Terra has made significant strides in its restructuring efforts following a bankruptcy court order in Terraform Labs’ (TFL) Chapter 11 case.
The court has authorized TFL to take crucial steps, including reopening the Shuttle Bridge and destroying a substantial amount of LUNA tokens.
In a post on X, the blockchain platform noted that TFL will reopen the Shuttle Bridge, allowing users to redeem sealed assets on Terra Classic as part of the court’s directives.
The Shuttle Bridge, a key infrastructure for transferring assets between Terra and other blockchains, had previously been closed.
TFL plans to transfer all assets held in the Shuttle Bridge wallet to a new wallet and introduce a simplified interface to facilitate the redemption process.
According to Terra, users will have a 30-day window to redeem their wrapped assets from the Bridge wallet.
After this period, TFL intends to permanently close the Shuttle Bridge, and any remaining assets in the wallet will be destroyed.
In an effort to reduce the circulating supply of LUNA, the court order has authorized TFL to cancel the distribution and destroy 150 million LUNA tokens obtained from Terra community funding.
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This destruction is part of a broader strategy to stabilize the value of LUNA and restore confidence among the community and investors.
Additionally, TFL will begin the process of deactivating the 125 million LUNA currently staked by 49 validators recommended by Terra.
Once deactivated, these 125 million LUNA tokens, along with 2.5 million LUNA used for liquidity provision, will be destroyed.
TFL’s proposed Chapter 11 plan, which includes these measures, has not yet received full approval from the bankruptcy court and is not expected to take effect until late September 2024 at the earliest.
The plan is part of TFL’s comprehensive strategy to emerge from bankruptcy and reposition Terra as a stable and reliable player in the cryptocurrency space.
These actions follow a settlement reached between TFL and the United States Securities and Exchange Commission.
This settlement aims to address regulatory concerns and ensure compliance with federal securities laws, further contributing to the restructuring and stabilization efforts.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin is poised for a “significant” rise amid upcoming intense volatility, according to new analysis.
Julien Bittel, head of macro research at Global Macro Investor, predicted a BTC price of up to $190,000 in a post on X on July 19.
Bittel highlighted the “compressed” Bollinger Bands, a key crypto volatility indicator, suggesting a potential surge in Bitcoin prices.
“Bollinger Bands are crazy tight by historical standards,” Bittel noted.
“Only two other months in history have we seen the weekly Bollinger Bands so compressed: April 2016 and July 2023.”
Bollinger Bands are crucial for assessing crypto volatility and price trend strength. Currently, the gap between the upper and lower bands is exceptionally narrow.
Historically, such compression has led to significant price increases.
“During both of the previous episodes, Bitcoin prices rose significantly over the following twelve months,” Bittel explained.
“A similar move this time around would target Bitcoin within a range of $140,000 to $190,000.”
This is not the first time Bollinger Bands have indicated major BTC price increases.
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In late 2023, their constriction preceded a rise to local highs just before the launch of U.S. spot Bitcoin exchange-traded funds (ETFs).
Bittel has made similar forecasts recently, emphasizing the need for “patience” amid the bull market’s deepest price drawdown.
As of July 19, BTC/USD is trading around $64,000, up 11% over the past week, according to Cointelegraph Markets Pro and TradingView.
While trader confidence is increasing and price metrics suggest the bull market should continue, not everyone is convinced the timing is right.
A lack of mainstream retail investor interest contrasts with the accumulation behavior of institutions and whales.
Popular trader Rekt Capital pointed out that September could be a critical moment for Bitcoin’s recovery.
“If history repeats, a Bitcoin breakout from the Re-Accumulation Range would occur in September 2024,” he told X followers this week.
Overall, while the indicators suggest a potential for significant price gains, the absence of retail investor enthusiasm remains a notable concern.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The Greek government is planning to implement a tax framework for cryptocurrencies and digital assets, which are currently not recognized.
According to a report by the Greek daily paper Ekathimerini on July 15, a special committee is expected to present its findings to the Ministry of National Economy and Finance by September.
The committee’s proposal aims to integrate cryptocurrencies into the tax system by January 2025.
Profits from crypto and digital asset trades will be taxed as capital gains from the sale of securities at a 15% rate.
