Category Archives: Smart Contracts
Friend.tech v2 airdrop could introduce non-transferable token – TradingView
Decentralized social media platform Friend.tech is preparing for its version two launch and airdrop on May 3, but a leaked smart contract suggests it may have controversial features, including a non-transferable token.
The nontransferable tokens may be introduced with the airdrop, according to pseudonymous decentralized financeresearcher CBBOFE, who claims in a May 2 X postto have potentially found the smart contracts.
Ticker is $POINT, not transferable unless to some whitelisted addresses. $POINT will be tradable on BunnySwap (FT native DEX).
A nontransferable token means that airdrop recipients wont be able to sell or exchange the coins, except for certain whitelisted protocol addresses.
Restaking protocol EigenLayer has also decided to issue a nontransferable token for its EIGEN airdrop, which was one of the main reasons behind the recent outrage surrounding EigenLayer.
Friend.tech made the token nontransferable to make users pay the 1.5% fee, according to Kasper Vandeloock, a quantitative crypto trader and adviser at the X10 exchange. He told Cointelegraph:
If you cant transfer it, you are forced to sell it through them, which has the 1.5% fee. [] Which is kind of ironic, they bring this strong we are anti-VC vibe to the table while being a profit factory for Paradigm.
The new potential token, POINTS, will function as a utility token that allows for the creation of social clubs on the platform, which may cost a 1.5% platform fee, according to CBBFOE:
New smart-contract called Clubs. Anyone can create multiple clubs and a bonding curve among several options. 1.5% platform fee and 1.5% staking contract. Club keys are bought with $POINT.
The new tokens will also be offered as rewards for users staking their Ether (ETH) and POINTS tokens in the Friend.tech smart contract.
The announcement caused concerns among crypto enthusiasts. Pseudonymous crypto trader MK commented:
I hate Eigen so much for starting this non-transferrable meta.
Related: EigenLayer sees over 12,000 queued withdrawals How far will TVL fall?
Non-transferable tokens could reduce initial airdrop selling pressure
While nontransferable tokens have been causing significant community outrage, they could benefit the long-term price action of the cryptocurrency, as tokens tend to see drastic declines following airdrops.
At the end of April, the Omni Networks OMNI token fell 55% in less than 18 hours following it airdrop, losing over half of its market capitalization.
Wormholes W token is another example, falling nearly 25% in value only a couple of hours after anairdrop on April 3. The token is down over 47% since the airdrop, according to CoinMarketCap.
Crypto airdrops are often riddled with professional airdrop hunters (or squatters) that farm the same airdrop with multiple cryptocurrency wallets with no intention of using the protocol in the long term and market selling the rewards after claiming.
In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from Arbitrums ARB airdrop from 1,496 wallets into just two wallets they had controlled.
Related: LayerZero cross-chain interoperability protocol completes first airdrop snapshot
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Friend.tech v2 airdrop could introduce non-transferable token - TradingView
Top 10 Amazing Ways ZK-Rollups Are Simplifying Account Abstraction In 2024 – Blockchain Magazine
The year 2024 has witnessed a surge in the exploration of innovative solutions to address scalability and privacy concerns in the blockchain space. Two such advancements, ZK-Rollups and Account Abstraction, are poised to revolutionize the way we interact with blockchains. Lets take a deep dive into these technologies and explore their synergistic potential.
ZK-Rollups, short for Zero-Knowledge Rollups, are a layer-2 scaling solution for blockchains. They address scalability limitations by processing transactions off-chain on a separate blockchain called a sidechain. Heres the core concept:
This approach significantly reduces the load on the main blockchain, enabling faster transaction processing times and lower fees compared to traditional on-chain transactions.
Account Abstraction introduces a layer of separation between user accounts and their cryptographic keys. Traditionally, blockchain users interact directly with their private keys, which can be complex to manage and susceptible to security risks. Account Abstraction offers several advantages:
Also, read Top 9 Historical Moments In The Ethereum Scalability Story And The Monumental Evolution Of Rollups
In the ever-evolving realm of blockchain technology, the quest for scalability and user experience remains paramount. Two groundbreaking advancements, ZK-Rollups and Account Abstraction, are converging to create a powerhouse for secure and scalable blockchain ecosystems. Lets delve into the intricacies of this dynamic duo and explore how they are revolutionizing the future of decentralized applications (dApps).
ZK-Rollups: Scaling Without Compromise
Core Concept: ZK-Rollups, or Zero-Knowledge Rollups, are a layer 2 scaling solution that bundles a large number of transactions off-chain and generates a cryptographic proof of their validity. This proof is then submitted to the main blockchain (layer 1) for verification. The beauty lies in the fact that only the proof, a tiny fraction of the actual data, needs to be stored on the main chain, significantly reducing the computational burden and transaction fees.
Benefits for Scalability: Imagine a highway with multiple lanes instead of just one. ZK-Rollups act like these additional lanes, allowing for a massive increase in transaction throughput compared to the main blockchain. This translates to faster transaction processing times and lower fees, making dApps more accessible and user-friendly.
Security Inherited: While transactions occur off-chain, security remains a top priority. ZK-Rollups leverage the security of the underlying main blockchain by relying on zero-knowledge proofs. These proofs mathematically guarantee the validity of the transactions without revealing the actual transaction data, ensuring the integrity of the system.
