Day: August 29, 2023

Bitcoin Surges Past $28,000 and GBTC Discount Narrows to 17%

by Blockchain News

Following Grayscale Investments’ decisive win in its lawsuit against the U.S. Securities and Exchange Commission (SEC), Bitcoin’s value reached an apex of $28,142 on Binance. Concurrently, the discount rate for Grayscale’s Bitcoin Trust (GBTC) experienced a notable contraction, shrinking from a previous 25% to a current 17%.

The court ruling has instilled renewed confidence in the cryptocurrency market, leading to bullish sentiment and immediate market reactions. On August 29, 2023, the D.C. Circuit Court of Appeals ruled in favor of Grayscale Investments, allowing the firm to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). This groundbreaking decision has set a precedent for digital asset managers and has opened new avenues for regulated cryptocurrency investments.

The market’s swift response to the legal victory was evident not just in Bitcoin’s new peak but also in the increased demand for GBTC shares, as reflected in the rapidly compressing discount rate.

Digital Currency Group (DCG), the parent company of Grayscale, expressed their satisfaction with the court’s decision. In a tweet, DCG stated, “Today’s ruling by the D.C. Circuit in favor of @Grayscale and $GBTC is a historic victory for crypto advocates. We are pleased with the immense progress that this decision represents.”

The rise in Bitcoin’s price and the decrease in the GBTC discount rate are both direct results of Grayscale’s success in their legal battle against the SEC. The regulatory environment is always shifting, and market players will be paying careful attention to how recent developments and upcoming changes will affect the bitcoin ecosystem as a whole as this process continues.

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OpenAI Introduces ChatGPT Enterprise

by Blockchain News

OpenAI has revealed that its ChatGPT technology has been adopted by over 80% of Fortune 500 companies within just nine months of its launch. This data is based on the percentage of Fortune 500 companies with registered ChatGPT accounts, identified through corporate email domains.

A Solution for Business Leaders

OpenAI’s recent blog post indicates that business leaders have expressed a need for a “simple and safe way” to deploy ChatGPT within their organizations. In response, the company has introduced ChatGPT Enterprise, a specialized version aimed at meeting these demands. Early adopters of this enterprise-level solution include industry leaders such as Block, Canva, Carlyle, The Estée Lauder Companies, PwC, and Zapier.

Versatility in Applications

The adoption rate is not the only noteworthy aspect; the versatility of applications is equally compelling. Companies are utilizing ChatGPT Enterprise for a range of tasks, from crafting clearer communications and accelerating coding tasks to exploring answers to complex business questions. The technology is also being used to assist with creative work.

Third-Party Perspective

From a third-party perspective, the rapid adoption of ChatGPT by Fortune 500 companies signals a broader trend in the integration of AI technologies into business operations. While the technology itself is not new, its application across diverse sectors within such a short period is indicative of the accelerating pace at which businesses are willing to adapt to AI solutions.

Implications and Future Outlook

The implications of this widespread adoption are manifold. Firstly, the widespread adoption of ChatGPT Enterprise among Fortune 500 companies may serve as a benchmark for smaller enterprises contemplating the integration of comparable AI solutions. Secondly, this trend prompts inquiries into how AI technologies like ChatGPT Enterprise will influence future corporate strategies, decision-making processes, and internal communication channels. As businesses continue to redefine their operations through AI, the demand for specialized, enterprise-level solutions like ChatGPT Enterprise is likely to grow.

Conclusion

In summary, OpenAI’s ChatGPT has not only gained significant traction among Fortune 500 companies but has also led to the introduction of an enterprise-level solution to meet the specific needs of business leaders. The technology’s versatility in application across various sectors is a testament to its potential impact on the corporate landscape. As AI continues to permeate business operations, solutions like ChatGPT Enterprise are poised to play an increasingly significant role.

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JasmyCoin $JASMY Unveils Layer 2 Solution, Jasmy Chain, to Democratize Data and Enhance Scalability

by Blockchain News

Jasmy has officially launched its Layer 2 solution, Jasmy Chain. Announced just four hours ago, the project is built on the Ethereum blockchain and aims to provide a more efficient, cost-effective, and secure way for users to transact data.

