Autor Cointelegraph By Brian Quarmby

Pantera to close Blockchain Fund soon after raising $1.3B — double the target

Pantera to close Blockchain Fund soon after raising $1.3B — double the target

Uverejnil používateľ | apr 13, 2022 |

Crypto hedge fund giant Pantera Capital is set to close a blockchain fund next month that is backed by around $1.3 billion worth of capital. The Pantera Blockchain Fund was announced in May last year, with plans to raise $600 million to invest in early-stage tokens, venture equity, Web3 firms and tokens with strong liquidity. It has since surpassed that target significantly, with the firm revealing last month that the fund had topped $1 billion. The latest $1.3 billion figure was noted during an April 12 investor conference call regarding the company’s new $200 million Pantera Select Fund that will back “growth stage” crypto firms that are ready to generate revenue, as opposed to firms in early funding stages that being sought out via the Blockchain Fund. While a specific closing date for the fund wasn’t detailed, Pantera Capital CEO Dan Morehead suggested it could be in early May: “We’re wrapping up the Blockchain Fund, I think it’s gonna be about $1.3 billion and over the next three or four weeks, and as some of the big institutions that have very detailed due diligence processes wrap up, we will be done with that fund.”Moving forward, Morehead also noted that the company will then shift its focus to closing the Blockchain Fund II 2023, which will “essentially be the same” as the former variation of the fund and look to obtain further deals in the “early-stage private token space, and new deals in the early venture space.” “We will come back with a larger and more diversified and probably longer investment period growth-stage fund, in say 2024,” Morehead added. The Pantera Select Fund is also expected to close in early May with around $200 million worth of capital. The firm stated that the fund will be used to support and scale companies that are already open for business: “The Fund is expected to invest in about 10 companies over the next 18 months or so. We will primarily focus on more mature, revenue-generating companies than our typical Seed and Series A venture investments.”Pantera stated that the fund will invest in firms across multiple crypto sectors such as blockchain infrastructure, nonfungible token (NFT) platforms, Web3 gaming, the Metaverse, exchanges and decentralized finance (DeFi). Related: Hedge fund report says Bitcoin price is ‘at a relatively inexpensive place’In the firm’s April 5 newsletter, the Pantera CEO also stated that the funds will be “smaller, more targeted, and therefore more concentrated than a typical growth fund” as he emphasized his bullishness on having multiple deals already in place: “For the first time in our nine years, we have three very compelling growth-stage deals locked in all at the same time. That catalyzed us to offer a special fund to help Limited Partners gain exposure to these growth-stage deals plus seven to nine more we will invest in over the next year.”We are now -56% below the 11-year exponential growth trend. The markets have rarely been so cheap relative to the trend.Crypto is undervalued in my opinion.More thoughts here: https://t.co/JKVGi8BHwR pic.twitter.com/95F32y6RPc— Dan Morehead (@dan_pantera) April 6, 2022

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Crypto-skeptic gamers review bomb Storybook Brawl after FTX buys it

