Day: August 16, 2023

Animoca Brands and CyberConnect Collaborate on Decentralized Social Layer for Mocaverse

by Blockchain News

CyberConnect, recognized as one of Web3’s pioneering social networks, has formalized a memorandum of understanding (MoU) with Animoca Brands. The latter is known for its efforts in advancing digital property rights in gaming and the open metaverse. This strategic partnership aims to develop a decentralized social layer for Mocaverse, an NFT collection integral to the Animoca Brands ecosystem.

The collaboration will leverage CyberConnect’s smart account infrastructure, known as CyberAccount, to bolster the identity layer of Mocaverse. This move will provide companies under Animoca Brands the capability to construct their unique social graph. This will further enhance interoperable user experiences across various games, products, and services.

A significant development from CyberConnect was the recent V3 upgrade, which introduced CyberAccount. This is Web3’s inaugural scalable and thoroughly vetted ERC-4337-powered smart account. Since its debut on 26 July 2023, CyberAccount has established itself as a frontrunner in the ERC-4337 account abstraction domain, accounting for over 90% of all smart accounts (or smart contract wallets) created thus far.

The joint venture between Animoca Brands and CyberConnect aspires to set a benchmark in the Web3 social network space. Their goal is to pave the way for a novel paradigm in crafting consumer products and applications. This will empower users to seamlessly navigate their preferred applications without the need to reestablish their networks.

ERC-4337-powered smart accounts are designed to simplify the intricacies of crypto wallets for Web3 developers. This ensures that the user experience and onboarding process is as intuitive as the familiar Web2. Applications built on CyberAccount will grant users access to a plethora of games and services offered by Animoca Brands and its associated companies through a unified smart account.

While existing solutions like MetaMask provide developers access to a crypto-native user base, they fall short in offering developers the tools to deploy context-specific, tailored user experiences. By integrating a social graph with users’ CyberAccount, developers can expedite the launch of their decentralized applications, thereby reducing time-to-market and tapping into new user demographics. Animoca Brands envisions broadening its reach with this ‘super account’ strategy, offering developers an unparalleled user onboarding solution.

In the forthcoming months, Animoca Brands intends to extend support for CyberAccount across Mocaverse. This will enable users to integrate their networks of friends, fans, followers, and connections into their favorite applications.

About CyberConnect 

Established by a team of entrepreneurs from Silicon Valley in 2021, CyberConnect is Web3’s earliest and most expansive social network. It facilitates developers in crafting social applications using ERC-4337/Account Abstraction. This empowers users to have ownership of their digital identity, content, connections, and interactions. As of August 2023, the CyberConnect protocol boasts 1.2M user profiles, with 400k monthly active wallets executing over 16.3M transactions. Its native social app, Link3, has 940k monthly active users.

Recently, CyberConnect’s native token, CYBER, has been listed on several major cryptocurrency exchanges. This includes industry giants such as Binance, Bithumb, and Bitget.

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Huawei Cloud Introduces Advanced Web 3.0 Services to Enhance Hong Kong’s Digital Landscape

by Blockchain News

Huawei Cloud has announced the launch of several innovative Web 3.0 services and technologies during the TechWave Web 3.0 Special Day. The event, co-organized by Cyberport Hong Kong, Institute of Web 3.0 Hong Kong, and Techub News, took place at Cyberport Hong Kong and witnessed the unveiling of blockchain services such as the Web 3.0 Node Engine Service (NES) and QingTian Enclave Confidential Computing.

A significant highlight of the event was the inauguration of the Web 3.0 Zone in Huawei Cloud KooGallery, which now hosts the first ten partner applications. The event attracted industry stalwarts including Peter Yan, CEO of Cyberport Hong Kong, Yang Wang, Vice President of Hong Kong University of Science and Technology (HKUST), and Gao Jianghai, President of Huawei Public Cloud Business Department. The gathering facilitated discussions on the growth, infrastructure, and application compliance of the Web 3.0 industry, as well as the merging of digital and physical realms.

