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1 million wallets use Coinbase-backed Base’s smart contracts in testing – The Block – Crypto News

June 13, 2023 | Author: admin

Base, a Layer 2 network in development by Coinbase, reported that more than one million wallets initiated smart contracts on its test network during the Builder Quest period.

This initiative was designed to identify potential issues in the network, which is still a testnet, under high stress conditions. With this surge in activity, the team was able to identify critical stress points in both the platforms design and infrastructure, which it is now actively addressing. Yet it found these issues difficult to solve while keeping the whole system working as intended.

During this testing phase, the network faced a significant spike in activity and a flood of data-intensive transactions. In response, developers increased the Base block gas limit allowing for more transactions per block and aiming to mitigate the sharp rise in base fees.

However, following this modification, the team encountered challenges in securely delivering batches of cryptographic proofs of its network blocks back to Ethereums Goerli testnet, which serves as the Layer 1 (L1) chain in this context. A Layer 2 network runs on top of a Layer 1 network and batches transactions to it.

The team noted, After the implementation of this [doubling gas limit] adjustment, we faced issues due to larger L2 blocks when trying to batch blocks back to the Goerli L1. After this, the team continued with fine tuning parameters regarding how it batches transactions.

We fine-tuned parameters and made adjustments, hoping to reach equilibrium," Base said. Despite these changes, the system struggled to reach equilibrium and publish the unsafe blocks to the L1. It wasnt until the quests slowed down that we could close the gap emphasizing the need for a more robust, long-term solution, the team acknowledged.

Built on Optimisms development software stack, known as the OP Stack, Base is designed to serve as a rollup network, similar to Optimism. It aims to execute off-chain computations on a secondary layer to facilitate faster, cheaper transactions all while maintaining the security benefits of the Ethereum mainnet. Furthermore, this solution could potentially become the default Layer 2 network for Coinbases on-chain products.

Bases core team has made two optimizations in an attempt to stabilize the system after seeing a major spike in activity. First, the core team said, it enhanced the data compression, aiming to better use the "L1 transaction call data." Second, the team modified their system to allow the submission of multiple batches of transactions for each L1 block, rather than a single batch at a time. These changes, the team stated, could address the technical issues previously observed.

As we look towards mainnet, these changes not only pave the way for possible increases in block gas limit but also ensure that base fees remain low and accessible for users," the team said. "They [changes] also increase the reliability of writing L2 data to the L1, crucial for maintaining speedy withdrawals and transactions.

The Base team previously reported its testnet has drawn interest from a range of developers and projects, including Blackbird, Thirdweb, OAK, and Parallel. Additionally, notable DeFi platforms like Uniswap and Aave are considering deploying on Base once it goes live.

2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Smart Contracts Market 2023 Rising Wave of New Technologies … – The Bowman Extra

June 13, 2023 | Author: admin

MarketQuest.biz recently released a report on the Global Smart Contracts Market. It presents thorough and integrated research on the current situation, focusing on the fundamental factors, market strategies, and key players growth in the business. The study aids regulators and corporate executives in making cost-effective strategic decisions. It provides an objective and comprehensive evaluation of existing patterns, factors, hurdles, limits, advancement, prospects / rapid growth sectors that will aid stakeholders in developing business plans based on present and future trends.

The report examines past growth trends, current growth factors, and future expected developments. The study examines the history of the industry and its future growth possibilities, as well as notable traders who have achieved success in this market.

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A granular examination of the industrys dynamics, market share, and sales estimates are offered. Current company success is analyzed alongside historical data to estimate the probable pattern of the global Smart Contracts industry. This helps to understand the uses of the Smart Contracts market and take the lead on the potential opportunities

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From Smart Contracts To Limited Access: How Blockchain Technology Can Help Support Data Privacy – ABP Live

June 13, 2023 | Author: admin

In the age of digital information, data privacy has become a critical issue for individuals and organisations alike. With the rise of cyber attacks, data breaches, and unauthorised access to personal information, it is essential to have effective measures in place to protect sensitive data. Blockchain technology offers a promising solution to enhance data privacy by providing a secure and decentralised way of storing, sharing, and managing data.

Blockchain technology is a distributed ledger that uses cryptographic algorithms to secure and validate transactions. A network of computers maintains the ledger, and each transaction is recorded in a block linked to the previous one, forming a chain of blocks or a blockchain.

Decentralised control: Blockchain is a revolutionary technology allowing decentralised and distributed data storage. Unlike traditional centralised and decentralised databases controlled by a single entity, blockchain technology provides a network of users with a copy of the same ledger. This eliminates the need for intermediaries and ensures that a single entity does not control data, reducing the risk of data breaches and unauthorised access.

For example, consider a supply chain management system that uses blockchain technology. All parties involved in the supply chain, such as manufacturers, distributors, and retailers, can access the same ledger and view the entire history of the product from its origin to its final destination. This provides transparency and accountability and reduces the risk of fraud or tampering with the product. Additionally, the network records and verifies any changes or updates to the ledger, ensuring that the data is tamper-proof and secure.

Immutable record-keeping: Once a transaction is recorded in a block, it cannot be altered or deleted. This ensures the integrity of the data and makes it almost impossible for unauthorised parties to access, modify, or delete data.