Background and Need for Jasmy Chain

JasmyCoin ($JASMY) is a cryptocurrency initiative by Tokyo-based IoT provider Jasmy Corporation, aimed at democratizing data ownership and exchange. The platform combines IoT and blockchain technologies to give users full control over their personal data. Jasmy facilitates a trustless data exchange between IoT devices and decentralized protocols, using edge computing and IPFS for secure data storage. The platform serves as a marketplace for service providers and data users, transforming personal information into a tradeable asset.

Jasmy has been a prominent player in the web3 field, having previously launched the world’s first blockchain PC. This innovation allowed individuals to truly own and control their data. However, as the community grew and data use scenarios increased, Jasmy identified the need for more advanced technological solutions to meet new demands. “To meet these new demands and provide more efficient and convenient data democracy services, Jasmy has realized the need to introduce more advanced technological solutions,” the company stated.

Addressing Scalability and Performance

Jasmy Chain comes as a response to the anticipated rapid growth in the number of data storage users, which could lead to scalability and performance issues. The Layer 2 solution is not just a choice but a “necessity” to maintain efficient data transaction speeds, reduce transaction costs, and ensure high security for users. “By introducing Jasmy Chain, we can maintain more efficient data transaction speeds, reduce transaction costs, and ensure the highest security for users when transacting, storing, and managing their data,” the official blog post mentioned.

Key Features of Jasmy Chain

Account Abstraction Supporting Rollup Layer 2: Jasmy Chain employs OP Stack-based technology and integrates an Account Abstraction-like system at the chain level. This allows contracts to define their transaction validation logic, providing developers with greater flexibility.

Web3 Operating System Integrated with Jasmy AI Engine: The Layer 2 solution aims to transform the Ethereum chain account system from a mere “calculator” to a powerful “intelligent computer,” offering more modular, efficient, and intelligent interactions.

Precise Services Based on DID and User Data: Jasmy Chain is closely integrated with Jasmy’s IoT devices, allowing users to trade freely with data demanders and realizing the true value of personal data.

Democratizing Data

Jasmy Chain aims to further democratize data by providing a cryptographically secured, decentralized environment. Through Decentralized Identifier (DID), it allows everyone to have a unique identity, closely associating data with real-world identity. Moreover, it introduces an economic mechanism where users can gain economic rewards from data transactions.

Conclusion

Jasmy Chain is more than just an upgrade; it’s a commitment to data democratization and scalability. It aims to bridge the gap between Web2 and Web3, providing seamless interaction possibilities and turning data into a real digital asset. “Jasmy Chain represents the future of data democratization. It’s a system that allows everyone to participate fairly and benefit,” the company concluded.

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Polygon Founder Announces POL: Massive Technical Upgrade to MATIC

by Blockchain News

Sandeep Nailwal, the founder of Polygon, announced a significant technical upgrade to the Polygon ecosystem with the introduction of the POL token. The announcement, made via Twitter, outlines how POL aims to revolutionize multi-chain staking and bring about a new era in token design.

POL: A Technical Marvel

According to Nailwal, “POL is a massive technical upgrade to MATIC. POL delivers the benefits of multi-chain staking without the added risks of restaking.” The token is part of the Polygon 2.0 proposal, which seeks to expand the Polygon ecosystem from a single chain to an interconnected network of Layer 2 solutions (L2s).

The Vision Behind POL

According to a recent blog post on Polygon’s official website, the POL token is engineered to serve as the “major tool for coordination and growth of the Polygon ecosystem, as well as the main driver behind the vision of the Value Layer for the Internet.” The token is designed to provide “practically unlimited opportunities” to its holders by enabling validators to oversee multiple chains and assume various roles, thus significantly accelerating the growth of the Polygon ecosystem. However, the introduction of POL rewards will replace the existing MATIC protocol rewards for Polygon validators, raising questions about the future role of MATIC and its potential impact on the asset’s market value.

