Tag: solana labs

Solana Labs, Google Cloud Join Forces to Propel Blockchain into Mainstream Game Development

Google Cloud, in recent times, has been taking multiple steps to establish itself as a pro-Web3 entity. Now, Solana Labs has joined forces with Google Cloud. Through this partnership, the team behind the eco-friendly green blockchain will use the capabilities of Google Cloud to offer its own blockchain-based game development suit to developers. With this, Solana Labs wish to bring the blockchain technology on the forefront of gaming development.

Solana Labs created GameShift back in 2023. This architecture lets developers build games on blockchain rather than leaving them to deal with intricacies. As part of its suit, GameShift lets developers integrate non-custodial wallets alongside quick and scalable tools to create and distribute in-game assets. All of these processes are backed on the Solana blockchain.

“GameShift becoming part of Google Cloud’s partner ecosystem allows us to accelerate mainstream adoption by extending these capabilities to their vast, global developer ecosystem,” Davis Hart, Head of GameShift, wrote in an official statement.

Solana Labs first unveiled GameShift in July 2023. Later in October, the blockchain firm launched the beta version of this app. Another element that GameShift offers is an in-game NFT marketplace. This expands the revenue stream for developers and publishers.

In addition, the game development infrastructure also brings along credit card payments and bank payout services to the platform. It also offers management and transaction of fee payments.

“Many game studios built on Google Cloud want to tap into the creative potential of Web3 technology, but the inherent technical complexities have been a major barrier to broader adoption,” said Jack Buser, Director for Games at Google Cloud. This partnership, for Google Cloud, gives developers the tools to build immersive experience without getting tangled in the complexities of the blockchain tech.

This marks the second Web3 partnership that Google Cloud has struck this week. Earlier, Google Cloud joined hands with a Layer-1 blockchain platform called Sui with the aim to integrate blockchain solutions with Artificial Intelligence (AI) and other tech initiatives.

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Solana Refutes CertiK’s Claims of Security Vulnerabilities Affecting Saga Phones: Report

Solana Labs has strongly refuted claims made by blockchain research firm CertiK around Saga smartphones being riddled with security flaws. Solana Labs owns the Saga smartphone brand, which is laden with pro-crypto features like in-built digital wallet. In a recent post on X, CertiK said that this smartphone from Solana Labs comes with a ‘critical vulnerability’ that can be used to install malicious software when the bootloader of the phone is unlocked. Because of this vulnerability, a cyber hacker could install a hidden gateway to access personal details on a Saga phone, according to CertiK.

In its post on X, CertiK had warned not only Solana Labs, but all smartphone making brands about the risk of malware being installed via the bootloader. The platform shared a minute-long video demonstrating the process of infecting on a Solana Saga smartphone.

In a conversation with CoinTelegraph, Solana Labs said the findings shared by CertiK are ‘inaccurate’. “The CertiK video does not reveal any known vulnerability or security threat to Saga holders. Unlocking the bootloader wipes the device, which users are alerted about multiple times when unlocking the bootloader, so it’s not a process that can take place without users’ active participation or awareness,” CoinTelegraph quoted Solana Labs as saying.

Modern smartphones are equipped with a bootloader that is locked as a security measure. A locked bootloader only loads authorised code, protecting users from abuse. Unlocking the bootloader on a smartphone can introduce a significant security risk — the process of unlocking the bootloader is supported on many Android phones and doing so completely wipes the data on the smartphone.

The blockchain firm has further also pointed out that unlocking a bootloader could be performed on several Android devices citing information from the Android Open-Source Project documentation.

Solana’s Saga smartphone was launched in April 2022 and was touted as the advent of the world’s first-generation of crypto and Web3-centric smartphones. Running on Android, the Saga smartphone was priced at around $1,000 (roughly Rs. 78,300). Along with a Solana Pay crypto pay, a ‘seed vault’ is also pre-installed on the Saga device to safely store all the private keys linked to the device, according to the company.

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Solana Labs, Multicoin Capital Accused of Violating US Securities Law by SOL Investors in Lawsuit

A Solana investor has filed a class-action lawsuit against key parties in the Solana ecosystem for allegedly making misleading statements and profiting from selling unregistered securities to retail customers. The plaintiff, Mark Young, filed the suit on 1 July against Solana Labs, Solana Foundation, Solana CEO Anatoly Yakovenko, crypto investment firm Multicoin Capital and its co-founder Kyle Samani, as well as trading platform FalconX. Young is working with law firms Roche Freedman and Schneider Wallace Cottrell Konecky concerning the case.

According to the lawsuit, Solana Labs and others sold SOL as securities without a security statement. The plaintiff also claims that the defendants promoted these alleged unregistered securities. Young said he bought SOL in September 2021 while adding that the native token meets the Howey Test to determine if an asset is a security.

The filing states, “Purchasers who bought SOL securities have invested money or given valuable services to a common enterprise, Solana. These purchasers have a reasonable expectation of profit based upon the efforts of the promoters, Solana Labs and the Solana Foundation, to build a blockchain network that will rival Bitcoin and Ethereum and become the accepted framework for transactions on the blockchain.”

One of the allegations Solana Labs is facing in the lawsuit is that SOL is centralised crypto that the defendants benefitted from. Young claims the defendants profited to the detriment of retail investors’ capital. He also pointed to the sales of the native token or agreements to sell the token before its public sale.

Court documents show Young has alleged the defendants spent exorbitant sums to promote SOL in the US since April 2020, which supposedly boosted its price to $258 (roughly Rs. 20,420) per token and market value to $77 billion (roughly Rs. 6,09,413 crore) as of 5 November 2021.

“These promotional efforts took SOL securities from a relatively obscure crypto-asset to one of the top crypto-assets in the world,” Young wrote.

“Samani and Multicoin continuously flogged SOL securities, inflating its market price from below a dollar to hundreds of dollars, persisting in their promotional efforts even after it was clear that Solana had serious outages and technical issues,” he added.

It is worth noting that the cryptocurrency market and the top tech stocks globally have been on a tumultuous season in the investment area for the past few weeks. Several problems have caused the bloodbath that many crypto tokens are experiencing today, including SOL.

Moreover, above many crypto tokens in the space, SOL created huge profits for most of its investors last year. As many may remember, SOL was one of the fastest-growing tokens in the space, which even recorded an all-time high of around $260 (roughly Rs. 20,420) in November 2021. It also attracted investment from one of the richest men in crypto, Sam Bankman-Fried — the co-founder and CEO of major crypto exchange FTX.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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