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DePIN for everyone: How modular infrastructures enable broader adoption
DePINs hold significant potential to enhance various services but face hurdles like complex technology and high developmental costs.
IoTeX, a modular Web3 infrastructure connecting real-world data and smart devices to blockchains, announced its IoTeX 2.0 launch. Supported by launch partners, including Near for data availability, Filecoin for storage, RISC Zero for secure zero-knowledge computing and Espresso for streamlined sequencing.
Decentralized physical infrastructure networks (DePINs) hold transformative potential for many applications, from enhancing wireless services to revolutionizing smart home technologies. Projected to reach $3.5 trillion in addressable market value by 2028, DePIN technology represents a new model for the shared utilization of digital and physical services, where contributors gain ownership stakes and participate in a cooperative ecosystem. With over 1 million DePIN devices connected to date, the DePIN sector is rapidly growing with hundreds of projects across every vertical and use case. Read More
Polygon Labs’s MATIC-POL migration confirmed for Sept. 4
The upgrade is part of Polygon's 2.0 roadmap to enhance its zero-knowledge-based layer 2 chains ecosystem, aiming to expand the utility and functionality of its native token.
The Polygon proof-of-stake (PoS) network will replace its original MATIC token with POL (POL) tokens following an upgrade slated for Sept. 4.
Polygon Labs launched the Ethereum contract for the POL token on Oct. 25 as part of the Polygon 2.0 roadmap, primarily intended to “power a vast ecosystem of zero knowledge-based layer 2 chains.”
The POL upgrade aims to expand the utility of Polygon’s native token and power its growing network of aggregated blockchains, a.k.a. AggLayer.
The POL upgrade initially went live on the Polygon testnet on July 17, which leaves its community with approximately six weeks to identify and fix potential issues before the mainnet migration.
In the initial phase, the POL tokens will replace MATIC as the native gas and staking token for Polygon PoS. However, the Polygon community sees greater potential in its new “future-proof native token.” Read More
State Street eyes blockchain leap with stablecoin, deposit token: Report
The global asset manager may be on its way to the forefront of settlement technology.
According to a report, State Street has taken a serious interest in blockchain settlement technology. The global asset manager has been moving slowly into the crypto space, but it may be making a big leap soon.
An unnamed Bloomberg source said State Street is considering creating its own stablecoin and deposit token. In addition, it may leverage its investment in UK-based payment startup Fnality to create new settlement options and join “digital-cash consortium efforts.” Read More
Grayscale Launches Decentralized Crypto AI Fund for Accredited Investors
The Grayscale Decentralized AI Fund is designed to offer accredited investors a way to capture the growth of AI protocols within the crypto ecosystem. As of July 17, 2024, the fund includes bittensor (TAO) – 2.92%, filecoin (FIL) – 30.59%, livepeer (LPT) – 8.64%, near (NEAR) – 32.99%, and render (RNDR) – 24.86%, each weighted differently to balance risk and potential returns.
This initiative Grayscale said, reflects the firm’s ongoing strategy to leverage disruptive technologies, which they believe can mitigate risks emerging alongside AI advancements. “I’m quite excited about this new Grayscale AI fund,” Barry Silbert the founder and CEO of Digital Currency Group, Grayscale’s parent company, stated on X.
Decentralized AI protocols aim to counter the centralization of AI development dominated by a few large companies. By leveraging blockchain technology, these protocols distribute ownership and governance, increase transparency, and enable permissionless access to AI services. Read More
Solana Gains Momentum Defying All Odds. SOL Set For Serious Gains
Many altcoins have experienced significant declines exceeding 40% since March, yet a few have shown remarkable strength. Solana stands out as one of these resilient altcoins, prompting speculation about its potential for a bullish surge once the cryptocurrency market reaches a parabolic phase. In this article, we will explore Solana's recent developments and discuss the possibility of SOL reaching new heights in the upcoming months. Whether you are already invested in SOL or contemplating adding it to your portfolio, this information is essential reading.