For instance, let's consider a real-life example of how blockchain's immutable record-keeping feature could be applied in healthcare. Suppose a patient's medical records are stored on a blockchain. Each time a new record is added, it is encrypted and added to the blockchain as a new block. This ensures that the patient's medical history is secure and unalterable, preventing unauthorised access or modification of the data. It can also facilitate better sharing of medical records between different healthcare providers, reducing the risk of errors and improving the quality of care.

Smart contracts: Blockchain technology allows for the creation of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. These contracts can automate processes and ensure that data is only shared or accessed under specific conditions.

For example, a smart contract can automate claims processing in the insurance industry. The insurance policy terms can be written into the code, and when a claim is filed, the smart contract will automatically execute the claims process based on the predefined terms. This can eliminate the need for intermediaries and reduce the time and cost of traditional claims processing.

Permissioned access: In some blockchain networks, access to data is restricted to authorised parties only. This means that participants in the network must be granted permission before they can access or modify the data. This ensures that data is only accessible to those authorised to view it.

For instance, manufacturers, distributors, and retailers in a blockchain-based supply chain network may have permissioned access to certain data, such as product origin and delivery details. The network may grant access to these entities based on their role in the supply chain, ensuring that the sensitive data is only available to authorised parties and enhancing data privacy and security.

Overall, blockchain technology provides a powerful tool for enhancing data privacy. By leveraging its decentralised, secure, and consensus-based architecture, blockchain can help protect sensitive data in various sectors, including healthcare, finance, and government. As blockchain technology continues to mature and gain wider adoption, it will likely become an essential tool for safeguarding data privacy in the digital age.

(The author is the CTO and co-founder of Mudrex, a global crypto investing platform)

Disclaimer: The opinions, beliefs, and views expressed by the various authors and forum participants on this website are personal and do not reflect the opinions, beliefs, and views of ABP Network Pvt. Ltd. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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A Comprehensive Guide to Understanding the Basics of EOS … – The Coin Republic

June 13, 2023 | Author: admin

With the introduction of its first initial coin offering (ICO) in July 2017, the EOS blockchain shook the blockchain world with its entrance. The smart contract environment of the EOS allows businesses and industries to develop scalable decentralized applications (dApps) in a way similar to web-based applications. This blockchain supports diverse features and has been a potential competitor of both market leaders (Ethereum) and newcomers (Tron and Neo).

First launched in 2017 by Block. One company, EOS (short for the electro-optical system), is a blockchain-based decentralized platform that operates on a Delegated-Proof-of-Stake (DPoS) consensus mechanism and is used to build a wide range of industrial-scale dApps and ecosystems.

The robust and agile infrastructure of EOS blockchain provides a user-friendly and business-friendly environment to create dApps while avoiding the issues of high fees and slow transaction speeds of traditional blockchains (e.g., Ethereum).

The EOS network has two key elements:

EOS blockchain has been embraced by the blockchain community. Ubuntu Energy Ledger, All_ebt Food Stamps, and DACTROIT are some of the numerous applications that have been built on the EOS platform.

Before starting to trade on the EOS blockchain, users need to create an EOS wallet that can send and receive EOS tokens while also storing private-public key pairs. The most popular EOS wallet examples include Exodus Mobile, MyEOSwallet, Guarda, and Scatter.

In 2016, Ethereum suffered an infamous DAO hack in which hackers exploited a code vulnerability of the blockchain and stole coins worth around $60 Million leading to the creation of a hard fork called Ethereum Classic.

The DPoS mechanism protects the EOS blockchain from such security threats since it involves elected delegates who continuously monitor the network and can freeze faulty dApps.

Processing any transaction on a PoS-mechanism-based blockchain network requires the consensus of all network nodes, reducing the number of transactions executed per second (TPS), also known as scalability.

EOS blockchain officially reaches a transaction capacity of 100,000 TPS, which is significantly higher than its opponents, such as Visa (1700 TPS), PayPal (193 TPS), Ethereum (27 TPS), and Bitcoin (7 TPS).

EOS network achieves higher transaction rate via- horizontal scaling, i.e., adding more systems to its network to widen its resource pool; vertical scaling which involves boosting the computing power of specific parts of the network or dApps.

Transactions on the Ethereum blockchain require the user to pay the gas fee, which gets more expensive as more people use the network.

The working of the EOS blockchain differs in this regard as it bestows its users ownership of the network resources (e.g., computing power) in direct proportion to the tokens they hold. This method replaces the payments for individual transactions.

Creating custom smart contracts and permission schemes for various businesses is the primary focus of the EOS network.

The comprehensive permission system of EOS can be used by developers to safeguard specific smart contract features. Moreover, this crypto platform offers the feature of splitting authorities required to invoke a smart contract function, across different accounts with different command weights.

All EOS-based apps are upgradeable and modifiable meaning users can implement code fixes, and make additions or changes in the applications features and logic. Moreover, rather than dealing with permanent bugs, the EOS network allows developers to renew their dApps.

The parallel processing of EOS smart contracts can be achieved by three prominent features. First, through asynchronous communication, transaction parties need not be present simultaneously to communicate.

Secondly, the interoperability feature enables the smooth transfer of data and information between two blockchains.