The findings will focus on three main areas: defining and recording all cryptocurrencies, establishing a taxation method, and setting up a monitoring process.
Due to the absence of specific legislation in Greece, profits from crypto investments are often “exploited” by investors, with “very few” declaring their earnings from such transactions.
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Ekathimerini notes that these investors are typically “mainly unemployed individuals or taxpayers with no income but substantial real estate holdings.”
Accountants and tax experts have observed an increase in crypto activity, especially among people around the age of 30.
The crypto scene in Greece is experiencing significant growth, reflected in the rise of user activity and events in Athens, the capital city.
In December, Cointelegraph attended ATHDAOx, a multi-day event held for the second consecutive year.
The event saw a fourfold increase in attendance compared to its inaugural year.
The event’s head told Cointelegraph that the local decentralized finance and crypto community is working to “scale” both the community and its in-person events in Greece.
In April, the Greek stock exchange and the Sui blockchain announced a potential collaboration, which later materialized.
This partnership introduced a new fundraising mechanism through the Sui ecosystem.
A representative from Sui highlighted that the Greek stock exchange’s Electronic Book Building system positions it “at the forefront of innovation […] in comparison to exchanges around the world,” in an interview with Cointelegraph.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
- Introduction
What if the future of physical infrastructure is shared, secure, and powered by blockchain? Decentralized Physical Infrastructure Networks (DePINs) are making it happen, transforming the digital landscape with innovative, decentralized technologies. However, despite their potential, DePINs face several challenges that hinder widespread adoption. This article dives into the world of DePINs, explores the challenges they face, and unveils how AYDO’s data-oriented approach is pushing the landscape forward and simplifying the process
- What is DePIN and How it Works?
DePIN (Decentralized Physical Infrastructure Network) leverages blockchain technology to create decentralized, transparent, and secure public infrastructure systems, supporting services like transportation, energy management and communication networks. It incentivizes individuals to create and maintain these networks by rewarding them with cryptocurrency for sharing digital resources and powering hardware networks. Token holders pay for services, vote on strategic decisions, and help secure the network, democratizing ownership and enhancing efficiency.
DePIN harnesses the power of blockchain and IoT to create a decentralized data economy. IoT devices become active participants, collecting valuable data and sharing it directly onto the blockchain. This decentralized approach eliminates intermediaries, ensuring data ownership remains with the generators.
By incentivizing data contribution through token rewards, DePIN motivates users to actively participate in data collection and sharing, fostering a collaborative ecosystem where data is a valuable asset. The blockchain serves as an immutable ledger, transparently recording data provenance and ensuring data integrity, while smart contracts automate data exchange and reward distribution.
- AYDO’s Vision
AYDO facilitates universal IoT connectivity, aiming to reduce integration barriers for DePIN and expedite the convergence of the real world with blockchain technology. AYDO believes that emphasizing modularity and seamless collaboration with IoT devices and architectures is crucial for the widespread adoption of DePIN. Through the provision of modular IoT integration, AYDO aims to simplify the adoption and maintenance of DePIN systems for market players. This modular approach eases the process for developers working on decentralized applications (dApps) and enables them to concentrate on the core aspects of their products.
AYDO simplifies data monetization by enabling users to effortlessly stream data to various platforms, including DePIN projects and AI models. This eliminates the need for users to invest in specialized hardware or configure individual data streams for each platform. By streamlining data access, AYDO lowers the barrier to entry for both data providers and consumers, fostering a more dynamic and interconnected data ecosystem. Users are rewarded for their data contributions in tokens or stablecoins, creating new revenue streams and incentivizing data sharing.
In addition, AYDO’s feature allows users to stream data on request to AI models, similar to how they stream data to DePIN projects. AI developers and researchers can now purchase valuable, real-time data streams directly from users through AYDO’s platform. This access to diverse data is essential for real world application of AI models, driving advancements in its applications.
- Market Potential
As Cointelegraph highlights, “DePIN will become one of this decade’s most important crypto investments.” Data, whether environmental or behavioral, is considered the new oil. AYDO’s core principle revolves around respecting users’ privacy and acknowledging their rights to data ownership. Their system architecture is designed with these principles in mind, allowing users to decide what data they share and with whom.