Cyberport CEO, Mr. Yan, emphasized the organization’s role as a central hub for Web 3.0 in Hong Kong. He mentioned, “As the largest Web 3.0 community in Hong Kong, we aim to utilize our comprehensive innovation and technology (I&T) ecosystem to bridge sectors like smart living, FinTech, and digital entertainment, promoting collaboration and innovation within Web 3.0 projects.”

HKUST’s Vice President, Mr. Wang, highlighted Huawei Cloud’s pivotal role in propelling Web 3.0 in Hong Kong. He stated, “Huawei’s global vision and strategy will significantly elevate Hong Kong’s position in the global Web 3.0 arena, thereby boosting the region’s digital economy.”

Mr. Gao from Huawei Public Cloud Business Department pointed out the technical challenges the Web 3.0 industry currently faces. He said, “By leveraging Huawei’s 30 years of experience in ICT, combined with hardware and software synergy, we are confident in addressing these challenges and advancing the Web 3.0 industry.”

Huawei Cloud has introduced a hosting service tailored for Ethereum staking nodes, enhancing staking validator efficiency to over 99%. The QingTian Enclave security framework ensures end-to-end data encryption, providing a secure environment for applications and data on elastic cloud server instances. Additionally, with innovations like ZK Rollup hardware, Huawei Cloud aims to reduce average transaction confirmation times from hours to minutes.

In its endeavor to develop the regional Web 3.0 industry, Huawei Cloud has launched the Web 3.0 Zone on KooGallery. This platform collaborates with industrial parks, universities, and research institutes to foster skill development, ecosystem growth, and developer engagement.

Furthermore, Huawei Cloud’s Blockchain Service (BCS) has developed over 400 industry application scenarios across seven key sectors. The company’s vision is to establish an open blockchain platform that promotes cross-industry innovation and accelerates the integration of Web 3.0 technologies with the real economy.

Concluding the event was a roundtable discussion that delved into topics like Web 3.0 infrastructure innovation and on-chain user security. The overarching aim is to cultivate a collaborative and beneficial Web 3.0 industry ecosystem in Hong Kong.

Huawei Cloud, with its Everything-as-a-Service strategy, is committed to providing Web 3.0 customers with globally distributed computing power and establishing a secure Web 3.0 infrastructure on the cloud. The company’s mission is to foster a sustainable industrial ecosystem in Hong Kong with a global impact, propelling the growth of the region’s Web 3.0 industry.

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OpenAI Explores GPT-4 for Content Moderation

by Blockchain News

OpenAI, a pioneering organization in the area of artificial intelligence, is now investigating the role that Large Language Models (LLMs) such as GPT-4 may play in the process of content moderation. The major goal is to optimize and improve the content moderation process by using the skills of these models to comprehend natural language and generate that language, which will speed the process.

According to a recent post on OpenAI’s official blog, the application of GPT-4 in content moderation can significantly reduce the time taken to develop and customize content policies. Traditionally, this process could span months, but with GPT-4, it can be condensed to mere hours. Here’s a brief overview of the process:

Policy Guideline Creation: Initially, a policy guideline is formulated. Following this, policy experts curate a “golden set” of data, marking specific examples and labeling them in accordance with the policy.

GPT-4’s Role: After then, GPT-4 conducts an independent assessment of the policy and assigns labels to the dataset without having previous knowledge of the responses that were supplied by experts.

Iterative Refinement: Any inconsistencies between the evaluations provided by GPT-4 and those of human specialists are carefully examined. This entails GPT-4 elaborating on its rationale for certain labels, which makes it possible for specialists to identify areas of ambiguity in policy definitions. After that, the policy may be defined and improved upon. This cycle, consisting of phases 2 and 3, is continued until the quality of the policy is deemed to be adequate.

The development of more nuanced content restrictions represents the successful completion of this iterative process. After that, these rules may be converted into classifiers, which will make it much easier to put the policy into action and will make it possible to moderate material on a much larger scale. In addition, the predictions made by GPT-4 may be leveraged to fine-tune smaller models, so guaranteeing that efficiency is maintained even when dealing with huge volumes of data.

In conclusion, the research of GPT-4 for the purpose of content moderation that OpenAI has been doing provides a potential route for improving the efficacy and accuracy of the content moderation procedures.

