Tag: blockchain

China’s Ant Group Launches Blockchain Services Brand ‘Zan’ for Web3 Developers

China’s tech giant Ant Group has launched a sub-brand called Zan, that will help blockchain developers bring out solutions for Web3. While China has maintained a stringent anti-crypto stance for two years now, some tech giants there have taken gradual steps to explore the use-cases of blockchain, which also makes for the underlaying technology that supports cryptocurrencies. Zan comes with a suite of blockchain application development products and services to help Web3 developers.

One of the first solution this brand brings along is a solution to help Web3 firms, managing or issuing manage real-world assets (RWAs), comply with local regulatory requirements.

Its suite of products also comes along with systems and tools around electronic Know Your Customer (KYC), Anti-Money Laundering as well as Know Your Transaction checks for developers to use for their projects.

Hui Zhang, an individual whose previous work history or association details with the Ant Group are unclear, has been appointed as the CEO of Zan.

“Zan is dedicated to investing in research and development of Web3 technologies and products, providing more extensive and reliable technical services to support the community, and working with our partners to accelerate Web3 developments and innovations. Web3 is a technology sector bringing new opportunities,” Zhang said.

While this platform has been publicly announced today, it had been in the works for quite some time. In early 2023, Zan was already piloting its services. During the Hong Kong Web3 Festival this April, Zan was adopted for its offerings by HashKey DID, a Web3 decentralised identity data aggregator.

Launched as an entity in itself, Zan, is expected to help the Chinese parent company to proceed directly to an IPO stage.

In 2020, the Ant Group lost a huge opportunity to open a $30 billion (roughly Rs. 2,50,546 crore) initial public offering (IPO) in Hong Kong and Shanghai. At the time, the company expected to touch the valuation of $226 billion (roughly Rs. 18,76,195 crore) but the IPO was blocked by the Chinese authorities.

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Decentralised Finance Comes Under Global Regulators’ Scrutiny as They Seek to Safeguard Market Stability

Global securities regulators set out on Thursday their first blueprint to make participants in “decentralised finance” (DeFi) accountable for their actions and safeguard market stability.

DeFi platforms allow users to lend, borrow and save in digital assets, using the blockchain technology that underpins cryptoassets to bypass the traditional gatekeepers of finance such as banks and exchanges.

The collapse of crypto exchange FTX and of the Terra USD stablecoin during 2022 showed how shocks in one part of the crypto market can trigger billions of dollars in outflows from DeFI applications, said IOSCO, the global umbrella body for securities watchdogs from across the world.

Such events have seen DeFi shrink from about $180 billion (nearly Rs. 14,96,780 crore) in late 2021 to about $40 billion (nearly Rs. 3,32,600 crore) currently, and the sector is also being used for moneylaundering, IOSCO said.

“There is a common misconception that DeFi is truly decentralised and governed by autonomous code or smart contracts,” said Tuang Lee Lim, chair of a fintech taskforce at IOSCO.

Stakeholders in DeFi and their roles, and the organizational, technological, and communication mechanisms they use, tend to mimic those in traditional finance.

“In reality, regardless of the operating model of the DeFi arrangement, ‘responsible persons’ can be identified,” Lim said.

Regulators have little standardised data on DeFI, a situation made worse by market participants using multiple pseudonymous addresses to obfuscate their activities, IOSCO said.

The watchdog has proposed a framework for regulators across the 130 jurisdictions covered by its membership to ensure investor protection and stable markets with DeFi, identify and manage risks, obtain clear disclosures and cross-border cooperation to enforce applicable laws.

Regulators should use existing laws or introduce new ones where needed to get a full picture of DeFI, including the identities of people and companies involved, IOSCO said.

A public consultation on the proposals, which dovetail with proposals from IOSCO in May to regulate cryptoassets themselves, runs until mid-October before the framework is finalised around the end of 2023. 

IOSCO members commit to applying agreed recommendations, and some member countries like the United States have already begun looking at how DeFi fits into existing securities laws.

© Thomson Reuters 2023 

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NPCI Launches India’s Own Blockchain-Backed Open-Source Project ‘Falcon’: All Details

India has maintained a rather sceptic stance towards accepting cryptocurrencies as part of its financial systems, but is keeping an open approach towards exploring blockchain technology. The National Payments Corporation of India (NPCI), on August 29, announced the launch of Falcon — an open-source project that aims to simplify the management and use of blockchains based on ‘Hyperledger Fabric’ and supported on Kubernetes clusters. Essentially, Falcon is expected to help developers innovate on blockchain-based payment solutions.

