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Utah Governor approves of blockchain and digital innovation task force
Some of the primary duties assigned to the task force involve making policy recommendations related to blockchain and related technologies.
After nearly a three-year-long discussion about establishing a task force to oversee blockchain and crypto initiatives, the governor of Utah, Spencer Cox, signed a bill to create the Blockchain and Digital Innovation Task Force.
The Utah State Legislature first saw the introduction of the house bill (H.B. 335) in early February 2022, which took nearly two months to pass through several senates, house, and fiscal actions before finally being signed by Governor Cox on March 24.
Some of the primary duties assigned to the task force involve making policy recommendations related to blockchain and related technologies. A part of the bill reads:
“[The task force shall] develop and introduce recommendations regarding policy pertaining to the promotion in the state of the adoption of blockchain, financial technology, and digital innovation.” Read More
From smart insurance to on-chain document verification: Here’s how NEAR aims to improve Kenya
NEAR Foundation backs Kenya-based blockchain community Sankore to educate and train blockchain developers and analysts to support the growth of local projects.
Kenya-based blockchain community Sankore has partnered with Swiss nonprofit NEAR Foundation to launch a regional hub that aims to develop talent within the region and build projects that aim to improve the local ecosystem.
Sankore supports projects like Kilimo Shwari, which is a blockchain-based insurance program that helps farmers deal with natural disasters. Apart from this, the firm also supports Ledja, a project which focuses on combating fraudulent documentation within Africa by using NEAR Protocol for document verification.
The partnership will further these initiatives by developing talent within the region through its workshops. Kevin Imani, the founder of Sankore, said that they are “thrilled to be working with NEAR to educate and nurture talented individuals” and support their journeys to become blockchain developers.
Sankore also runs meetups, where they educate younger Kenyans about Web3. This will also also be supported by the partnership with NEAR. As the hub becomes formalized, its educational arm has also already tied up with local universities and currently has 84 students and six graduates who were certified as developers through NEAR workshops. Read More
Here’s Why Decentralized Finance Will Completely Take Over Traditional System, According to Top Crypto Analyst
A closely followed crypto analyst sees big potential for decentralized finance (DeFi) to disrupt the traditional financial system.
In a new discussion on crypto analyst Benjamin Cowen’s YouTube channel, the host of InvestAnswers says that DeFi is still as revolutionary as people said it was in 2020.
“I am huge into DeFi. I’m a tradFi guy now so I can see the potential. I can see what’s actually happening live, the development of DApps (decentralized applications) that literally revolutionize everything from the payment business to the borrowing, lending, financing, derivatives. Everything is going to move to the chain. Everything will be tokenized.”
With the total value locked in decentralized finance protocols ballooning from just under $30 billion in 2020 to its current $71.59 billion, the analyst says that the sector will continue to grow. Read More
Indian central securities depository to back up its monitoring of bonds by blockchain
In the future, India’s NDSL and the Securities Board division will welcome other entities to join the decentralized network.
The National Securities Depository (NSDL), India’s central securities depository based in Mumbai, launched blockchain-based security and covenant monitoring platform.
NSDL officially launched the distributed ledger technology (DLT) platform on Saturday during its 25th-anniversary presentation, alongside the Securities and Exchange Board of India (SEBI). The platform is expected to strengthen the monitoring of security and governance in the corporate bonds market to bring “further discipline and transparency to the market.”
SEBI chairperson Madhabi Puri Buch underscored the blockchain’s transparency as the key reason for the technology’s popularity but made a reservation regarding its current cost-effectiveness, remarking that the anonymity feature remains highly unwelcomed by Indian authorities:
“This is the single biggest differentiator between private DLT manifestations and what we commonly refer to as Central Bank Digital Currencies where it is not envisaged that this aspect of the technology would be put to use as we don’t wish to have anonymity.” Read More
Because of Solana’s POH method, it can horizontally scale the rest of the blockchain, the same way that operating systems and databases scale their software. Each Solana team member has over a decade of experience working in operating systems GPU acceleration. Compilers, networks, etc., giving them extensive and deep experience optimizing software.
Solana is based on scaling software with hardware, with the vision of building the world's largest decentralized, single chart blockchain. The only way to do that is by scaling all the core technologies with hardware.
Scaling the Blockchain in this way delivers a cheap cryptographic base for financial transfers and, more importantly, outside of finance. It is a way for Solana to build a better web experience for social media communities regarding micropayments.
