New Developments Happening in the Blockchain Space: 26-04-2024
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OKX launches Ethereum layer-2 network for lower fees & interoperability
OKX becomes the latest cryptocurrency exchange to launch an Ethereum-based layer 2 network.
Cryptocurrency exchange OKX has joined the likes of Coinbase in launching an in-house Ethereum-based layer-2 network to provide lower fees and interoperability for users interacting with decentralized applications.
OKX’s launched the public mainnet of X Layer, its zero-knowledge proof powered network, on April 15. The network was built using Polygon’s chain development kit (CDK) and enables shared state and liquidity across multiple blockchain networks using the Ethereum scaling protocol’s Aggregation Layer.
An announcement shared with Cointelegraph notes that X Layer provides faster, cheaper transaction capabilities when interacting with on-chain applications. The network uses ZK-proofs, the underlying technology used by various Ethereum layer-2 networks for improved security and scalability. Read More
‘Disable iMessages’ ASAP to avoid crypto zero-day exploit: Trust Wallet
The firm’s CEO, Eowyn Chen, shared a screenshot of the supposed “high-risk” exploit being sold on the dark web for a whopping $2 million.
Crypto wallet provider Trust Wallet is urging Apple users to disable iMessage, citing “credible intel” of a zero-day exploit that could allow hackers to take control of users’ phones.
“Alert for iOS users: We have credible intel regarding a high-risk zero-day exploit targeting iMessage on the Dark Web,” the firm posted to X at 7:53 pm UTC on April 16.
The firm stressed the zero-day exploit can infiltrate and take control of iPhone users without clicking a link and that high-value account holders are most at threat.
A zero-day exploit is a cyberattack vector that takes advantage of an unknown or unaddressed security flaw in computer software, hardware or firmware. Read More
Solana Update Brings First Fixes for Congestion Issues
After weeks of failed transactions, Solana might be turning a corner with the launch of a first update for mainnet validators.
The first network update to begin addressing weeks of growing congestion that made Solana incredibly difficult to use as of late rolled out for validators early Monday.
Anza, the dev team that spun out of Solana Labs earlier this year, announced overnight that the v1.17.31 release of the Agave validator client—which is run by the computers that support the Solana network—was released with initial fixes for the congestion issues.
It’s not meant as a singular fix for the issues that have recently plagued the network, but rather a first step with more fixes on the way. According to Anza, this update “contains enhancements which will help alleviate some of the ongoing network congestion, and will be followed by further enhancements in v1.18.” Read More
UK to propose clearer crypto regulations by July
The U.K.’s economic secretary to the Treasury, Bim Afolami, said the government’s priority is improving the payments landscape and providing regulatory clarity for digital assets and blockchain.
The United Kingdom Treasury intends to present a regulatory framework for crypto assets and stablecoins by July, with the aim of encouraging local innovation in digital assets and blockchain technology.
The U.K.’s economic secretary to the Treasury, Bim Afolami, revealed the government’s ongoing drive to lay the groundwork for revamping the country’s payments landscape while speaking at the Innovate Finance Global Summit (IFGS) 2024.
Alongside the U.K.’s focus on fiat payment innovation, Afolami highlighted the importance of crypto regulations to remain globally competitive:
“Speaking of true change, I know that the cornerstone of our position as a world leader in fintech is the delivery of our regulatory regime for crypto assets and stablecoins.” Read More
Market Purge Continues As Crypto Industry Strives For Maturity. Perfect Timing For Markethive
Also, Updates On New Integrations And The Markethive Wallet
As the bear market continues with its crypto-cleanse and traders bemoan the adverse price action, some industry leaders opine these conditions will eradicate bad actors and create more significant opportunities for upcoming projects and future participants. Several leading crypto analysts and engineers embrace the idea that this is the time to engage in moves leading to the loftiest gains when the bull cycle returns.
Markethive stands firm with these sentiments and continues to build its next-generation entrepreneurial platform and be ready for the market-cleansed bull run. Those on the Markethive journey may be aware that new features are being integrated into the newsfeed in preparation for the five-channel dashboard housing various feeds.
