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3433 result(s) found.

China Telecom and Conflux Network to pilot Blockchain enabled SIM card in Hong Kong

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Toronto, Canada, 15th February, 2023, Chainwire

Today China Telecom and Conflux Network announce a partnership to bring Blockchain SIM cards (BSIM) to market. The entry-level Web3 product will be the largest blockchain hardware product ever seen globally, involving the most users and applications. China Telecom will launch the first BSIM pilot program in Hong Kong later this year.

This will likely be followed by pilots in key mainland China locations such as Shanghai.

BSIM will dramatically lower the barrier to entry to Web3 for China Telecom’s 390+ million mobile phone subscribers, while making transactions faster and more secure. By making telecom users’ personal digital assets more secure, the goal is to make mobile phones more secure.

The BSIM card integrates Conflux’s Tree-graph, dual proof of stake and proof of work technology, enabling the highest system performance for any blockchain in the world. It uses the hardware security advantages of SIM cards to protect users’ private keys, which is a secure and convenient Web3 entry solution. 

The BSIM Card is indistinguishable from a traditional SIM in appearance but the storage space is 10-20 times larger than the traditional SIM card, and the computing power is increased by tens of times.  Users who switch to a BSIM card will be able to store digital assets safely, transfer their digital assets conveniently, and display their assets in a variety of applications.

The BSIM card will manage and store the user’s public and private keys in the card, and carry out digital signatures in a way that the private key does not exit the card. The BSIM card can also allow encrypted storage, key retrieval and other operations. The built-in Bluetooth module will be responsible for the signature and transfer of assets, to ensure the security of personal digital assets. This reduces the risk of the user being attacked by viruses and other malicious software on the mobile phone.

Users’ identifiers in the traditional world, such as mobile phone numbers, can be tied to their Decentralized Identifiers (DID). This will allow for better integration and interaction between virtual and real-world information. BSIM cards can also be combined with abstract accounts based on smart contracts, enabling blockchain applications to safely and efficiently use users’ crypto and traditional world information. Connecting DID with cell phone numbers may also alleviate some of the regulatory concerns stemming from the anonymity of the blockchain technology. 

The initial agreement was signed in 2022 between Conflux Network and China Telecom and this prototype is the culmination of a strategic year-long engagement with the goal to build hardware products at the entrance to the world’s metaverse.

The research and development phase of BSIM card is now complete, and it has successfully connected with Conflux’s main network in the test environment. This prototype has the storage and sending functions of digital assets. Conflux and China Telecom will now focus on enriching the BSIM card’s ecological applications, with emphasis on games, payments and other fields. 

Dr. Ming Wu, CTO of Conflux Network said “The BSIM card significantly improves the user experience and lowers the barriers to entry for Web3 and the Metaverse world for users. It is key to allowing Conflux to take its ecosystem to the next level. Collaborating with such a strong partner like China Telecom and initiating it from Hong Kong will allow us to enter the market in the near future, both in China and globally.”

Dr. Liang Wei, Deputy Director of Big Data and Artificial Intelligence Research Institute, China Academy of Telecommunication Research said “Blockchain-based digital identity lies in the core of future Web3.0, while blockchain-based digital assets are an important catalyst for the Metaverse. The BSIM card is positioned as the entrance infrastructure of the Metaverse, which provides differentiated functions such as telecom hardware security, intelligent digital wallet, as well as DID value-added services. Partnership with Conflux will accelerate the process of connecting Web2.0 and Web3.0 users in this most imaginative space.”

About Conflux Network

Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.

As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. In the region, Conflux has collaborated with global brands and government entities on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.

To learn more about Conflux, visit confluxnetwork.org or China Telecom visit http://www.chinatelecom.com.cn/

Dr. Ming Wu, CTO of Conflux Network and Dr. Liang Wei, Deputy Director of Big Data and Artificial Intelligence Research Institute, China Academy of Telecommunication Research are available for interview.

