Tag: blockchain

China Launches Public Blockchain Platform Despite Unfriendly Crypto Stance

China is accelerating efforts to establish a massive blockchain network, despite its strict anti-crypto stance. The goal is to allow the government of China to engage in blockchain-related activities, especially in a cross-border setting. The Chinese government has launched the ‘Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative’. Announced in 2013, China’s ambitious Belt and Road Initiative (BRI) is a development strategy for a global infrastructure through which it aims to connect continents across land and sea.

The project for the upcoming Chinese public blockchain platform is being spearheaded by Conflux Network, and the launch was announced on Sunday. A multichain blockchain system, the network is operated by the Conflux Foundation which is also called the Shanghai Tree-Graph Blockchain Research Institute.

The Conflux Network posted updates about the project on X (formerly Twitter), revealing that the platform would “provide the base for developing applications that showcase collaboration across borders.” Other details related to the project are yet to be announced.

This is not the first time that China is shown some interest in exploring the Web3 sector. The Chinese government recently hinted at its preparedness plan to address the growth of metaverse technology in the country.

In January 2024, the Chinese government set up a special body tasked with the responsibility of setting the standards for the use of the metaverse tech in China. This group consists of several Chinese tech majors including Tencent, Baidu, and Ant Group.

China also leads the Asian market in conducting CBDC trials into advanced phases with international banks such as Standard Chartered participating in the trials.

While Beijing imposed a blanket ban on crypto-related activities in September 2021 owing to electricity shortages, an underground network of crypto traders has managed to keep the trading operations running. A December 2023 report by Vietnamese investment capital firm Kyros Ventures claimed stablecoins are particularly popular in China with 33.3 percent of Chinese investors holding those digital currencies.

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Solana Blockchain Beats Ethereum on Popularity Quotient, Memecoins Contribute

Crypto enthusiasts are seemingly taking advantage of the ongoing bull run, generating major activities across blockchain networks. The eco-friendly Solana blockchain, on the scale of most popular, has managed to defeat Ethereum in recent days. The credit for this goes to the frenzy of Solana-based NFTs and memecoins that have captured the attention of the members of the global Web3 community. As per data collected by Coinbase, in the last 24 hours alone the Solana blockchain saw transactions worth $11 billon (roughly Rs. 91,703 crore) with people purchasing small tokens and memecoins based on the network.

In a recently published analysis, CoinGecko ranked Solana number one on the list of most popular blockchains. As per its data, Solana commands 49.3 percent of global crypto investor interest.

Solana was launched in 2020 by Solana Labs, which was founded by Anatoly Yakovenko and Raj Gokal in 2018. At the time of its launch SOL, the native token of Solana was priced at $0.22 (roughly Rs. 18). Now, with the spike in Solana-based activities, the price of its token is also on a surge. This week, the price of the SOL token breached the mark of $200 (roughly Rs. 16,700) for the first time since its inception. After undergoing a slight price correction period, SOL is presently trading at $175 (roughly Rs. 14,600). In fact, in the last one year, the value of SOL has escalated by a remarkable 700 percent.

The Solana blockchain has reportedly managed to garner $150 million (roughly Rs. 1,252 crore) through the sale of memecoins like Bonk and Slerf. Subsequently, the transaction fees on Solana has also witnessed a spike in recent months despite the blockchain being famous for having comparatively cheaper gas fee charges.

“Solana has shown immense strength. The total trading volume of DEXes also has been largely skewed towards SOL with a total volume of more than $6 billion (roughly Rs. 50,190 crore) on the Solana chain in the last 24 hours; it has been only close to $2.1 billion (roughly Rs. 17,566 crore) in the case of Ethereum. Memecoin mania is the biggest driver of the on-chain trading that we are seeing today,” the CoinSwitch Markets Desk told Gadgets360.