Account Abstraction: Empowering User Flexibility
Traditional Accounts vs. Smart Contract Accounts: Currently, blockchain interactions rely on externally owned accounts (EOAs) with limited functionality. Account Abstraction introduces the concept of Smart Contract Accounts, programmable accounts that offer greater flexibility and security.
Benefits for Users: Imagine a more versatile bank account. Account Abstraction allows users to define custom logic for their accounts, enabling features like multi-signature approvals, spending limits, and recovery mechanisms in case of lost private keys. This empowers users with greater control over their digital assets.
Benefits for Developers: Account Abstraction simplifies development by decoupling the logic of user accounts from the application itself. Developers can focus on core functionalities of their dApps without worrying about the intricate details of account management. This can lead to faster development cycles and more innovative dApps.
The Synergistic Power of ZK-Rollups and Account Abstraction
When ZK-Rollups and Account Abstraction come together, they create a powerful force for a scalable and user-friendly blockchain experience:
Enhanced Scalability with Flexible Accounts: ZK-Rollups handle the heavy lifting of transaction processing, while Account Abstraction empowers users with flexible and programmable accounts within the rollup environment. This combination allows for a vast number of users to interact with dApps on the rollup without compromising on scalability.
Improved User Experience: Account Abstraction simplifies user interactions with dApps by enabling features like multi-signature wallets and gasless transactions. This creates a more intuitive and user-friendly experience, fostering broader adoption of blockchain technology.
Privacy-Preserving Scalability: ZK-Rollups inherently offer a degree of privacy by keeping transaction details off-chain. Account Abstraction can further enhance privacy by allowing users to control the information revealed about their account activity on the blockchain.
Account Abstraction, a revolutionary concept for programmable and flexible user accounts on blockchains, has immense potential. However, its technical complexity can pose challenges for developers. Enter ZK-Rollups, layer 2 scaling solutions that are acting as a catalyst for simpler and more accessible Account Abstraction in 2024. Here are 10 amazing ways ZK-Rollups are simplifying Account Abstraction:
Off-Chain Computation: ZK-Rollups handle the heavy lifting of complex computations related to Account Abstraction logic off-chain. Imagine developers focusing on core dApp functionalities without getting bogged down in the intricacies of on-chain account management. This streamlines development processes and reduces the computational burden on the main blockchain.
Reduced Gas Fees: ZK-Rollups significantly lower transaction fees associated with Account Abstraction features like multi-signature wallets and programmable spending limits. Imagine cost-effective smart contract accounts, making them a viable option for a wider range of dApps and users.
Simplified Smart Contract Development: By handling the off-chain execution of Account Abstraction logic, ZK-Rollups reduce the amount of code developers need to write within their smart contracts. This translates to faster development cycles and more concise smart contracts, improving overall code maintainability.
Enhanced Security for User Accounts: ZK-Rollups inherit the security of the underlying main blockchain for final transaction settlements. Even though Account Abstraction logic resides off-chain, the security of user funds remains paramount. Imagine a future where programmable accounts benefit from the battle-tested security of the main blockchain.
Scalability for a Booming dApp Ecosystem: ZK-Rollups enable the processing of a massive number of transactions off-chain, making them ideal for accommodating a growing dApp ecosystem with Account Abstraction features. Imagine a future where a vast number of users can interact with dApps utilizing advanced account management features without compromising on scalability.
Faster Onboarding for New Users: ZK-Rollups, combined with Account Abstraction, can simplify the onboarding process for new users. Imagine a future where users can create programmable accounts with features like multi-signature security or social recovery mechanisms without the complexities of traditional key management.
Privacy-Preserving Account Management: ZK-Rollups offer a degree of privacy by keeping transaction data off-chain. Account Abstraction can leverage this inherent privacy to allow users control over the information revealed about their account activity on the blockchain. Imagine a future where users can enjoy the benefits of programmable accounts while maintaining a degree of privacy for their transactions.
Interoperability Potential: ZK-Rollup solutions are actively exploring interoperability advancements. This fosters a future where users with programmable accounts on one ZK-Rollup can potentially interact with dApps on another, seamlessly leveraging their advanced account features across different blockchain environments.
A Testing Ground for Innovation: ZK-Rollups provide a sandbox environment for developers to experiment with and iterate on Account Abstraction features. Imagine a future where ZK-Rollups act as a proving ground for innovative account management solutions that can later be integrated into the main blockchain.
Accelerating Mainstream Adoption: ZK-Rollups, by simplifying Account Abstraction, are paving the way for faster mainstream adoption of this powerful technology. Imagine a future where programmable accounts become the norm, empowering users with greater control and flexibility over their digital assets within the blockchain ecosystem.
While both ZK-Rollups and Account Abstraction are still under development, significant progress has been made in 2024. Several projects are actively implementing these technologies, paving the way for a more scalable, secure, and user-friendly blockchain experience. As these technologies mature, we can expect to see them play a transformative role in the future of blockchain adoption and innovation.
Here are some additional points to consider for your deep dive:
By understanding the individual strengths of ZK-Rollups and Account Abstraction, and the potential they hold when combined, you can gain valuable insights into the future trajectory of blockchain technology.
ZK-Rollups are acting as a catalyst for the simplification and broader adoption of Account Abstraction. By offering benefits like off-chain computation, reduced costs, and enhanced security, ZK-Rollups are making Account Abstraction a more accessible and attractive option for developers and users alike. This powerful combination has the potential to revolutionize the way we interact with blockchain technology, fostering a future of secure, scalable, and user-friendly decentralized applications.
