider of Ethereum-based scaling solutions. 

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Chainflip Announces Community Sale on CoinList, Scheduled for August 31, 2023

by Blockchain News

Chainflip, a decentralized and trustless protocol that enables seamless value transfer between various blockchains, has announced its Community Sale on CoinList. The sale is set to begin on August 31, 2023, at 17:00 UTC.

Chainflip’s protocol allows for the swapping of assets between different chains, including BTC, EVM, and substrate networks, without the need to wrap tokens or use traditional cross-chain bridges or centralized exchanges. The protocol’s Just-in-Time (JIT) Automated Market Maker (AMM) accesses liquidity from connected chains and partner aggregators, offering users competitive prices and low fees on spot trades.

The Chainflip Community Sale will offer 4,500,000 FLIP tokens (ERC-20) at a price of $1.83 per token. The tokens will be 100% unlocked on Token Generation Event (TGE) at mainnet launch, currently expected on or around October 24, 2023. This date is subject to change up to a maximum of 120 days after the sale closes. The initial purchase limits for the sale are set at a minimum of $100 and a maximum of $4,000. Registrations for the sale will close on August 28, 2023, at 12:00 UTC.

To participate in the Chainflip Community Sale, users must have funded their CoinList Wallet with the minimum purchase amount of $100 before the registration deadline. Additionally, the CoinList account must be fully funded with the desired purchase amount before the sale starts.

Chainflip aims to displace centralized exchanges by integrating the best aspects of existing cross-chain solutions and introducing unique optimizations. Key features include employing up to 150 validators per vault, providing redundancy, security, and anti-censorship. The use of Schnorr signatures and an innovative signing scheme allows these validators to support multiple assets without excessive hardware costs. The JIT AMM design minimizes slippage and offers precise pricing, efficiently using liquidity for large trades. Chainflip provides a permissionless method to swap assets between arbitrary chains and networks without introducing new wrapped assets or excessive confirmation times.

The Chainflip Community Sale is not available for residents of the United States, China, Canada, South Korea, and certain other jurisdictions. The sale is being distributed by Amalgamated Token Services Inc., dba “CoinList.”

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Bitcoin Miner Bitfarms Mined 378 BTC and Sold 333 in July

by Blockchain News

Bitfarms Ltd., a global vertically integrated Bitcoin mining company, has released its Bitcoin (BTC) production and mining operations update for July 2023. The report, published on August 1, 2023, provides detailed insights into the company’s recent activities, performance metrics, and future plans.

Mining Performance and Expansion

In July 2023, Bitfarms mined 378 BTC, a decrease of 1.8% compared to 385 BTC in June 2023. The reduction was attributed to a 3.3% increase in network difficulty and disruptions caused by extreme weather events, including record temperatures and wildfires in Quebec. A direct lightning strike that disabled the primary electricity transformer at the Magog farm also contributed to the temporary reduction in production.

Despite these challenges, Bitfarms initiated an expansion plan to nearly double its hydropower capacity to 350 MW by acquiring 150 MW of under-utilized hydropower in Paraguay. Construction on the first 50 MW facility is planned to commence in Q3 2023.

New Developments and Operational Highlights

Production at the 11th Farm: Bitfarms started production at its 11th farm in Baie-Comeau, aiming to reach 11 MW of production in Q3 2023, with an additional 11 MW targeted for 2H 2024.

BTC Price Rise: The average BTC price rose to $30,100 in July, up 9.1% from $27,600 in June.

Treasury Increase: Of the 378 BTC mined, 333 BTC were sold, and 45 BTC were added to the treasury, reaching 594 BTC at July 31, 2023.

Paraguay Expansion: The company acquired two Power Purchase Agreements for up to 150 MW of hydropower in Paraguay, marking a significant step in its expansion strategy.

Upgrades and Installations: Various upgrades and miner installations were carried out in Quebec, Argentina, and Washington State, enhancing production efficiency.

Financial Update

Bitfarms sold 333 BTC of the 378 BTC mined in July, generating total proceeds of $9.9 million. The company also reduced its total outstanding indebtedness by $1.8 million, resulting in a remaining balance of $13.7 million at July 31, 2023. Additionally, 45 BTC were added to the treasury, increasing custody to 594 BTC, representing approximately $17.3 million based on a BTC price of $29,200 at July 31, 2023.

Future Prospects

Bitfarms’ CEO, Geoff Morphy, emphasized the company’s disciplined growth strategy, focusing on securing low-cost power and investing in highly efficient operations. The expansion in Paraguay and the initiation of new farms reflect the company’s commitment to leveraging industry knowledge and economies of scale.