Thirdly, the horizontal and vertical scaling options of the EOS enhance the transaction capacity of the network.

Ups and downs of EOS blockchain

During its 2017-2018 ICO, EOS raised the equivalent of around $4 Billion by releasing over 700 Million tokens. However, its user base started shrinking after four years. Moreover, the value of the EOS token toppled from $10 in June to $4.46 in August 2021.

Presently, the EOS blockchain has become the most widely used blockchain-based network worldwide. With its permissioned and enterprise-scale nature, it is becoming a platform that can provide several benefits to businesses and industries.However, there are still some doubts and criticisms from the blockchain community members regarding the undelivered promises and degrading quality of EOS.IO code that need to be addressed.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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Huawei Releases the "F2F2X" Data Infrastructure Architecture to … – PR Newswire

June 13, 2023 | Author: admin

SHANGHAI, June 12, 2023 /PRNewswire/ -- Huawei launched its innovative data center data infrastructure architecture F2F2X (Flash-to-Flash-to-Anything) at the Financial Data Storage Session, a part of the Huawei Intelligent Finance Summit 2023.

This architecture forms a reliable data foundation to help financial institutions handle the challenges brought by new data, new apps, and new resilience.

For banks, intelligence is driving the creation of new business scenarios and business models. A number of new services are emerging, including customization, smart contracts, digital assets, and metaverse banking, posing three challenges to banks' existing data infrastructure.

Data processing for massive amounts of new data: IDC estimates that by 2025, the amount of data generated by banks worldwide will reach 48.6 zettabytes, with a compound annual growth rate (CAGR) of 26.2%. Banks will need to address capacity, performance, and energy efficiency challenges brought by huge amounts of unstructured data.

New Containerization Applications for Banks Create New Data Management Challenges: 89% of enterprises are transitioning to multi-cloud business strategies. In the multi-cloud era, efficient data flow between different apps and medium will become a new challenge for bank data management.

New higher data resilience to rampant ransomware attacks: A successful enterprise ransomware attack causes on average US$7.8 million in losses.

Huawei's F2F2X architecture provides all-flash primary and backup storage and diversified archive storage. This architecture is designed to efficiently unleash the potential of data and activate the potential of "4+" (Data acceleration+, Data resilience+, Data mobility+, Data management+) data centers.

Data acceleration+: Core technologies such as decoupled storage and compute and multi-controller and multi-active architecture accelerate data processing in financial new digital core and financial data warehouse scenarios, realize all-flash primary storage and backup, and have 30% higher performance than the industry's next best.

Data resilience+: The Huawei-proprietary machine learning (ML) algorithm has the industry's highest detection rate (99.9%) and forms the last line of defense for data protection with a 4-layer storage ransomware protection solution.

Data mobility+: Six intelligent data tiering capabilities and the DME global data scheduling engine ensure the lowest TCO throughout the data lifecycle.

Data management+: Focusing on service scenarios such as financial data analysis and AI, Huawei's data lifecycle intelligent management platform DME enables second-level search of 10 billion files, multi-dimensional intelligent insight into global files, quickly identifies hot and cold data distribution, and intelligently tiers or deletes data, improving management efficiency.

Spark Wang, Director of Cybersecurity and Privacy, PwCChina, said, "for ransomware attacks, we need to enhance network-side protection to reduce the risks of attacks. Furthermore, data resilience also needs to improve. In the event of network-side protection failure, we need to take quick measures to prevent data from being encrypted, and provide prompt attack warnings. In the event that production data is encrypted or the entire data center is 'contaminated', we need to retain a complete and clean data copy for rapid recovery of the service system."

Michael Fan, Vice President of Global Data Center Marketing & Solution Sales Dept, Huawei Enterprise BG, said, " Huawei's data infrastructure products and solutions have been used by over 1,300 financial institutions worldwide. Customers' desire for "4+" data centers motivates us to always innovate. With the F2F2X architecture as the blueprint, we will continue increasing R&D investment and building a "more reliable, efficient, and greener" data foundation for financial industry to deal with business challenges in the intelligent era."

For more information, please visit: https://e.huawei.com/en/products/storage

Contact[emailprotected]

SOURCE Huawei

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The Rise of Decentralized Finance: Exploring DeFi and its Potential – Global Banking And Finance Review

June 13, 2023 | Author: admin

What is Decentralized Finance (DeFi)

Decentralized finance, also known as DeFi, is a growing industry that allows users to access financial services without intermediaries. DeFi aims to provide a more open, transparent, and accessible financial system using blockchain technology and smart contracts. This article explores the history, advantages, protocols, challenges, and future of DeFi.

DeFi is a decentralized financial system that allows users to access financial services without intermediaries such as banks, brokers, or exchanges. DeFi operates on blockchain technology, which enables secure and transparent transactions without the need for a central authority.

DeFi originated in 2017 with the launch of the Ethereum network, which enabled the creation of smart contracts and decentralized applications (dApps). The first DeFi application was MakerDAO, which introduced a decentralized stablecoin called Dai. Since then, the DeFi industry has grown rapidly, with a market cap of over $100 billion as of May 2023.

DeFi offers numerous benefits such as accessibility, transparency, security, efficiency, and flexibility.