“Whether you’re a blockchain enthusiast, developer, or enterprise seeking to harness the power of distributed ledger technology using Hyperledger Fabric, Falcon is your go-to solution for efficient, reliable, and automated Fabric network deployment,” the NPCI wrote in its official statement.

This offering from the NPCI is expected to help blockchain developers to use the distributed ledger technology to facilitate efficient, reliable, and automated deployment of network as well as Web3 solutions.

What is Hyperledger?

Hyperledger Fabric was initiated by Digital Asset and IBM, as per Investopedia. Hyperledger fabric is an enterprise-level permission blockchain network. The framework serves as a foundation for creating blockchain-based products and solutions.

What are Kubernetes Clusters?

Developed by Google engineers Joe Beda, Brendan Burns, and Craig McLuckie in 2014, Kubernetes is an open-source platform that assists the management of packaged software codes, also called containerised applications. A Kubernetes cluster is a set of nodes that run containerised applications.

“Kubernetes automates operational tasks of container management and includes built-in commands for deploying applications, rolling out changes to your applications, scaling your applications up and down to fit changing needs, monitoring your applications, and more—making it easier to manage applications,” Google Cloud has explained in its blog post.

About NPCI’s Falcon Plans

Falcon will combine the elements of Kubernetes and Hyperledger to simplify the creation and maintenance of advanced grade blockchain solutions.

Many have congratulated NPCI for launching Falcon, predicting that it could “accelerate last mile delivery of blockchain based solution and enhance developer experience.”

Back in 2020, the NPCI designed ‘Vajra’, a blockchain-based system for automating payment clearing and settlement processes for NPCI products.

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‘CBDC and Blockchain’: Mukesh Ambani’s Jio Financial Services Set to Make Web3 Foray

Mukesh Ambani, one of the world’s richest men settled in India’s financial capital, is prepared to explore the Web3 arena. The 66-year-old Indian billionaire disclosed his Web3-related plans during the 46th annual general meeting of Reliance Industries (RIL) that was held on Monday. While the Reliance chief aims to keep a distance from highly volatile crypto assets for now, he does plan to explore the fields of blockchain and centralised digital currencies — including the eRupee CBDC — which is currently in advanced trials in India.

Ambani’s Jio Financial Services (JFS) will be the brand’s point of entry into the Web3 sector. JFS is the financial investment arm of Reliance Industries that was initially named Reliance Strategic Investments and was rebranded in July this year. Through JFS, RIL will offer management services for digital assets. As part of its plan, JFS has already struck a partnership with BlackRock, which is among world’s largest investment services provider that held assets worth $100.07 billion as of August 18.

“JFS will consolidate its payment infrastructure further driving digital adoption for India. JFS products will explore pathbreaking features such as blockchain-based platforms and CBDC,” Ambani stated on Monday.

Blockchain

Blockchain is the underlaying distributed ledger technology, that provides the foundational support for all the elements of Web3 including cryptocurrencies, non-fungible tokens, CBDCs, as well as the metaverse. Blockchain-based protocols can be automated and decentralised, which could eliminate the need for any middleman or intermediary to facilitate financial transactions.

In addition, information stored on the blockchain is divided into small packages and spread across the network, which makes it more resistant to malicious changes and breaches as opposed to traditional servers.

States like Maharashtra and Telangana are already leveraging the power of blockchain to fine-tune their healthcare and agriculture initiatives.

CBDC

A central bank digital currency or CBDC, is the virtual representation of any fiat currency, supported on blockchain networks. The Reserve Bank of India (RBI) is also working on introducing its own CBDC in India.

CBDCs function like cryptocurrencies, but they are regularised and issued by the central banks. CBDCs not only smoothen online payment systems, but also reduce dependency on cash notes that could be cost efficient for the RBI.

India’s CBDC called the eRupee is already in its advanced trial stages with multiple large state-owned and private lenders participating in these trials alongside select small, medium, and big level merchants.

The Reliance connection

The businesses owned and run under Ambani’s RIL includes Jio’s network services, general stores, and petrol pumps among others. RIL’s foray into blockchain and eRupee could have many Indians engage with these new-age technologies in the months to come.

In April this year, Reliance General Insurance said it had begun accepting the eRupee CBDC for premium payments.