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Top 10 Amazing Ways ZK-Rollups Are Simplifying Account Abstraction In 2024 - Blockchain Magazine
What Is Tokenized Real Estate – CCN.com
Key Takeaways
The concept of real estate tokenization focuses on two primary objectives.
Through the integration of blockchain technology and smart contracts, tokenization facilitates for:
Traditional real estate investment is known for its capacity as a store-of-value and investment returns over time, however, the property market is known for its illiquidity because traditional ownership of real estate is:
Essentially, tokenizing real estate using the blockchain involves the creation of either non-fungible tokens (NFTs) or fungible tokens, based on the specific needs. NFTs are ideal for representing entire properties or groups of properties as a single token.
On the other hand, fungible tokens are better suited for dividing a property into multiple shares where one property is split into X amount of tokens, allowing an individual to open a percentage or hold fractional ownership.
By converting real estate assets into digital tokens, which represent a share of ownership in a specific property. The tokens will then be bought and sold on blockchain platforms or marketplaces, facilitating a more liquid real estate market.
Tokenization will then adopt smart contracts which will automate and enforce contract terms such as the distribution of dividends from rental income or sale proceeds.
This ultimately will reduce the need for intermediaries and cut transaction costs and times significantly.
Tokenizing commercial properties involves converting office buildings, retail spaces, and industrial sites into blockchain tokens that comply with legal standards.
This method not only simplifies the investment and sale process but also broadens the investor base by providing easier access to high-value assets.
This approach allows for the fractional tokenization of residential properties, such as apartments and homes, making it feasible for investors, asset owners, and developers to engage with the market on a more detailed level.
Residential tokenization democratizes property investment, enabling smaller investors to participate in markets previously dominated by wealthy individuals or institutional investors.
Tokenizing iconic and famous buildings such as landmark skyscrapers or historic structures in prime locations, harnesses the specific real estate value for broader market participation.
These trophy properties often attract international investors looking to add prestigious assets to portfolios, which will increase liquidity in the real estate market.
Tokenized assets generate revenue by opening up new investment opportunities and lowering entry barriers, allowing more investors to participate in the real estate market. Property owners are more able to quickly raise capital selling tokens representing parts of a property.
Investors can potentially earn returns through appreciation of token value and income generated from the property, such as rent or lease payments.
Dynamic tokenized real estate uses dynamic NFTs (dNFTs) which are an upgrade on traditional NFTs because dynamic NFTs automatically update the data to reflect changes which might include renovations or ownership transfers. These NFTs will then serve as digital representation of property ownership and can include information about the property that updates in real-time.
One blockchain that facilitates dynamic NFTs is Chainlink, which is a tool that connects smart contracts to external data sources where dynamic NFTs can integrate continuous updates such as images or videos showcasing the propertys current state. Ongoing visual documentation will only enrich the propertys digital profile, offering prospective buyers detailed and updated insights which can greatly inform and influence future investment decisions in a true and fair manner.
Fractionalized real estate tokenization leverages blockchain technology to break down property ownership into smaller manageable shares through Non-Fungible Tokens (NFTs).
This approach makes real estate investment more accessible, reducing the entry cost and allowing investors to buy, sell, or trade shares on digital platforms, increasing liquidity. With each tokenized share a clarity in ownership is reached using immutable ownership records.
Tokenizing real estate involves transforming property assets into digital tokens on a blockchain, enabling easier and more fractionalized ownership. The steps involved in the process are as follows:
In the first step of real estate tokenization, stakeholders will have to agree on all the key details to do with the property and the propertys valuation along with the share of equity that will be tokenized.
It is important to select a blockchain platform that adequately fits the needs of the project, considering factors like scalability, security, and the cost of transactions. Options like Ethereum, Algorand, Tezos, and BNB Smart Chain are popular due to the varying advantages in handling transactions and executing smart contracts.
This process involves converting the propertys legal and financial documents into digital form to integrate them into the blockchain, ensuring that all details are accurate and meet legal standards to maintain the tokens validity and security.
Tokens that represent ownership or equity in the property are created as either fungible or non-fungible tokens and distributed to investors via sales. This process leverages smart contracts to automate and regulate the distribution process in accordance with securities laws.
Real estate tokenization is legal, but it is heavily dependent on local and international regulations. Compliance with securities laws, KYC (Know Your Customer), and AML (Anti-Money Laundering) regulations is required.
The legal standing of real estate tokenization continues to be understood more fully, impacting how and where tokenization can be implemented.
Tokenization can make real estate assets more liquid, allowing for easier buying and selling of shares in property, much like trading stocks.
By lowering the entry cost, tokenization allows smaller investors to participate in real estate markets that were previously accessible only to wealthy individuals or institutional investors.
Investors can buy tokens representing fractional shares of a property, enabling them to diversify portfolios without needing to invest large sums in single properties.
Blockchain technology offers a transparent transaction ledger, which helps reduce fraud and ensures all parties have access to the same data regarding transactions and ownership.
Tokenization can streamline the process of buying and selling real estate, reducing the need for intermediaries such as brokers and lawyers, which cuts down on fees and transaction times.
Investors from around the world can easily participate in tokenized real estate markets, providing properties with access to global capital.
Smart contracts can automate legal and regulatory compliance, reducing the complexity and potential for error in traditional real estate transactions.
The legal framework for tokenized real estate is still evolving, which can pose risks when converting property into tokenized NFTs, due to regulatory changes and jurisdictional variations.