The innovative five-channel dashboard integration will consist of five newsfeeds—the general newsfeed, the blog, the video channel, curation, and surveys.
It will significantly streamline your activities and business facilitation and will include a search engine so you can build your personal algorithms. This will save time and effort by eliminating what you don’t want to see in your newsfeeds, be more intuitive, and enhance the user experience. Read More
Inter-Blockchain Communication (IBC) protocol, explained
IBC is an open-source protocol designed to facilitate message relaying between separate distributed ledgers and was developed to connect independent blockchains.
The Inter-Blockchain Communication (IBC) protocol facilitates data sharing and communication between different blockchains or “zones.” It’s a digital link between several blockchain networks, enabling safe information sharing, asset exchange and interaction. IBC makes diverse chains compatible by enabling trustless communication and value exchange, especially tokens.
The IBC protocol was created and introduced by Cosmos Network in 2019 to address the issue of isolated blockchains, enabling them to safely exchange assets and data and promoting a more accessible and scalable blockchain ecosystem. Furthermore, the Interchain Foundation (ICF) established the Interchain Standards (ICS) to specify the necessary functions for the IBC protocol within the Cosmos ecosystem.
IBC provides a valuable solution to the common issue of cross-chain messaging. This issue is particularly relevant for exchanges aiming to conduct swaps, application-specific blockchains where assets likely originate on specialized chains and private blockchains seeking connectivity with other chains, whether private or public. Read More
Tether Announces Upcoming Release Of Multi-Chain Tokenization Platform
Tether, the leading stablecoin company, is preparing to widen the scope of its operations in the cryptocurrency market. Paolo Ardoino, CEO of the company, announced that Tether is on the verge of launching a white-label tokenization platform that would be available for everyone.
In social media, Ardoino announced the imminent release of the still-unnamed platform, describing it as “a masterpiece.” He also clarified that the solution would be fully non-custodial, multi-chain, multi-asset type, and super customizable. When launched, the platform might ease small and medium-sized enterprises’ access to the tokenization arena.
Ardoino remarked on the flexibility of this platform, highlighting the features it will bring to facilitate the tokenization of a range of assets. He detailed:
Tokenize anything from any bonds, stocks or funds to coffee shop reward points. A whitelabel of our tech that supports USDt, a 107+B asset. Read More
Is It Wise for E-Commerce Stores to Accept Crypto As Payment?
Cryptocurrencies are transforming the e-commerce industry, offering global reach, cost savings, safety, and cross-border business opportunities, with potential to reach $2.9 billion by 2030.
Everyone is aware of crypto these days. Once obscure, these digital assets are rapidly integrating into the mainstream, particularly in the realm of e-commerce. The industry is predicted to grow from its previous perception as a niche investment for tech enthusiasts to $2.9 billion by 2030.
The increasing digitisation of various aspects of life demands the recognition of virtual currency as an authentic asset, not merely a passing fad. This article will examine why the e-commerce industry is open to accept crypto as a viable payment solution, as well as what benefits it presents. Read More
AI bias: how blockchain can ensure its safety
Blockchain technology can combat bias in AI systems through decentralized, transparent smart contracts, but challenges like scalability, interoperability, and regulatory compliance need to be addressed.
As artificial intelligence (AI) becomes increasingly integrated into our daily lives, concerns about bias within AI systems have garnered significant attention. Bias in AI refers to the systematic errors or inaccuracies in decision-making processes, often resulting from the unconscious prejudices of its developers or the data used to train the algorithms. Addressing bias in AI is crucial to ensuring fairness, equity, and safety across various applications, from hiring processes to judicial systems. In this context, blockchain technology emerges as a promising solution to mitigate bias and enhance transparency in AI systems.
According to a post by CyberGhost, human biases can significantly influence AI algorithms, leading to discriminatory outcomes. For instance, if AI systems are trained on biased datasets, they may perpetuate and amplify existing societal inequalities. This highlights the urgent need for innovative approaches to address bias in AI and uphold ethical standards.
Blockchain technology, known primarily for its association with cryptocurrencies like Bitcoin, offers a decentralized and transparent framework that can effectively combat bias in AI. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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