Source: IoT Analytics, https://iot-analytics.com/iot-market-size/
The global IoT market is expected to grow significantly, reaching an estimated 27 billion connected devices by 2025. According to a Deloitte survey of 156 Chinese manufacturers, 89% believe industrial IoT is critical to business success in the next five years, yet only 46% have established clear IoT strategies and plans. This gap presents a significant opportunity for solutions like AYDO, which simplify the integration and management of IoT devices, enabling companies to fully harness the value of IoT data for efficiency improvement, business growth, and risk management.
- Challenges in the Landscape
Despite significant improvements in privacy, security, and the economic opportunities DePIN offers, several obstacles need to be overcome for the industry to reach its full potential. Here, we focus on data collection challenges:
- Data Silos and Inefficient Collection: Currently, DePIN projects often operate in data silos. They struggle to collect data from a wide range of devices because they require specialized hardware for each project. This creates a barrier to entry for users and limits the type of data DePINs can access. AYDO breaks down these silos by enabling data collection from various generic IoT devices using existing user hardware. This significantly reduces costs and streamlines data collection for DePIN applications.
- Hardware Dependency and Cost Inefficiency : Many DePIN projects require users to purchase specific, specialized hardware, which is expensive due to the high costs of small-volume production runs. This results in users paying a premium for project-specific hardware, whereas generic, readily available alternatives are significantly cheaper. AYDO eliminates this dependency by allowing users to leverage their existing devices, thus reducing costs and making participation more accessible.Here’s a comparison of the cost between specialized DePIN hardware and generic IoT devices supported by AYDO:
| Hardware Type | Cost (USD) |
|---|---|
| Specialized DePIN Device | $200 – $1000+ |
| Generic IoT Device | $5 – $100 |
- AYDO’s Solutions: Streamlining Data for DePIN Efficiency
AYDO believes the solution to these problems lies in user control over data and collaboration between DePIN projects. Here are the ways AYDO addresses data collection challenges in DePINs:
- Broad Device Integration and Management: AYDO Hub (any server/computer/Raspberry Pi where AYDO software is installed) functions as a decentralized network, enabling the integration of thousands of devices from various vendors. It provides capabilities for monitoring and managing connected devices.
- Data Streamlining and Optimization: AYDO goes beyond simple data collection. The AYDO Hub can filter and pre-process data based on user preferences and DePIN project requirements. This ensures that only relevant data is streamed to DePIN applications, reducing bandwidth usage and optimizing data flow for DePINs. Additionally, AYDO allows users to adjust data streaming in real-time based on their preferences or project needs.
- Enabling AI and Machine Learning: By facilitating the collection and flow of high-quality data from various devices, AYDO empowers DePINs to leverage the power of AI and machine learning. This allows DePINs to extract valuable insights from the data, automate tasks, and optimize decision-making within physical infrastructure networks. For instance, imagine a smart city scenario where traffic sensors stream live data to an AI model. The AI model analyzes this data in real-time to optimize traffic light patterns, reducing congestion and improving traffic flow.
- User-Centric Data Ownership and Control: AYDO put the power in the hands of device owners by giving them full control and ownership of their data. AYDO’s blockchain-based decentralized infrastructure ensures the secure storage of user data, preventing unauthorized alteration and ensuring transparency. Users will have full transparency regarding the types of data they decide to share/stream and full control of the data they store.
- Minimal Hardware Requirements: The AYDO server (AYDO Hub) is compatible with devices equivalent to or more powerful than the Raspberry Pi Zero and single-boarded computers that meet minimum hardware requirements.
- AYDO Architecture
AYDO uses a chain-agnostic approach for data hashing and decentralized user data ownership. Note that this architecture is subject to change. In a private setup, sensors send data to an AYDO Hub via Wi-Fi or wired connection. The AYDO Hub sends Zero-Knowledge proofs to a Blockchain node and data to the AYDO backend. Users interact through a mobile app, connecting to the AYDO backend via REST/WebSocket protocols.
The AYDO Hub communicates with sensors using Wi-Fi, wired, or IoT protocols (e.g., Zigbee, Z-Wave), generating ZK proofs sent to a blockchain or layer 2 network. It also sends data to the AYDO backend, which processes Blockchain node data. In a public environment, AYDO interfaces with internet-connected blockchains. The AYDO Hub exchanges data with these networks via Wi-Fi or wired connection.