As far as Ethereum is concerned, the blockchain did undergo an important update called Dencun earlier this year. On the sidelines of this, the Ethereum blockchain has secured the second rank on the most popular blockchains list compiled by CoinGecko. Ethereum holds 12.73 percent of the global traffic share between January 1 and March 18, 2024.

“This is likely because Ethereum is already well-established as an ecosystem and familiar to investors, such that it is no longer considered a new, trending crypto narrative,” the analysis noted.

The BNB Chain, Cosmos, Avalanche, and Arbitrum secured ranks third to sixth on CoinGecko’s list.

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BlackRock Files With SEC to Offer Fund With Tokenization Firm Securitize

BlackRock Inc. is preparing to offer a fund through a partnership with digital-asset specialist Securitize, making it the latest Wall Street behemoth to experiment with putting money on blockchains.

The world’s largest asset manager said it plans to launch “BlackRock USD Institutional Digital Liquidity Fund Ltd.” with Securitize, a digital-asset firm specializing in tokenization, according to a filing to the US Securities and Exchange Commission dated on March 14 that was listed on the agency’s website Monday.

The minimum investment accepted from any outside investors is set at $100,000, according to the filing. There are few details in the filing regarding the fund, but Securitize already is working with KKR, Hamilton Lane and others for tokenized funds. Crypto sleuths say they’ve already found an unconfirmed digital wallet on the Ethereum blockchain marked as for BlackRock’s tokenized fund. Representatives at BlackRock and Securitize did not immediately respond to requests for comment.

Tokenization is a method of purchasing securities in the form of digital assets using blockchains. The process has been promoted heavily recently as one of the few viable use cases for blockchains. Before BlackRock, other financial heavyweights including Brevan Howard, and KKR all have announced efforts to tokenize certain parts of their funds. Citigroup has estimated the tokenization market could swell to $5 trillion by 2030.

© 2024 Bloomberg L.P.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Explained: Hashed Timelock Contracts in Blockchain Applications

Cryptocurrencies, the unconventional newbie in the world of finance, is laced with hidden or lesser-known features that when put to use, could safeguard funds against losses. One such feature is called the Hashed Timelock Contract (HTLC). An HTLC is a time-bound smart contract, that allows transfers of crypto funds only after the receiving party punches a secret, pre-decided cryptographic passphrase. Deploying an HTLC while finalising a crypto transfer could ensure that no third party can access the funds – keeping the transaction secure.

In order to complete an HTLC transaction, the receiving party must ensure that they log the passphrase within a pre-decided timeframe. If either of these criteria are not met with, the transaction is not processed.

How are HTLCs Deployed?

HTLCs have two primary components – Hashlock and Timelock.

A hashlock, as per a report by Investopedia, is a cryptographically regenerated version of a public key. The party that decided to send the funds gets to generate hashlocks, which eventually act as private keys. Once generated, hashlocks are uploaded in the form of pre-images that later reveal themselves at the time of the financial transaction.

On the other hand, a timelock is used to add the time element to HTLCs. Each HTLC contract has two timelocks to frame the exact period within which the receiving party need to punch in the cryptographed passphrase to facilitate the transaction.

Where do HTLCs Work?

Bitcoin and Ethereum are among several other blockchains that allow HTLC transactions. These kinds of smart contracts make the overall blockchain industry more interoperable by allowing cross-chain transactions without having to involve a centralised exchange, said a report by Faster Capital.

It is however notable, that HTLCs are subject to some vulnerabilities, out of which bribery attacks sit on top of the heap. In bribery attacks, the attacker can extend a higher transaction fee as a favour to blockchain miners to make them access an HTLC transaction unethically.

Another kind of vulnerability that can affect the successful completion of an HTLC contract is the Malleability attack. Here, the attacker can manage to change the transaction ID of the HTLC causing the transaction to fail all together.