Earlier in February, Reliance Retail had also announced that it would begin using India’s digital rupee CBDC across its stores in Mumbai. At the time, V Subramaniam, the managing director at Reliance Retail said he believed that the CBDC would be “better than the UPI system”.

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Bharat Web3 Association Notes India’s Interest in DeFi as Country Posts G20 Presidency Note on Crypto

India is making its name as a lucrative startup hub for Web3 projects with its large pool of developer talent, the Bharat Web3 Association (BWA) has said sharing an analysed observation. India’s own crypto advocacy group, the BWA, was established in November last year, aiming to bridge the communication gap between industry players and the government. In the last nine months, the BWA has observed that Indians could ramp-up experiments with DeFi because it offers almost tax-free, cheap alternatives to traditional, centralised banking services.

DeFi or Decentralised Finance lets financial products appear on a public blockchain network, which is not regulated by a central bank or intermediary. People looking to deposit their money somewhere other than a bank can consider investing in DeFi protocols.

Indians are particularly being drawn towards exploring the DeFi sector because from loans to exchanges, DeFi applications are exploding in numbers and use-cases. As per Finder.com, the value of DeFi transactions for individuals as well as retailers is highest in India. A contributing factor to this trend is the large volume of remittances that is wired back to India from its citizens working abroad, which can be sent faster and more cost-effectively through cryptocurrency.

“India is among the fastest global adopters of DeFi, which can boost financial inclusion through expanded access to credit to the MSME sector and those unable to access credit from banks. The quality of startups being founded in India is top notch,” Dilip Chenoy, Chairman, BWA told Gadgets 360.

Once the nation gets its framework of crypto laws, Chenoy notes that there will be a boom in Web3 initiatives from India.

At present, India, as the president of the G20 nations is working on a set of crypto rules that will work on a global level.

On August 1, the country posted a presidency note on crypto, giving a status update on the crypto laws work.

As per that note, the Interntional Monetary Fund (IMF) and the Financial Stability Board (FSB) are expected to be jointly presenting a synthesis paper on their crypto rules suggestions by the end of this month.

This paper will note the possible impacts of crypto on macro-financial implications while also outlining the risks of crypto to emerging markets and economies under development. In addition, the paper is also expected to highlight ways to spread awareness around crypto, so that everybody who chooses to engage with digital assets are aware of the pros and cons.

India has also submitted a similar note with its ideas, suggestions, and concerns around crypto to the G20 group as its president, Ajay Seth, a senior official of the Indian Finance Ministry had said last month.

“The very nature of virtual digital assets (VDAs) being cross-jurisdictional, has made the case for a coordinated regulatory mechanism for such assets rather than individual countries adopting different stances. The regulatory landscape for virtual digital assets is continuously evolving,” Chenoy said.

He further added that despite India not having a concrete regulation to oversee Web3, the sector has been explicitly brought within the ambit certain provisions.

These include income tax framework for VDAs, the Indian Computer Emergency Response Team (CERT-IN) guidelines to ensure compliance of VDA service providers, the ASCI guidelines for responsible advertising and the latest inclusion of VDA service providers in the Prevention of Money Laundering Act (PMLA) recognising them as reporting entities.

“These developments can signal India moving in the right direction, wherein regulators understand the risks associated,” Chenoy added.

India’s presidency of the G20 will conclude in December this year, which is also around when the first draft of global crypto rules is expected by.

Meanwhile, Chenoy said, Web3 elements like asset tokenisation and the eRupee CBDC are likely to make Indians more comfortable with dabbling in the Web3 sector via real estate, art, supply chain, and gaming among other avenues in the times to come.

Recently, the Telangana government in India announced the launch of its Asset Tokenisation Standard Framework, providing a common set of rules and guidelines for the tokenisation of assets.

After having analysed India’s internal response to making the VDA sector safer, the BWA chief has said under its leadership, the G20 nations could just get the crypto rules detailed and right.

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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World Fintech Day: Blockchain Is Here to Stay, Existing Fintech Players Must Welcome Web3, Say Experts

Indian Web3 experts and industry insiders believe that blockchain and cryptocurrencies are here because they were needed to finetune existing financial systems and benefit global fintech setup. Crypto experts echoed the sentiment on World Fintech Day, observed each year on August 1. The date marks the death anniversary of Cosimo de’ Medici, a 15th-century Italian politician and banker who established the Medici Bank and influenced the present-day banking system.