- The Road Ahead
The adoption of Internet of Things (IoT) devices is rapidly expanding in both businesses and everyday life. Even with supply chain challenges and chip scarcities, worldwide IoT connections are expected to reach 27 billion by 2025.
However, the bulk of IoT devices are currently implemented using an outdated centralized approach, neglecting modern technologies such as blockchain and other proven, reliable protocols. This has led to several issues coming to light, including scalability challenges, elevated operational costs, privacy considerations, security threats, and a deficiency in practical value. These problems limit the potential of IoT devices and may even affect market growth despite current forecasts.
For DePIN, this presents a great opportunity to connect this growing IoT market on both the consumer and enterprise sides. Bringing more data where it is needed and eliminating information waste created by inefficiencies.
- Community and Real-World Value
DePINs are about creating tangible progress and real-world value. AYDO enhances this by breaking down data silos and empowering users to actively participate in the DePIN economy. Crucially, AYDO provides transparency regarding the types of data users share with DePINs without collecting the data itself. This approach fosters a more collaborative and inclusive DePIN ecosystem, driving innovation and enabling DePINs to address real-world challenges across various sectors.
- Conclusion
Integrating real-world sensor data into DePIN applications holds transformative potential for various industries. AYDO addresses the critical challenge of data collection by enabling DePINs to use data from generic, cost-effective IoT devices, which significantly lowers hardware costs and makes data streaming economically viable. Achieving such cost efficiency is essential for the widespread adoption of DePINs.
AYDO’s user-centric approach ensures secure data storage and ownership while streamlining data collection and flow. By making data streaming more cost-effective, AYDO not only supports the future of DePINs but also enhances their potential to harness AI and the Internet of Things. As the DePIN landscape evolves, AYDO’s focus on cost reduction and data efficiency will be pivotal in creating a more collaborative and impactful DePIN ecosystem.
Connect with AYDO: #JointheAYDO
Website: https://AYDO.ai/
Twitter: https://x.com/AYDO_ai
Telegram: @AYDOai
Monad, a new layer-1 smart contract platform, recently raised $225 million from venture capital firm Paradigm.
Although not yet launched, Monad expects to go live on its public testnet in late 2024, with a mainnet launch in early 2025.
Monad is a parallel Ethereum Virtual Machine (EVM) project, akin to Aurora and Sei, designed to parallelize EVM instruction execution, enabling concurrent transaction processing.
This approach increases transaction throughput and reduces costs.
Parallelization breaks down transaction execution into smaller, independent tasks processed simultaneously.
Monad introduces four optimizations: MonadBFT, deferred execution, parallel execution, and MonadDB.
MonadBFT is a two-phase Byzantine-fault-tolerant algorithm based on HotStuff, optimized for partially synchronous conditions.
Most real-world networks experience variable message delivery times due to network congestion and latency.
MonadBFT enhances scalability and efficiency by reducing the communication rounds for consensus from three to two.
The consensus mechanism involves a leader node proposing blocks and validators reviewing them. If a majority approves (two-thirds), the block is finalized.
If consensus isn’t reached, validators send timeout messages, forming a timeout certificate to avoid system stalls.
This two-phase commit rule ensures rapid block finalization while maintaining network security.
Deferred execution separates transaction execution from consensus. Unlike Ethereum, where nodes execute transactions before consensus, MonadBFT focuses only on transaction order.
Execution occurs independently after consensus, mitigating the risk of malicious nodes.
Agreement on the Merkle root of the state is delayed by D blocks, currently set at 10, allowing nodes to verify execution correctness.
Parallel execution in Monad employs optimistic execution, similar to CPU speculative execution. Transactions are processed before previous transactions are finalized, increasing throughput. Conflicts are resolved by re-executing affected transactions.
This approach adds minimal overhead and benefits from static code analysis to predict dependencies, optimizing initial transaction scheduling.
MonadDB is a custom database enhancing parallel execution. Traditional blockchains face I/O bottlenecks due to synchronous operations.
MonadDB uses asynchronous disk operations, allowing multiple read and write processes simultaneously, thus boosting transaction processing speed.
In conclusion, Monad’s innovative techniques—optimistic execution, deferred execution, and MonadDB—enhance scalability and efficiency.