Multi-Chain Staking and Enshrined Restaking

One of the most notable features of POL is its approach to “enshrined restaking,” which allows the token to be restaked across any number of chains on the network. Nailwal states, “POL can natively be used to stake any number of chains and participate in any number of roles. This lets stakers earn higher rewards with the same staked capital.”

Reducing Centralization

The POL token is designed to minimize reliance on trusted third parties, thereby reducing vectors of centralization. “Enshrined restaking fully avoids reliance on trusted 3rd parties, creating fewer vectors of centralization,” Nailwal explained.

A New Generation in Token Design

POL represents a third generation in token design, following Bitcoin (BTC) and Ethereum (ETH). While BTC does not allow holders to participate in securing the network, and ETH allows staking for network security, POL takes it a step further. According to Nailwal, “POL is designed from the ground up to be the first hyperproductive token — a third generation in token design.”

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The Graph $GRT Enters Phase 3 of Scaling on L2, Introducing New Transfer Tools

by Blockchain News

The Graph ($GRT) has announced the commencement of Phase 3 of its scaling on Layer 2 (L2). The announcement, made via Twitter on August 28, 2023, introduces new L2 Transfer Tools designed to simplify and streamline the transfer of Graph Tokens (GRT) and subgraphs to L2. The move aims to make network participation more accessible and reduce gas fees, a persistent issue in the blockchain space.

“The Graph has officially entered Phase 3 of scaling on L2. L2 Transfer Tools are now live, making it even more simple & seamless to access The Graph on @arbitrum. These tools help all network participants to easily transfer GRT or subgraphs to L2 & begin taking advantage of significantly lower gas fees + faster tx speeds,” the tweet read.

The Graph is an indexing protocol designed to query data from blockchain networks like Ethereum and IPFS. It’s a cornerstone in the DeFi and Web3 landscapes, allowing for the creation of open APIs, or subgraphs, for data retrieval. With a strong community and approximately $25 million in funding, The Graph aims to make blockchain data more accessible and efficient for developers and users alike.

Lower Gas Fees and Faster Transactions

One of the most compelling features of the new L2 Transfer Tools is the promise of “significantly lower gas fees and faster transaction speeds.” This is particularly relevant given the escalating costs of transactions on Ethereum-based networks, which have been a barrier to entry for many users and developers.

Comprehensive Toolset

The L2 Transfer Tools are not just about transferring GRT; they also facilitate the transfer of various other network operations. According to the announcement, the tools make it “simple to easily transfer your: Indexing operation + self-stake; Curation signal; Delegated GRT; Subgraphs”

Encouragement to Move

The Graph is encouraging all network participants to make the transition to L2 to “save magnitudes on gas fees.” This is a crucial step, as high gas fees have been a significant deterrent for broader adoption of blockchain technologies.

Final Step in Scaling Process

The beginning of Phase 3 marks “the final step in the process of Scaling The Graph on L2,” according to the tweet. This suggests that the network has undergone a series of upgrades and is now in its most advanced stage, optimized for performance and accessibility.

Implications for the Ecosystem

The move to Phase 3 and the introduction of the L2 Transfer Tools are likely to have a ripple effect across the blockchain data ecosystem. By making it easier and more cost-effective to participate in the network, The Graph is potentially opening doors for increased data availability and broader adoption of blockchain technologies.

In summary, The Graph’s move to Phase 3 of scaling on L2 and the introduction of new transfer tools aim to address some of the most pressing issues in the blockchain space today—high transaction costs and slow speeds. With these new tools, The Graph is taking a significant step toward making blockchain data more accessible and network participation more feasible for a broader audience.

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Binance Introduces MirrorX: A New Off-Exchange Settlement Solution

by Blockchain News

In a move to enhance the security and efficiency of institutional trading, Binance, the world’s premier cryptocurrency exchange, has rolled out MirrorX. This off-exchange settlement solution, a collaboration with institutional custody partner Ceffu, underscores the rising demand for advanced tools tailored for institutional clientele in the cryptocurrency sector.