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India Moves Forward in Blockchain, AI Research as NPCI and IISc Join Forces

India, despite its sceptic stance towards cryptocurrencies, is all in favour of conducting research and development around blockchain – the underlaying technology that powers cryptocurrencies. In a fresh development, the National Payments Corporation of India (NPCI) has joined forces with the Indian Institute of Science (IISc), Bengaluru. The aim of this partnership is to conduct research around emerging technologies like blockchain and Artificial Intelligence (AI). Both the parties signed a Memorandum of Understanding (MoU) officiating this collaboration.

The NPCI, as its name suggests, is an RBI initiative focussed on bringing innovations in the retail payment systems through technologies. The IISc, on the other hand, is among India’s premier institutes for advanced scientific and technological research – established in 1909. Both these parties together, will work on developing scalable blockchain platforms. A multi-modal analytics platform to oversee fintech data will also be in the works as part of this collab.

“As our nation progresses towards digital sustainability, we recognize the significant potential for research in deep technologies such as blockchain and AI to further enhance the payment landscape,” Vishal Kanvaty, Chief Technology Officer, NPCI said in an official statement.

Blockchains are digital ledgers that record transactions across multiple computers instead of storing the data on one single network or server. Replacing traditional networks with blockchains would increase the security quotient offered by protocols against record tampering and hacks. The NPCI’s quest to understanding the blockchain technology deeply is not new. Last year, the NCPI had announced the launch of Falcon — an open-source project that aims to simplify the management and use of blockchains.

Back in 2020, the NPCI designed ‘Vajra’, a blockchain-based system for automating payment clearing and settlement processes for NPCI products. In April 2023, a dedicated impact lab aimed at developing and working around blockchain technology has been set up at the Hyderabad campus of the Indian School of Business (ISB).

The government of Telangana also entered into an agreement with the Bharat Web3 Association last February to stir discussions around blockchain technology. As part of this research, the NPCI and the IISc will also conduct research and development around cryptography and machine learning (ML).

“The joint research envisioned between NPCI researchers and IISc faculty members provides a unique opportunity for translational research that can enhance the scalability and effectiveness of the billion-scale platforms managed by NPCI,” said Professor Yogesh Simmhan, Associate Professor at the Department of Computational and Data Sciences, IISc.

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BRICS Nations Plan to Create Payment Network Backed by Digital Currencies in Quest of De-Dollarisation: Report

Brazil, Russia, India, China and South Africa – the five nations that constitute the BRICS group – are trying to reduce their dependency on the US dollar. To bring this wave of de-dollarisation into effect, the BRICS group is planning to develop a digital payment network, backed by digital currencies. This information has been disclosed in a recent report published by Russian news agency TASS. This independent and potentially decentralised payment system will be supported on blockchain networks.

“The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” the TASS report quoted Yury Ushakov as saying in a recent interview. Ushakov has been an advisor to the Russian president Vladimir Putin on foreign policy issues since 2012.

Countries of the BRICS group are exploring ways to increase their participation in shaping up the financial and monetary systems on an international level. This payment network, once created, will likely set precedence for other countries in-terms of including digital currencies into their existing fintech systems.

The plans to bring together a new digital payment network has been initiated after certain discussions that sparked during the 2023 Johannesburg Declaration. At the time, leaders of the BRICS group decided to lay focus on ways to process settlements in currencies that are not the US dollar.

The US dollar has presided over the global economy for decades. However, in the post-COVID-19 era, the US dollar has seen volatile times owing to back-to-back interest rate hikes which were announced to stabilise the US economy against the climate of inflation.

With US having increased its interest rate, several central banks around the world were also compelled to raise their respective interest rates – which led to financial losses for weaker and developing economies.

This served as a major nudge for the BRICS group to start looking for alternative payment options which do not rely on one single fiat currency like the US dollar.

As per the TASS report, Ushakov has said, “Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar.”

While the BRICS nations ramp up their work around the creation of this payment infrastructure, the Financial Stability Board (FSB) has said that it will continue to work with the G20 group of nations on formulating and deploying regulations that would govern the digital currency ecosystem uniformly on a global level.

