Adventures In Information Technology

Tag: Blockchain (Page 1 of 2)

IOG Launching Midnight – a new privacy blockchain!

Input Output Global (IOG), the Cardano blockchain developer, has disclosed that it is building a platform based on data protection to enable users to operate more freely and safely by protecting sensitive personal and business data.

Web2 established global communities where individuals could interact and share. But doing so resulted in centralised control, censorship, surveillance, and a loss of data ownership.

In contrast to what Web3 had promised, solutions to date have either revealed too much information or are too private for many use cases.

IOG, the primary creator of Cardano, has stated that it is trying to construct a new platform that will be a principled system to safeguard people’s fundamental freedoms of association, commerce, and expression in order to address this.

Midnight is a new paradigm for online engagement, which gives users the power to decide whatever information they expose and to keep the rest private. Midnight will mark a radical change in how sensitive data is regarded while creating dApps.

An innovative data protection-first programming methodology will be used to build Midnight. By combining private and public processing with zero-knowledge cryptography, the platform will build a trustless environment that protects sensitive personal and business data. It will function on the Cardano blockchain as a sidechain.

You can find out more about the midnight blockchain by signing up for the token list here 

You can attend the annual Cardano summit which kicks off today through to Monday here 

Fujitsu Quantum Computer Set to Crack Bitcoin in 2023?

Japanese technology multinationals Fujitsu and Riken Research Institute are anticipated to release a potential Bitcoin-defeating quantum computer to businesses in 2023. The computer, which is considerably more potent than Frontier, the fastest supercomputer in the world created by Hewlett-Packard, is anticipated to be initially used for financial forecasting and the development of new pharmaceuticals. The new computer from Fujitsu will make use of so-called superconductor materials, which, when chilled to a temperature close to “absolute zero,” exhibit zero electrical resistance.

A 2022 academic article from Sussex University and the peer-to-peer exchange LocalBitcoins have both issued warnings that quantum computers may be able to defeat the SHA256 algorithm employed by the Bitcoin network.

Unlike Cardano or Ethereum since the merge, in a proof-of-work blockchain system like Bitcoin, miners compete to find a numerical answer to the SHA256 algorithm that surpasses the difficulty, or network goal. The header of a block of Bitcoin transactions and a random number are subjected to so-called hashing operations by miners. Using the SHA256 technique, a certain pattern-following numerical solution can be attained. Often, the miner must complete quadrillions of “hashing” operations per second before he or she can accurately predict the answer. An Application-Specific Integrated Circuit is the preferred type of computer for hashing in the Bitcoin mining process (ASIC). The Bitcoin network’s security, which has been largely impenetrable up until now, is aided by the mathematical complexity of finding the solution. Without it, the network’s security might be compromised.

This innovation by Fujitsu could potentially and easily crack the SHA256 algorithm. That news, alongside the announcement from the Michelle Simmons-led Silicon Quantum Computing, which has designed the world’s first integrated circuit computer created at an atomic scale, means the race for quantum supremacy is heating up. Will a quantum computer crack bitcoin in 2023? Only time will tell. Stay tuned to this blog for updates.

Read more at Riken Research here

Check out Silicon Quantum Computing here

Solana Game – Star Atlas gets a playable demo via the Epic Games Store

Even if it might take years for the Solana-based distant space strategy game to fully materialize, Star Atlas is undoubtedly one of the most ambitious NFT-driven games on the horizon. However, eager players won’t need to wait too long to get a taste: a brief sample has now been made available via the Epic Games Store.

The pre-alpha demo of the Unreal Engine 5 used to power the game, Star Atlas: Showroom was released today as part of a live-streamed event. Owners of Star Atlas NFTs can view the ships and vehicles they’ve purchased while exploring a 3D world demo.

Unfortunately, only Star Atlas NFT owners presently have access to the Star Atlas demo; however, anyone can obtain an access key by owning a ship and joining one of the game’s factions. According to Michael Wagner, CEO, and co-founder of Star Atlas developer ATMTA, some non-owners will receive access passes to the demo, which also includes a single non-NFT ship to explore.