MirrorX: Bridging the Gap

MirrorX is a unique offering, exclusively crafted for Binance’s VIP & Institutional clientele. It facilitates these clients to securely store their digital assets within Ceffu’s third-party crypto custody. These assets can then be “mirrored” in real-time to a designated sub-account on Binance at a 1:1 ratio. In essence, assets mirrored from Ceffu to Binance are securely “locked” within Ceffu’s omnibus account. They are then delegated to a 3rd-Party Custodian sub-account on Binance, overseen by Ceffu. This mechanism ensures that while clients can seamlessly access a plethora of products within the Binance ecosystem, their assets remain independently custodied by Ceffu.

MirrorX: Key Advantages

  1. Immediate Asset Delegation: Assets mirrored from Ceffu to Binance are instantaneously reflected on the client’s designated 3rd-Party Custodian sub-account on Binance.

  2. Automated Settlements: All positions within MirrorX undergo automatic off-exchange settlement at T+1, sans any charges. Notably, any outward transfer from the 3rd-Party Custodian sub-account will initiate an automatic settlement.

  3. Facilitated Asset Withdrawal: Clients can opt to withdraw a portion or the entirety of their mirrored assets from their Binance account. This can be achieved either by transferring assets from the 3rd-Party Custodian sub-account to the Parent Account or directly via Ceffu.

  4. Risk Mitigation: By entrusting assets in an independent, third-party custody, MirrorX empowers clients to reduce asset exposure. Yet, they continue to leverage the unmatched liquidity Binance offers.

Catherine Chen, the Head of VIP & Institutional at Binance, remarked on the evolving needs of the clientele. She stated, “Binance, renowned for its deep liquidity and pioneering trading solutions, has always been a magnet for institutional investors. Our alliance with Ceffu amplifies our risk management capabilities, enabling clients to diversify their exposure while retaining access to our liquidity.”

In Summary

The advent of MirrorX is a testament to Binance’s commitment to refining the digital asset ecosystem for institutional players. By offering a secure and streamlined avenue for institutional trading, Binance cements its position at the vanguard of the cryptocurrency evolution. As the industry matures, innovations like MirrorX will undoubtedly shape its trajectory.

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Digital Asset Liquidity Provider OrBit Markets Wins Google Cloud Customer Award

by Blockchain News

OrBit Markets, a Singapore-based institutional liquidity provider in the realm of digital asset options and structured derivatives, has garnered the 2023 Google Cloud Customer of the Year Award for the Financial Services Industry. The accolade is not merely ornamental; it signals the company’s proficiency in utilizing Google Cloud technologies to navigate the labyrinthine requirements of high-volume trading data, stringent security protocols, and compliance with financial regulations.

Digital asset derivatives trading is a sector that demands a blend of cutting-edge technology and robust security measures. For OrBit Markets, this entails the processing of massive amounts of trading data through machine learning algorithms, coupled with the computational rigor of running billions of risk-assessment simulations daily. Achieving this at scale is non-trivial and lends weight to the Google Cloud award.

Google Cloud’s suite, replete with high-capacity storage solutions, serverless architecture, and advanced access management systems, facilitated OrBit in meeting these challenges. According to Brian Hall, VP of Product and Industry Marketing at Google Cloud, the Customer Awards aim to “recognize innovative, technically advanced, and transformative cloud deployments across various global industries.” The award criteria include factors such as business impact, originality, and architectural complexity. OrBit Markets has met these metrics, illustrating the potent applications of Google Cloud’s capabilities within the financial services sector.

The company’s CTO, Tianjiao Sun, disclosed that OrBit’s trading volumes have surged by “several orders of magnitude” within the past year, attributing this scalability to Google Cloud’s infrastructure. While growth metrics are commonplace in corporate narratives, the quantitative scaling in a volatile market environment like digital asset trading is noteworthy.

Compliance with regulatory standards is another facet where OrBit Markets has scored. Navigating the compliance landscape while leveraging disruptive technologies is no mean feat, and the Google Cloud award acknowledges this balancing act.

