Tag: Web3

Chainlink Unveils Constellation: A Grand Hackathon Event

by Blockchain News

Chainlink has taken the wraps off its most extensive hackathon event to date, dubbed Constellation, set to commence on November 8 and run through December 10, 2023. This announcement comes on the heels of Chainlink’s evolution since its initial virtual hackathon in 2020, which had garnered over 1,000 registrations and 70+ project submissions from enthusiasts spanning 45 countries. The initiative was a frontier at the time when the Decentralized Finance (DeFi) space was in its nascency, and Non-Fungible Tokens (NFTs) were just beginning to make a mark.

Hackathon’s Progression Over Years

The narrative of Chainlink’s hackathons over the years is one of growth, advancement, and betterment. Each subsequent hackathon has surpassed its predecessors in scale and sophistication, culminating in the upcoming Constellation event. This platform has been meticulously crafted to offer a straightforward success pathway for Web3 engineers of all experience levels, through the Chainlink platform, which serves as a universal conduit to myriad blockchain networks. Over the years, these hackathons have morphed into a launchpad for developers to interact with state-of-the-art infrastructure elements, thereby reshaping the global perception and utilization of Web3.

Prize Distribution and Categories

The Constellation hackathon boasts a prize pool of $350,000, spread across seven core prize tracks. The prize tracks are designed to cover a broad spectrum of blockchain applications.

Grand Prize ($25,000): This top accolade is set aside for the project that exemplifies superior implementation, irrespective of its vertical or theme.

DeFi and Payments ($22,500): A call to arms for developers to forge lightning-fast DeFi applications that could serve as the financial bedrock of the future.

Cross-Chain Solutions ($22,500): Capitalizing on Chainlink’s CCIP, developers have the chance to pioneer secure cross-chain projects.

Web3 Gaming and Dynamic NFTs ($15,000): This track focuses on expanding the horizons of Web3 gaming and NFT collections.

SocialFi Innovation ($15,000): An avenue to explore the amalgamation of Web3 and social platforms.

Web3 and AI ($15,000): This confluence of two tech frontiers offers a playground for connecting AI with smart contracts.

Tech for Good ($15,000): A category for those with a penchant for creating tech-driven solutions for societal betterment.

Additionally, 20 Top-Quality Prizes of $500 each will be awarded to projects that showcase exceptional implementation.

Technical Recommendations and Evaluation Metrics

The evaluation of submissions will be executed via a point system, encapsulating factors like User Experience (UX), technical implementation, practicality, and creativity. The anticipation is for projects that not only embody creativity but are polished, practical, and stretch the boundaries of Web3 tech. Bonus points are on the table for projects incorporating multiple Chainlink services in a meaningful manner.

Constellation is not merely a competition but a comprehensive learning experience. It offers a plethora of educational resources, technical workshops, and real-time support to cater to developers at different stages of their Web3 journey. The gamut of learning tracks spans from beginner to expert levels, each laden with tailored resources to expedite the learning and development process.

Conclusion

At the core, Constellation aims to act as a catalyst in nurturing the new generation of Web3 developers by equipping them with the requisite tools, networking opportunities, support, and incentives. Chainlink provides a fertile ground for developers, featuring access to scalable blockchains, secure cross-chain operability, and seamless API connectivity, thereby setting the stage for breakthrough projects that could potentially redefine the Web3 landscape and elevate the industry to unprecedented heights.

Image source: Shutterstock

Source

Tagged : / / / / / / / / / /

dYdX Transitions to Public Benefit Corporation

by Blockchain News

In a bid to realign its organizational structure with the broader interests of the web3 community, dYdX Trading Inc. has amended its charter to transition into a Public Benefit Corporation (PBC). This change was publicly announced on 17 October 2023 by Antonio, the founder of dYdX, through a series of tweets. The key objective behind this transition is to foster economic and technological advancements globally, especially by democratizing access to financial opportunities through decentralized and open-source crypto asset exchanges among other technologies.

Antonio divulged that dYdX’s new status as a PBC will not alter its for-profit nature. However, it does enable the board and himself to focus not just on maximizing shareholder value but acting in the public interest. This strategic shift reflects a growing commitment to aligning with the builders, traders, and stakeholders within the web3 community, beyond just the shareholders. dYdX views this transition as an innovative step not only in product and technology but also in legal and organizational structure, marking a historic moment in the decentralized finance (DeFi) sector. This is noted to be the first instance where a major DeFi corporation has morphed into a Public Benefit Corporation.