Experts maintain that the speed of adoption is a crucial metric for nations looking to lead the sector.

“The dynamic landscape of digital assets calls for adaptability. Digital assets have become immensely significant, bridging the gap between Web2 and Web3,” Dhruvil Shah, SVP – Technology, Liminal, told Gadgets 360. Shah further claimed that digital assets add transparency to financial ecosystems and promote financial inclusion. “As technology progresses, digital assets are poised to shape a decentralised and equitable global economy even further,” he added.

Limitations in Web3 and Possible Solutions

The global blockchain in banking and financial services market has reportedly grown from $1.89 billion (roughly Rs. 15,552 crore) in 2022 to $3.07 billion (roughly Rs. 25,262 crore) in 2023 at a compound annual growth rate (CAGR) of 62.1 percent.

Presently, due to the lack of concrete laws to oversee the new fintech branch of Web3 and cryptocurrencies, countries like India are taking a sceptical approach before integrating them closely with existing financial systems.

Industry insiders are, however, urging online payment players like Google Pay and Paytm to work on policies that could help them integrate Web3 services to their users as well.

“Traditional wallets deal with regulated fiat currencies, while digital assets lack comprehensive regulations. To address this, collaboration within the existing regulatory framework is crucial. One viable solution is the development of a hybrid platform, enabling seamless money transfers between traditional and digital wallets, thus expanding their services to a broader user base,” the Liminal official further noted.

Liminal is a digital wallet player based in India. The startup has hosted six rounds of fundings up until February 2023 and has managed to bag as much as $31 million (roughly Rs. 255 crore) in funding from over twelve investors. The company is among the around 450 Web3 startups that have cropped up in India in recent years.

Despite India’s stern approach towards taking gradual steps into the crypto and digital assets sector, the country’s tech talent has managed to garner the interest of venture capitalists as well as industry players seeking a blockchain workforce.

As of April 2022, Web3 funding in India had peaked to $1.3 billion (roughly Rs. 11,525 crore). At the time, a NASSCOM report had said that 11 percent of the world’s Web3 talent, resides in India, making the nation the third largest home for Web3 workforce. By 2024, the report projected, India’s group of 75,000 blockchain professionals to swell up by 120 percent.

Web3 Roadmap Predictions from Industry Insiders

Speaking to Gadgets 360, Purushottam Anand, Advocate and Founder of Crypto Legal noted that internationally, the fintech industry is already soaking in Web3 elements.

“Global consensus towards digital asset regulation seems overwhelmingly tilted in favour of regulation as against an outright ban. No major economy except China has banned digital assets while many international blocks or organisations like Europe, FATF and World Economic Forum (WEF), IMF and countries including India, Japan, Singapore, UAE and Hong Kong have either finalised or issued some draft framework of regulation. I believe, by 2025, majority of countries will have some form of digital asset regulation in place,” he said.

If not cryptocurrencies, nations around the world are now working on their respective Central Bank Digital Currencies (CBDCs). Created on blockchains, CBDCs are the digital representations of fiat currencies that eliminate the need for paper-based physical notes while also recording the details of all transactions in an unchangeable format on the blockchain.

Nischal Shetty, CEO of WazirX crypto exchange, told Gadgets 360 that CBDC trials are disrupting the fintech landscape, particularly for existing UPI players in India.

“With transactions settling in real-time directly through the central bank’s digital currency infrastructure, the need for intermediaries like payment gateways might diminish, leading to cost savings and more streamlined processes for UPI players. Scalable blockchains, with their high throughput capabilities, can facilitate instant transaction confirmations, making them well-suited for supporting the seamless and fast settlement of CBDC transactions,” Shetty said.

Currently, around $100 million (roughly Rs. 826 crore) in CBDCs are in circulation in different parts of the world where governments are carrying out trials. By 2030, this figure is expected to reach $213 billion (roughly Rs. 17,60,880 crore) with an estimated growth of 260,000 percent, a recent study by Juniper Research had said.

Meanwhile, banking giants like JP Morgan, Goldman Sachs, and Mastercard among others, are already testing Web3 waters with select crypto and digital assets-related offerings.