MonadBFT ensures rapid block finalization and network security.
With its public testnet set for late 2024 and mainnet in early 2025, Monad is poised to be a significant player in scalable blockchain technology.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
At the start of July, Bitcoin‘s hashrate drawdown, which measures changes in the network’s computing power, dropped to levels not seen since the December 2022 bear market, indicating some miners may be capitulating.
In April, Bitcoin underwent its fourth halving at block height 840,000, cutting the block reward in half to 3.125 BTC.
This reduction in rewards, along with transaction fees accounting for less than 10% of revenues, has squeezed miners’ earnings.
Additionally, Bitcoin’s price recently fell below $60,000 due to selling pressure from German authorities and the Mt. Gox rehabilitation trustee repaying creditors in Bitcoin and Bitcoin Cash.
The price has since recovered to around $65,000.
Oleksandr Lutskevych, founder and CEO of CEX.IO, noted the cooling of trends like Runes and Ordinals and declining onchain activity.
He suggested this could mean greater centralization of hash power among larger mining operations, potentially leading to network instability during uncertain conditions.
He also mentioned that the decline in unique active addresses might indicate retail participants ceding ground to corporate entities, which are entering the space thanks to the Bitcoin ETFs launched earlier in 2024.
Despite these bearish signals, Marathon Digital Holdings, the world’s largest BTC mining firm, did not sell any Bitcoin in June, keeping its 18,536 coins untouched.
Bitcoin’s hashrate drop, while significant, wasn’t as drastic as during the December 2022 bear market, according to a spokesperson from ViaBTC.
The network’s hashrate has remained around 600 exahashes per second (EH/s), far above the 250 EH/s seen previously, indicating a notable improvement over time.
Brian Rudick, senior strategist at GSR, said the drop in hashrate resulted from reduced mining profitability post-halving, with hash price at an all-time low.
He added that public miners, who generally have lower costs, continued to hold onto their BTC despite the declining profitability, unlike less efficient non-public miners.
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Experts dismissed fears of a “miner death spiral,” where declining rewards and high energy costs cause network collapse.
Lutskevych emphasized that Bitcoin’s built-in difficulty adjustment mechanism helps stabilize the network by lowering difficulty as hashrate drops, making mining more attractive.
ViaBTC added that this mechanism could lead to a dynamic balance, attracting new miners and increasing hashrate.
Concerns about miner centralization were highlighted, with the appetites of dominant players potentially causing short-term fluctuations.
However, miners can manage liquidity needs without selling their BTC, using services like crypto-backed loans.
Historically, Bitcoin’s price and hashrate have been correlated. Lutskevych noted a slight lag between the two, but recent price drops have not been as severe as past events.
Rudick added that Bitcoin’s price leads its hashrate, so he doesn’t foresee the hashrate drop affecting the cryptocurrency’s price or security, as the network remains robust with sufficient hashrate.
Despite potential turmoil in the mining industry, Bitcoin’s security is assured. Controlling the network’s hashrate for a 51% attack would be prohibitively expensive.
Solutions to Bitcoin’s long-term security budget, such as increasing block space demand via layer 2s, are being considered.
While the hashrate drop is notable, it may signal a market bottom, supported by metrics indicating low selling pressure from exchanges and miners.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Nexo has demonstrated its strong commitment to data security by renewing its SOC 2 Type 2 audit and achieving a new SOC 3 Type 2 assessment with no exceptions. The company expanded the audit’s scope to include additional Trust Service Criteria, focusing on Confidentiality. These achievements underscore Nexo’s dedication to protecting sensitive user information, making data protection a core aspect of its mission.
The audits were conducted by A-LIGN, an independent auditor with 20 years of experience in security compliance. The SOC 2 and SOC 3 reports confirmed Nexo’s flawless compliance with the stringent Trust Service Criteria of Security and Confidentiality. This was a continuation of the company’s efforts from the previous year, demonstrating its ongoing commitment to safeguarding customer data.
SOC 2, a standard set by the American Institute of Certified Public Accountants (AICPA), evaluates an organization’s internal controls for security and privacy. For a detailed understanding of SOC 2 and SOC 3’s implications for client data security, Nexo has provided information on its blog.