Traditional investors may be hesitant to adopt tokenization because of unfamiliarity with the technology or concerns about the validity and security of digital transactions.
Dependence on blockchain technology means that any fundamental issues with the blockchain used such as security vulnerabilities or scalability problems could impact tokenized real estate assets.
Managing a tokenized property can be complex, especially in determining the value of tokens when the underlying asset appreciates or depreciates.
Despite increased liquidity potential, the actual liquidity of real estate tokens can be limited by market demand, which might not be as high as anticipated.
Integrating blockchain and real estate registries requires significant changes to existing systems, which can be costly and complex.
While blockchain increases transparency, theres still a risk of fraud in initial token offerings or from platforms hosting token sales without adequate security measures.
The future of tokenizing real estate looks toward greater integration with financial markets and the potential for interoperability among different blockchain platforms, with developments in the space of decentralized finance (DeFi) potentially allowing for more sophisticated financial maneuvers like real estate-backed loans.
The real estate sector is likely to see more innovation and acceptance as regulatory frameworks adapt to suit this novel approach. Tokenization of real estate has the ability to completely change the market by creating new investment opportunities and altering the purchasing, selling, and management of real estate.
Tokenization of real estate using blockchain technology is creating a new form of property investment tackling illiquidity issues, barriers to entry, and overall efficiency. Tokenization of real estate allows for fractional ownership, broadens investor bases globally, and will reduce transaction complexities, all this while ensuring compliance and transparency through smart contracts.
As the industry navigates through the regulatory landscapes and technological challenges, the future of real estate tokenization is promising with a potential for transforming how properties are bought, sold, and managed on a global scale.
Tokenization could potentially stabilize property prices by increasing market efficiency and transparency, although its largely dependent on market dynamics and adoption rates.
Disputes in tokenized real estate are handled through predefined smart contract terms, and legal arbitration may be used as necessary, following the legal stipulations embedded within the tokenization platform and the smart contract in place.
If a blockchain platform hosting tokenized real estate fails, recovery mechanisms predefined in the platforms architecture would be activated, and legal safeguards and backups help protect asset ownership data.
Governments will set the legal and regulatory frameworks that guide the tokenization of real estate, focusing on protecting investors, ensuring market stability, and preventing fraud.
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Eclipse And Neon EVM Drive Solana-Ethereum Integration For Blockchain Interoperability – TradingView
Layer 2 (L2) blockchain Eclipse and developer-oriented bridge Neon EVM have formed a new collaboration to implement changes in the blockchain landscape, increasing interoperability and scalability with the integration of Ethereum (ETH) and Solana (SOL).
Aiming to combine the capabilities of both blockchains, Eclipse has consolidated the compatibility between the Ethereum Virtual Machine (EVM) and the Solana Virtual Machine (SVM) by deploying Neon Stack.
Solana And Ethereum Integration
The primary objective of this collaboration is to integrate Solanas transaction handling capabilities, which can process thousands of transactions per second, into Ethereum.
This integration will be facilitated by Neon Stack, a standardized development stack that enables smart contract developers to achieve Ethereum Virtual Machine compatibility on Solana Virtual Machine-based blockchain networks. Eclipse plans to leverage Neon Stack on its SVM L2 to facilitate this integration.
The Neon Stack consists of Neon EVM smart contracts and Neon Proxy. It has been live on the Solana mainnet since July 2023. It has deployed numerous Ethereum-native Solidity decentralized applications (dApps), including decentralized finance (DeFi), gaming, and decentralized exchanges (DEXs), on Solana from its existing codebase.
Neon EVM-Eclipse Partnership For Cross-Chain Development
Davide Menegaldo, Chief Commercial Officer (COO) of Neon EVM, expressed enthusiasm for Neon Stack and the collaboration, stating:
With Neon Stack, we are paving the way for high-performance, scalable dApps infrastructure that transcends the limitations of traditional blockchain architectures and redefines computational efficiency. We are pleased to see Eclipse as the first industry partner to utilize the Neon Stack.
On the other hand, Neel Somani, founder of Eclipse Labs, the company behind the development of the Layer 2 blockchain, also emphasized the importance of the partnership, saying:
Our collaboration with Neon Stack enables developers to seamlessly deploy their dApps from EVM chains to Eclipse, further strengthening the harmonization between Solana and Ethereum. Solidity developers who wish to build on a high-performance L2 that leverages the strengths of the SVM can finally do so.
Interestingly, the Ethereum ecosystem hosts over 13,000 dApps, with only a small fraction, 0.4%, cross-chained with Solana. This collaboration between Neon EVM and Eclipse could also provide further opportunities for developers to build new dApps with the new integration.
In sum, it is believed that developers will be able to build advanced dApps that leverage the features of Ethereum and Solana, along with their respective native ecosystems and virtual machines, by leveraging the design of the NEON Stack and Eclipse.
As of the current update, the native token of NEON EVM, NEON, is trading at $1.0135. It has shown a 2.6% recovery over the past 24 hours, aligning with the overall positive movement in the cryptocurrency market. However, during the past 7 days, the token has witnessed a price decline, experiencing a nearly 8% drop.
