Tag: Web2

Arbitrum Foundation and Fracton Ventures Ally to Boost Arbitrum Adoption in Japan

by Blockchain News

On September 29, 2023, the Arbitrum Foundation unveiled a significant strategic partnership with Fracton Ventures Co., Ltd., to broaden the horizons of Arbitrum scaling solutions in Japan. This joint venture, christened Arbitrum Japan, is geared towards enhancing blockchain technology adoption and spearheading the growth of the Arbitrum ecosystem within the Japanese domain.

The primary objective behind this strategic alliance is to expedite the expansion of the Arbitrum ecosystem in Japan and to proliferate the adoption of blockchain technology in the region. Arbitrum, acclaimed as a prominent Layer 2 scaling solution on the Ethereum blockchain, currently holds a commendable position with nearly 55% of the Total Value Locked (TVL) across Layer 2 chains.

Fracton Ventures, with its established reputation in Ethereum protocol development, will helm the inception of Arbitrum Japan. This endeavor is anticipated to galvanize consumer interest and developer involvement in the Arbitrum ecosystem. Moreover, the partnership aims to unlock new business prospects by capitalizing on Arbitrum’s superior scalability and security features, particularly in the realms of finance and entertainment.

In addition to business development, a significant focus of the alliance is to augment technical education and fortify the developer community within the region. A suite of activities including Ask Me Anything (AMA) sessions, hackathons, and other community-centric initiatives are slated to fast-track the comprehension and adoption of Arbitrum technology.

Established in March 2023, the Arbitrum Foundation has been steadfast in its mission to propel the Arbitrum network and its community forward, while cementing its position at the vanguard of blockchain adoption. The cornerstone of the foundation, Arbitrum One, conceived by Offchain Labs, emerges as a leading Layer-2 scaling solution for Ethereum, boasting over 54% TVL in the Layer 2 segment. With an extensive repertoire of more than 2000 DeFi and NFT projects thriving within its ecosystem, the Arbitrum Foundation continues its endeavor to provide robust scaling solutions for the Ethereum blockchain.

Nina Rong, Head of Ecosystem Development at The Arbitrum Foundation, articulated the immense untapped potential within the Japanese region. Through the collaboration with Fracton Ventures, she envisages a unique positioning to connect with a new demographic of developers, innovators, and blockchain-curious consumers who have not yet explored the advantages of blockchain technology and how Arbitrum has harnessed it to emerge as the leading Layer 2 scaling platform across the industry.

Siddharth Pillai, Head of Partnerships at Fracton Ventures, echoed similar sentiments. He emphasized that the partnership embodies an opportune moment to extend Arbitrum’s footprint in Japan, as the region is primed for innovation within the blockchain sector.

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ShareRing Integrates New Website with Blockchain-Based Digital Identities

by Blockchain News

To tackle the challenge of the loss of autonomy on personal data experienced in Web2, ShareRing has launched a new website with blockchain-powered digital identities that will usher in the Web3 era.

The lack of the ability to manage digital identity and footprint in Web2 has been the primary stumbling block to safeguarding privacy and ownership of data.

 

Tim Bos, the CEO of ShareRing, acknowledged:

“Over the years, there’s been a trend for large companies to host more and more data about you in their data warehouse to provide you with a ‘better service.’ But as a user, you still need to give your entire personal information to a new company every time you sign up with them. And far too often, there’s a hacker that gains access to, and leaks (or sells) this information.”

ShareRing, a blockchain-based ecosystem providing digital identity solutions, seeks to remove this friction through a verifiable digital identity. Per the announcement:

“With ShareRing, users can create their verifiable digital identity (ShareRing ID), store their credentials and assets inside the ShareRing Vault, and manage their digital footprint; all available inside the ShareRing app.”

Therefore, ShareRing sees the new website as a stepping stone towards creating a world built on trust whereby digital identities will provide frictionless and verifiable access to goods and services. 

 

The website will also provide more insights about self-sovereign data, with plans underway for a knowledge hub on blockchain and cryptocurrency. 

 

To make sharing easier, ShareRing recently merged ShareToken (SHR) into the Binance and Ethereum networks through a Multichain swap, Blockchain.News reported.

 

Therefore, ShareRing has emerged as one of the user-focused blockchain ecosystems because it allows the sharing, verification, storage, and issuance of key documents and personal information. 

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Rise of Web3: Metaverse tokens surge as Meta’s share price plunges

by Cointelegraph

Meta Platforms, the parent company of Facebook, saw the largest single-day slide in market value for a U.S. company ever with a 26% fall in share prices on Thursday after the tech giant revealed disappointing earnings and a decline in daily active users.

Meta famously changed its name from Facebook in late 2021, to signal its plans to focus on the Metaverse, and its struggles have coincided with double-digit percentage gains for its decentralized competitors The Sandbox and Decentraland.

Meta reported $33.67 billion worth of total revenue for Q4 2021, compared to $28 billion the year prior. However, its net income decreased to $10.28 billion, down from $11.2 billion 12 months ago.

For the first time, Meta broke out a segment in its earnings report for its virtual and augmented reality research and development business, Reality Labs. It saw losses which topped over US$10 billion, up from US$6.6 billion in 2020. However it’s only in the early stages of laying the groundwork for Metaverse technology, including developing a haptic glove, allowing users to “touch” objects in the metaverse.

Speaking with Cointelegraph, Animoca Brands chairman and co-founder Yat Siu, suggested that the sharp drop of Meta’s share price may represent a broader trend in which users are beginning to question the centralized Web2 model:

“It’s a system that does not share any meaningful part of the ownership or value of the network, which will eventually lead to a decline as users look for better options.”

“As people are still likely to spend even more time online, the question is where and how? This is an early indicator that they are moving away from Web 2.0 and the logical conclusion on where to go for a growing number is Web 3,” he added.

Siu argued that Web2 companies like Meta and Apple are also “losing their best people” to Web3 companies and projects:

“Web 3 and the open Metaverse is more than just another product cycle, it’s a movement, and it’s hard to fight something like that as a single corporation.”

Crypto-backed metaverses

Decentraland, a Metaverse platform built on Ethereum, has seen the price of its token MANA increase by over 20% the past seven days, surging from a seven-day low of US$2.19 to recent support levels around the US$2.60 mark.

Likewise, SAND tokens for The Sandbox, one of Decentraland’s main Metaverse competitors, has seen a seven-day gain of 17.5%, entering the weekend at a low of US$3.31 before surging to a high of over US$4, now seeing support levels around US$3.60.

Related: Bitcoin bounces at $36.6K as Meta adds 20% losses to US tech stock rout

Apart from Meta, other factors are affecting prices for MANA and SAND this week. Decentraland released it’s 2022 Manifesto, announcing a prototype mobile app, improvements to its play experience, greater utility of NFTs, and protocol enhancements.

The Sandbox team announced a partnership with UniX Gaming, a decentralised autonomous organisation (DAO), and a release of more “land” in its metaverse slated for February 10th.

Animoca Brands owns The Sandbox, and there were unconfirmed rumors earlier this week that Meta would be acquiring the Metaverse platform. However Siu promptly shut those rumors down on Feb. 3.

Outside of Meta, other big tech companies including Apple and Microsoft are getting into the space. Entertainment giant Disney also seems to be gearing up for a move into the Metaverse with a recent job advertisement for a Business Development Manger seeks looking for someone to “help lead Disney’s efforts in the NFT space”.

It’s not immediately clear if Disney’s efforts could relate to it’s planned headset-free augmented reality Metaverse project uncovered by patent filings.