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Millions Poured Into Olympix Startup as Web3, AI Bond Saddle on Upward Curve: Details

Web3 security firm Olympix has garnered $4.3 million (roughly Rs. 35 crore) in a seed funding round lead by Boldstart Ventures. The startup merges the capabilities of blockchain and artificial intelligence (AI) to provide scalable cyber security solutions. This funding testifies to the growing interration of Web3 and AI that could be the next big thing in the fintech sector. Olympix is not the only Web3-AI company to have bagged millions from venture capitalists. Web3Go and CryptoGPT are other startups from the same sector to have received big fundings in recent months.

The startup’s security services offerings are usually for developers who are just starting to build their products on blockchain. The AI-powered security solutions are designed to shell out the risks of vulnerabilities that may affect smart contracts.

With an AI scanner, Olympix using developers can make security suggestions in real-time.

In Olympix’s seed funding round, other venture capitalists that marked their participation include Robot Ventures and Shrug Capital. This also shows an inclination of institutional investors towards projects that combine and harness the potentials of AI as well as blockchain.

The collapse of crypto exchange FTX in November 2022, regulated digital currencies, combined with the demo release of ChatGPT the same month, sent venture capital money fleeing from crypto and into AI.

This majorly prompted Web3 developers to combine AI with their projects. In the last couple of months, multiple startups working with blockchain and AI have tickled the interest of investors and developers alike.

In April, for instance, layer-2 blockchain named CryptoGPT raised a funding of $10 million (roughly Rs. 82 crore). The Zero-knowledge (ZK) blockchain grabbed the interests of investment firms like DWF Labs in its favour. CryptoGPT aims to let users monetise their data across fitness, dating, gaming, and education.

Later in July, blockchain firm Web3Go also raised $4 million (roughly Rs. 32 crore) in an investment round, led by Binance Labs. The company provides AI tools for data managing. HashKey Capital, NGC, Shima Capital, IVC, LIF, Big Brain Holdings, and Archerman Capital also added their contribution to this funding.

AI-backed Web3 data platform Mnemonic and Web3 developer platform Airstack are other AI-focussed firms to have acquired substantial fundings in recent days.

The interest of Web3 developers as well as VCs in the field of AI is backed by the interest milennials and GenZ populations have in merging blockchain with artificial intelligence.

In May, KuCoin surveyed 1,125 crypto users from different parts of the world to understand how the Web3 community perceives AI. Over 64 percent of the younger respondents confirmed that they were somewhat familiar with the uses of AI in crypto and blockchain.

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Account Abstraction Could Onboard Billions of Asians to Web3, Experts Predict: Here’s What It Means

Asia, the largest continent comprising 51 nations, is garnering the attention of Web3 players from different parts of the world, owing to its diverse market. ‘Account abstraction’ or Blockchain-based smart accounts could be the next thing that could onboard billions of Asians onto Web3, industry experts seem to believe. Essentially, account abstraction is a blockchain technology that lets users use smart contracts as their primary accounts.

More Web3 players and dApps developers are customising their products in alignment with the needs and popular patterns of the Asian market. The observation was highlighted by Laura Shi, the director of strategic initiatives at ConsenSys, during a recent interview with CoinTelegraph. ConsenSys is an Ethereum software solutions provider.

In the coming times, account abstraction or smart accounts could gain popularity as they would not only keep account details invisible on the Ethereum blockchain, but also allow users to control and decide how individual accounts are operated and managed.

This would add more layers of security to the financial activities being processed on the Ethereum blockchain.

Shi reportedly said that account abstraction brings more customisable functionality to financial activities while also offering more traditional bank-like features than usual crypto wallets.

Vitalik Buterin, the creator of the Ethereum blockchain, first proposed the concept of account abstraction back in September 2021.

Its adoption in Asia is being foreseen now, as Asian nations are tech savvy and the scope of experimenting with new technologies ranges from the gaming industry to the finance industry.

Last year’s Chainalysis Global Crypto Adoption Index said that Vietnam, Philippines, Thailand, China, and India are among the top drivers of Web3 growth on the continent. The report had also highlighted that in the second quarter of 2022, 58 percent of web traffic from Asian nations to crypto services was NFT-related. Another 21 percent traffic was related to play-to-earn blockchain games.

This year, Japan, too, has embraced the Web3 sector with open arms, inviting Web3 players to setup shop in the country.

The combined region of Central & Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market last year. Residents of nations in these regions reportedly generated $932 billion (roughly Rs. 75,09,170 crore) in cryptocurrency value from July 2021 to June 2022.

Owing to these factors among others, Shi believes, blockchain use cases will continue to entice people.