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Singapore Air Charter Embraces Cryptocurrency and Flexible Payment Options

by Blockchain News

Singapore Air Charter Pte Ltd, a prominent figure in the global aviation sector, has unveiled its modernized payment solutions, marking a significant shift towards enhancing customer experience and accessibility. This move is particularly notable as it reflects the broader trend of integrating cryptocurrency into mainstream business operations.

On August 16, 2023, Singapore Air Charter announced its decision to diversify its payment methods. This strategic move is designed to make their executive passenger and freight services more customer-friendly and easily accessible. Breaking away from the conventional lump-sum payment model, the company is now introducing flexible instalment plans. This approach is tailored to provide customers with a seamless and convenient way to avail the premium services of this aviation giant.

In a nod to the growing global trend, Singapore Air Charter is expanding its payment options to include cryptocurrency. This decision not only acknowledges the rising adoption of digital currencies but also showcases the company’s intent to cater to a digitally-inclined clientele. Cheston Hong, Director of Charter, remarked on the increasing number of clients valuing the “flexibility and potential anonymity” of cryptocurrency.

Emphasizing a customer-first strategy, the company’s new payment solutions are a direct response to client feedback. “Our customers are at the heart of everything we do,” Cheston stated, highlighting the company’s dedication to enhancing the client experience. Singapore Air Charter’s recent initiatives underline their commitment to staying ahead in the aviation industry. By integrating cryptocurrency and offering flexible payment options, they are setting a benchmark for innovation and customer satisfaction.

Founded in 2010, Singapore Air Charter specializes in private jets, group charters, and cargo services. The company has a strong reputation for crafting executive passenger and air freight solutions, catering to both international and local air-cargo needs.

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Coinbase Gains FCM Approval for Regulated Crypto Derivatives Access

by Blockchain News

Coinbase Financial Markets has secured approval to offer regulated crypto derivatives products to its US customers. This move comes as a significant step towards providing a transparent and regulated environment for crypto enthusiasts and investors in the United States. 

In the crypto market, the volume of derivatives trading significantly surpasses that of spot trading. As of now, with Coinbase offering only spot trading, investors are limited to the “buy low and sell high” strategy. However, with derivatives trading, investors can employ a broader range of strategies, such as shorting and leveraging. It’s important to note, though, that derivatives trading typically carries higher risks.

In September 2021, Coinbase initiated the process by filing an application with the National Futures Association (NFA) to register as a Futures Commission Merchant (FCM). Since then, the company has been in close collaboration with regulators to ensure compliance with all necessary regulations and to meet the Commodity Futures Trading Commission’s (CFTC) customer protection requirements. Coinbase’s decision to become a public company in the US was driven by their belief in the country’s potential to provide a robust regulatory framework that prioritizes consumer protection.

Coinbase stated, “We believe this is a watershed moment to be able to bring regulated crypto products to US customers.” The company emphasizes its commitment to working with regulators in regions where the regulations are clear and reasonable. Their aim is to offer products that resonate with their mission of leveraging crypto to modernize the financial system, thereby promoting economic freedom and opportunities.

The approval means that eligible US customers can now access regulated derivatives products via Coinbase Financial Markets. This will be in addition to the spot market offerings, all under the oversight of both the CFTC and the NFA. The company believes that this will pave the way for more Americans to safely engage with the cryptoeconomy, reinforcing the US’s position at the forefront of digital innovation.

Highlighting the significance of this development, it’s worth noting that the global crypto derivatives market accounts for approximately 75% of the total crypto trading volume. Derivatives offer traders the advantage of margin trading, which allows for greater market access with a smaller initial investment compared to traditional spot trading. Furthermore, derivatives enable investors to manage risks associated with their primary crypto assets.

In 2022, Coinbase acquired FairX, a CFTC-regulated futures exchange, which has since been rebranded as the Coinbase Derivatives Exchange. This exchange has already introduced nano Bitcoin and Ethereum futures contracts tailored for retail investors. On June 5, they expanded their offerings with larger contract versions targeting the institutional market. The Coinbase Derivatives Exchange boasts a substantial liquidity pool, with “$4.7bn BTC and $2.0bn ETH futures traded in notional volume so far in 2023.”