Crypto-skeptic gamers review bomb Storybook Brawl after FTX buys it

Uverejnil používateľ | apr 1, 2022 |

Indignant gamers have review bombed Storybook Brawl on Steam over fears of potential nonfungible token (NFT) and blockchain integrations following crypto exchange FTX’s acquisition of its developers Good Luck Games. Storybook Brawl is a free-to-play auto-battle card game that was launched on online gaming platform Steam in mid-2021. The game’s review history showed an overwhelming amount of support until March 22, the exact day FTX US announced its acquisition. Since that time, the game has moved to an “overwhelmingly negative” status with 600 out of the last 761 reviews being negative. While it is possible for anyone who hasn’t played the game to leave feedback because it does not require a purchase, many of the reviews are from players who have spent a lot of time on the game. “We don‘t support NFTs in this household. Tragic end for a great auto battler,” wrote Steam user asnugglekitten, who has logged more than 130 hours on the game. Another player called King Bear, who has clocked more than 60 hours wrote: “Good Luck Games was acquired by FTX, a cryptocurrency company, as a way to ‘help crypto make inroads with gamers.’ I want no part of that and I don‘t want crypto ‘making inroads’ in things I‘m interested in. Uninstalled.” Storybook Brawl reviews: SteamAs part of the acquisition, Storybook Brawl will be integrated into FTX US’s blockchain gaming unit, with FTX co-founder Sam Bankman-Fried outlining the firm’s broader plans to ethically integrate “gaming and crypto transactions in a way that hasn‘t yet been done in this space.”Speaking on the move on March 23, Good Luck Games founder Matt Place also emphasized that it was good news for the player and the company, as it finally has the funding to bring the game to a triple-A level. It may do little to quash the concerns of the strong number of crypto-skeptic gamers, but Place also noted that FTX US hasn’t placed a requirement that blockchain tech is integrated into the game: “We’re going to explore blockchain technology […] how we can actually leverage that to make value, to create fun for players. When we find that, we’re gonna put it into the game, and if we don’t, we don’t have a mandate that we have to do it.”While NFTs, crypto and blockchain have been widely adopted by both artists and gamers, there are still large numbers of skeptics in both communities.Related: FTX and CoinShares launch physical staked Solana ETPMajor sticking points for many anti-crypto gamers often revolve around perceived scams, cash grabs and the environmental impact of crypto — despite more power-efficient blockchain solutions available for gaming than proof-of-work chains. So far, many traditional games and companies have copped the brunt of outrage over potential integrations including Ubisoft, Discord, a social media platform popular among gamers, Electronic Arts and Worms developers Team17.

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Crypto industry fires back after EU vote to block ‘unhosted’ wallets

Crypto industry fires back after EU vote to block ‘unhosted’ wallets

Uverejnil používateľ | apr 1, 2022 |

The crypto industry has reacted strongly against a European Union Parliament committee voting in favor of a regulatory package for tighter Know Your Customer (KYC) and Anti-Money Laundering (AML) rules for ”unhosted” private wallets. The new guidelines would require crypto service providers — most common exchanges — to verify the identity of every individual behind an unhosted wallet that interacts with them, while any transaction greater than 1,000 euros, or $1,100, would need to be reported to authorities. Coinbase CEO Brian Armstrong vented his frustrations against the move via Twitter, drawing comparisons with fiat to highlight the absurdity of reporting and verifying a 1,000 euro transaction: “Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros. Or if you sent money to your cousin to help with groceries, the EU required your bank to collect and verify private information about your cousin before allowing you to send the funds.”“How could the bank even comply? The banks would push back. That’s what we are doing now,” he added.8/ This eviscerates all of the EU’s work to be a global leader in privacy law and policy. It also disproportionately punishes crypto holders and erodes their individual rights in deeply concerning ways. It’s bad policy. Act now here: https://t.co/b3Ll3xXiW4— Brian Armstrong – barmstrong.eth (@brian_armstrong) March 30, 2022The proposal was part of an amendment to the Transfer of Funds Regulation that was voted through by the Economic and Monetary Affairs (ECON) and Committee on Civil Liberties, Justice and Home Affairs (LIBE) on Thursday. For the new rules to be enacted, they must be passed via trialogue negotiations between the EU Parliament, European Council and the European Commission and if they remain unopposed, it would give the crypto industry nine to 18 months to come in full compliance with the legislation. The chairman and CEO Pascal Gauthier of digital wallet firm Ledger didn’t mince his words either, stating that the “EU Parliament chose fear over freedom:”“A new regulation was just voted on that paves the way for a massive surveillance regime over Europe‘s financial landscape.”Today, the EU Parliament chose fear over freedom. A new regulation was just voted on that paves the way for a massive surveillance regime over Europe’s financial landscape. #thread to understand what lies before us. #Crypto #Bitcoin #blockchain— Pascal Gauthier (@_pgauthier) March 31, 2022