Featured image from Shutterstock, chart from TradingView.com
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Eclipse And Neon EVM Drive Solana-Ethereum Integration For Blockchain Interoperability - TradingView
CertiK Passed Audit of Bitcoin Sidechain MicrovisionChain’s UTXO Smart Contracts – AccessWire
MACAU, CHINA / ACCESSWIRE / April 27, 2024 / On 22 April 2024, CertiK, a leading blockchain security audit firm, passed its audit of MicrovisionChain (MVC), marking a significant milestone as the first UTXO model-based solution to complete an audit in the industry. MVC, also known by its token symbol SPACE, features the same architecture and Proof of Work (PoW) consensus mechanism as Bitcoin. It expands Bitcoin's functionality by incorporating Turing-complete smart contracts and enabling decentralized applications through the UTXO model. The successful audit by CertiK underscores MicrovisionChain's dedication to upholding high standards of contract security and reliability, reinforcing its commitment to enhancing the Bitcoin ecosystem.
Exciting News:
? @CertiK Audit Completed! MVC has triumphantly passed a comprehensive audit by Certik, adding another layer of trust following the sCrypt review.
?Security First! With Certik's seal of approval, we're reinforcing our commitment to safety. Developers, get ready… pic.twitter.com/U6sQHvh7ya
— MVC (@mvcglobal) April 22, 2024
Extensive MVC Audit: Security, Code Quality, Logic, Interactions, and Compliance
CertiK conducted a security assessment on the MVC project, which included the following key components:
Token-core: The smart contracts related to the token economy, including the genesis contract for minting fungible tokens and the logic for additional mint features.
NFT-core: The smart contracts pertaining to non-fungible tokens (NFTs), including the structure for NFT unlocking scripts, NFT insurance, and NFT transfer mechanisms.
Mvcdao-core: The contracts associated with the MVC-DAO, which includes the main entry contract and operation contracts for the voting system, stake management, and other governance functionalities.
The audit covered a comprehensive examination using manual review and static analysis techniques, focusing on:
1.Testing smart contracts against common and uncommon attack vectors.
2.Assessing codebase compliance with best practices and industry standards.
3.Ensuring contract logic aligns with client specifications.
4.Cross-referencing contract structures against industry leaders' smart contracts.
5.Thorough line-by-line manual review by industry experts.
Specific areas of focus within the audit included centralization risks, logical issues, denial of service vulnerabilities, design issues, and checksum calculations for the files in the codebase. The audit also provided recommendations for enhancing security and transparency, such as implementing timelocks, multi-signature wallets, and DAO governance structures.
Audit Approach: Static, Dynamic Analysis, and Beyond
CertiK's audit of the MVC project involved a meticulous examination that integrated both manual review and static analysis techniques. The process included a line-by-line code inspection by industry experts, automated scanning for common vulnerabilities, testing against a spectrum of attack vectors, ensuring adherence to industry best practices, and verifying that contract logic conformed to the client's specifications. The audit also entailed a comparison of the contract structures with those of industry leaders and provided detailed recommendations to address discovered issues. Special consideration was given to centralization risks, and the audit report included a thorough examination of the codebase with specific file checksums, identified commits, and a disclaimer about the report's purpose and limitations. The goal was to enhance the security and quality of the MVC project, offering constructive feedback for continuous improvement.
Securing MVC's Blockchain Project through CertiK Audit
MVC might choose to engage with CertiK for a variety of reasons, primarily focused on bolstering the security and integrity of their blockchain project. By undergoing a security audit and verification process provided by CertiK, MVC can ensure that their smart contracts are robust against vulnerabilities, thereby building trust and credibility with investors and users. This collaboration can also serve to mitigate risks, meet compliance standards, secure necessary insurance coverage, and differentiate MVC in a competitive market. Moreover, it can signify a commitment to continuous improvement, community engagement, and adherence to best practices within the blockchain industry.
MVC's Big Picture: Launching the Proof of Build Program
Looking ahead, MicrovisionChain is set to launch its Proof of Build program, aiming to attract developers within the Bitcoin ecosystem to collaboratively expand and enhance the platform. This initiative will focus on fostering a community of developers committed to building and refining the capabilities of the Bitcoin sidechain.
MVC has recently launched an asset bridge that is interoperable with Bitcoin. This new feature can be accessed via the link provided: https://app.orders.exchange/bridge. The asset bridge addresses the issue of transaction congestion within the Bitcoin ecosystem, which includes BRC20 tokens, Runes, and other assets. Jason Kwok, co-founder and COO of MicrovisionChain, commented on their strategic plans: "We are actively planning to collaborate with renowned custodial institutions and execute strategic campaigns to achieve higher Total Value Locked (TVL) targets. These efforts are crucial as we aim to expand our reach and solidify our platform's position in the digital asset ecosystem."
In closing, it's significant to observe the dramatic increase in SPACE's address base, skyrocketing from 30,000 to 400,000 in just two months. This rapid growth not only reflects the escalating market interest but also positions MVC to become one of the most watched projects within the Bitcoin ecosystem, showcasing its potential to lead the way in innovation and security.
Contact Person: Jason Kwok [emailprotected] https://www.microvisionchain.com/
SOURCE: Microvision chain
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CertiK Passed Audit of Bitcoin Sidechain MicrovisionChain's UTXO Smart Contracts - AccessWire
Chainlink debuts new protocol aimed at boosting cross-chain interoperability – Cointelegraph
Chainlinks Cross-Chain Interoperability Protocol (CCIP) has entered general availability with the aim of fostering more cross-chain connectivity.
The protocol lets developers permissionlessly use CCIP for cross-chain token transfers and arbitrary smart contract messaging across different blockchain networks.