Milan Velev, Chief Information Security Officer at Nexo, expressed pride in the company’s achievements: “Completing the gold standard in client data protection for the second consecutive year brings me great pride and a profound sense of responsibility. It is crucial for Nexo customers to have compliance peace of mind, knowing that we diligently adhere to security regulations and remain committed to annual SOC audits. These assessments provide further confidence that Nexo is their partner in the digital assets sector.”
Nexo’s commitment to operational integrity is further evidenced by its adherence to the CCSS Level 3 Cryptocurrency Security Standard for asset storage, along with ISO 27001, ISO 27017, and ISO 27018 certifications, granted by RINA, and the CSA Security, Trust & Assurance Registry (STAR) Level 1 Certification.
As artificial intelligence (AI) continues to permeate various sectors, its demand is skyrocketing. Innovations like ChatGPT have catalyzed this growth, driving AI adoption across industries from healthcare to finance. However, the rapid expansion of AI technologies has also highlighted significant challenges within centralized AI compute networks, including issues related to scalability, accessibility, data management, and environmental impact.
The traditional, centralized model of AI infrastructure relies heavily on massive data centers owned and operated by a few large corporations – which may lead to an AI monopoly in the near future.
Pivotal Shift in the AI Infrastructure Landscape
The state of DePIN represents a pivotal shift in the AI infrastructure landscape. The emergence of Decentralized Physical Infrastructure Networks (DePIN) offers a promising solution to the challenges posed by centralized AI compute networks.
DePIN leverages decentralized networks of computational resources, distributed across numerous locations and managed by a diverse group of stakeholders. By addressing the limitations of centralized systems, DePIN offers a scalable, accessible, and environmentally sustainable solution for the growing demands of AI.
The Growing Potential of the DePIN Sector
The DePIN niche is heating up, boasting a market value of $26 billion according to CoinGecko. Among the emerging players, NeurochainAI stands out as a potential game-changer, establishing itself as a DeAl (Decentralized AI) infrastructure that simplifies building, deploying, and hosting of AI dApps, powered by a robust community. Ahead of its token launch, the project has gained remarkable traction with over 102,000 registered users and more than 57,000 mainnet wallets.
Node Staking vs. Node Sale
For a DePIN to be a viable alternative to centralized AI computing networks, it must ensure the trust and security of the whole system. Thus blockchains building DeAI systems must ensure robust consensus mechanisms are put in place usually enabled through validator nodes.
Over the past six months, node sales have become a popular method for growing validator networks. A node sale refers to the process of selling nodes to multiple users to operate nodes within a blockchain or decentralized network. Node operators earn rewards for validating transactions and maintaining the network. By running a Neuron Validator node, participants contribute to the network’s decentralization and security.
The benefits of node staking
NeurochainAI is taking an even more transparent, community-driven approach, drawing inspiration from industry leaders like Ethereum where users must stake a stable amount of native coins to become a validator, promoting fairness and stability within the network. Following the Token Generation Event (TGE), NeurochainAI will grow its Neuron Validator network through node staking.
Node staking allows users to operate Neuron Validator nodes and receive daily $NCN rewards for a year. Operating a Neuron Validator contributes to the decentralization of the NeurochainAI ecosystem. Node staking offers multiple benefits compared to node sales:
- Transparency: rewards for participants are known upfront.
- Decentralization: the same stake applies to all nodes.
- Democracy: the community has a fair chance to participate on a first-come, first-served basis.
- Logic: no inflation of fully diluted valuation (FDV) through tiered systems.
According to NeurochainAI’s blog post, 180 million $NCN tokens is allocated to the community. This setup underscores NeurochainAI’s commitment to a decentralized and community-driven ecosystem.
How to Get Involved
To become a Neuron Validator, users must stake 12,000 $NCNs on a first-come, first-served (FCFS) basis upon the TGE. Successful participants will automatically receive a Neuron Validator NFT. The NFTs are distributed immediately via smart contract. However, initially, the number of NFTs is limited to 10,000, adding to the excitement while ensuring stable growth of the node network.
Unlike many projects that spread large portions of their tokens to investors and offer initial DEX offerings (IDOs), NeurochainAI claims it’s committed to a fair launch strategy, which means $NCNs will be listed directly on centralized exchanges (CEXs), ensuring equal access and better terms for everyone. As a part of the fair launch strategy, the community has also had the opportunity to earn NCN by connecting GPUs and participating in data tasks for a long time.