DeFi (Decentralized Finance) offers increased accessibility to financial services. With DeFi, anyone with an internet connection can access a wide range of financial services, such as lending, borrowing, trading, and investing. This accessibility is particularly beneficial for individuals who are unbanked or underbanked, as they can participate in financial activities without relying on traditional banking systems.

One of the key advantages of DeFi is its transparency. DeFi transactions are recorded on a public blockchain, which means that anyone can view and verify the transactions. This transparency helps build trust among users, as they can independently verify the integrity of the transactions and ensure that the system is operating fairly.

DeFi offers enhanced security compared to traditional financial systems. By utilizing blockchain technology, DeFi eliminates the need for intermediaries and central authorities, reducing the risk of hacks, fraud, or manipulation. Additionally, DeFi platforms often implement smart contracts, which are self-executing contracts with predefined rules, providing an added layer of security and eliminating the need for intermediaries.

DeFi can provide faster and more efficient financial services. Traditional financial systems often involve multiple intermediaries, which can result in delays and higher costs. DeFi eliminates or minimizes the need for intermediaries, allowing for faster and direct peer-to-peer transactions. Moreover, DeFi platforms leverage smart contracts and automation, streamlining processes and reducing administrative overhead.

DeFi offers greater flexibility in terms of financial services and customization. DeFi protocols are open-source, meaning that developers can build and integrate their own applications and services on top of existing infrastructure. This flexibility allows for the creation of innovative financial products and services tailored to specific needs and preferences.

DeFi operates on blockchain technology, which is a decentralized digital ledger that records transactions in a secure and transparent manner. Blockchains use cryptographic algorithms to secure transactions and prevent tampering or fraud.

Smart contracts are self-executing computer programs that run on blockchain networks. Smart contracts enable DeFi protocols to automate financial transactions, such as lending, borrowing, trading, or insurance. Smart contracts can enforce the terms of a transaction without the need for intermediaries.

DApps are software applications that run on blockchain networks. dApps can provide a range of financial services, such as decentralized exchanges (DEXs), stablecoins, lending and borrowing platforms, insurance, or decentralized identity verification.

DAOs are organizations that operate on blockchain networks and are governed by smart contracts. DAOs can enable decentralized decision-making, funding, and management of projects. DAOs can also provide decentralized governance for DeFi protocols, enabling community-driven decision-making.

DEXs are decentralized platforms that enable peer-to-peer trading of cryptocurrencies without intermediaries. DEXs can provide greater privacy, security, and control than centralized exchanges, as users have sole control over their funds and can trade directly with each other.

Stablecoins are cryptocurrencies that are pegged to the value of a stable asset, such as the US dollar or gold. Stablecoins can provide a stable and predictable value for transactions, enabling greater adoption of cryptocurrencies as a medium of exchange or store of value.

DeFi lending and borrowing platforms enable users to lend or borrow cryptocurrencies without intermediaries. Lending and borrowing platforms can provide greater flexibility, lower interest rates, and faster processing times than traditional lending platforms.

DeFi insurance protocols enable users to buy or sell insurance coverage without intermediaries. DeFi insurance can provide greater transparency, lower fees, and faster payouts than traditional insurance companies.

DeFi protocols can enable decentralized identity verification, enabling users to prove their identity without intermediaries. Decentralized identity verification can provide greater privacy, security, and control than traditional identity verification methods.

DeFi protocols can be vulnerable to hacks, fraud, or exploits, as they operate in a decentralized and open environment. DeFi protocols can also be subject to smart contract bugs or vulnerabilities, which can be exploited by attackers.

DeFi operates in a regulatory grey area, as it is not subject to traditional financial regulations. Regulators may impose new regulations or restrictions on DeFi protocols, which could limit their adoption or growth.

DeFi protocols can suffer from liquidity issues, as they rely on a limited pool of users and assets. Low liquidity can limit the availability of financial services and increase the risk of market volatility or price manipulation.

DeFi protocols operate on different blockchain networks, which can limit their interoperability and scalability. Interoperability solutions, such as cross-chain bridges or layer-two protocols, are being developed to address these issues.

DeFi is expected to continue to grow in popularity and adoption, as more users and institutions recognize the benefits of decentralized finance. DeFi is also expected to integrate with traditional financial systems, enabling greater interoperability and collaboration.

DeFi is expected to continue to innovate and develop new use cases, such as decentralized prediction markets, tokenized real estate, or decentralized autonomous organizations (DAOs). These new use cases can expand the scope and impact of DeFi.

DeFi has the potential to achieve mass adoption, as it can provide financial services to anyone with an internet connection, regardless of their location or background. DeFi can also provide greater transparency, security, and efficiency than traditional financial systems, enabling greater trust and adoption.

DeFi is a growing industry that offers numerous benefits such as accessibility, transparency, security, efficiency, and flexibility. DeFi operates on blockchain technology and smart contracts, enabling decentralized financial services without intermediaries.

DeFi has the potential to revolutionize the financial industry, enabling greater democratization, innovation, and collaboration. DeFi also poses challenges such as security risks, regulatory challenges, liquidity, and interoperability. However, these challenges are being addressed by the DeFi community through innovation and development.