Contact

Melissa
conflux@shift6studios.com

Bitpanda-backed Pantos Launches Public Beta of Its Multichain Token System

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Vienna, Austria, 14th February, 2023, Chainwire

Pantos, a multichain token system conceived by the team behind Bitpanda, announces the public beta launch of its multichain protocol today. Developers and users will be able to use the public beta to send tokens, wrap native coins of supported chains, and soon also create and deploy multichain tokens easily with a few clicks.

Pantos is introducing a new Multichain Token Standard called PANDAS (Pantos Digital Asset Standard) to bring a truly multichain token system to the masses, enabling secure and seamless Web3 interoperability. Pantos currently supports seven chains on testnet: Ethereum, Polygon, Avalanche, BNB, Cronos, Celo and Fantom; and plans to integrate more EVM and non-EVM chains continuously.

The majority of today’s Web3 applications and bridges lack the security and smooth user experience needed to bring Web3 functionalities to the masses. Pantos aims to improve this by offering a reliable infrastructure and the right tools to empower developers to easily create multichain assets.

Pantos began in 2018 as an in-house research project by Bitpanda in collaboration with TU Wien (Austria) and later also TU Hamburg (Germany) to establish an open standard for truly decentralized multichain token transfers and blockchain interoperability. The public beta comes out after years of ground-breaking research in the fields of oracles, relays, smart contracts and blockchain efficiency. Pantos together with its researchers at the universities run one of the largest blockchain research labs in the world, as part of the Christian Doppler Laboratory Blockchain Technologies for the Internet of Things and have been able to secure funding for the project from the Austrian government.

Eric Demuth, CEO and Co-Founder of both Pantos and Bitpanda, said “We are thrilled to introduce the public beta after years of research in collaboration with some of the most reputed universities in Europe. We believe that Multichain technology will be a catalyst for Web3 and foster widespread crypto adoption. Pantos offers users the simplest way to access a multichain Web3.”

Bitpanda’s business expertise helps Pantos with the transition from a research project to a fully-functional product available to end users and developers in a simple and accessible way. Bitpanda will also be one of the first adopters of Pantos’ multichain token system. Furthermore, Pantos has secured a partnership with the leading Austrian bank, Raiffeisen Bank International (RBI), that is working with Pantos on blockchain interoperability solutions. Pantos’ native token PAN is currently available for trading on Bitpanda and N26.

Researchers at Pantos are developing technology that will allow users to transfer digital assets of any kind freely between different blockchain protocols in a completely decentralized and trustless manner. Using the new PANDAS-20 standard, developers will be able to deploy assets on a variety of blockchains without maintenance work. Interested users or digital creators who lack coding skills will be able to deploy their own multichain tokens with ease.

Though it aims to eventually become a fully decentralized open-source protocol with PAN as its own gas token, the public beta of Pantos comes with a trusted validation mechanism to ensure a smooth launch. This way, the team will ensure that the network cannot be attacked in its early stages, before it gradually evolves into a fully decentralized system. 

About Pantos

Started as a research project by the team behind Bitpanda in 2018, Pantos is an open-source protocol on a mission to make Web3 truly interoperable. It aims to become an enabler for sophisticated Web3 applications. Pantos’ cutting-edge technology allows existing and upcoming tokens to be deployed on multiple blockchain networks, giving users the freedom to choose the most suitable network for their digital assets. It had secured $12.1 million in funding through an Initial Coin Offering (ICO) on Bitpanda in 2018.

For more information, visit: Website  |  Twitter

Contact

Marsel Nenaj
contact@pantos.io

Coinbase-Backed DeSo Launches Revolutionary Chat Protocol, Unlocking Cross-Chain Wallet-to-Wallet Messaging with Ethereum

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Los Angeles, California, 14th February, 2023, Chainwire

DeSo, the layer-1 blockchain that raised $200M from top funds, including Sequoia, Andreessen Horowitz, and Coinbase-Ventures, announces the launch of DeSo Chat Protocol (DCP) — an on-chain, end-to-end encrypted wallet-to-wallet messaging protocol for web3.