The Showroom demo will be enhanced later this year to incorporate new features like multiplayer support, chat functionality, and the ability for NFT holders to fly their ships inside the demo.

You can find out more about the game at the Star Atlas website here 

If you have an NFT you can find the demo page on the Epic Games store here 

Starbucks launches an NFT marketplace called “Odyssey”

Starbucks has set out plans for blockchain adoption. The coffee company’s new non-fungible token (NFT) product, called Starbucks Odyssey, will be integrated with its Starbucks Rewards programme. To obtain valuable stamps as NFTs, users can complete “journeys” like games. Customers can also buy limited-edition NFTs, which can be traded on the platform. The waitlist is now open and neither a wallet nor cryptocurrencies are needed to use the platform.

According to Starbucks, Odyssey will “provide members with the opportunity to earn and purchase digital collector stamps (NFTs) that will unlock access to new, immersive coffee experiences.” The company goes on to say that users will be able to acquire NFTs (via games and other challenges) or buy them from the Odyssey marketplace. NFTs will have point values based on their rarity. A virtual espresso martini-making class; access to one-of-a-kind goods and artist collaborations; invitations to special events at Starbucks Reserve Roasteries; or even trips to the Starbucks Hacienda Alsacia coffee farm in Costa Rica are just a few of the experiences that can be unlocked with more points.

Starbucks’ decision to use Polygon for their NFT offering only serves to emphasize Matic and the company’s commitment to “diversity, accessibility, and sustainability” and its position as the layer 2 blockchain solution for the general public.

To join the Starbucks NFT waitlist click here

For more info on Polygon click here

Metaverse Is Essential To The Long-term Viability of NFTs?

The future course of the nonfungible token (NFT) market over the following five years was examined in a recent analysis by Juniper Research. The report predicts that by 2027, there would be about 40 million global NFT transactions, up from 24 million in 2022.

According to the study, use cases related to the metaverse would be one of the main drivers for NFT adoption. In the following five years, this subset of NFTs will have the fastest growth. By 2027, there will be 9.8 million transactions involving metaverse-related NFTs, up from 600,000 in 2022.

A positive sign for the NFT market is coming from major companies like Gucci and Adidas that have already embraced wearable technology in the digital sphere. These findings demonstrate that customers desire monetary value from their digital possessions and the ability to exchange that value with others.

This is further supported by a recent analysis from XRP creator Ripple, which examined the interest of major financial institutions in NFT. The most interesting NFTs had to do with music. In addition to building up value in a wallet, music NFTs frequently incorporate multi-utility, such as exclusive artist content and fractional ownership of royalties/song rights.

Juniper claims the report’s data is based on an adoption “medium scenario.” Despite the fact that these digital assets present fresh opportunities for growth and revenue generation, the report advises vendors to exercise caution given the prevalence of NFT scams in the industry.

Buenos Aires To Introduce Citywide Ethereum Nodes by 2023

In 2023, the city of Buenos Aires will set up several Ethereum validator nodes. Diego Fernandez, the city’s secretary for innovation and digital transformation, made the comments. He clarified that this deployment will pursue exploratory and regulatory goals and that it will assist the city in creating cryptocurrency legislation.

Cities throughout the world are incorporating blockchain and cryptocurrency projects into their growth and development strategies. According to reports, Buenos Aires will set up validator nodes for the Ethereum chain in 2023. At ETH Latam, a local event focused on Ethereum, Diego Fernandez, the city’s secretary of Innovation and Digital Transformation, reported this.

Fernandez made it clear that the city’s interest in running these nodes had an exploratory purpose and that they anticipated that doing so would provide them with a greater understanding of the Ethereum chain, enabling them to better control digital currency.

The gear to set up these nodes will be deployed by commercial companies, who will also be partnering with the local government to deploy the nodes.