From the Nothing Phone 2 to the Motorola Razr 40 Ultra, several new smartphones are expected to make their debut in July. We discuss all of the most exciting smartphones coming this month and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Alibaba Cloud, Near Foundation Agree to Collaborate on Asia’s Web3 Growth: Details

Web3 adoption, around the world, seems to be heating up with plenty happening around crypto rules and CBDC introductions in existing economies. Aiming to foster the growth of Web3 in Asia, the Near Foundation has entered a partnership with China’s Alibaba Group. Essentially, the Near Foundation is looking to use Alibaba’s Cloud solutions to help developers build on its blockchain infrastructure. The development comes at a time when more Web3 players are shifting their attention to the densely populated and tech savvy Asian continent.

Based in Zug, Switzerland, the Near Foundation is a non-profit organisation that oversees the funding, ecosystem development, as well as core governance of the Near blockchain. The Proof-of-Stake (PoS) blockchain is energy efficient and eco-friendly.

The Near Foundation is aiming to encourage more Web3 developers to use its blockchain to support their solutions and products. Its partnership with Alibaba Cloud aims to encourage developers from anti-crypto China to also hop onboard the Web3 wagon.

As part of their partnership, the Near Foundation and Alibaba Cloud will offer remote procedure calls (RPC) as a service to developers on the Near ecosystem. The RPC, which is a type of a computer server, lets users read blockchain data amongst other features, a Coindesk report said on Monday, June 26.

In addition, the infrastructure provided by Alibaba Cloud will enable Web3 developers to use Near’s Blockchain Operating System (BOS) to build on and connect with others using the ecosystem.

For Alibaba, this makes for an important deal signed under its executive vice chairman, Joseph Tsai. A vocal blockchain enthusiast, Tsai himself is reportedly a Web3 investor who has been analysing favourable deals with crypto-related organisations to bring into Alibaba’s partnerships portfolio.

For now, all crypto-related activities are banned in China. Hence it looks like blockchain solutions apart from the ones that simplify engagement with crypto, could brew strong among Chinese developers.

As far as Near is concerned, this is not its first foray into the Asian market.

In February this year it joined forces with Indian multi-media company Shemaroo Entertainment to bring immutability, transparency, as well as decentralisation to India’s entertainment and media sphere via blockchain.

Blockchains that aim to onboard gaming companies are also shifting their focus to Asia from the western markets.

Asia’s gaming community generates the maximum chunk of revenue in the industry. In its latest research report, DappRadar said the Asian nations of India, China, Japan, and South Korea collectively have over 1.7 billion video game players, and this big number has attracted players in the Web3 gaming space to shift their focus to the Asian market on priority.

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German Intelligence Unit BND to Use Dog-Themed NFTs to Fish for Cyber Talent: Details

A collection of dog-themed NFTs have been launched by the German intelligence unit, Bundesnachrichtendienst (BND), hoping to attract promising cyber talent from among the public. The BND’s NFT collection will be a gate pass to enter a blockchain-based treasure hunt. People who manage to fare well in this difficult virtual test, could get an entry ticket into cyber services. A total of 999 NFTs have been decided to be part of this initiative.

The name of this collection is ‘Dogs of BND’ and all of the NFTs from this collection will be inspired by BND’s guard and security dogs. Each NFT will also bring along varied intelligence roles, making these digital collectibles unique, the official BND website said.

Unlike usual NFT collections, the collectibles from ‘Dogs of BND’ will not be up for sale on any NFT marketplace. Instead, these NFTs will serve as collectibles only, acquired by finding a character string posted on Instagram.

These strings will eventually connect to an Ethereum address, via which participants will be able to mint an NFT.

“Any person who has a cryptocurrency digital wallet (crypto-wallet / digital wallet / e-wallet) that supports Ethereum-based tokens has the opportunity to secure an NFT image. Since the external platform used does not allow NFTs to be offered completely free of charge, the NFT images have a symbolic price of 0.000001 ETH or $0.0019 (roughly Rs. 0.16),” the website noted.

People who are proficient in their cyber knowledge will be able to mint the NFT at the end of the so-called “treasure hunt” and prove their mettle.

“The Federal Intelligence Service reserves the right to disqualify participants who manipulate or attempt to manipulate the competition or otherwise violate these conditions of participation,” the website added.

The BND will be reserving 12 NFTs from this collection, to link with more difficult challenges and gift them as prizes.

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