Coinbase has indicated that more details regarding how verified US customers can access their futures offerings will be shared in the upcoming months.

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Paradigm: Onchain Gaming’s Transformative Potential in the Broader Landscape

by Blockchain News

According to Paradigm,the gaming realm stands at the brink of a significant transformation, as the convergence of blockchain technology and gaming unveils numerous prospects and hurdles. A fresh piece from Paradigm.xyz offers an in-depth exploration of onchain gaming and its possible ripple effects throughout the gaming landscape.

The Inspiration Behind Onchain Games

The concept of integrating blockchain technology into gaming isn’t new. Ethereum’s creator, Vitalik Buterin, was inspired to create the platform after Blizzard made changes to his World of Warcraft class. The incident highlighted the vulnerabilities of centralized gaming platforms and the potential benefits of decentralized alternatives.

Why Onchain?

The primary question is: Why should games be on a blockchain? The article suggests two main reasons:

Composable Modding: Onchain games allow players to add modifications without fragmenting their state or seeking permission. This is in stark contrast to traditional games, which aren’t structured to support such flexibility.

Permissionless Open Economies: Onchain games can leverage smart contracts to create intricate in-game economies. Players have full control over their assets, eliminating compliance issues associated with off-ramping assets or exchanging in-game goods for fiat currency.

Challenges Ahead

While the potential is vast, onchain games face significant hurdles:

Technical Constraints: Current blockchain infrastructure, especially the Ethereum Virtual Machine (EVM), is not optimized for complex game development. High costs and scalability issues further compound the problem. However, initiatives like Lattice and Dojo are working on game-specific infrastructure to address these challenges.

Game Design Limitations: Permissionless blockchains introduce challenges like incomplete information, automation & collusion, and asynchronous transaction-driven mechanics, which can hinder traditional game design.

Financialization Pressures: The inherently financial nature of blockchains can introduce unintended economic incentives that may distort gameplay. Designing games that can harness these pressures without being overwhelmed by them is a significant challenge.

The Future of Onchain Games

The article raises a thought-provoking question: Should games be fully onchain? While onchain games offer unique advantages, they might not be the optimal solution. Hybrid models, combining offchain game infrastructure with onchain assets and DeFi interoperability, might be more practical.

Conclusion

The world of onchain gaming is still in its infancy, filled with both promise and challenges. While the road ahead is uncertain, the exploration of this frontier could lead to innovations that reshape the gaming industry.

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Dasset Enters Liquidation: Key Details

by Blockchain News

Digital Asset Exchange Limited, which trades under the name ‘Dasset‘, a New Zealand-based digital assets trading platform, has entered liquidation. David Ruscoe and Russell Moore from Grant Thornton New Zealand have been officially appointed as the liquidators.

The decision for liquidation was influenced by a notable decrease in asset values and trading levels, which affected Dasset’s profitability. The management of Dasset believed that appointing liquidators was the most suitable course of action for the benefit of all involved parties.

Russell Moore commented on the situation, stating, “We understand users and creditors will be disappointed by the news that Dasset has gone into liquidation. The process of securing the assets is complex; there are third parties involved and nearly 100 different types of digital assets. We will work with management and third parties to resolve any issues as soon as possible, and we will update all stakeholders on progress as regularly as possible.”

Grant Thornton has made it a priority to contact all of Dasset’s customers and suppliers regarding this development in the coming days. Furthermore, an initial report detailing the situation will be made available on the New Zealand Companies Office website within the next week. 

The discontinuation of Dasset is reflective of broader challenges faced by cryptocurrency exchanges, such as stringent regulations and dwindling trading volumes.

On September 14th, 2023, the cryptocurrency exchange Txbit will formally halt its operations, as announced on their Medium page. The main factors driving this decision are “unfavorable market dynamics, increasing regulatory constraints, and uncertainty regarding the legal standing of cryptocurrencies in different jurisdictions.”

Even industry titans are not immune to these challenges. As per the electronic disclosure system managed by the Financial Supervisory Service on August 16, Bithumb Korea, the premier crypto exchange in Korea and 13th globally in trading volume, reported an operational loss of KRW 3.442 billion for the second quarter. This contrasts sharply with the profit of KRW 38.42 billion observed during the same quarter in the preceding year.