Celestia Blockchain Creation

Celestia is a startup that is aiming to make deploying a blockchain as simple as creating a smart contract. Celestia is modularly structured with adjustable features that provide users with the opportunity to select their execution settings, much like the new rollup-centric Ethereum vision divides the consensus and data availability levels from the execution layer. Their goal is to enable anyone to easily deploy their own blockchain with minimal overhead.

The Celestia Team intends to launch the Mainnet in 2023 after deploying the Celestia Testnet in May 2022. Before the debut, their CEO Ismail Khoffi claimed that “optimizations must be made and bugs must be eliminated.” Although Celestia has not yet released a token, it has already generated a lot of buzz due to the potential of the platform to create metaverse virtual worlds with unique blockchains. 

If you would like to read up on the project you can reach their website with the link below.

Will the SEC Go After Ethereum? 

The impending Merge of Ethereum may make the second-largest blockchain greener, quicker, and less expensive. However, a law professor warns that doing so could complicate regulatory issues by making ether (ETH), the network’s native asset, a security under American law.

“Ethereum will be a security after the Merge, and the case will be compelling. The token in any proof-of-stake system is probably a security” according to Adam Levitin, a Georgetown Law professor, in a tweet from July 23.

If Levitin is correct, and more significantly, if the Securities and Exchange Commission of the United States (SEC) agrees with him, then practically all exchanges that list ether would be subject to stricter regulatory restrictions. Ether has previously been viewed as a commodity, much like the cryptocurrency bitcoin (BTC).

This could have a significant impact on the adaption of cryptocurrency and smart contracts in America and further weaken an already damaged economy. 

There is a chance that Ethereum initiatives, particularly those outside of the US, will carry on. Even if these projects violate U.S. securities laws, according to Levitin, the SEC is less likely to use its little enforcement resources to bring them to justice because large, centralised corporations are simpler to take down. 

The regulation of centralised exchanges might undergo the most significant alteration. To support spot ETH trading, exchanges currently only need to register as money services businesses at the federal level and receive money transmitter licences in the states where they conduct business. If they were designated as securities, the SEC would have extra control over them.

That would at the very least result in a few exchanges leaving the USA (Kraken for starters) and new revenue models for US exchanges and more intricate consumer transactions for US citizens. Any security classification by the SEC could only lead to numerous additional negative consequences for blockchain investors and platforms within the USA.

Samsung & Web 3

Even though Web3 has demonstrated a lot of potential since its beginnings, one executive from Samsung Next believes that the utility issue is one that competitors in the industry must address.

The managing director of Samsung Next, Raymond Liao, spoke in an interview about the company’s decision to invest in MachineFi, a term used by the IoTeX project to define a futuristic paradigm in which machines replace humans as the primary workforce and are driven by Web3 technology.

Liao asserts that MachineFi has gained interest since Samsung Next focuses on investing in blockchain, artificial intelligence, and Metaverse, to name but a few.

The Samsung CEO discussed Web3 and how the crypto winter is a chance for investors in addition to MachineFi. This year is better than the last, according to Liao, which is positive for investors and product developers. The CEO had previously thought market returns were “over-exaggerated.”

The CEO further emphasised that the sector should concentrate on implementation and take on the utility issue to broaden the Web3 ecosystem rather than focusing on 10x returns.

The Latest Multimillion-dollar Hack Targets Solana Wallets

It appears that the Solana ecosystem has been impacted by crypto’s latest exploit, with users reporting that their funds have been drained from Phantom, Slope, and TrustWallet, which are all internet-connected “hot” wallets.

Blockchain auditors OtterSec report that over 8,000 wallets have been compromised so far. There were several Solana addresses linked to the attack and unsuspecting users were duped into sending SOL, SPL and other Solana-based tokens to those wallets.

Throughout Tuesday evening, it remained unclear exactly what caused Tuesday evening’s attack, though mobile wallet users appear to have been most affected. A supply chain attack may have compromised a trusted third-party service by enabling the attacker to initiate and approve transactions on behalf of users.

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