The amendment to the charter articulates the specific public benefit that dYdX aims to promote. In Antonio’s words, “The specific public benefit to be promoted by this corporation is building and supporting protocols that, and industry members who, promote and facilitate economic or technological advancement of the global community, including but not limited to the democratization of access to financial opportunity through open source and decentralized crypto asset exchanges and other technologies.” The new charter mandates the company to balance the interests of various stakeholders, thus not solely concentrating on shareholder value.

Community responses have been largely supportive, with some urging dYdX to publish the exact wording of their charter as an additional step towards transparency. The notion of returning the fees from the previous version (v3) to adhere to the new charter’s principles was also brought up by a community member. These interactions highlight the community’s keen interest in dYdX’s move towards a more open and aligned operational framework.

The company anticipates the dYdX Chain’s open-source release, underscoring the pivotal role the v4 open source code will play in realizing their mission of democratizing financial access. The change is also seen as a response to the evolving global economic conditions, emphasizing the necessity for transparent, open, and permissionless financial products.

Image source: Shutterstock

Source

Tagged : / / / / / / / /

Animoca Brands subsidiary Forj Unveils $APE Accelerator to Boost ApeCoin Ecosystem

by Blockchain News

Animoca Brands subsidiary, Forj, has officially opened applications for the inaugural cohort of the $APE Accelerator, an initiative designed to propel the ApeCoin ecosystem forward. The $APE Accelerator is a community-centric Web3 platform funded by the ApeCoin DAO, aimed at fostering projects that amplify the utility and value of the ApeCoin (token symbol: APE).

Forj, a key player in the realm of Web3 technologies, is a subsidiary of Animoca Brands and is at the forefront of creating unique fan experiences through its range of products. Operating in the realms of Music, Entertainment, Gaming, and beyond, Forj has previously collaborated with notable names such as Grammy-nominated musician Lewis Capaldi.

With the launch of the $APE Accelerator, innovative Web3 projects now have a robust platform to bring their ideas to fruition. Successful applicants will have the opportunity to introduce their business concepts to a thriving ApeCoin community comprising over 200,000 members. This initiative comes on the back of the successful ratification of AIP-209, a proposal sanctioned via the ApeCoin DAO’s Idea Proposal (AIP) system.

The primary objective of the $APE Accelerator is to solidify the ApeCoin ecosystem by endorsing and funding projects that augment ApeCoin’s utility and value. APE token holders will be able to support endorsed projects via the APE Launchpad by acquiring NFTs and other tokens. Additionally, they will have a say in the approval of project proposals through a voting mechanism.

Harry Liu, CEO of Forj, remarked on the launch, “Today marks the beginning of a step change in innovation for the ApeCoin community. $APE Accelerator welcomes Web3 founders to apply now and join us in our mission to take the ApeCoin ecosystem to new heights.”

Yat Siu, the Co-founder and Executive Chairman of Animoca Brands, echoed these sentiments by highlighting the community-driven nature of $APE Accelerator. He noted that it embodies the spirit of Web3 entrepreneurship, empowering ApeCoin holders to steer innovation within the ecosystem they are part of. Siu anticipates that the $APE Accelerator will serve as a blueprint for future online ecosystem growth, with several groundbreaking projects expected to emerge from this program.

Image source: Shutterstock

Source

Tagged : / / / / / / / / / /

Coinhouse Trims 15% Workforce Amid Crypto Sector Challenges

by Blockchain News

On October 13, 2023, French crypto exchange Coinhouse announced a 15% reduction in its workforce, following in the steps of another French unicorn, Ledger. This move primarily affects the web 3.0 department within the firm. Coinhouse CEO Nicolas Louvet, in an interview with BFM Crypto, clarified that the current downsizing does not relate to an alleged 40% staff cut reported earlier by Mindfintech. He attributed the decision to a waning interest in Web3 technologies compared to the previous year, and a broader bearish crypto market scenario. Despite the layoffs, Louvet mentioned ongoing recruitment for positions in marketing and data departments, hinting at a strategic realignment towards core crypto investment operations.

Established in 2015, Coinhouse has seen its staff number dwindle from 100 to 60 within a year, reflective of the broader challenges faced by the crypto sector. The company, which enables the trading of 40 different cryptocurrencies, secured €2.4 million in a Series A funding round in 2019, followed by a substantial €40 million round in 2022. Boasting over 500,000 client accounts and 3,000 corporate clients, Coinhouse was the inaugural entity to obtain the digital asset service provider (PSAN) registration from the French Financial Markets Authority (AMF) in 2020. Additionally, it acquired a license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), expanding its operational footprint to Luxembourg.