The regulatory news appears to have had a significant impact on the price of Bitcoin (BTC), with the asset’s price declining 4.5% over the past 24 hours to sit at $45,243 at the time of writing. Ether (ETH) is also down 3.7% to $3,282 within that time frame. European decentralized finance (DeFi) firm Unstoppable Finance lamented the news, expressing hopes that proposals will get shot down in the upcoming negotiations. “The amendments are a huge setback for crypto in the EU & should be repealed in the trilogues,” the firm stated. Today, the EU Parliament voted in favor of measures that raise significant concerns for both individuals and the crypto ecosystem. If ultimately approved, these new measures will create fundamental issues for privacy, innovation, and access. Full statement below. pic.twitter.com/kjaeWxftz5— Crypto Council for Innovation (@crypto_council) March 31, 2022

Related: European ‘MiCA’ regulation on digital assets: Where do we stand?Unstoppable Finance’s head of strategy and business development Patrick Hansen also took to Twitter to vent his anger, calling the proposals a “big disappointment and a big threat to individual privacy.”“It introduces unfeasible wallet verification requirements and unjustifiable reporting requirements for crypto companies that would have massively detrimental effects for EU citizens and companies alike.”He noted it would be difficult, if not impossible, for crypto service providers to verify an “unhosted” counterpart and warned that to stay compliant and not compromise their legal position, some companies might want to cut off transactions with unhosted wallets altogether. Others, smaller ones, might find the potential operational costs of compliance too expensive, leaving it to the bigger established players, which would cause a further market consolidation.However, Hansen also noted that he holds optimism that the rules could be at least watered down in the trialogue negotiations, as “some Commission/Council members have voiced criticism” about the regulations. Last update on the vote for today: The final committee votes on the entire draft and the mandate to enter trilogue negotiations are in and the results are as clear as expected.Added these updates to the earlier thread on the vote. https://t.co/7NT6PxdDSB— Patrick Hansen (@paddi_hansen) March 31, 2022

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Ethereum is like the best and worst parts of New York: Grayscale

Ethereum is like the best and worst parts of New York: Grayscale

Uverejnil používateľ | mar 31, 2022 |

Digital asset manager Grayscale has published a report on smart contract platforms in which it likens the Ethereum (ETH) blockchain to the best and worst parts of New York City.The report examines the granddaddy smart contract network Ethereum in comparison to newer competing blockchains such as Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Cardano (ADA) and Stellar (XLM). The report comes in the wake of the firm launching a crypto fund dedicated to smart contract platforms excluding Ethereum. In a section titled “digital cities,” Grayscale analyzed Ethereum, Avalanche and Solana. The firm compared Ethereum to the Big Apple, noting that they both share similarities with issues that arise from their stature: “Ethereum is like New York City: it is vast, expensive, and congested in certain areas. However, it also features the richest application ecosystem, with over 500 apps that command a total value of over $100 billion—more than 10x larger than any other competing network.”“Users and developers take comfort that Ethereum will likely continue to be the center of gravity for application innovation and liquidity due to the size of its community and the amount of capital locked into the network’s smart contracts. An L2 solution like Polygon is comparable to a skyscraper in NYC: it scales by building upwards,” the report added. The firm went on to suggest that users moving to competing blockchains is like moving to a cheaper city due to the high gas fees and network congestion on Ethereum caused by overwhelming demand for decentralized finance (DeFi) services and nonfungbile tokens (NFTs) over the past two years. “As Ethereum fees began to eclipse $10 per transaction, smart contract platforms like Stellar, Algorand, Solana, and Avalanche experienced strong growth in daily on-chain transaction counts,” the report read. Grayscale described Solana as like Los Angeles, noting that it is a “structurally distinct network that is speedier and focuses on different use cases” such as on-chain order books such as Mango Markets, which requires fast transaction speeds and low fees to operate. “Solana’s architecture relies on a different consensus mechanism that prioritizes speed and lower fees though at the cost of more centralization — rather than scaling through L2 chains Solana runs transactions through a speedy L1 chain. Running roughly 2300 transactions per second as of March 15, 2022,” the report reads.Avalanche was compared to Chicago in that its economy is similar to NYC, but has a smaller network, “transactions are cheaper and less congested, and development is more centralized.”“Game-specific subnets like Crabada, and partnerships with firms like Deloitte should offer more differentiation compared to apps on other chains, helping Avalanche craft a distinct identity moving forward,” Grayscale wrote.Related: Grayscale gears up for legal battle with SEC over Bitcoin ETFRegardless of the comparisons, Grayscale emphasized the bullish use cases for smart contract platforms moving forward, with the firm pointing towards DeFi and the up and coming Metaverse sector in particular:”The market opportunity for DeFi and Metaverse applications combined, in our opinion, is likely larger than the $2 trillion market cap of the entire digital assets market today.”“Smart contract platforms are the operating layer that DeFi and Metaverse applications build on and leverage for transactions, ultimately driving value to the base chain as users accumulate native tokens for fees,” the report added.