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India’s Diverse Bazaars to Democratise with Metaverse, Says BWA Chief; Hails Reliance and Nykaa

The metaverse technology seems to have a bright future in India, use cases of which are being foreseen in plenty by experts from the industry. In a recent conversation with Gadgets360, Dilip Chenoy, the chairperson of Bharat Web3 Association highlighted a special industrial use case of the metaverse. Chenoy said, the hyper-realistic visuals that metaverse supports – will democratise the diverse bazaar ecosystem of the country and give it a powerful nudge on a global level.

“AI-powered vendors will engage in negotiations digitally. Augmented Reality (AR) will allow you to virtually try on makeup, clothes, and accessories before making a purchase. This is not a distant reality; it’s the transformative potential the metaverse holds for Indian retail. In India, brands such as Reliance and Nykaa are at the forefront, experimenting with AR/ VR technologies to create virtual showrooms,” Chenoy told Gadgets360.

The upcoming time has been termed as an ‘era of transformation’ for India’s retail sector. As far as the growth projection for the sector is concerned, India’s value retail market, excluding food and grocery, will likely surge to $170 billion (roughly Rs. 14,09,495 crore) by 2026, reports citing findings by Wazir Advisors had claimed in January. In 2023, the valuation of India’s value retail sector stood at $111 billion (roughly Rs. 9,20,317 crore).

Chenoy has expressed confidence that ample availability of metaverse technology will contribute heavily to the growth of Indian bazaars and authentic crafts in nearing times.

“Geographical barriers crumble, providing small businesses in India with the opportunity to reach global audiences. As India enthusiastically embraces this digital revolution, the future of shopping promises to be both exhilarating and transformative,” the chief of BWA added.

India stands out globally with one of the largest Web3 developer workforces, several players from the industry including Coinbase CEO Brian Armstrong have applauded in recent years. Earlier this year, Mark Zukerberg’s Meta also reached out to the telecom regulator of India seeking to ramp up dialogues and discussions around the ethical use-cases and development of technologies like AI and the metaverse.

Under the circumstances, Chenoy says, all India needs is a regulatory clarification that finalises the dos and don’ts for members and stakeholders of the Web3 industry.

“The Reserve Bank of India (RBI) has taken a proactive stance by actively encouraging blockchain adoption in payment systems and guiding banks through its regulatory sandbox initiative. Despite the growing interest, regulatory uncertainty poses a hurdle for startups venturing into the space. Clear regulations and policies are imperative to instil confidence in companies exploring this transformative technology,” Chenoy noted.

The BWA came into existence in November 2022. It comprises of representatives from India’s crypto and Web3 space who collectively collaborate with the government to foster the growth of the sector in India.

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DePins: Where Blockchain Meets AI

Earlier this month, leaders from the international financial sector gathered under one roof to attend the World Economic Forum held in Davos, Switzerland. The topics of blockchain, cryptocurrencies, and Artificial Intelligence were most discussed during this event. Several financial experts claimed that the integration of AI with blockchain elements could be a game changer for the efficiency, transparency, and security of the existing global financial industry. Members of the tech community have already been experimenting with the integration of blockchain and Web3 with concepts like Decentralised Physical Infrastructure Networks or DePINs.

DePins are protocols based on blockchains which, in an open or decentralised manner – construct, operate, and maintain digital infrastructures in the real world. This ‘infrastructure’ could range from WiFi hotspots in wireless networks to solar-powered home batteries in energy networks.

The individuals and companies that contribute to DePins protocols, in return, receive crypto-based compensations and an ownership stake in the network and service they’re contributing to.

Citing an example of a DePin, a report by Techopedia said Helium, which is a decentralised open wireless network, allows anyone to earn crypto tokens for providing wireless connectivity.

DePins are increasingly being developed for the AI industry to efficiently cater to the industry needs like secure data storage, cloud storage, and GPU computing data among others, the report said. The blockchain element in DePins add characters like shared control, transparency, and durability to AI infrastructures that DePins are deployed to.