In summary, DeFi is an exciting and rapidly growing industry with enormous potential to disrupt traditional finance and enable greater financial inclusion and innovation. While there are challenges to be addressed, the benefits of DeFi are significant, and its future looks bright. As DeFi continues to evolve and develop, we can expect to see more innovative use cases and greater adoption by users and institutions alike.

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Blockchain platforms promise resale royalties and provenance … – Art Newspaper

June 13, 2023 | Author: admin

Nine years after the launch of the second generation of blockchain, the technology has found a new life as a home for digital contracts. Artists and the art market have started to see delivery of the promise that blockchainon which digital transactions are permanently recordedcan serve as a permanent record of a physical works authenticity, while also setting the terms for a secondary sale to benefit the works creator beyond the primary sale.

That promise derives from blockchain-powered ventures in other industries that are also trading high-value items, notably Everledger, founded in 2015, which secures records of authenticity and ethical sourcing for diamonds by tracking their provenanceincluding a digital twin of each gemfrom mine to jewellers shop, through unalterable files held on a blockchain.

The art market, which enjoyed a rollercoaster first engagement with the blockchain as a home to non-fungible tokens (NFTs)digital tokens that sold at eye-popping speculative levels in 2021has been offered a new engagement with the technology in the past year, with the emergence of platforms devoted to using blockchain tohost a digitised version of the established interaction between artists, dealers and collectors, in buying and selling new physical works of art.

The benefits on offer are a permanent record of authenticity and transparency of a transaction, to buyers and sellers alike, and allowing artists to set contractual terms, held on the blockchain, for the secondary sale of their work. (Makers of physical art will be looking to learn from the recent experience of those NFT artists who have sold their digital art on one blockchain but have then missed out on the terms of the resale royalties when the buyer has sold the piece on another blockchain.)

Two of the leading players in the field are Fairchaina US-based start-up, founded by artists and Stanford University graduates, which since 2021 has offered blockchain-stored certificates of authenticity and royalties on resaleand Arcual. The latter, a blockchain-powered platform, backed by the LUMA Foundation, MCH Group (owners of Art Basel) and BCG X (the tech venture arm of Boston Consulting Group) bases its process on a double-signed agreement, the certificate of authenticity, between dealer and artist. These certificates always include multiple signatures, Arcuals chief product officer, Rodrigo Esmela, and its chief technical officer, Michael Schuller, tell The Art Newspaper. This means, they say, that parties cannot unilaterally define terms or conditions, allowing galleries and artists to define the accurate representation of the artwork on the blockchain and the terms and conditions of any sale or resale.

Works by Phoebe Cummings will be used by Arcual to demonstrate its digital dossiers at Art Basel Sylvain Deleu

Seven months after its launch, Arcual has introduced digital dossierswhich it will demonstrate at Art Basel with the work of the ceramic artist Phoebe Cummingsthat enable artists to add text, images and PDF files to create a rich provenance, recording anything from the works creation to the artists intentions for its display. The information is as unalterable on the blockchain as its certificate of authenticity, and part of a smart contract between artists, dealers and collectors. (Arcual can handle transactions of up to $1m at a time and takes up to 1.5% in commission on each sale.)

Bernadine Brcker-Wieder, Arcuals chief executive, worked closely with Everledger in her previous role as founding chief executive of Vastari, the worlds largest private collection and temporary exhibition database, which took an investment in 2016 from Everledger. She says that, in conversations with artists, dealers and collectors, the word blockchain now hardly arises; the tech has almost become a given. And while blockchain-stored contracts designed for other industriesfashion, luxury, shipping containersmight depend on additional layers of tech to link contract and object, such as the creation of a digital twin or the adding of an NFT chip to high-value fashion items, in Arcuals digital dossier an artist can record uniquely personal marks of authenticity. These might be a hard-to-detect symbol or a surface abrasion that forms part of a pieces unique physical make-up, added by the artist for an extra level of authenticity. The Arcual dossier is like a users manual of the work, Brcker-Wieder says.

Bernadine Brcker-Wieder (above), chief executive of blockchain-powered platform ArcualPhoto by Jolly Thompson

Arcuals digital dossiers are necessarily private to artist, dealer and collector, but the potential shape of such richly detailed provenances can be seen in platforms for other industries, including findmyinstrument.org, a website where the detailed history and physical characteristics of historic violins, violas and cellos, are published, using X-rays, infrared, endoscope imagery, photographs, video and written descriptions. Of course, storing large volumes of detailed information raises questions about data laws, especially in relation to the GDPR that prevails in Europe and the UK. Questioned about this by The Art Newspaper, Esmela and Schuller said that Arcuals digital dossiers and other information held on the blockchain is compatible with GDPR. We only store the minimum required information. No personal identifiable information (PII) about buyers is stored in the digital dossier, and only information relevant to the artwork is stored in the digital dossier.

Artclear, another new blockchain platform for recording a permanent provenance for art, offers a technical model closer to the Everledger digital twin approach, by providing microscopic-level scanning of works using industry-standard tech under licence from the hardware giant Hewlett-Packard (HP). The scan, and a digital code derived from it, is saved on the blockchain as part of an Artclear Fingerprint.