Developers will also be able to send and trigger function calls on smart contracts deployed on other blockchains, making cross-chain smart contracts more interoperable.
CCIPs mainnet general availability will enable a faster and easier implementation for developers, bolstering cross-chain connectivity, according to Sergey Nazarov, co-founder of Chainlink.
In an announcement shared with Cointelegraph, Nazarov wrote:
Cross-chain bridges help users facilitate transactions between different blockchain networks. They represent some of the most significant points of vulnerability in crypto.
Chainlink is among the largest firms working on cross-chain interoperability, which is among the most pressing shortcomings of the industry since individual blockchain networks have no means to communicate with each other without interoperability solutions.
At the beginning of April, Chainlink launched Transporter, a cross-chain messaging app for bridging tokens, aiming to foster more secure cross-chain crypto transfers with a beginner-friendly app interface.
Chainlinks Transporter is underpinned by CCIP, which is the only cross-chain protocol that achieves level-5 security, according to a Chainlink spokesperson.
CCIP is available on nine blockchains, including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Kroma, Optimism, Polygon and WEMIX, with plans to integrate more networks.
CCIP aims to help financial institutions unlock the $500 trillion opportunity in tokenized assets, by offering better liquidity access for cross-chain assets, a Chainlink spokesperson told Cointelegraph:
Related: Money-hungry VCs are bad for token launches in the long term Analyst
Due to their technical complexity, cross-chain bridges represent some of the biggest points of vulnerability in todays crypto protocols.
Since 2016, over $5.85 billion worth of cryptocurrency has been stolen from decentralized finance (DeFi) protocols. Cross-chain bridges account for over 48%, or $2.83 billion, of the total value lost to exploits, according to DefiLlama data.
Ethereum co-founder Vitalik Buterin has criticized cross-chain infrastructure in the past. In a Reddit post from January 2022, Buterin shared his concerns about how 51% attacks on cross-chain bridges will become more prevalent in the future:
Related: Bitcoin outperforms Tesla stock for the first time since 2019
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Chainlink debuts new protocol aimed at boosting cross-chain interoperability - Cointelegraph
AI-Powered Cryptocurrencies On The Rise But Self-Learning Smart Contracts Raise Data Protection Concerns – CCN.com
Key Takeaways
AI-powered coins are making waves in the cryptocurrency sphere, marking a revolutionary convergence of artificial intelligence and blockchain technologies. These innovative digital assets harness AI algorithms to bolster blockchain security, scalability, and functionality.
However, the rise of self-learning smart contracts alongside AI-powered crypto has raised concerns regarding data protection.
AI cryptocurrencies represent a groundbreaking fusion of AI and blockchain technologies. These digital assets leverage AI algorithms to enhance blockchain security, scalability, and functionality, distinguishing them from traditional cryptocurrencies primarily used for exchange.
The increasing popularity of AI crypto coins, exemplified by pioneers like SingularityNET (AGI), Fetch.ai (FET), and Numeraire (NMR), can be attributed to several factors. Firstly, decentralization grants users financial autonomy by operating on decentralized blockchain networks, eliminating intermediaries, and bolstering transparency and security.
Secondly, investors are attracted to cryptocurrency markets for their potential for significant returns on investment. Leading AI crypto coins and tokens, such as Cortex (CTXC) and DeepBrain Chain (DBC), demonstrate how projects leveraging AI algorithms entice investors seeking high-growth opportunities.
Lastly, cryptocurrencies borderless nature enables seamless cross-border transactions, which is ideal for global commerce and remittance. Combined with low transaction costs and efficiency, this feature appeals to individuals and businesses worldwide.
Many AI-focused companies behind AI-powered cryptocurrencies have recently developed self-learning smart contracts, sparking concerns among users regarding data protection.
These smart contracts for data privacy have broad applications across various domains and scenarios, including healthcare, finance, education, and social media. For instance, in healthcare, they empower patients to manage their medical records and monetize their data securely. In finance, they safeguard customers financial data and authenticate identities without revealing personal information. In education, they manage students academic records and validate their skills without compromising identity. Similarly, in social media, they offer users control over their data and the ability to monetize it.
However, several challenges arise with integrating AI into smart contract development. AI algorithms used in smart contract development may pose security and privacy concerns, particularly regarding access to sensitive contract and transaction data. Ensuring compliance with relevant data protection regulations, as advised by solidity.io, is crucial in this context.
Moreover, the integration of AI may raise legal and regulatory compliance issues. Developers must ensure that AI usage in smart contract development aligns with applicable laws and regulations.
Additional challenges include scalability and interoperability. The computational resources and network bandwidth required for blockchain storage and processing can impact scalability, and compatibility issues with different blockchains, platforms, or systems may hinder interoperability.
Furthermore, legal and regulatory frameworks may not universally recognize or enforce smart contracts, leading to uncertainty or disputes over data rights, obligations, or liabilities. Conflicting laws or regulations regarding data privacy across jurisdictions may further complicate compliance and validity of smart contracts, as highlighted by algorithm architect Raghuram K Ravi.
On the other hand, self-learning contracts offer a comprehensive solution to data privacy concerns through several mechanisms. Firstly, they empower data ownership and control by enabling parties to specify access permissions and conditions for data usage and modification. For instance, a smart contract can restrict data access to authorized parties or limit access duration and purpose.