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SEC Commissioners Peirce and Uyeda Disagree on Impact Theory Enforcement Action

by Blockchain News

The U.S. Securities and Exchange Commission (SEC) launched its first enforcement action targeting a non-fungible token (NFT) provider, Impact Theory, LLC. This unprecedented step by the SEC has not only set a new legal benchmark but also ignited internal discussions within the Commission. This internal divergence is highlighted by a recent statement, “NFTs & the SEC: Statement on Impact Theory, LLC,” issued by Commissioners Hester M. Peirce and Mark T. Uyeda.

The SEC’s Charge: A Brief Overview

The SEC charged Impact Theory for conducting an unregistered offering of crypto asset securities disguised as NFTs. The Los Angeles-based company raised approximately $30 million between October and December 2021 through the sale of NFTs termed as “Founder’s Keys.” The SEC determined that these NFTs were, in essence, investment contracts and thus classified as securities. The company has consented to a cease-and-desist order and is required to pay over $6.1 million, including disgorgement, prejudgment interest, and a civil penalty.

Commissioners’ Response: A Call for Regulatory Clarity

In their statement dated August 28, 2023, Commissioners Peirce and Uyeda expressed dissent over the SEC’s application of the Howey analysis to NFTs. They argued that the Commission should have grappled with the larger questions surrounding NFTs before taking such a significant enforcement action.

The Commissioners pointed out that Impact Theory’s NFTs did not offer dividends or represent shares in the company. They questioned whether the promises made by Impact Theory were sufficient to classify the NFTs as investment contracts. “We do not routinely bring enforcement actions against people that sell watches, paintings, or collectibles along with vague promises to build the brand and thus increase the resale value of those tangible items,” they noted.

Financial and Regulatory Implications

The dissenting statement raises several critical questions that could shape the future of NFT regulation:

Classification of NFTs: The internal disagreement within the SEC highlights the complexity of classifying NFTs as securities, potentially affecting other NFT projects.

Investor Protection: While the SEC emphasizes the importance of registration for investor protection, the Commissioners’ statement calls for a nuanced approach, questioning what kind of information is truly necessary for NFT purchasers.

Legislative Framework: The statement urges the Commission to consider how recent legislative efforts in the crypto space should inform the application of securities laws to NFTs.

Secondary Market Sales: The settlement includes a clause to waive any royalties from future secondary market transactions involving the Founder’s Keys, a point that the Commissioners believe sets a concerning precedent for the NFT market.

Conclusion

The SEC’s action against Impact Theory is a watershed moment, but the dissenting statement from Commissioners Peirce and Uyeda underscores the need for clear regulatory guidelines. As the crypto and NFT landscapes continue to evolve, this case serves as both a cautionary tale and a call to action for regulatory bodies to provide more explicit guidance.

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Shiba Inu Shibarium’s Wallets Top 100,000 as Transactions Exceed 445,000

by Blockchain News

Shiba Inu’s Ethereum Layer 2 network, Shibarium, has reached a significant milestone, crossing 100,000 wallet addresses and completing over 445,000 transactions, according to data from Shibariumscan, the network’s block explorer. This comes after an announcement by Shiba Inu’s lead developer, Shytoshi Kusama, who confirmed that Shibarium’s mainnet and cross-chain bridges are fully operational as of August 28, 2023.

A Rocky Start to a Promising Journey

Shibarium, a fork of Polygon, initially faced technical challenges due to an unprecedented surge in user activity shortly after its launch. The system’s fail-safe mode was triggered to ensure the safety and security of funds. Nearly half of the platform’s monthly allocation of 400 million compute units was consumed within just 30 minutes of its launch, posing significant scaling challenges. However, collaborations with teams like Alchemy facilitated a 1500% scaling of operations, ensuring Shibarium’s capability to handle its burgeoning user base.