DeSo Chat Protocol (DCP) is a secure, censorship-resistant messaging platform for web3 communities. It is built with cross-chain interoperability in mind, so it can easily integrate with any blockchain. With its ability to sustain 40,000 messages per second, it can scale to millions of users, cross-chain, with little to no gas fees. Ethereum is the first integration for DCP, but there are plans to partner with other chains like Solana and Near in the future.

When an Ethereum user logs in using MetaMask, they are instantly airdropped enough $DESO to send up to 10,000 messages.  

Founder of DeSo, Nader Al-Naji, explains, “With its built-in interoperability, DeSo Chat Protocol is positioned to become the universal communicator for the entire web3 ecosystem. For the first time ever, NFT marketplaces like Opensea, MagicEden, and Rarible can integrate DCP to provide a safe, secure way for founders, builders, or creators to communicate regardless of the blockchain they use.”

DeSo Chat Protocol is a powerful communication tool that can be added to any app on any blockchain. Additionally, developers can create new, never before seen social experiences 100% on-chain. Furthermore, it provides white-labeling options so that web3 apps can launch with group chat and community-building capabilities without having to set up everything from scratch. DeSo is currently in talks with apps and NFT marketplaces to integrate DeSo Chat Protocol in the near future. That means communities on platforms like Opensea, Rarible, and MagicEden can communicate with each other no matter which app or blockchain they’re on.

Al-Naji continues, “That means that a user on Opensea can send a message to someone on Rarible, and a user on Rarible can send a message to someone on MagicEden without having to worry about gas fees making it easier than ever for web3 communities to scale and monetize on-chain with heightened safety and security to prevent hacks.”

DeSo Chat Protocol offers a wide range of features that popular messaging apps like Signal, Telegram, and Whatsapp have, such as group chat management, message edits, end-to-end encryption, and emoji reactions. Additionally, thanks to the money-native features that come with the DeSo blockchain, DCP can be customized to build novel messaging experiences that integrate NFTs, Social Tokens, Gated Messaging, and much more! 

Crypto communities have been clamoring for their own web3 native chat application for the last several years, especially after the high-profile Bored Ape Yacht Club hacks on Discord. Most web3 communities are fragmented and forced to use archaic web2 messaging protocols, leaving them susceptible to hacks, attacks, and stolen assets. 

Internet scams are expected to increase due to the explosion in popularity of AI, where deep fakes are difficult to discern from reality; blockchain-based identity and reputation could be the only way to verify whether someone is real, mitigating scams along the way.

Additionally, the DeSo Chat Protocol is positioned to become a major player in the global Blockchain Messaging Apps Market, which is expected to grow from USD 42.23 million in 2022 to USD 628.72 million by 2030 (an increase of 1389%). It stands out among other options because it’s built on the DeSo blockchain, specifically designed with scalability in mind, allowing decentralized social networks to reach billions of users while offering unmatched trust and transparency thanks to everything being stored 100% on-chain.

This is yet another step towards DeSo’s mission of becoming The Social Layer of Web3, a creator-led and user-owned internet powering the future of social media. With the recent launch of Openfund and MegaSwap, DeSo now boasts a full set of tools for founders and builders to launch apps that attract millions of users while creators can monetize in ways never before possible.

About Deso

DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. It raised $200 million and is backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winklevoss Capital, Pantera, and other blue chip funds.

Check out the full roadmap and claim your username.

Contact

Growth Marketing Lead
Ash
ash@deso.org

BitMEX Co-Founder Hayes Goes ‘Quids In’ on BTC, Altcoins for H1 2023

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A prominent cryptocurrency investor has stated that Bitcoin (BTC) and rising altcoins are sound purchases.

Arthur Hayes wrote in a blog post that his previous risk-averse position on cryptocurrency investments had changed and he had become more bullish on some BTC purchases.