The company also plans to attend various conferences and events in the coming months, including Bitfarms Analyst Day on September 14th in New York City.

Bitfarms’ July 2023 report showcases a robust strategy for growth and expansion, coupled with a commitment to sustainable energy utilization. Despite temporary setbacks due to weather and technical issues, the company’s focus on hydropower capacity, geographic diversification, and operational efficiency positions it as a significant player in the global Bitcoin mining landscape. The report also highlights Bitfarms’ financial stability and readiness to leverage future opportunities in the ever-evolving cryptocurrency market.

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Taj Quantum Utilizes Blockchain in Authentication Systems, Awarded Patent for Groundbreaking Type II Superconductor

by Blockchain News

Taj Quantum, a company specializing in quantum technology and blockchain-based authentication systems, has been awarded a patent by the United States Patent and Trademark Office (USPTO) for its Above Room Temperature Type II Superconductor. The patent, numbered #17249094, was announced on July 31, 2023.

The patented superconductor operates at a wide range of temperatures, from about -100° F (-73° C) to about 302° F (150° C). This range, which includes temperatures well above room temperature, is a characteristic uncommon in the world of superconductors.

Inventors John Wood and Paul Lilly, known for their extensive work with graphene and related materials, expressed their excitement about the patent. John Wood stated, “We are living in thrilling times where new discoveries are being made across a variety of fields.” Paul Lilly added, “Our main objective is to pinpoint applications that can rapidly benefit everyone by providing the quickest-to-market capability.”

Taj Quantum, originally founded as LGC in 2018 by Paul Lilly, has grown significantly over the past year, securing numerous contracts supporting the U.S. Military and large businesses. The awarding of this superconductor patent marks a significant milestone in the company’s mission to drive scientific advancements.

Taj Quantum’s CEO, Paul Lilly, discussed the company’s unique position of holding a patent that could prove revolutionary in many fields. He mentioned the company’s intention to work with attorneys to develop a means to open-source their technology for Universities and non-profit groups while retaining rights associated with monetizing derivative technologies.

As Taj Quantum continues to grow and innovate, the company is committed to hiring a new scientific team and building associated laboratory and production facilities. They aim to bring this superconductor technology into everyday electronics over the next decade.

Despite the groundbreaking nature of their superconductor technology, Taj Quantum clarified in their FAQ that they are not a crypto company. Instead, they use blockchain as a tool to provide authentication systems using a private blockchain deployment along with smart contracts to manage the varied challenges faced by the U.S. Military and their customers.

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Binance Lists CyberConnect (CYBER) and Sei on Launchpool; Farming to Begin on August 2, 2023

by Blockchain News

Binance has announced the addition of two new projects to its Launchpool platform: CyberConnect (CYBER) and Sei (SEI). The announcements were made on August 1, 2023, detailing the specific information about the projects and their integration into the Launchpool.

CyberConnect (CYBER)

CyberConnect (CYBER) is described as a Web3 social network that enables developers to create social applications. The total token supply for CYBER is 100,000,000, with 3,000,000 CYBER (3% of the total token supply) allocated for Launchpool Token Rewards.

Users will be able to stake their BNB, TUSD, and FDUSD into separate pools to farm CYBER tokens over a 30-day period. The farming will commence on August 2, 2023, at 00:00 (UTC), and will continue until August 31, 2023, at 23:59 (UTC).

Binance will list CYBER on August 15, 2023, at 12:00 (UTC), and open trading with CYBER/BTC, CYBER/USDT, and CYBER/BNB trading pairs.

Sei (SEI)

Sei (SEI) is identified as a layer 1 blockchain optimized for the exchange of digital assets. The total token supply for SEI is 10,000,000,000, with 300,000,000 SEI (3% of the total token supply) designated for Launchpool Token Rewards.

Similar to CYBER, users can stake their BNB, TUSD, and FDUSD to farm SEI tokens over a 30-day period, starting from August 2, 2023, at 00:00 (UTC).

Binance will list SEI on August 15, 2023, at 12:00 (UTC), and open trading with SEI/BTC, SEI/USDT, and SEI/BNB trading pairs.

Participation and Eligibility

Both projects require KYC verification for participation, and there are specific restrictions based on users’ country or region of residence. The staking terms, supported pools, and other details are provided in the official announcements.

The addition of CyberConnect (CYBER) and Sei (SEI) to Binance’s Launchpool represents a continued expansion of the platform’s offerings. By providing opportunities for users to stake and farm these tokens, Binance is facilitating access to new and emerging projects within the crypto space.