The current workforce reduction indicates Coinhouse’s shift in focus, from pioneering Web3 services to assisting companies and institutions in shaping their Web3 strategies amidst a fragile global economic backdrop. The move underscores a cautious approach in a bear market, while still nurturing core cryptocurrency investment services. In the broader narrative, it reflects a recalibration within crypto enterprises to navigate through market uncertainties.

Image source: Shutterstock

Source

Tagged : / / / /

Solana Foundation Forms Strategic Alliance with DMCC Crypto Centre in Dubai

by Blockchain News

On October 15, 2023, the Solana Foundation announced a significant partnership with the Dubai Multi Commodities Centre (DMCC) Crypto Centre, aiming to bolster the Web3 sector in Dubai—a recognized global hub for cryptocurrency and blockchain innovations. This alliance is expected to foster a conducive environment for member companies and developers at the DMCC Crypto Centre, enabling them to expand their projects both technically and business-wise.

The partnership is a remarkable stride towards augmenting DMCC’s existing offerings and collaborations, propelling its members’ ability to refine their concepts and escalate their businesses using Solana’s robust blockchain platform. Solana Foundation, known for its dedication towards decentralization, adoption, and security of the Solana network, will extend comprehensive technical and business development support to the members of the DMCC Crypto Centre. Additionally, it will broaden its existing grant program to encompass DMCC companies, enriching the financial resources available for innovative projects.

Moreover, the collaboration entails a series of educational webinars and courses covering critical Web3 topics, thereby nurturing a well-informed community within the DMCC Crypto Centre. This educational initiative is part of the broader aim to cultivate a knowledgeable base, crucial for advancing the Web3 industry in the region.

Solana Foundation will establish a physical presence at the DMCC Crypto Centre, fostering a collaborative environment with the existing network of technology partners, exchanges, government entities, investors, incubators, accelerators, and service providers. This physical integration is anticipated to yield meaningful interactions and collaborative efforts, driving forward the shared vision of both entities.

The Executive Chairman and CEO of DMCC, Ahmed Bin Sulayem, underscored the significance of this partnership by highlighting Solana’s market capitalization of USD 8 billion, making it one of the top 10 largest crypto projects globally. This alliance is a testament to DMCC’s core philosophy of providing a nurturing environment for crypto, blockchain, and Web3 firms, further solidifying Dubai’s position as a leading global Web3 innovation hub, especially in the MENA region.

Dan Albert, Executive Director of the Solana Foundation, expressed optimism about tapping into the abundant Web3 value in Dubai. The partnership is a strategic move to onboard members of the Crypto Centre to Solana’s blockchain, as well as introducing Solana’s existing ecosystem to DMCC, thus facilitating a mutual growth trajectory.

Image source: Shutterstock

Source

Tagged : / / / / / / / /

UAE and OKX Unveil Framework for Metaverse Self-Governance

by Blockchain News

The UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Office has published a whitepaper on a “Responsible Metaverse Self-Governance Framework” with contributions from OKX, a notable player in the Web3 technology domain. This initiative is an answer to the burgeoning influence of the metaverse across diverse sectors and the consequential demand for a standardized operational paradigm.

The report, orchestrated by Minister Omar Sultan Al Olama alongside the Dubai Department of Economy and Tourism, emphasizes the metaverse’s expansive potential and the necessity for a global consensus on its operational norms as it becomes more ingrained in our daily routines. The metaverse’s ripple effects are discernible across a plethora of sectors including manufacturing, healthcare, tourism, retail, and education. Although the potential is extensive, the absence of clear operational standards, unified regulations, or a global code of conduct presents a significant challenge in this nascent ecosystem.

A core assertion of the whitepaper is the vital need for international cooperation to formulate self-regulatory principles that advocate for transparent, safe, and ethical operation within the metaverse. By encouraging synergy among governments, industries, and civil societies, a unified framework can be molded to guarantee the metaverse’s sustainable expansion while cementing its stance in the global digital economy. The “Responsible Metaverse Self-Governance Framework” is open for public review, available in both English and Arabic languages.

According to an official report titled “Dubai Metaverse Strategy”, the Dubai Metaverse Strategy envisioned propelling Dubai into the ranks of the top 10 global metaverse economies, bolstering its existing foundation of over 1,000 blockchain and metaverse-oriented companies. Through fostering innovation and R&D collaborations, the strategy aims to magnify the economic footprint of the metaverse, while promoting advanced ecosystems via accelerators and incubators. Additionally, it emphasizes nurturing talent and investing in future capabilities by extending support in metaverse education for developers, content creators, and digital platform users within the metaverse community.