Secondly, smart contracts may enhance data security by encrypting data and storing it on a decentralized network resistant to tampering or hacking. For example, data can be encrypted using a public key and only decrypted by the party possessing the corresponding private key.
Smart contracts facilitate data sharing and collaboration by establishing trustless mechanisms for data exchange, validation, and analysis. They enable secure data sharing without revealing parties identities or locations and support data analysis without exposing raw data.
Smart contracts decentralize data storage and ensure an immutable record. Their self-executing nature ensures consistent data handling, validated by blockchain consensus mechanisms. Encrypted data protection further strengthens privacy, mitigating risks associated with centralized data management. This amalgamation of features reinforces data privacy, making smart contracts an ideal solution for securing sensitive information across diverse applications.
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Cartesi to Host Community Call on May 6th – TradingView
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Cartesi will host a community call on Discord on May 6th.
CTSI Info
Cartesi (CTSI) is a blockchain project aiming to make the development and deployment of decentralized applications (DApps) more practical and scalable. It does this by enabling smart contracts to run off-chain computations in a Linux environment, which opens up the possibility to use mainstream programming languages and software, as well as access larger amounts of data more efficiently.
The fundamental piece of technology behind Cartesi is the Descartes SDK, a software development kit that provides a set of tools and services to help developers build scalable and secure DApps. With Descartes, computations can be intensive and incorporate complex business logic as they are executed off-chain in a Linux environment.
The Cartesi token (CTSI) serves multiple utility purposes within the Cartesi ecosystem. It is used as a staking mechanism in the network's Proof-of-Stake (PoS) consensus algorithm, and also as a means to pay for computational resources within the network. In addition, it's used in the network's incentive system for data availability and computation verification.
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Digital collective restores carbon market credibility through immutable smart contracts – GlobeNewswire
London, April 24, 2024 (GLOBE NEWSWIRE) -- ZERO13, the COP28 award-winning international carbon exchange, registry and aggregation hub ecosystem, part of GMEX group, is collaborating with Decarb.earth, CarbonCX and XTCC, to provide the worlds first end-to-end digitally measured, reported and verified carbon credit distribution, trading and settlement solution for renewable energy projects.
The digital climate fintech platform-as-a-service recently enabled 14,591 carbon credits, including those from GoSolr (Pty) Ltd in South Africa, to be successfully distributed, traded and settled via ZERO13 on the SECDEX Marketplace for spot carbon credits and regulated securities markets via XTCC structured products.
The high-integrity voluntary carbon credit solution maximises market value and distribution in a way which instils trust by digitally verified provenance to address the issues of greenwashing and double-counting through:
Hirander Misra, Chairman and CEO of GMEX Group and ZERO13, commented: With a multi-blockchain network-of-networks approach encompassing the diverse capabilities of our partners Decarb.earth, CarbonCX and XTCC, the ZERO13 ecosystem enables digital carbon credits, backed by smart contracts, to be officially accredited, issued, traded and settled to support the advancement of renewable energy technologies that are crucial for a sustainable future.
Marco Funk, CEO of Decarb.earth, added: There cannot be a just and swift energy transition without transparency. The carbon credit market has been fraught with controversies of low-quality credits and doubtful existence. In this context, working with ZERO13, we are absolutely delighted to offer this first of its kind fully digital end-to-end carbon credit solution for renewable energy projects. With these VCCs having now been credited, audited, verified, registered and sold, a low-carbon energy future - within time - looks ever more likely.
Dave Tims, Founder and Head of Strategy for CarbonCX Inc. said: CarbonCX is pleased to announce the completion of this first sale of digital carbon credits from African solar energy projects registered to its next-generation carbon credit platform. The sale occurred on the ZERO13 distribution platform into the SECDEX Marketplace, which is setting the global standard forefficient trading, exchange matching and real-time settlement of traditional and digital carbon credits.Working closely with ZERO13 and its industry-leading project partner, Decarb.earth, we are also settingthe standard for data recording, security and transparency related to digital carbon credits in multiple regions.
Scott Levy, Founder of XTCC, said: Decarb.earth represents a perfect example of the circularity benefits which came from investing with XTCC.By creating liquidity for the high-integrity carbon credits, Decarb.earth will also be encouraged to further their efforts to deliver impact in the social housing sector for example. Measurable community benefits are crucial to investor confidence and transparency; XTCC, ZERO13 and Decarb.earth are a unique example of how connecting to the capital markets liquidity can transform lives.
ZERO13 is an infrastructure-agnostic and cloud-native platform that ensures flexibility in deployment. Functioning as a decentralised hub, the ecosystem orchestrates workflows across multiple exchanges, participants, custodians, registries and climate fintech services. It seamlessly integrates digital monitoring, reporting and verification providers delivering real-time asset checks on carbon offset supplies and project provenance analysis. It also enables end-to-end multi-market distribution across multiple blockchains and APIs to ensure successful trading and settlement, interconnecting silos and addressing the inadequacies of the stand-alone voluntary carbon market (VCM) model.
Since its launch, ZERO13 has expanded its interoperable network of networks and grown its partnerships and customer base, bridging climate tech and climate fintech firms to over 60 participants, with continued rapid expansion and increased transaction flows through the platform and its associated network.