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Quantum computers are years away from cracking crypto: MIT Tech Review

Quantum computers are years away from cracking crypto: MIT Tech Review

Uverejnil používateľ | mar 31, 2022 |

Condensed matter theory physicist and quantum information expert Sankar Das Sarma has argued in MIT Technology Review that quantum computers remain a very long way away from cracking RSA-based cryptography.RSA-Cryptography utilizes algorithms, codes and keys to securely encrypt private data without interference from third parties or malicious actors such as hackers. An example of the methodology in crypto is with the creation of a new wallet that generates a public address and private key. Quantum security is seen as a major issue in the blockchain and crypto sector and it is widely believed that powerful quantum computers will one day become advanced enough to hack current cryptography. That could result in the theft of billions of dollars worth of digital assets, or bring blockchain tech to a grinding halt. There are numerous projects devoted to developing quantum proof cryptography and blockchains. Sarma currently serves as the director of the University of Maryland’s condensed matter theory center and outlined his thoughts earlier this week via an article for Technology Review. The physicist said that he was “disturbed by some of the quantum computing hype I see these days” and liked the current state of the technology to “a tremendous scientific achievement” but one which takes us “no closer to having a quantum computer that can solve a problem that anybody cares about.” “It is akin to trying to make today’s best smartphones using vacuum tubes from the early 1900s.”The physicist highlighted that prime factorization in which a “quantum computer can solve the hard problem of finding the prime factors of large numbers exponentially faster than all classical schemes” and crack cryptography is currently well beyond the grasp of current computing power. Sarma pointed to “qubits” which are quantum objects like an electron or photon that enable the enhanced capabilities of quantum computer:“The most advanced quantum computers today have dozens of decohering (or “noisy”) physical qubits. Building a quantum computer that could crack RSA codes out of such components would require many millions if not billions of qubits.”“Only tens of thousands of these would be used for computation — so-called logical qubits; the rest would be needed for error correction, compensating for decoherence,” he added.Related: Polygon ID platform seeks to enhance self-agency and privacy in the Web3 spaceWhile Sarma was hesitant to sound the cryptographic alarm bells, he did note that a real quantum computer will “have applications unimaginable today” in the same manner in which nobody could predict that the first transistor made in 1947 would lead to the laptops and smartphones of this era. “I am all for hope and am a big believer in quantum computing as a potentially disruptive technology, but to claim that it would start producing millions of dollars of profit for real companies selling services or products in the near future is very perplexing to me,” he said, Despite the danger being some way off, numerous firms are already making efforts to shore up quantum security. Cointelegraph reported last month that U.S. banking giant JP Morgan unveiled research regarding a quantum key distribution (QKD) blockchain network that is resistant to quantum computing attacks.Xx labs has also launched a blockchain it claims is a “quantum-resistant and privacy-focused blockchain ecosystem.”

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