The most intriguing part of the story involves rumors about leaked tokenomics. Prominent crypto influencers have shared tweets suggesting there might not be enough $NCN tokens available to stake for all 10,000 NFTs, which may potentially create market scarcity and contribute to the growing demand for tokens. NeurochainAI hasn’t confirmed this information officially and hasn’t replied to the media for comment though.
Ethereum co-founder Vitalik Buterin has introduced a new cryptographic protocol called Circle STARKs, promising to enhance blockchain security and efficiency.
In his latest post, Buterin explains that this technological leap utilizes smaller fields like Mersenne31 to significantly improve proving speed without compromising security measures.
“The most important trend in STARK protocol design over the last two years has been the switch to working over small fields,” Buterin notes.
Traditional Scalable Transparent ARguments of Knowledge (STARKs) operate over 256-bit fields, which, while secure, are often inefficient.
Circle STARKs, however, leverage smaller fields, resulting in reduced computational costs and faster proving speeds.
This improvement allows for impressive gains, such as verifying 620,000 Poseidon2 hashes per second on an M3 laptop.
Buterin highlights that previous STARK implementations made smaller fields “naturally compatible with verifying elliptic curve-based signatures” but “led to inefficiency” due to the large numbers involved.
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Traditional small fields have limited possible values, making them susceptible to brute-force attacks.
Circle STARKs counteract this vulnerability by performing multiple random checks and using extension fields, which expand the set of values attackers need to guess.
This creates a computationally prohibitive barrier for attackers, maintaining the protocol’s integrity.
“With STARKs over smaller fields, we have a problem: there are only about two billion possible values of x to choose from, and so an attacker wanting to make a fake proof need only try two billion times—a lot of work, but quite doable for a determined attacker!” Buterin states.
A crucial aspect of Circle STARKs is the Fast Reed-Solomon Interactive Oracle Proofs of Proximity (FRI), which prove that a function is a polynomial of a certain degree.
Introducing Circle FRI, an approach that maintains the integrity of the cryptographic process, Circle STARKs ensure that non-polynomial inputs fail the proof.
By utilizing small fields and this new mathematical structure, Circle STARKs offer more flexibility and versatility for efficient computational performance.
This innovative protocol marks a significant step forward in the evolution of blockchain technology, combining enhanced security measures with increased efficiency.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
As spot Ether exchange-traded funds (ETFs) prepare for their debut, asset manager Bitwise has committed to donating 10% of its profits to Ethereum developers.
On July 22, the United States Securities and Exchange Commission (SEC) approved the final S-1 statements necessary for spot Ether ETFs to launch on major stock exchanges, including Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange (NYSE).
As it launches its ETF on the NYSE, Bitwise announced that 10% of all profits from the Bitwise Ethereum ETF (ETHW) would be donated to two Ethereum-focused organizations.
According to Bitwise, the proceeds will benefit Protocol Guild, which supports over 170 core contributors to Ethereum layer-1 protocol research and development.
Additionally, part of the proceeds will go to the PBS Foundation, a nonprofit that funds open-source Ethereum block relays and provides grants to support Ethereum decentralization.
Hong Kim, Bitwise’s chief technology officer, highlighted the importance of the Ethereum community:
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“Every investor in ETHW wants Ethereum to continue to advance, and this donation program contributes to that goal.”
To ensure transparency, Bitwise has also promised to publish the wallet addresses of all its ETHW holdings.
This will enable investors to verify the fund’s holdings and flows directly on the blockchain.
Bitwise made a similar commitment for its spot Bitcoin ETFs.
In January, the company pledged to donate 10% of its profits from the Bitwise Bitcoin ETF (BITB) to the open-source development of Bitcoin.
In addition to Bitwise, VanEck also committed to donating 5% of its spot Bitcoin ETF profits to Bitcoin core developers in January, along with a $10,000 donation to Bitcoin developers.
Crypto analytics firm Kaiko has suggested that the price of ETH could be influenced by the inflows from the newly launched ETFs.
Kaiko’s head of indexes, Will Cai, stated that while a full demand picture may not be clear for several months, the price of ETH might be sensitive to inflow numbers in the initial days.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.