In terms of cloud computing, that require permission-based access to GPU power and other high-performance compute resources – DePins provide permissionless access that adds more layers of details to the outputs that AI delivers. The more the developers experiment with concepts like DePins – the more AI and blockchain technology will intertwine with each other.

“AI technology in a decentralised and open-source manner. Calls for the democratization of AI are increasing by the day. DePINs will reduce entry barriers, allow unrestricted access, and make AI solutions more affordable for everyone,” the report by Techopedia noted.

A Little More About DePins

It was in November 2021, when the concept of DePins, got its first tentative name from an open-source platform called IoTex. At the time, DePins were termed as MachineFi – to show that the concept will combine machines with DeFi leading to the ‘financialisation of machines’.

After jumping through other temporary names like EdgeFi, Token Incentivised Physical Networks (TIPIN), and Proof of Physical Work (PoPW) — Messari finalised the name for this sector as DePin. The provider of crypto market intelligence products had posted a public poll in November 2022 asking people to choose their favoured name for this concept.

As per a report by CryptoPragmatist, some of the top DePin projects are – Render, which is a decentralised GPU rendering platform, Theta Network – that provides a blockchain infrastructure for the media industry, and the Ator Protocol – that is working to construct an international privacy routing system.

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Indian Blockchain Esports Firm Stan Raises Over $2 Million in Funding: Details

Stan, the Indian blockchain esports firm, has closed its Pre-Series A funding round as per an official announcement shared Tuesday, January 23. The company has bagged an investment of $2.7 million (roughly Rs. 22 crore) from several investors, including CoinDCX Ventures and Coinswitch Ventures. With the fresh inflow of capital, Stan says it aims to use Artificial Intelligence (AI) and create a fluid architecture for the blockchain gaming community.

Based in Bengaluru, Stan lets creators build, monetise communities, and engage users with their favourite gaming creators/celebrities through digital collectibles, chat/audio rooms, and exclusive celebrity communities, in addition to users engaging with one other.

Aptos Labs, Pix Capital, Maelstrom Fund, GFR Fund, General Catalyst, Climber Capital, and TDV Partners are among other investors who participated in this funding round for Stan.

“The Indian market today presents a lot of challenge for the creators to monetize from their followers and these creators need to move to multiple platforms to be able to learn and push for monetisation. We intend to tap into the creator supply and help them grow their fanbase and monetise on Stan from the first day,” said Parth Chadha, Co-founder, Stan.

Established in 2022, Stan claims to cater to a userbase of four million. In the next six months, the platform is aiming to clock 10 million users. In October that year, the platform announced the rollout of its official NFT and limited digital collectibles (LDC) series.

In February 2023, Stan had announced the launch of a community marketplace. The idea behind this launch was to create a one-stop destination for blockchain gaming fans to trade digital collectibles or NFTs – free of cost.

Stan estimates that the number of online gamers in India could grow by almost 50 percent from 481 million in 2022 to over 657 million by 2025.

In May 2023, the platform managed to secure equity funding of $2.5 million (roughly Rs. 20 crore) in a funding round that saw the participation from super angel investors such as Aadil Mamujee from OpenSea and Nakul Gupta from Coinbase.

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Detailed Crypto Laws Would Result in Responsible Industry Use of Blockchain, AI: Indian Web3 Experts

India will be finalising its public opinion on cryptocurrencies in the coming days, Ajay Seth, the secretary of the department of economic affairs recently affirmed in an interview. During the recently held G20 Summit in Delhi, international policymakers as well as officials from global financial institutions like the International Monetary Fund (IMF) — praised India for giving the idea of framing crypto laws that would work on a global level. As India and other G20 nations continue the work on drafting these rules, Indian Web3 players believe that the release of detailed laws would lead to a responsible industry use of blockchain and Artificial Intelligence (AI).