Significant developments have unfolded in the brief span of three months since the last Solana update. Notably, Solana surpassed Ethereum regarding stablecoin trading volumes, a milestone achieved during a mini-surge in altcoins in March, and Solana was a vital driver of this trend. Notably, SOL’s value peaked just before the FTX estate revealed its plan to offer 41 million SOL tokens to investors at a substantial 68% discount, amounting to approximately $7.6 billion.
FTX completed its over-the-counter (OTC) sales in May, but a crucial aspect to consider is that these deals are tied to a four-year vesting period. This means that when the buyers eventually sell their SOL, they will likely face minimal, albeit steady selling pressure. Read More
StarkWare verifies first zero-knowledge proof on Bitcoin
StarkWare’s milestone opens the door for ZK-based layer-2 solutions, enhancing Bitcoin’s scalability and global payment capabilities.
StarkWare has achieved a historic milestone by successfully verifying its first zero-knowledge (ZK) proof using its new STARK verifier on the Bitcoin Signet network.
The development follows three months of firm exploration of the possibilities of “OP_CAT,” the technical proposal aimed at expanding the capabilities of the Bitcoin blockchain.
The verifier lays the foundation for developing ZK-based layer-2 (L2) solutions to improve Bitcoin scalability and push forward toward global payment opportunities.
The “OP_CAT” proposal introduces smart contract functionality to the Bitcoin network, and while still undergoing the approval process, it is currently available on the testnet, Bitcoin Signet. Read More
Blockchain may help whistleblowers of the future
Decentralized technology might have the ability to offer whistleblowers of the future more secure methods for sharing evidence.
Although whistleblowers like Edward Snowden and Julian Assange successfully delivered reports to the public using relatively simple technology, they did so at great personal sacrifice. A user-facing app that unifies certain decentralized protocols and networks could make it simpler and safer for whistleblowers to gather, share and disseminate evidence for reports in the future.
Archiving applications like OpenArchive’s Safe already allow users to document and store evidence using decentralized backends. With Safe, decentralized archivist communities can leverage Filecoin and IPFS to gather and store evidence of wrongdoing in countries like Mexico — such as electoral violence and “disappearing" people (there are at least 105,000 missing people in the country). While Safe is not a Web3 app or protocol, they have integrated decentralized storage into an app designed to help people expose injustices. Read More
The future of crypto payments with self-custody: X Spaces recap with Wirex
Wirex co-founders discuss the shift toward self-custody wallets amid declining trust in centralized platforms and introduce Wirex Pay as a solution.
Despite advancements in onchain infrastructure, the lack of Web3 native payment rails remains a significant hurdle as existing on- and off-ramp solutions are heavily reliant on custodial systems. During a recent X Spaces conversation, Pavel Matveev and Georgy Sokolov, co-founders of Wirex and Wirex Pay, discussed these challenges and proposed their innovative solutions.
Founded in 2014, Wirex — a Web3 money app — has made the long journey from breaking down the barriers between crypto and everyday spending to creating a new payment infrastructure. In 2015, the project introduced a debit card that allowed the conversion of crypto into fiat.
“It wasn’t easy,“ Sokolov reflected when discussing the early days of Wirex and added:
“Even today, some companies promise crypto cards but never deliver. We were one of the first, if not the first, to launch a working card at scale.” Read More
Robinhood Can Get 'More Efficient' by Tokenizing Real-World Assets, Says Crypto Head
Both Robinhood’s CEO and top crypto exec hinted at a more expansive blockchain-backed future for the company this week.
Robinhood has plans to integrate blockchain more deeply across its products and services, according to the company’s top crypto executive.
“We want to start using blockchain technologies to power more and more things,” Robinhood Crypto General Manager Johann Kerbrat said during a Wednesday appearance on the FOMO Hour podcast.
“I think we can do more with blockchain,” he continued. “We can tokenize real-world assets and actually make them a lot more efficient.”
Kerbrat’s comments echo those made earlier this week by Robinhood CEO Vlad Tenev. On Monday, Tenev declared his belief that blockchain could soon become an essential component of traditional finance. 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.