He stated that ongoing economic issues at the United States Federal Reserve forced him to avoid risky assets. Federal rate hikes aimed at slowing rampant inflation have triggered rises in cryptocurrency investment activity, he stated.

The BitMEX co-founder said in his post,

“My concerns about this potential outcome, which I handicapped would most likely happen later in 2023, has led me to keep my spare capital in money market funds and short-dated U.S. Treasury bills. As such, the portion of my liquid capital that I intend to eventually use to purchase crypto is missing out on the current monster rally we’re seeing off of the local lows. Bitcoin has rallied close to 50% from the $16,000 lows we saw around the FTX fallout.”

He also predicted that Bitcoin would see additional rises in valuation after 40 percent climb in January.

Liquidity Returns, Debt Ceiling Looms

Despite this, Federal Reserve measures come amid quantitative tightening to remove liquidity from US markets and diminished risk assets. However, the first fiscal half of 2023 will see liquidity return to markets to avoid triggering a debt ceiling crisis, which lawmakers will vote on in the summer, he explained

Treasury General Account (TGA) will eliminate roughly $500 billion USD in cash, which will effectively counteract the Fed’s $100 billion monthly liquidity removals.

He continued: “The TGA will be exhausted sometime in the middle of the year. Immediately following its exhaustion, there will be a political circus in the U.S. around raising the debt limit. Given that the Western-led fiat financial system would collapse overnight if the US government decided to forgo raising the debt ceiling and instead defaulted on the assets that underpin said system, it’s safe to assume the debt ceiling will be raised.”

Time to (Macro) Unwind

Hayes added that he would mostly invest in USD and Bitcoin but would require sufficient timing.

He added: “I’ll deploy over the coming days. I wish my size actually mattered, but it doesn’t — so please don’t think that when this happens, it will have any discernible effect on the price of the orange coin.”

Additionally, altcoins offered opportunities, relying on optimal timing to receive the highest returns.

He concluded: “The key to shitcoining is understanding they go up and down in waves. First, the crypto reserve assets rally — that is, Bitcoin and Ether. The rally in these stalwarts eventually stalls, and then prices fall slightly […] “At the same time, the shitcoin complex stages an aggressive rally. Then shitcoins rediscover gravity, and interest shifts back to Bitcoin and Ether. And this stair-stepping process continues until the secular bull market ends.”

The news comes amid a tumultuous February as Bitcoin surged after the US revealed strong jobs data and modest growth for 2022.

The digital coin skyrocketed past $23,000, indicating the first massive rally since 2020. It also retained its value of around $23,000 amid several interest rate hikes at 25 base-points interest each.

Former Coinbase Exec Pleads Guilty to Insider Trading

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Courts have found a former Coinbase Global Inc product manager guilty of insider crypto trading in the first case of its kind, lawyers revealed.

Ishan Wahi pleaded guilty to two charges of conspiracy to commit wire fraud. This comes just after he initially pleaded not guilty in previous hearings.

Wahi shared confidential information Nikhil Wahi, his brother, and Sameer Ramani, a mutual friend of the two. The information contained confidential information about upcoming announcements of digital asset set to trade on Coinbase.

“I knew that Sameer Ramani and Nikhil Wahi would use that information to make trading decisions. It was wrong to misappropriate and disseminate Coinbase’s property,” Wahi said at the federal court hearing.

Authorities charged both Nikhail Wahi and Sameer Ramani with acquiring digital assets via Ethereum-backed wallets. The two suspects traded roughly 14 times using embargoed Coinbase announcements from June 2021 to April last year, reports showed.

In September, Nihil Wahi pleaded guilty to conspiracy to commit wire fraud. Authorities sentenced him to 10 months in jail in January.

Regarding Ishan Wahi, he faces a further sentencing hearing in US district courts in January. He is expected to serve from 36 to 47 months in prison as outlined in his plea deal, prosecutors said.

Coinbase and Cooperation

Coinbase is the world’s second-largest exchange by volumes and has cooperated with prosecutors on an internal probe. Authorities, including those in the US Securities and Exchange Commission (SEC) are determining whether the digital assets were securities.