The awaited crypto laws that India and the other G20 nations are working on could mandate all firms working with digital assets to collect the KYC details of users, adhere to the Foreign Account Tax Compliance Act (FATCA), and meet anti-money laundering standards.

The crypto laws could additionally order crypto firms to regularly release proofs of reserves to ensure that market debacles like the FTX and Terra collapses do not shake up the ecosystem again, leaving investors high and dry.

With India’s approach, these rules would be uniform across several nations.

“Cryptocurrencies are emblematic of our evolving technological landscape. With the G20’s collective wisdom, we can responsibly integrate AI and cryptocurrencies into our societies,” Denis Sklyarov, Co-Founder and CEO of WiFi Map, a crypto centric DeWi (decentralised wireless) app, told Gadgets 360.

AI has been making its way to the crypto sector these recent months with AI-infused cryptocurrencies as well as generative AI chatbots coming up to help people get information and awareness around digital assets.

However, like industry players are using AI to forward their cause of expanding and growing the Web3 ecosystem, scammers and hackers are also exploiting the technology to hunt for unsuspecting victims and perform unlawful activities like money laundering.

“With a global regulatory framework in place, we can expect to better tackle challenges such as money laundering, terrorist financing, and market manipulation. We have already seen glimpses of this positive impact with the Travel Rule framework created by the Financial Action Task Force (FATF), which is being supported by exchanges, custodians and other virtual asset service providers (VASPs),” said Manhar Garegrat, Country Head for India and Global Partnership at Liminal, a digital wallet infrastructure platform.

The Travel Rule requires VASPs and financial institutions engaged in virtual asset transfers to collect and share the personal data of transaction originators and beneficiaries to prevent misuse of cryptocurrencies.

Meanwhile, the legal safeguarding of cryptocurrencies could ease people’s concerns on working with blockchain technology, which is another outlook that industry players are optimistically looking at for the future course of the adoption of this technology.

Blockchain technology uses a distributed and unchangeable ledger that can only be accessed by members with permission. This can secure data saved on blockchain from being tampered, hence increasing the transparency in record maintenances. But since blockchain serves as the underlaying technology for cryptocurrencies, it is also perceived as a risky, largely unchartered territory for many to foray into.

“It’s time for nations to come together and shape the future of crypto in a way that’s both progressive and secure. By harmonising regulations and promoting responsible crypto adoption, we can harness the full potential of blockchain technology, ensuring it benefits individuals, businesses, and economies worldwide,” Om Malviya, President at Tezos India, told Gadgets 360.

In the backdrop of the G20 summit held last week in Delhi, Gita Gopinath, the First Deputy Managing Director of the IMF, praised India’s work on these rules so far.

As part of its legal ideas to regulate crypto worldwide, India is also reportedly looking at giving crypto firms the status of ‘authorised dealers’ like traditional banks. In addition, the rules could require crypto firms to hire for positions like the Money Laundering Reporting Officers (MLRO).

Commenting on these upcoming laws, Dilip Chenoy, the chief of the Bharat Web3 Association (BWA) told Gadgets 360 that the IMF-FSB synthesis paper has already laid down the foundational work for these laws to be based on.

“Some of the priority areas highlighted in the document include anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) as well as consumer protection initiatives. While it is too early to assume and comment on the approach that the Indian government will take, we must and will remain committed to developing a supporting ecosystem for orderly growth of the Web3 sector,” Chenoy noted.

At its highest valuation, the crypto sector breached the mark of $3 trillion (roughly Rs. 2,48,92,050 crore) in November 2021, surpassing Apple’s market cap at the time.

Owing to the lack of concrete regulations, however, back-to-back collapses of promising projects, as well as a plethora of crypto scams have dealt a blow to investor trust in the sector in the last two years. Presently, the crypto market valuation stands at $1.01 trillion (roughly Rs. 83,75,172 crore) and experts predict this number to boom once the sector gets a strong legal backbone.

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