Emphasizing the development of Web3 technology, the strategy outlines the creation of new governmental work models and sectoral advancements, notably in tourism, education, retail, remote work, healthcare, and the legal sphere. A significant part of the strategy is dedicated to setting global standards for building safe, secure platforms, and hastening the adoption of metaverse technologies by crafting requisite infrastructure and regulations. Underpinned by technology pillars like data, network, cloud, and edge computing, the strategy also underscores the importance of leveraging real-time data, machine learning, IoT, AI simulation, and blockchain to augment human cognitive processes, all while aiming to support over 40,000 virtual jobs by 2030 as part of a broader UAE governmental vision.

Image source: Shutterstock

Source

Tagged : / / / / / / /

Celestia’s Core Values: Bridging Off-chain Governance with User-centric Network

by Blockchain News

Mustafa Al-Bassam, the trust-minimization engineer and co-founder of Celestia, elucidated the five cornerstone values governing the social layer of the Celestia network in a comprehensive post on 12th October 2023. These precepts are devised to bolster the trust-minimizing facet of the Celestia blockchain, ensuring a well-aligned community capable of consensus on protocol amendments.

The pivotal essence of Celestia’s social layer is the belief that off-chain governance supersedes token-holder governance. As Al-Bassam quoted David D. Clark of IETF, “We reject kings, presidents and voting. We believe in rough consensus and running code.” This framework postulates that no faction, regardless of size, can unilaterally alter or breach protocol rules. The canonical fork, along with the state transition function of Celestia’s blockchain, is fundamentally governed by its social and ecosystem layers, not by token voting or validators.

Celestia places users at the zenith of its network hierarchy. This approach negates the necessity for users to place trust in centralized endpoints or committees, which are often seen as breaches of decentralization and Web3 principles. In lieu, the Celestia community has been ardently developing and promoting the use of trust-minimized light nodes. These nodes empower users to independently verify the chain’s integrity employing data availability sampling techniques.

Embracing a positive-sum crypto ecosystem, Celestia’s community champions modularism over maximalism. The base layer of Celestia is crafted as a generalized data availability layer, maintaining neutrality towards all execution environments and applications built atop it. This stance prevents any undue favor towards a particular execution environment that might hamper experimentation with others.

Acknowledging itself as a public good, Celestia aims for economic sustainability by delivering high-grade blockspace at scale, targeting a user base in billions instead of fostering artificial resource scarcity. The pricing of resources is strategized to achieve economic sustainability without being excessively extractive.

A cardinal design decision of Celestia is the minimization of on-chain state, thereby architecting an overhead-reduced blockchain optimized for data availability. This setup excludes any enshrined on-chain smart contract environment for now. Anticipated network enhancements are directed towards preserving a minimal state machine, allowing rollups to validate Celestia’s canonical chain without the overheads of unrelated smart contract verifications, and concurrently reducing state bloat for both rollups and Celestia.

The elucidation of these values not only underscores the ethos driving Celestia but also fosters a conducive environment for user-centric and trust-minimized blockchain ecosystems.

Image source: Shutterstock

Source

Tagged : / / / / / / / / / /

Report: OKX Ventures Boosts Ecosystem with Investments in Aark Digital, dappOS, and 0xScope

by Blockchain News

In a recent recap, OKX Ventures sheds light on its proactive steps toward fortifying the crypto ecosystem through strategic investments in innovative projects like Aark Digital, dappOS, and 0xScope, amidst a burgeoning crypto industry.

OKX Ventures, in its September report, has delineated its investment forays into Aark Digital, dappOS, and 0xScope. These ventures encompass a wide spectrum of the crypto sphere including Layer2 Derivatives, operating protocol, and knowledge graph protocol.

Aark Digital: Reimagining Perpetual DEX

Aark Digital stands out as a Peer-to-Pool perpetual DEX (Decentralized Exchange) engineered specifically for professional traders on Arbitrum. It’s an endeavor to address the perennial challenges associated with perpetual DEXs by providing a seamless interface for traders and liquidity providers alike. With over 50 trading pairs, cross-margin trading, and innovative features for liquidity providers, Aark Digital is posited as a vanguard in the Layer 2 derivatives market. Its PMM model and oracle machine design are crafted to bolster transaction security and create arbitrage opportunities, thereby enhancing the overall trading experience.

dappOS: Bridging the UX Gap

The core objective of dappOS is to obliterate the complexities that plague the user experience in the decentralized applications (dApps) realm. By establishing a middleware layer, dappOS simplifies interactions between users and crypto infrastructures. Its intent-centric operating protocol is poised to make dApps as user-friendly as contemporary mobile apps, thus potentially accelerating the onboarding of a billion users onto Web3.

