Tag: Ethereum

Fujitsu Quantum Computer Set to Crack Bitcoin in 2023?

October 17, 2022 / Efe Anidi

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.

Buenos Aires To Introduce Citywide Ethereum Nodes by 2023

August 19, 2022 / Efe Anidi

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.

Polygon Announce Gnosis Bridge

August 18, 2022 / Efe Anidi

The debut of the Gnosis Bridge, a Polygon PoS Bridge for Gnosis Safe users, has been announced by the Polygon Network. The bridge was constructed as a result of the Polygon team’s decision to create a distinctive solution with a focus on cost-effectiveness, according to a recent blog post.

Although maintaining a Gnosis wallet on Ethereum is safe, it is expensive because gas is needed for each transaction, according to this argument. The simplest method for Web3 teams to move their Safe assets between Polygon and Ethereum is through the Gnosis Bridge.

Thanks to the integration, users may now use Safe’s multi-sig technology without sacrificing ease of use, cost, or security. The Polygon Bridge allows Web3 teams, including DeFi protocols and DAOs, to avoid high gas fees when moving assets between wallets and exchanges.

Will the SEC Go After Ethereum?

August 16, 2022 / Efe Anidi

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.

Technavio predicts The Metaverse market share to surpass $50 billion by 2026

August 5, 2022 / Efe Anidi

Technology research and advisory firm Technavio is making a bold prediction for the metaverse market over the next 4-year blockchain cycle in the report titled “Metaverse Market in Finance by Component and Geography – Forecast and Analysis 2022-2026”

Technavio concluded software and hardware, and the impact of the technology in various geographical regions would lead to rapid growth and adoption.

In 2026, the metaverse’s market share will reach $50.37 billion, according to the study. From 2021-2026, five timeframes were considered to analyze metaverse growth. A CAGR of nearly 21% is projected for market growth momentum. A growth rate of 20.11% is expected this year alone.

There will be 32% growth in the North American region, with Canada and the United States leading the way. China and Germany were also important consumer countries.

Due to their more progressive regulations and institutional adoption rates, Germany and the U.S. topped this year’s global crypto rankings.

There is no doubt that metaverse interest is widespread across the globe. Dubai Metaverse Strategy was launched earlier this month by the United Arab Emirates with an aim to lead f the top 10 metaverse economies.

Technavio.com

100+ countries are now able to use Instagram with NFTs

August 3, 2022 / Efe Anidi

Mark Zuckerberg’s Meta has announced plans to deploy nonfungible tokens (NFTs) across 100 countries in Africa, Asia-Pacific, the Middle East, and the Americas, according to a newsroom post updated on Thursday. As a result, Coinbase Wallet and Dapper wallet connections are now supported, as well as the ability to post digital collectables on the Flow blockchain. Instagram will be the first app to be affected by the new feature.

A digital wallet can be connected to Instagram’s NFT functionality for sharing NFTs, and attribution is automatically attributed to both creators and collectors. If you are an Instagram member, you can share NFTs in your main feed, your stories, or in messages. In addition to displaying public information, such as a description, a digital collectable will have a shimmer effect.

The news comes in the wake of a price hike for the Oculus headset and Meta posting over $2.8 billion in losses for its metaverse division.

What is Blockchain Technology, Blockchain for Beginners

August 3, 2022 / Efe Anidi

Blockchain is a revolutionary technology that is redefining how we exchange goods and services. It’s changing industries from banking to healthcare, from real estate to politics. A Blockchain is a decentralized and distributed ledger that is being used for a wide variety of commercial and personal applications. The technology is so disruptive, in fact, that it’s creating a new class of companies that are moving from the traditional to the decentralized. In this article, we will explore the basics of blockchain in order to help you understand how the technology works and where it can be implemented.

What is Blockchain Technology?

Blockchain technology is a digital ledger that is distributed across a network of computers on the internet. The blockchain is a public ledger that records transactions, such as digital currency (Bitcoin), cryptocurrency, and property transactions. It is a decentralized digital ledger that is encrypted, meaning it is a secure and tamper-proof way to store digital records. Blockchain technology was first introduced in 2008, and it is the underlying technology behind Bitcoin and other cryptocurrencies like Ethereum. The blockchain is an open, distributed, and decentralized ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Blockchain technology is a recent invention and is still in its early stages of development.

How Blockchain Works

A blockchain is a type of database that is distributed across multiple computers. The blockchain is used to record transactions between two parties efficiently and in a verifiable and permanent way. Each block in the blockchain contains a timestamp and a link to a previous block. By design, blockchains are resistant to modification of the data. With the help of a cryptographic hash function, the data is stored in a way that makes tampering difficult. Each block in the blockchain is assigned a unique number. This helps the blockchain to be transparent about its data.

The History of Blockchain

Blockchain technology was first introduced in 2008 by Satoshi Nakamoto. It has been used for the past decade to keep track of transactions of Bitcoin. The information is stored in a public ledger that is shared by all the computers on the network. Blockchain technology came into the spotlight in 2017. It was also the year that Bitcoin came into the greater public as an alternative to gold for some early investors. In 2021 a British court settled a claim that Craig wright was the inventor of Bitcoin although many people still refute that he is Satoshi Nakamoto.

Where Can Blockchain be Used?

Where can blockchain be used? Blockchain is used in a number of different industries, such as finance, healthcare, and education sectors. It is also used in the creation of cryptocurrencies. Blockchain is also now gaining momentum as an entertainment technology with the boom of NFTs (Non-Fungible Tokens) which also use blockchains and decentralised ledger technology.