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Binance Japan Announces Launch Details, Set to Become Top Domestic Exchange with 34 Cryptocurrencies

by Blockchain News

Binance Japan has announced detailed plans for its upcoming cryptocurrency exchange service, aiming to launch within August. The announcement was made on August 1, 2023.

Binance Japan will handle 34 cryptocurrencies, surpassing major domestic competitors such as Bitbank (30 cryptocurrencies), GMO Coin (26 cryptocurrencies), and Coincheck (22 cryptocurrencies). This makes Binance Japan the top domestic exchange in terms of the number of cryptocurrencies handled at launch.

Binance Japan will initially offer two main services: a “cryptocurrency exchange” that matches user-to-user trades, and a “cryptocurrency sales office” that displays a single selling price in real-time. Leverage trading, which involves buying and selling assets using borrowed funds, will not be provided.

Binance’s exchange token, “Build and Build (BNB),” is expected to be listed in Japan for the first time. Binance Japan will also offer features like “Simple Earn,” where users can deposit their crypto assets and earn interest, an “NFT Marketplace,” “Auto Invest,” and “API Connection” functionalities.

Binance Japan has decided not to provide leverage trading, as obtaining the required “Type 1 Financial Instruments Business” license in Japan involves strict standards. The listing of certain cryptocurrencies like Solana (SOL), Astra (ASTR), Avalanche (AVAX), Jasmine (JASMY), and Axie (AXS) indicates an intention to attract experienced users.

Binance Japan is also considering or preparing to list domestic unlisted cryptocurrencies, though no specific details have been announced at this time. Binance announced the acquisition of the Financial Services Agency-registered exchange company Sakura Exchange Bitcoin (SEBC) in November 2022. The transition to a new management structure and the transfer of all shares to Binance Holdings were subsequently announced.

Binance Holdings’ CEO, Changpeng Zhao (CZ), participated in the international conference WebX on July 25, announcing the full service offering in Japan starting in August.

Binance Japan’s announcement marks a significant step in expanding its presence in the Japanese market. By offering the highest number of cryptocurrencies at launch and introducing unique features, Binance Japan is positioning itself as a major player in the domestic exchange landscape. The decision to exclude leverage trading aligns with the regulatory environment in Japan, reflecting a cautious approach to compliance. The inclusion of specific cryptocurrencies and additional services indicates a targeted strategy to cater to various user needs and preferences.

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U.S. IRS Clarifies Taxation on Crypto Staking Rewards

by Blockchain News

The United States Internal Revenue Service (IRS) has issued a ruling that clarifies the taxation of cryptocurrency staking rewards. According to Revenue Ruling 2023-14, released on July 31, 2023, crypto staking rewards must be reported as gross income in the year they are received.

Details of the Ruling

The ruling specifically applies to cash-method taxpayers who receive cryptocurrency as rewards for validating transactions on proof-of-stake (PoS) blockchains. This includes both direct staking of cryptocurrency and staking through centralized crypto exchanges.

The IRS defines dominion as the time when the investor controls and has the ability to sell, exchange, or otherwise dispose of the cryptocurrency rewards. The fair market value of the crypto rewards should be included in annual income and determined at the time the assets are received.

Background and Implications

Cryptocurrency staking is a process where individuals participate in the validation of transactions on a blockchain by holding and “staking” their cryptocurrency. In return, they receive additional units of cryptocurrency as rewards.

Previously, the IRS had subjected crypto-mining rewards to both income and capital gains tax but had no provisions for staking rewards. This new ruling treats crypto staking like stock dividends, according to Messari founder Ryan Selkis.

The ruling states: “If a cash-method taxpayer stakes cryptocurrency native to a proof-of-stake blockchain and receives additional units of cryptocurrency as rewards when validation occurs, the fair market value of the validation rewards received is included in the taxpayer’s gross income in the taxable year in which the taxpayer gains dominion and control over the validation rewards.”

Price Influence on PoS-Based Cryptocurrencies

The IRS’s ruling on crypto staking rewards is a major step towards delineating the tax obligations of crypto investors in the United States. It provides specific guidelines for those involved in PoS blockchains, and it may have implications for the prices of PoS-based cryptos, like Ethereum, depending on market reactions and investor sentiment.

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FTX’s Draft Reorganization Plan: Zeroing FTT Claims and Subordinating Non-Customer

by Blockchain News

The document, dated July 31, 2023, outlines the draft plan of reorganization for FTX Trading Ltd. and its affiliated debtors, collectively referred to as “the Debtors.”

The Debtors have decided to file this draft plan at an early stage to facilitate creditor feedback and consensual resolution of certain issues. They expect to amend the plan in response to feedback and file an amended plan of reorganization in the fourth quarter of 2023.

