Autor Cointelegraph By Erhan Kahraman

Aleph.im raises $10M to develop censorship-resistant data storage

Aleph.im raises $10M to develop censorship-resistant data storage

Uverejnil používateľ | jan 20, 2022 |

The competition among the computing networks is warming up, with decentralized players coming into the stage with backing from the crypto ecosystem.Decentralized storage and computing network Aleph.im completed a $10 million funding round led by Stratos Technologies. Zeeprime, NOIA Capital, Theia, Bitfwd Capital have contributed to the funding, among others. The cross-blockchain network aims to provide fully decentralized computing power and censorship-resistant data storage, according to the announcement.Aleph.im scheduled its first computing resource node rollout for January following the funding round. The nodes would eventually become the decentralized network’s main processing power source. Aleph.im rewards its core channel nodes with the network’s native token, ALEPH. The new funding would enable Aleph.im to increase its minimum wage payment capabilities from the current 70 core channel nodes to 150 node operators. This expansion aims to create a distributed virtual machine network to make full-stack decentralization possible for key blockchain and decentralized application (DApp) developers.After kicking off the network’s computer nodes, Aleph.im also plans to activate storage nodes in 2022, according to Aleph.im founder Jonathan Schemoul. Decentralized storage would enable Web3 developers, DApps and protocols “to fully decentralize up to the last piece of their development stack,” he added.Related: Solana-based DeFi protocol Hubble raises $10M, prepares for mainnet launchStratos Technologies’ Rennick Palley noted that Web3 development would continue to rely on a small number of service providers until the full stack supporting compute and processing power is decentralized. “Aleph.im’s efforts benefit the industry as a whole, and, for this reason, we are proud to be contributing to the larger effort and movement toward truly decentralized full-stack architecture.”Last year, Aleph.im introduced a DApp to let users automatically back up the data underlying their nonfungible tokens. Gaming giant Ubisoft picked Aleph.im to participate in the sixth season of Ubisoft’s Entrepreneurs Lab. Despite facing backlash from the gaming community, Ubisoft joined the Aleph.im network as a channel node operator.

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Turkish ruling party holds meeting in metaverse, talks crypto regulation

Turkish ruling party holds meeting in metaverse, talks crypto regulation

Uverejnil používateľ | jan 19, 2022 |

Ak Party, Turkey’s governing party, held its first metaverse meeting on Monday wherein it discussed upcoming crypto regulation. The Grand National Assembly of Turkey (TBMM) hosted its first meeting in the metaverse, Cointelegraph Turkey reported. Attending the virtual meeting were TBMM group deputy chairmen Mahir Ünal and Mustafa Elitaş along with Ömer İleri, the vice president of Ak Party responsible for information and communication technologies.Physically, Elitaş attended the meeting from the parliament building while Ünal and İleri were at the Ak Party (AKP) headquarters. Crypto regulation was the highlight of the meeting, Ünal told state-run news agency AA, adding that crypto assets require both financial and legal regulations.Mustafa Elitaş, who recently hosted a meeting with representatives from the Turkish crypto ecosystem at TBMM, stressed that it’s impossible to stay out of the virtual world. “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives,” he added.Elitaş is also expected to meet with Binance Turkey on Thursday. As reported before, Binance Turkey was fined 8 million Turkish lira (about $600,000) after failing an audit for monitoring Anti-Money Laundering compliance.As blockchain technology made digital ownership possible, Turkey has sped up its metaverse efforts, Ömer İleri said. Seeing the metaverse as a nascent yet quickly developing field, he predicted that it could impact many industries in the future. Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022The metaverse is open for development in virtual reality, product management and innovative business models, İleri noted, adding that AKP wants to pave the way for a metaverse ecosystem.Related: Turkey’s crypto law is ready for parliament, President Erdoğan confirms İleri argued that digital and technological advancements have legal, economic and social aspects. The AKP is striving to develop policies regarding crypto assets and social media to protect the citizens while empowering Turkey’s innovation capabilities, he concluded.While the Turkish government is keen on blockchain technology and a central bank digital currency, Turkish President Recep Tayyip Erdoğan is known for his stern stance against cryptocurrencies. Last year in a public Q&A session, he “declared war” on crypto, saying that “We have absolutely no intention of embracing cryptocurrencies.”