- ENDS -
Media Contact
GMEX Group and ZERO13Alice Ellman-Brown, The Realization Group Tel: +44 (0)7365 224804 alice.ellman-brown@therealizationgroup.com/pr@gmex-group.com
About ZERO13
ZERO13, an award winning GMEX Group (GMEX) initiative, is a market leading automated AI and blockchain-driven international carbon exchange, registry, and aggregation hub ecosystem. Accessed as a Platform as a Service (PaaS), the ZERO13 Hub offers a distributed point of entry for digital issuance, trading, and settlement of carbon credits and real-world assets such as ESG securities with an approach based on interoperability of multiple blockchains and APIs.
ZERO13 Hub connects multiple international carbon exchanges, registries, custodians, and ESG project owners for supply verification, transparent pricing, and real-time settlement. Connections are via APIs and blockchains enabled by ZERO13 Chain (Pyctor).
GMEXs Pyctor technology has been harnessed to extend ZERO13 Hubs Platform-as-a-Service (PaaS) capabilities and to power ZERO13 Chain as a multi-blockchain and multi-API interoperable network of networks. This is an effective and robust mechanism for settling various assets, optimising Delivery versus Payment (DvP) contracts through native integration for token deposits.
ZERO13 industry recognition awards include:
For further information on ZERO13, please visithttps://www.zero13.net/.
About CarbonCX
Working closely with companies deploying various technologies and activities to reduce baseline carbon emissions, CarbonCX captures, processes, aggregates and homogenizes voluntary carbon reduction efforts into standardized units recorded on the blockchain. CarbonCX technology automatically verifies, calculates and aggregates the associated carbon benefit, programmatically mints Carbon Reduction Credits in standardized allotments, and provides management tools for reporting, retiring, or listing on various emerging voluntary Carbon Credit exchanges or marketplaces.
For further information on CarbonCX, please visithttps://carboncx.io/.
About Decarb.earth
Decarb.earth is at the forefront of sustainability initiatives, driving positive change by generating carbon credits, spotlighting cleaner companies, and facilitating the transition to solar energy. With CarbonCX accreditation, Decarb.earth stands as a beacon for businesses seeking comprehensive clean energy solutions to remain competitive in a rapidly evolving market.
About XTCC
XTCC is an investment product for professional investors. XTCC includes investment products that offer a transparent, credible and sustainable avenue for investors to participate in the rapidly expanding high-integrity carbon credit market, closing the gap in the circularity ecosystem that leads to further growth and the development of new renewable energy projects. The XTCC universe includes multi-currency variants for Solar, Blue Carbon, Biomass, Biogas, Hydro, Wind and Biomethanation.
For more information, visit:http://xtcc.investmentsor contactir@xtcc.investments
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Bitcoin covenants are coming OP_CAT gets formally introduced as BIP-420 – Crypto Briefing
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The OP_CAT covenant proposal has been formally introduced as BIP-420, with the aim of enabling smart contracts, secure bridges, and on-chain trading on the Bitcoin network.
The proposal, authored by Ethan Heilman and Armin Sabouri, seeks to reintroduce the OP_CAT opcode to Bitcoin via a backward-compatible soft fork by redefining the opcode OP_SUCCESS126. This is the same opcode value used by the original OP_CAT, which was disabled by Satoshi Nakamoto in 2010 due to concerns surrounding potential vulnerabilities.
BIP-420 enables covenants on bitcoin, allowing for smart contracts, secure bridges, on-chain trading, zk proof verification and more, OP_CAT advocate and co-founder of Taproot Wizards Udi Wertheimer said.
Covenants on Bitcoin are advanced scripting features that allow for specific conditions on how bitcoins can be spent in future transactions. They could enable use cases such as creating secure vaults for reversible transactions, automated recurring payments, time-locked transfers for inheritance, and complex financial instruments like escrows and bonds.
In this sense, Bitcoin covenants currently exist as proposed mechanisms to enforce the conditions on how BTC will be transferred in the future. They serve as a set of rules that govern how a particular Bitcoin can be spent, adding an extra layer of security and functionality to the network. Bitcoin covenants operate through Bitcoins scripting language, setting forth conditions that must be met for a Bitcoin transaction to be processed.
There are different types of covenants, each with its own set of advantages and disadvantages. The most common types include:
Value-based covenants: restricts the value of the output of a transaction.
Address-based covenants: restricts the address of the output of a transaction.
Script-based covenants: restricts the script of the output of a transaction.
Bitcoin covenants could revolutionize the way we use Bitcoin today by enabling a wider range of financial products and services to be built on top of the Bitcoin network. They could make Bitcoin more versatile, allowing for more complex transactions and smart contracts.
However, the implementation of Bitcoin covenants is not without challenges. The primary risks include potential issues with fungibility, added complexity, and the introduction of new security vulnerabilities. The concept of covenants in Bitcoin has been discussed since at least 2013.
According to the proposal, the OP_CAT opcode would simplify and expand Bitcoins functionalities, making decentralized protocols more practical and supporting advanced multi-sig setups. Essentially, OP_CAT would significantly increase the power and flexibility of Bitcoin scripting, making it easier to develop more sophisticated applications directly on the Bitcoin blockchain.
Notably, the chances of an OP_CAT soft fork actually happening depends on a combination of factors that include technical capacities from the core developers, on-chain security considerations, and community consensus.
OP_CAT is not the only Bitcoin covenant proposal under discussion though. Other proposals include Check Template Verify (CTV), OP_CHECKSIGFROMSTACK (CSFS), and LNHANCE, each varying in its approach and trade-offs and at different stages of research and debate.
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Bitcoin covenants are coming OP_CAT gets formally introduced as BIP-420 - Crypto Briefing