Ceramic works by Athene Galiciadis were consigned by Arcual earlier this yearCourtesy of von Bartha Gallery Copenhagen

These new blockchain-based businesses have caught the attention of the market. At Art Basel in Hong Kong in March 2023, eight galleries consigned work through Arcuals Salesroom platform, including Sabrina Amrani gallery with Carlos Aires and his sculpture Bon Apptit IV (2022), an assemblage of glassed porcelain plates, and Commonwealth and Council gallery with Kenneth Tam for his video Silent Spikes (2021). For Stefan von Bartha, the owner of Von Bartha gallery, which used Arcual to consign a Copenhagen exhibition of Athene Galiciadiss painted clay vessels, Measuring the World, earlier this year, using the platform is part of striving for a more transparent and fairer art world.

As with all manner of new tech platforms over the past 15 years, whether in the art market, publishing, or gaming industries, potential customers of Fairchain, Arcual and other entrants to the field, are to different degrees enthused by the tech and wary of how it will reach critical mass. The London gallerist Oliver Miro, founder of Vortic, a VR and AR platform for the art world, recognises the potential of the technology but wonders whether this approach will work unless the whole art world shifts to one model and one blockchain, and enforces it rigorously.

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Ontology: A Public Blockchain for Building Business Solutions – Auralcrave

June 13, 2023 | Author: admin

Blockchain technology has been revolutionizing various industries, and the business world is no exception. With the rise of cryptocurrencies, businesses have begun to recognize the potential of blockchain for streamlining operations, improving security, and reducing costs. One blockchain that has been making waves in the business world is Ontology, a public blockchain designed specifically for building business solutions. Want to get your hands on the best automated trading platform for BTC? Try quantum-code.app now for a fully automated trading experience!

Ontology is a blockchain platform designed for public use that offers a high-performance infrastructure for developing decentralized applications. Onchain, a Chinese blockchain company established in 2014 by Da Hongfei and Erik Zhang, the founders of NEO, created Ontology. Ontology was released in 2018 and has drawn a lot of attention from the business community due to its distinct characteristics and capabilities. Ontologys main objective is to provide businesses with a secure and efficient method of building and deploying decentralized applications.

Ontology is based on a modular architecture that allows businesses to customize their blockchain solutions according to their specific needs. It uses a consensus mechanism called VBFT (Verifiable Byzantine Fault Tolerance), which combines the strengths of both Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT) algorithms. This consensus mechanism ensures that the network is secure, fast, and scalable.

Ontology also supports smart contracts, which are self-executing contracts that automatically enforce the terms of an agreement. Smart contracts can be used to automate various business processes, such as supply chain management, identity verification, and digital asset management. Ontologys smart contracts are written in the Solidity programming language, which is also used by Ethereum, another popular blockchain platform.

Ontology offers several advantages for businesses looking to implement blockchain solutions. Here are some of the key benefits:

Ontologys modular architecture and VBFT consensus mechanism make it a highly performant blockchain platform. It can process up to 5,000 transactions per second, which is significantly higher than other popular blockchain platforms like Ethereum and Bitcoin.

Ontologys modular architecture allows businesses to customize their blockchain solutions according to their specific needs. They can choose from a range of modules, such as identity verification, data exchange, and digital asset management, to build their decentralized applications.

Ontology is designed to be interoperable with other blockchain platforms and traditional IT systems. This means that businesses can integrate their existing systems with Ontologys blockchain solutions without disrupting their current operations.

Ontologys VBFT consensus mechanism ensures that the network is secure and resistant to attacks. It also offers various security features, such as multisig wallets and smart contract auditing, to ensure that businesses can build secure and reliable blockchain solutions.

Ontology can be used for a wide range of business applications. Here are some examples:

Ontology can be used to create a transparent and secure supply chain management system. By using smart contracts to automate the tracking and verification of goods and products, businesses can reduce the risk of fraud, counterfeiting, and other types of supply chain disruptions.

Ontologys identity verification module is a technology that can be utilized to establish a highly secure and decentralized system for the purpose of verifying identities. This type of system can be particularly advantageous for industries that require a high degree of accuracy and rigor in their identity verification processes, such as finance and healthcare. By leveraging Ontologys module, organizations can enhance their existing identity verification systems and ensure that they are reliable, tamper-proof, and fully compliant with relevant regulations and standards. With its advanced features and capabilities, Ontologys identity verification module represents a cutting-edge solution for organizations looking to improve the security and integrity of their identity verification processes.

Ontology can be used to create a secure and transparent system for managing digital assets, such as cryptocurrencies, tokens, and other types of digital assets. By using smart contracts to automate the management of digital assets, businesses can reduce the risk of theft and fraud.

Ontology is a blockchain platform that provides a diverse set of features and tools to build robust business solutions. Its infrastructure and toolkit stand out in the blockchain industry, making it a popular choice among developers and businesses looking to create decentralized applications.One of Ontologys primary focuses is on interoperability and user-friendliness. This means that the platform is designed to facilitate easy communication and interaction between different blockchain networks and technologies. As a result, Ontology aims to bridge the gap between blockchain technology and its real-world applications.

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Ontology: A Public Blockchain for Building Business Solutions - Auralcrave

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The power of Fastex’s POSA consensus: Empowering validators and businesses alike – Cointelegraph

June 13, 2023 | Author: admin

"Stakers and validators usually don't care about the blockchain platform they're using, they don't care about its health. We want to change that," said Pavel Aramyan, Blockchain Program Lead at Fastex and one of the guests at Cointelegraph's live. "We want to actually reward validators and businesses and encourage them to provide value to users."