Key aspects of the plan include disputes regarding the ownership of assets held on the FTX.com and FTX US exchanges, identification of three primary recovery pools corresponding to segregated assets, and recognition of special “shortfall” claims by the FTX.com and FTX US exchanges for unauthorized borrowing or misappropriation of assets.

The draft also covers the cancellation of intercompany claims, consolidation of the estates of most of the Debtors, subordination of certain claims to the pecuniary losses of customers and creditors, and extinguishment of FTT claims along with other equity interests.

Additionally, the document highlights the liquidation of the Debtors’ estates, with distributions to be paid to customers and creditors in cash, subject to certain voluntary elections in connection with a restart of an offshore exchange or otherwise.

The draft plan does not purport to resolve certain open questions under discussion among the Debtors, Consulting Parties, and other stakeholders.

This draft plan of reorganization for FTX Trading Ltd. addresses complex legal and financial matters, including asset pools, treatment of claims, and liquidation procedures. It reflects the current stage of negotiations and investigations and serves as a basis for further discussions and amendments.

Stakeholders are encouraged to review the entire draft plan, as additional modifications and clarifications are expected in the coming months. The document’s detailed approach emphasizes the importance of transparency and collaboration in managing the multifaceted challenges faced by the Debtors and their stakeholders.

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What is Agent GPT?

by Blockchain News

Agent GPT is an innovative autonomous AI Agent platform that empowers users to create and deploy customizable autonomous AI agents directly on the web. This comprehensive overview explores the features, functionalities, use cases, and future prospects of Agent GPT.

Introduction

Agent GPT is an open-source project that allows users to create autonomous AI agents built on GPT-4. These agents can act autonomously, write their own code, and perform various tasks on the internet. The platform is gaining popularity for its user-friendly interface, customization options, and potential applications ranging from chatbots to workflow automation.

Features and Functionality

1. Open-Source and Customizable

Agent GPT is open-source, allowing developers to contribute and customize according to their needs. Users can create custom chatbots and assign a name and goal to their AI agent.

2. Built on GPT-4

Agent GPT leverages GPT-4, enabling it to act autonomously, write its own code, and even debug and develop itself.

3. No-Code Solution

With its browser-based, no-code solution, Agent GPT makes AI accessible to a broader audience without requiring extensive programming knowledge.

4. Versatile Applications

Beyond chatbots, Agent GPT can be used for automation, Discord bots, Auto-GPT apps, and more.

5. Compatibility

Agent GPT is a browser-based tool that can be run locally using Docker or Nodejs, making it compatible with modern web browsers and various settings.

Use Cases of Agent GPT

Agent GPT’s versatile and dynamic nature allows for a wide array of applications.

Code Assistance: Debugging code, generating code snippets, providing coding tutorials.

Research and Content Generation: Crafting blog posts, writing articles, compiling study guides, and summaries.

Email and Communication: Automating email writing, drafting messages, and other communication forms.

Marketing and Advertising: Generating marketing ideas, creating ad copy, and assisting with SEO strategies.

Budgeting and Financial Planning: Providing budgeting advice, financial management tips, and creating personal financial plans.

Limitations of Agent GPT

Agent GPT, while a powerful and versatile platform, has certain limitations that users should be aware of. As of the current version, Agent GPT does not have the ability to generate outputs in certain ways, although this feature is actively being developed. There are restrictions on how much the Agent can run due to limitations on API usage and associated infrastructure costs. Users may encounter caps on usage, although options like hosting AgentGPT locally or subscribing to a pro plan can circumvent these limitations.

At present, each Agent run is independent, and resuming a previous run is not possible, although this functionality is planned for future updates. Free-tier users of AgentGPT utilize GPT-3.5, while PRO users have access to GPT-4, which may affect the capabilities and performance of the agent. Additionally, the output length is limited to manage generation costs on the platform’s end, and while adjustments can be made within advanced settings, this may still restrict the extent of the generated content.

These limitations are part of the ongoing development and refinement of the platform, and users are encouraged to consult the roadmap and official documentation for updates and future enhancements.

Future Prospects

The entire AgentGPT team is excited about the road ahead, with many exciting features planned for the future. Users are encouraged to follow the roadmap to stay updated on upcoming developments.

Conclusion

Agent GPT is a novel tool that is revolutionizing the way we interact with AI. Its open-source nature, user-friendly interface, versatile applications, and continuous development make it a valuable asset for developers, businesses, and individuals alike. As research continues to unfold, Agent GPT’s potential is likely to expand, offering new possibilities for automation, customization, and intelligent decision-making.

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