Coinbase has remained compliant with global regulators amid the bear market in 2022. Germany’s Federal Financial Supervisory Authority ordered Coinbase to set up a German division due to alleged business organisation violations. The watchdog cited the German Banking Act and demanded Coinbase Germany to provide audit certificates for annual accounts when requested.

The Bit2me Debit Card Gives up to 9% Cash-back to Users for all Transactions

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Bit2Me is leading the charge in fusing traditional finance and cryptocurrency with their innovative technology. The Madrid-based company has made a powerful impression as Spain’s premier crypto exchange, and has even been given the stamp of approval as the first virtual currency service provider sanctioned by the Bank of Spain.

In response to growing demands, Bit2Me has just launched their latest offering – the Bit2Me debit card. This card empowers users to effortlessly switch between multiple cryptocurrencies such as B2M, BTC, ETH, ADA, XRP, SOL, DOT, and the top stablecoin, USDT, for all their purchasing needs. 

Thanks to Bit2Me’s cutting-edge software and Mastercard’s extensive global network of 90 million, the Bit2Me card offers seamless transactions, contactless payments, and 24/7 ATM withdrawals. The card operates just like a standard debit card, but with the added benefits of fast wallet switching and top-notch security features like the ability to lock and unlock the card and set usage restrictions.

Bit2Me’s CEO and co-founder, Leif Ferreira, sheds light on the extensive development process required to integrate the debit card with the Mastercard network and offer a high cash-back rate. He states: 

“Dozens of professionals have been involved in this project, and after two years of work, we have found the key to connect cryptocurrencies to the Mastercard payment network. To do this, we had to modify the transaction flow (which is part of the international card payment protocol) so that customers can use cryptocurrencies to pay instantly and transparently for businesses. Moreover, we have managed to add up to 9% cash back on purchases.” 

The Bit2Me card aims to simplify the use of cryptocurrencies in everyday life, providing instant and secure online payments and ATM withdrawals without the hassle of manual exchange. Bit2Me’s COO and co-founder, Andrei Manuel, has high hopes for the card, stating:

“Our mission is to bring the use of cryptocurrencies closer to everyone. Bit2Me Card allows you to use your cryptocurrencies easily and quickly in your day-to-day life. You can use cryptocurrencies, such as Bitcoin, or stablecoins, such as USDT, at physical or online stores.” 

The crypto market has seen stability in recent months, resulting in a boost in investor confidence and a $300 billion USD increase in total market capitalization since the start of 2023. 

The Bit2Me card offers consumers on both sides of the iaisle a great spending solution and a dependable way to spend their digital assets, with its user-friendly service, Mastercard network connectivity, robust mobile support, and up to a whopping 9% cash-back. 

Hackers Steal 550 BNB from CoW Swap, Funnel Crypto to Tornado Cash

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Hackers have hit CoW Swap with a major cyberattack, leading to 550 BNB in stolen funds.

Contract exploits from cybercriminals stole funds from the decentralised exchange (DEX) protocol. This triggered the platform’s maximal extractable value (MEV) searcher and posted the alerts on a Twitter thread.

Smart contract auditing firm BlockSec found that the exploit added a wallet address as a “solver” with a multisig. The address later attempted to approve DAI tokens to SwapGuard. The latter transferred DAI from the CoW Swap settlement contract to the subsequent addresses.

According to blockchain cybersecurity company PeckShied, hackers stole roughly 551 BNB totalling $181,600 to date. They later transferred the stolen money to the cryptocurrency mixer Tornado Cash.

News of the theft sparked outcry from community members, who demanded users revoke the DEX’s approvals.

News of the cyberattacks comes at a time when criminals are set to continue 2022’s trends this year. A CertiK report found that last year was the worst for the crypto industry. Losses topped roughly $3.7 billion using hacks, platform exploits, and scams.