Mainnet and Cross-Chain Bridges Operational

In a statement on August 28, Shytoshi Kusama clarified that the Shibarium mainnet and its cross-chain bridges are functioning smoothly. Users can now complete withdrawals of various assets, including ETH, Shib, Leash, and WEth, within a time frame of 45 minutes to 3 hours. However, withdrawals of the network’s native token, Bone, may take up to 7 days.

Rapid Adoption and User Engagement

The rapid adoption of Shibarium is noteworthy, especially considering the Layer 2 network aims to alleviate congestion and high fees on the Ethereum mainnet. The data from Shibariumscan indicates a growing user base, which is a critical factor for the long-term sustainability of any blockchain network.

Layer 2 Networks: A Growing Trend

Layer 2 solutions have been gaining traction in the crypto space as they offer scalability and lower transaction costs, features that are particularly beneficial for decentralized finance (DeFi) applications and non-fungible tokens (NFTs). Shibarium’s achievement is in line with this trend, and it adds another layer of utility to the Shiba Inu ecosystem, which initially gained fame as a meme cryptocurrency.

Implications for the Shiba Inu Ecosystem

The Shiba Inu ecosystem has been expanding its offerings, moving beyond its meme coin status. The introduction of Shibarium adds a new dimension to the ecosystem, allowing for faster and cheaper transactions. This could potentially attract more developers to build on the Shibarium network, thereby increasing its utility and value proposition.

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Google Takes Concerted Steps to Conform to EU’s Digital Services Act

by Blockchain News

Google is actively adapting its services to meet the European Union’s Digital Services Act (DSA), enacted on November 16, 2022. The DSA  targets platforms and search engines with more than 45 million monthly users in the EU. These are categorized as “very large online platforms” (VLOPs) or “very large online search engines” (VLOSEs). According to EU guidelines, such entities, including Google Maps, Google Play, and Google Shopping for VLOPs, and Google Search for VLOSEs, have a four-month window to comply with the DSA.

In a blog post, Google outlined its adaptations to meet the DSA’s specific requirements. “We have made significant efforts to adapt our programs to meet the Act’s specific requirements,” the company stated.

These efforts include:

Ads Transparency Center Expansion: Google will “be expanding the Ads Transparency Center, a global searchable repository of advertisers across all our platforms, to meet specific DSA provisions and providing additional information on targeting for ads served in the European Union.”

Data Access for Researchers: Google is committed to “increase data access for researchers looking to understand more about how Google Search, YouTube, Google Maps, Google Play and Shopping work in practice.”

Content Moderation Transparency: Google is “making changes to provide new kinds of visibility into our content moderation decisions and give users different ways to contact us.”

The DSA mandates that designated VLOPs and VLOSEs must “establish a point of contact, report criminal offenses, have user-friendly terms and conditions, and be transparent as regards advertising, recommender systems or content moderation decisions.” They are also required to “identify, analyse, and assess systemic risks that are linked to their services,” including risks related to “illegal content, fundamental rights, public security, and electoral processes.”

While Google is taking steps to comply, the company has also expressed reservations. According to the EU’s guidelines, “The designation triggers specific rules that tackle the particular risks such large services pose to Europeans and society when it comes to illegal content, and their impact on fundamental rights, public security, and wellbeing.”

The DSA, along with its sister regulation, the Digital Market Act (DMA), aims to create a safer digital space and establish a level playing field to foster innovation, growth, and competitiveness. Other VLOPs include Alibaba Aliexpress, Amazon Store, Apple AppStore, and so on, while Bing also falls under VLOSEs.

In summary, the Digital Services Act represents a significant regulatory milestone in the European digital landscape. As Google and other tech giants navigate the complexities of compliance, the broader implications for users and the digital ecosystem are yet to unfold. With the DSA set to be directly applicable across the EU from January 1, 2024, or fifteen months after its entry into force, whichever comes later, the clock is ticking for platforms to align their operations accordingly.

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Bitcoin (BTC) $ 44,184.84 1.58%
Ethereum (ETH) $ 2,355.38 0.65%
Litecoin (LTC) $ 77.91 5.33%
Bitcoin Cash (BCH) $ 253.86 2.48%