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Solana-based DeFi protocol Hubble raises $10M, prepares for mainnet launch

Solana-based DeFi protocol Hubble raises $10M, prepares for mainnet launch

Uverejnil používateľ | jan 18, 2022 |

The Solana (SOL) network is ready to see the mainnet launch for another decentralized finance (DeFi) protocol, aimed at Web3 development and backed by bigshots from the crypto industry.Hubble Protocol, a project aiming to develop a censorship-resistant crypto-backed stablecoin among other DeFi services, has raised $10 million from Three Arrows / DeFiance Capital, Delphi Digital, Digital Currency Group (DCG), Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan, DeFi Alliance and Mechanism Capital. Hubble plans to expand its team and DeFi products with fresh funds, starting with its scheduled mainnet launch on Jan. 28, according to the announcement. The first item on Hubble’s roadmap is the launch of its zero-interest borrowing platform that mints USDH, a censorship-resistant crypto-backed stablecoin that’s “positioned to become a building block for other protocols” on the Solana ecosystem.From a decentralized stablecoin to an innovative borrowing marketplace to undercollateralized lending, the Hubble team is building “core DeFi primitives for the Solana ecosystem,” according to DCG Director of Investments Matthew Beck. He added: “These are critical components of the Web3 financial stack on one of the most prominent networks in the crypto market.”Seeing stablecoins as a multi-trillion dollar market opportunity, ParaFi Capital Vice President Anjan Vinod stressed that crypto users will want access to both centralized and decentralized stablecoins, where Hubble comes into play. “We see Hubble’s low transaction costs and USDH network effects as compelling features to drive liquidity to the protocol,” he added.Related: Solana could become the ‘Visa of crypto’: Bank of AmericaFollowing its mainnet launch, Hubble users can stake the platform’s native token, HBB, to earn the majority of the protocol’s fees from minting USDH. According to the announcement, Hubble aims to develop undercollateralized lending services in the future and “explore further DeFi innovations laying the foundations for a global and open financial system.”

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70% of Jamaica population to adopt CBDC in 5 years, prime minister says

70% of Jamaica population to adopt CBDC in 5 years, prime minister says

Uverejnil používateľ | jan 17, 2022 |

Central bank digital currency (CBDC) evolved into a hot topic in Jamaica when the country’s central bank successfully completed the first pilot test in early January.Following the tests, the country’s prime minister, Andrew Holness, has spoken confidently about CBDC adoption in the country.Holness has predicted the majority of the Jamaican population would be quick to adopt the digital currency, with over 70% using the CBDC within five years. The Jamaican prime minister highlighted reduced banking costs and inclusivity of CBDC in a Bloomberg interview, adding that digital currency would ensure greater government accountability thanks to easier public resources tracking.While admitting the initial challenges of a nationwide CBDC launch, which is aimed for the first quarter of 2022, Holness added that the government has to “figure out how to give people access to digital devices and the internet in general.”The Bank of Jamaica, the country’s central bank, has become a pioneer in CBDC efforts with one of the first completed nationwide pilot projects in the world. After partnering with the Irish cryptography firm eCurrency Mint in March 2021, the central bank has conducted an eight-month-long pilot. Related: UK Economic Affairs Committee unconvinced by prospect of retail CBDCAs Cointelegraph reported, the bank has minted 230 million Jamaican dollars (JMD) ($1.5 million) worth of the CBDC for issuance to deposit-taking institutions and authorized payment service providers. BoJ then issued 1 million JMD ($6,500) in CBDC to the staff at BoJ’s banking department and another 5 million JMD ($32,000) to the National Commercial Bank, a major financial institution in the country.BoJ aims to add two new wallet providers for its CBDC, followed by a nationwide rollout in the first quarter of this year. The central bank also plans to focus on interoperability by testing transactions between customers of different wallet providers.

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Swiss central bank tests wholesale CBDC with commercial partners

Swiss central bank tests wholesale CBDC with commercial partners

Uverejnil používateľ | jan 13, 2022 |

Switzerland took another step to clarify the roadmap for integrating central bank digital currencies (CBDC) into the current financial system. The Swiss National Bank (SNB), the country’s central bank, completed the second phase of Project Helvetia with its partners by integrating wholesale CBDC into the existing back-office systems and processes of five banks, namely Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg and UBS.The Bank for International Settlements and Swiss financial infrastructure service provider SIX joined as partners of SNB in Project Helvetia Phase II, which took place during the fourth quarter of 2021. Envisioned as a multi-phase investigation on the settlement of tokenized assets in central bank money, Project Helvetia aims to get central banks ready for a future where DLT-based tokenized financial assets are the norm. The project focuses on solving operational, legal and policy-related issues on settlements. The official announcement states that the lack of an existing systemic DLT-based platform doesn’t mean there won’t be such platforms in the future.Switzerland was an ideal country to proceed with the experiment since issuing a wholesale CBDC, which is specifically used to settle interbank transfers and related wholesale transactions, on a distributed DLT platform operated and owned by a private company is possible under the law. Related: Pakistan’s central bank reportedly wants to ban crypto The second phase of Project Helvetia explored the settlement of interbank, monetary policy and cross-border transactions on the test systems of SIX Digital Exchange (SDX), the Swiss real-time gross settlement system — SIX Interbank Clearing (SIC) — and core banking systems, according to the announcement.“To continue fulfilling their mandates of ensuring monetary and financial stability, central banks need to stay on top of technological change,” noted SNB governing board member Andréa M. Maechler. She continued:“Project Helvetia is a prime example of how to achieve this. It allowed the SNB to deepen its understanding of how the safety of central bank money could be extended to tokenized asset markets.”The first phase of Project Helvetia took place in December 2020 and focused on issuing a wholesale CBDC.

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