Also, advertising-based revenues can be relinquished for social networks, leading communities to generate value by self-expression, creating their own content, and growing the network and the connections within the community, creating a better world for all. Read More
Morpheus.Network Integrates with Polygon to Simplify Supply Chain Activities
Supply chain SaaS platform Morpheus.Network has announced its integration with Polygon, a decentralized Ethereum scaling network to simplify supply chain operations.
The partnership aims to use Polygon's blockchain technology to integrate global supply chain companies in a bid to digitize, optimize and automate operations, bridging the gap between different operating systems, networks, and entities.
Polygon occupies a very pivotal position in the Ethereum and Web3.0 ecosystems. With the development of globalization, the global supply chain can be seen from the aspects of global trade, foreign outsourcing, cross-border mergers and acquisitions, and so on.
Dan Weinberg, CEO of Morpheus.Network said;
"Our integration between Morpheus.Network and Polygon is an exciting one, and we are excited to see what the future holds as the adoption of blockchain technologies rises. The flexibility and efficiency of our blockchain technology's middleware platform make it a standout in its industry, and it is clear that Morpheus. Network is here to stay for many years to come." Read More
Cardano’s (ADA) First Algorithmic Stablecoin Goes Live on Public Testnet
Ethereum competitor Cardano (ADA) has teamed up with blockchain payments ecosystem COTI to launch a new algorithmic stablecoin.
In a new blog post, COTI says that Djed, the first-ever algorithmic stablecoin built on the smart contract platform, has gone live on its public testnet.
“We are excited to announce that after months of intense work along with the Cardano team, the public testnet version of Djed is now released!
Djed is a decentralized, algorithmic stablecoin that is built on Cardano. An algorithmic stablecoin maintains stability through a combination of collateral and a reserve token.
In this case, Shen is Djed’s reserve coin and has the role of ensuring price stability – specifically it guarantees the collateralization rate and the peg of the stablecoin.” Read More
Plain talk about NFTs: What they have been and what they are becoming
The real value of NFTs lies in empowering artists, creators, and collectors to enforce their rights to distribute, resell and collect.
There’s been a tremendous amount of hype and misinformation about nonfungible tokens (NFTs) since they appeared on the scene in 2014, particularly since the total market for them passed $24 billion. You can’t open a news feed without an article about nonfungible tokens popping up. These inevitably contain the obligatory “An NFT is a” paragraph for newcomers… and for readers who’ve consumed a dozen similar articles but still don’t get it. If you’re among the latter, you’ve come to the right place.
NFTs really can be important and useful, and they’re evolving to become more so. But NFT evangelists and skeptics alike tend to dumb things down, hype things up and sometimes just get things wrong. Here are a few claims you might have read about NFTs — both pro and con:
NFTs are a scam.
You can turn your art into an NFT to prevent it from being copied.
NFTs are just a fad.
Each NFT is a proof of authenticity for a “one-of-a-kind” item.
NFTs are bad for the environment.
First, no — NFTs aren’t a scam. Scammers use email, but we don’t say email is a scam. Second, no — NFTs aren’t a fad, though whether any particular line of digital collectibles turns out to be a lasting set of cultural artifacts or a short-lived fever-dream of techno-social groupthink remains to be seen. Third, while some current blockchains have issues with energy consumption — for the moment — anyone carping about this likely doesn’t know what they’re talking about. And finally, beware of anyone that says you can turn your art into an NFT or that NFTs can prevent your art from being copied, or that they prove a work of art is an authentic “one of a kind.” This language was invented by people who know how to manipulate mass perception, and none of it is true. Read More
ARK Invest’s Cathie Wood Says Crypto Nearing End of Bear Market, Predicts Explosion in Blockchain Technology
ARK Invest founder Cathie Wood says that the increasing correlation between crypto and traditional assets indicates that the bear market will soon be over.
In a new video update, Wood says that the bottom for risk-on assets like Bitcoin and cryptocurrencies is likely near.
Her prediction comes as the price of leading crypto asset (Bitcoin) moves down in tandem with the stock market, which Wood says is a temporary phenomenon.
“Crypto, a new asset class, should not look like the Nasdaq, but it does. It’s highly correlated right now. You know you’re in a bear market and maybe close to the end when everything starts acting alike, and we’re seeing the capitulation of one market after the other.”
Despite the current downturn, Wood says she remains long-term confident in crypto because, like the rest of ARK’s investment picks, she sees it as something that will exponentially grow as it disrupts markets and societies. 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.