And Fastex is doing that with its Proof-of-Stake-and-Activity (POSA) consensus mechanism, which was unveiled earlier this year on the Fastex Bahamut chain and was one of the main topics of Cointelegraph's recent AMA, among other Fastex projects.

"The differe nce between POSA and other consensus mechanisms is that it takes into account the activity of the gas usage of smart contracts," Aramyan said. "In simple terms, if you have a business that runs on smart contracts and is deployed on the Fastex chain, the more usage your business and application gets, the more blocks you'll propose and fees you'll generate from the network."

This means that by attaching smart contract addresses to validator addresses, companies on the Fastex chain can accumulate activity based on the gas usage of their smart contracts. This activity determines their chances of becoming a block producer and generating fees from the network.

This unique approach offers endless opportunities for businesses, with both traditional and decentralized services. Especially for Web2 businesses the transition to blockchain can be challenging due to the fear of losing control and valuable user data. But with POSA, a company can focus solely on the growth.

"There are endless possibilities for this activity blockchain parameter, and we think all consensus mechanisms should take this into account because it drives companies and smart contract creators to really think about their user base and the business they're building," Aramyan said.

Built as a fork of Ethereum 2.0, Fastex Chain inherited Ethereum's security and still undergoes continuous auditing processes. "When it comes to building smart contracts and dApps, the highest level of security and reliability is a priority for us. That's why we engage in a rigorous auditing process conducted by at least two independent auditors. Our preferred partners for these audits are renowned companies in this area like Certik and Hexens, ensuring the highest standards of security. We constantly strive to improve by updating and enhancing our systems on a regular basis," Aramyan said.

In addition to the blockchain platform, the Fastex ecosystem includes a wide range of other projects, as outlined by another AMA guest, Vardan Khachatryan, Chief Legal Officer at Fastex.

One of them is the next-generation payment technology Fastex Pay, which offers a comprehensive range of solutions, including crypto and fiat services, online and offline B2B and B2C payments, and integration with other crypto exchanges and companies. "We combine traditional payment systems with innovative blockchain-based technologies to provide a holistic suite of products for our users," said Khachatryan.

"We also have an NFT marketplace," he added. "And two offline NFT stores in Dubai Mall and Mall of the Emirates, which are quite popular. We realize that customers like the physical integration of NFTs, and artists work in different media. So we bring everyone together - NFT enthusiasts, NFT collectors, artists - to meet the evolving needs of our diverse community."

"At Fastex, our mission is to empower people to make the most of their assets by providing practical use cases for cryptocurrencies, not just our Fasttoken," said Aramyan. "We are actively working to educate and engage a broader audience on the benefits and risks of crypto. Our focus is on building a fast and effective system that instills confidence and simplifies this experience."

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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The power of Fastex's POSA consensus: Empowering validators and businesses alike - Cointelegraph

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Introducing Managed dAPIs: Building Trust through Source Transparency – Yahoo Finance

June 13, 2023 | Author: admin

DUBAI, United Arab Emirates - (NewMediaWire) - June 12, 2023 - (King NewsWire) - Today, API3 is thrilled to announce the launch of Managed dAPIs, a groundbreaking solution that revolutionises the way decentralised applications (dApps) interact with off-chain data. Managed dAPIs offer developers a secure, reliable, and scalable approach to accessing real-world data on-chain, while prioritising source transparency and trust.

In the rapidly evolving landscape of the Web3 data economy, the need for reliable and transparent connections between real-time market data and smart contracts has become paramount. Managed dAPIs, powered by API3, address these challenges by providing high-quality reference data served on-chain by first-party oracles. By eliminating third-party intermediaries and enhancing data integrity, Managed dAPIs establish a new standard for fostering trust through data source transparency andembody the core values of blockchain technology.

Key features of the Managed dAPIs

Managed dAPIs offer a wide range of features that not only ensure reliability and efficiency but also significantly improve security. These attributes make Managed dAPIs the ideal choice for dApps seeking accurate, reliable, and secure data in the rapidly changing oracle space.

1. First-Party OraclesManaged dAPIs utilise first-party oracles, enabling data to be served directly from reputable API providers via the API3 Airnode. This direct connection eliminates the need for third-party intermediaries, reducing the possibility of data manipulation or bias. The first-party oracle architecture fosters trust through source reputation and end-to-end transparency. Developers can verify the data source on-chain, providing confidence in the integrity and accuracy of the accessed data.

2. Multi-Source Data FeedsManaged dAPIs aggregate data from numerous first-party oracles, creating multi-source data feeds. This approach ensures a broad and diverse range of data points, contributing to the overall accuracy and reliability of the data. Each beacon or data point in a Managed dAPI represents a unique provider that is verifiable, ensuring data integrity and reducing potential bias.

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3. Push Oracle ArchitectureManaged dAPIs utilise a push oracle architecture, actively pushing data to the blockchain and making it readily available for dApps. This push architecture enhances efficiency and ensures timely data feed updates, benefiting both developers and end-users. Furthermore, this design makes it easy for dApps to migrate from existing oracle services.