Binance Suspends USD Bank Transfers

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Binance, the world’s largest cryptocurrency exchange, has suspended bank transfers in USD from Wednesday, it confirmed in reports.

Speaking to CoinDesk on Monday, a Binance spokesperson confirmed that it would take measures from 8 February. It added that just 0.001 percent of bank transfers are conducted in USD each month.

The spokesperson said: “We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly.”

The spokesperson continued,

“In the interim, all other methods of buying and selling crypto remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance (including euros), buying and selling crypto via credit card, debit card, Google Pay and Apple Pay and via our Binance P2P marketplace.”

Despite this, the measures will enter force on its global platform, but not the firm’s Binance.US subsidy.

A second spokesperson said: “[Binance.US] is not affected by this suspension. Unless you see an official message from http://Binance.US, our customers will not be affected.”

Interpol to Explore Policing the Metaverse in New Initiative

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Interpol, the global organisation tasked with international policing, has begun exploring how to police the Metaverse, reports reveal.

Citing Interpol secretary general Jurgen Stock, the BBC reported that the agency aimed to monitor and regulate criminality on the spatial communications platform.

He noted how “sophisticated and professional” cybercriminals could leverage emerging technologies.

Stock continued: “We need to sufficiently respond to that. Sometimes lawmakers, police, and our societies are running a little bit behind. We have seen if we are doing it too late, it already impacts trust in the tools we are using, and therefore the metaverse. In similar platforms that already exist, criminals are using it.”

He concluded that his organisation faced challenges with educating the public on metaverse cybercrime. The organisation aims to tackle cryptocurrency crimes with its outreach.

The comments come after Interpol opened a metaverse portal in October last year at its 90th General Assembly. The new virtual space aimed to inform visitors of Interpol’s operations, metaverse ambitions, and upskill employees on security protocols.

Acting FTX Chief Testifies on Post-Bankruptcy Chaos in Crypto Exchange

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Details of the ongoing bankruptcy cases of FTX have surfaced, revealing details of the crisis in a recent court testimony.

John Ray, the acting chief executive of the now-defunct crypto exchange, testified on Monday at the United States Bankruptcy Court for the District of Delaware. During the hearing, he stated that he and others working at the firm had “carefully” conducted investigations on FTX’s operations.

The latter began to resist a measure to appoint an independent examiner to the company’s bankruptcy case, Ray claimed. He cited “inadvertent errors” that could lead to the loss of “hundreds of millions of dollars of value” for the pushback.

Ray continued that, after taking control of FTX in November last year, he could not find “a single list of anything” linked to the firm’s bank accounts, insurance, and income statements.

The lack of data triggered a “massive scramble for information,” he said.

Amid the company’s Chapter 11 bankruptcy petition, he noted several attempts to steal digital assets, sparking security protocols from experts and liquidators.

He explained: “Your normal first-day petition is chaotic as sometimes can be — this was something that I have never experienced. Those hacks went on virtually all night long […] It was really 48 hours of what I can only describe as pure hell.”

Additionally, he asserted he did not have connections with former FTX executives, including the top three: Alameda Research chief executive Caroline Ellison, ex-CEO Sam Bankman-Fried, and FTX co-founder Gary Wang. He also had no ties to Bankman-Fried’s parents or other affiliates before taking over the firm.

No one “that was in a control position” with the ex-chief executive could direct the exchange’s actions while under new management.

New Examiner under Examination

The news comes after the Office of the US Trustee claimed the case required an independent examiner capable of releasing a public transparency report on the company’s bankruptcy activities.

US Trustee Office representative Juliet Sarkessian urged courts should appoint an examiner for the public’s interest. Despite this, court judges did not rule to select an independent examiner.

Lawyers were instead directed to confirm a “consensual resolution” on the case.

The developments follow ongoing proceedings to resolve FTX’s asset management crisis and unveil events that unfolded prior to and during the company’s collapse. Bankman-Fried currently faces eight counts related to the misappropriation of funds, wire fraud, and defrauding investors, among others.

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