0xScope: Democratizing Data Access

0xScope emerges as a potent tool aimed at democratizing the access to both Web2 and Web3 data. It’s not just a data tool but an enabler for both businesses and crypto traders to derive actionable insights from a plethora of on-chain and off-chain data. With its two-pronged approach, 0xScope is not only building an open-source data layer but also crafting analytical tools to foster the development of powerful dApps.

OKX Ventures transcends the conventional financial investor archetype by not just fueling funds but also proffering services and resources. It’s a symbiotic endeavor where OKX Ventures grows alongside its startup partners, leveraging OKX’s substantial industry experience. Amidst the present global macroeconomic adversities, OKX Ventures’ investment focus is a testament to its unwavering confidence in the intrinsic growth and innovation within the crypto industry.

Image source: Shutterstock

Source

Tagged : / / / / / / / / / /

web3 gaming METAPIXEL Suspended Indefinitely

by Blockchain News

On October 10, 2023, Kate, a core member of the METAPIXEL team, announced via Twitter that the project has been “suspended indefinitely due to various circumstances.” Daniel and Nathan, other key figures in the project, echoed this sentiment in their own statements. All team members have ceased to represent METAPIXEL and will no longer be part of the project.

Kate expressed her emotional struggle with the decision, stating, “My heart feels heavy, as I had never dedicated myself so wholeheartedly to a project in my entire career.” Daniel and Nathan also shared their personal disappointments, emphasizing the “pinnacle” of their careers that METAPIXEL represented.

While the exact reasons for the suspension remain undisclosed, the team cited “recent shifts in both internal and external circumstances” as contributing factors. Daniel mentioned that these shifts have made it impossible for the GSU project, a subset of METAPIXEL, to continue its journey.

The METAPIXEL community has shown immense support for the departing team members. Community moderator Zesti thanked Kate for her dedication and expressed hope for future collaborations.

Although the METAPIXEL project has come to an abrupt end, team members are optimistic about future endeavors. Kate looks forward to “crossing paths” with the community again, while Daniel plans to take several months to reflect on his career and future directions.

The indefinite suspension of the METAPIXEL project marks a significant moment in the blockchain space, leaving questions about the future of the team and the technology they were developing. As the team members take time to regroup and plan their next steps, the community remains hopeful for what the future holds.

Image source: Shutterstock

Source

Tagged : / / / /

Stars Arena Tightens Security Following $3M Exploit

by Blockchain News

In the wake of a damaging security breach that saw a loss of nearly $3 million, Stars Arena, an Avalanche-based Web3 social media application, has taken significant steps to bolster its security infrastructure and restore users’ trust. Following the exploit on October 6, 2023, the company has moved its funds to a more secure multisig wallet, launched an extensive security audit, and employed a white hat team to assess and enhance the platform’s security measures.

On October 7, 2023, Stars Arena updated its followers on the remedial steps being taken post-exploit. The funds were transferred from the original fee wallet to a new Gnosis Safe multisig wallet, requiring three out of six signatures from the Stars Arena team members for transactions. This wallet, identified by the address 0xAc0388Fe24D65358f2fF063ebCbEfa321A2a091d, is part of the security infrastructure overhaul aimed at preventing future breaches.

Stars Arena has successfully secured resources to cover the financial void left by the exploit, which equated to a loss of 266,103 Avalanche (AVAX) tokens, translating to almost $3 million at the time. The disclosure about the financial cover-up and the introduction of a white hat team for a rapid security review were made on the social media platform X (formerly Twitter). The white hat team is expected to scrutinize the platform’s security before reopening the contract to the users.

Blockchain security firm SlowMist traced the hacker’s activities, establishing that the stolen AVAX tokens were transferred to the address (0xa2Eb…ad7A), and a portion of these tokens, 50.32 AVAX, was later moved to the Fixed Float crypto exchange on October 6. The tracking of the stolen funds and the hacker’s activities is ongoing as the community seeks to recover the lost funds and bring the perpetrator(s) to justice.

Amidst these developments, Stars Arena has advised users against depositing any new funds until the security audit is complete and the platform’s contract is reopened. The advisory underscores the platform’s commitment to securing users’ assets while the necessary security enhancements are being implemented.

Image source: Shutterstock

Source

Tagged : / / / / / / / /
Bitcoin (BTC) $ 43,255.59 1.66%
Ethereum (ETH) $ 2,336.47 2.95%
Litecoin (LTC) $ 73.99 0.15%
Bitcoin Cash (BCH) $ 245.79 1.51%