4. Improved Security With Native-Chain AggregationTo provide maximum security, Managed dAPIs use native-chain aggregation, combining data on the same chain that the oracle is being used on. Native-chain aggregation maximises security by eliminating the need for bridges, which come with their own risks and vulnerabilities. With native-chain aggregation, developers can rely on a secure and reliable data feed. These features make Managed dAPIs a powerful solution for building better oracles in the DeFi ecosystem. By focusing on end-to-end transparency, high-quality data sources, efficient data delivery, and robust security, Managed dAPIs set a new standard for how dApps access real-world data on the blockchain.

Accessing Managed dAPIs

Managed dAPIs have been designed to be developer-friendly and easy to implement. They can be accessed via the API3 Market, providing developers with seamless access to aggregated data feeds. The market offers a range of multi-source dAPIs with various deviation thresholds and heartbeat specifications, allowing developers to choose a service that aligns with their unique requirements. While existing dAPIs are always free to read, the creation of a new multi-source feed requires the user or 'sponsor' to pay for the upgrade to create the data feed. Users are required to pay for the upgrade to a Managed dAPI in native chain currency, covering the operational expenses associated with gas costs. The sponsoring dApp essentially upgrades the service to a multi-source data feed, which API3 creates and maintains. Once established, the feed becomes accessible to all users, as long as the sponsoring dApp continues to fund the Managed dAPI. This flexible and scalable nature of the service accommodates changes to contracts during their term, providing additional scalability to developers.

Operational OversightThe API3 DAO dAPI team provides 24/7 monitoring of Managed dAPIs, ensuring continuous checks on wallets and API responses for reliability and security. The team can also update or "re-map" dAPIs to meet evolving requirements, ensuring a continuous improvement cycle. This level of operational oversight guarantees that Managed dAPIs maintains their integrity and reliability at all times.

Simple IntegrationManaged dAPIs have been designed for easy integration. Comprehensive documentation and guides are available to simplify the process, and a dedicated developer community provides technical support and best practices. Whether an individual is a seasoned developer or a newcomer, they will find the integration process of Managed dAPIs smooth and intuitive. Managed dAPIs are supported across 12 different networks, including Ethereum, Arbitrum, Polygon zkVM, and Optimism. Data feed contracts are adapted to the specific duration limits of each chain, ensuring compatibility. This multi-chain support expands the reach of Managed dAPIs, providing developers and blockchain networks with increased opportunities to harness the potential of decentralized data feeds.

Paving a Road to Better Protocol Performance with Oracle Extractable Value

As API3 progresses into the next phase of the dAPI rollout, API3 is turning the challenges posed by Maximal Extractable Value (MEV) into an opportunity to optimise the DeFi ecosystem. Traditionally, MEV has caused significant value loss for dApps and contributed to a poor user experience. API3 is addressing these challenges by designing a process to capture Oracle Extractable Value (OEV), a subset of MEV related to oracle updates. Outlined in the API3 OEV Litepaper, API3 will introduce an off-chain marketplace that allows dApps to auction off meta-transactions signed by first-party oracles for updating data feeds. Searchers bid for the right to perform these oracle updates, capturing the MEV associated with the transaction. This shared benefit model ensures that price feeds are updated according to the dApp's needs rather than solely relying on deviation thresholds, similar to a pull-based oracle. The transformative aspect of OEV lies in the fact that the value captured by searchers is shared with the dApps through the auction process. This approach minimises the negative impacts of MEV extraction, fostering the creation of accurate and low-latency oracles, which, in turn, enhance protocol performance and efficiency. One profound impact of OEV is its ability to create more accurate and low-latency oracles, increasing the profitability and sustainability of liquidity provision. This, in turn, improves market-making and attracts more liquidity to the application, fostering better performance and a superior user experience. By introducing a process to capture OEV, API3 demonstrates the power and potential of Managed dAPIs, paving the way for a sustainable and profitable future in DeFi.

Building a Better Oracle Service with Managed dAPIs

Managed dAPIs are transforming how dApps access and handle data on the blockchain. They represent a significant leap towards realizing a truly decentralized data economy by addressing critical issues of data integrity, security, and transparency. By leveraging Managed dAPIs, developers and networks can proactively foster transparency and reliability, building on the "don't trust, verify" principle. This approach delivers a better user experience and establishes long-term trust with users.

API3 encourages developers and blockchain networks to explore their technical documentation to learn more about using Managed dAPIs to power their applications. Explore Managed dAPIs today and join API3 in building the future of decentralised finance. For more information about Managed dAPIs and to explore the possibilities they offer, please visit API3's website and access the comprehensive technical documentation.

About API3:API3 is a leading provider of decentralised oracle solutions, committed to bridging the gap between blockchain applications and real-world data. By leveraging the power of first-party oracles and advanced technology, API3 offers developers and dApps a reliable, secure, and transparent approach to accessing off-chain data on-chain. With the launch of Managed dAPIs, API3 is driving innovation in the DeFi ecosystem and setting new standards for decentralised data feed.

Media Contact

Organization: API3 Contact Person: Adonis Cyril Website: https://api3.org/daoEmail: Adonis.radarblock@gmail.com Country: United Arab Emirates

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Introducing Managed dAPIs: Building Trust through Source Transparency - Yahoo Finance

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