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Bithumb Korea Reports Operational Losses Due to Declining Crypto Trading Volume

by Blockchain News

According to decenter, Bithumb Korea, the company behind the virtual asset exchange Bithumb, has reported a significant operational loss in the second quarter of 2023. According to the electronic disclosure system operated by the Financial Supervisory Service on August 16, Bithumb Korea recorded an operational loss of KRW 3.442 billion in the second quarter. This is in stark contrast to the profit of KRW 38.42 billion that was witnessed during the same time period the previous year.

Earnings for the corporation as a whole also went down, decreasing by 60% yearly to a total of KRW 31.993 billion. The net loss for the time was KRW 8.583 billion, which is much less than the loss of KRW 43.3 billion that occurred during the previous year.

Analysts attribute Bithumb’s deteriorating performance to the decrease in virtual asset trading volume, leading to a decline in fee-based income. The first quarter saw a bullish trend in virtual asset prices, but by the second quarter, prices stagnated below the $30,000 mark, causing a dampening of investor sentiment. While there were brief rebounds due to positive news such as major US asset managers applying for Bitcoin (BTC) ETF listings and Ripple (XRP) securing legal victories, these did not translate into sustained growth.

In response to the declining trading volumes, Bithumb has initiated a no-fee event for select virtual assets in a bid to boost activity. Currently, the exchange is not charging fees for transactions involving assets like Solana (SOL), Ethereum Classic (ETC), and Sandbox (SAND) among 30 other virtual assets. Bithumb stated, “The goal is to lower the barrier of entry for investors and increase new inflows to ensure liquidity. This no-fee zone event is the beginning, and we plan to introduce more proactive and diverse services.”

Bithumb Korea, established in 2014, has become a prominent virtual asset exchange on the global stage. With its deep expertise in virtual asset trading and blockchain technology, Bithumb is poised to shape the future of digital financing platforms worldwide. As per Coinmarketcap, Bithumb currently ranks 13th in terms of spot trading volume.

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Gitcoin and Shell Partner to Leverage Blockchain for Climate Solutions

by Blockchain News

Gitcoin, a platform that empowers communities to fund and build open-source projects, has announced a collaboration with Shell, a global energy company. The partnership aims to explore innovative ways to incentivize the adoption of renewable energy sources and provide transparency and verifiability for carbon markets.

Collaboration Details

The collaboration will encompass a donation to the Gitcoin matching fund for the next four Climate Solutions rounds in the Gitcoin Grants Program and a hackathon in Q4 of this year, focusing on blockchain-related energy use cases.

The Gitcoin Grants Program is a quarterly initiative that employs Quadratic Funding to distribute resources in alignment with community needs. This program has already distributed over $50 million to early-stage builders working on projects across DeFi, Climate, Open Source, and more.

Azeem Khan, Gitcoin’s Head of Impact, expressed the company’s enthusiasm for the collaboration, stating, “We’re excited to announce this collaboration with Shell as another key example of the real-life potential to scale transparent funding allocation via blockchain technology for real-world solutions.”

Shell’s Commitment to Sustainability

Shell’s collaboration with Gitcoin aligns with its commitment to contribute to sustainable development in its business processes and decision-making. The organization aims to provide more sustainable and cleaner energy solutions responsibly, balancing short- and long-term interests and integrating economic, environmental, and social considerations.

Vikram Seth, Blockchain & Web3 Manager at Shell, emphasized the importance of the partnership, saying, “Working with Gitcoin is a great way to discover and support cutting edge projects from all around the world and to leverage innovative funding mechanisms to harness the wisdom of the crowd.”

The Gitcoin-Shell collaboration marks a significant step in the utilization of blockchain technology to address complex coordination issues in the energy industry. By fostering open-source software for climate solutions, the partnership seeks to create a more transparent and sustainable future.

This collaboration is a testament to the growing recognition of blockchain’s potential to drive real-world solutions, especially in sectors that require intricate coordination and transparency, such as energy and climate.

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