Tag: Blockchain AI

Ethereum Accumulation Addresses Double Since January 2024: CryptoQuant

Summary

The number of Ethereum (ETH) being held in accumulation has nearly doubled since January 2024, now crossing 19 million ETH. The high accumulation rate is due to approval of Ethereum Spot ETFs earlier this year.

Ethereum Accumulation Grows

According to CryptoQuant, Accumulation means holding Ethereum, where the holders aren’t actively spending or moving their assets. The number of said holders have grown significantly in 2024 for Ethereum. In January, the number of ETH being held was 11.5 million, but by October 18,this number reached 19 million ETH. Experts and Analysts believe that this number might cross 20 million by the end of 2024.

Ethereum ETFs Drive Interest

This rapid growth in accumulation is speculated to because by the approval of Ethereum Spot ETFs in early 2024, which boosted investors confidence. One CryptoQuant analyst noted:

“In early 2024, Ethereum Spot ETFs were officially approved, marking a new era. Regulations boosted confidence, making Ethereum mainstream.”

This has increased interest from both institutional and retail investors towards Ethereum.

Value of Accumulated Ethereum

Ethereum’s value in accumulated address is expected to hit $80 billion by the end of the year. This suggests that the value of Ethereum will reach $4,000. This would position Ethereum on par with some of the largest companies in terms of value.

Ethereum Holders in Profit

IntoTheBlock reveals that around 71% of Ethereum holders are in profit right now, with over 74% of holders having held their coin for over a year now.

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Source: IntoTheBlock

The steady growth in accumulation, coupled with rising prices, signals confidence in Ethereum’s long-term value.

Hyve Unveils High-Throughput Data Availability Protocol, HyveDA

Summary 

Blockchain infrastructure company, Hyve has released a Data Availability Protocol, HyveDa. This project aims to provide faster services with throughput of 1 gigabyte per second, which is 100 times faster than current solutions.

Revolutionizing Data Availability

Protocols like HyveDa are crucial for decentralized applications to get reliable and necessary data without being controlled by centralized system. HyveDa offers high speed permissionless network connections where anyone can join without approval, which removes the bottleneck of decentralized system also enhancing scalability and decentralization.

Scaling for High-Volume Applications

Currently capable of 1 GB/s, Hyve plans to scale HyveDA’s throughput to 50 GB/s as the network expands. This positions the protocol to handle data-heavy applications such as artificial intelligence, decentralized finance, and Web3 gaming. Its permissionless design aligns with the core principles of decentralized ecosystems, providing flexibility and accessibility.

Strategic Partnerships and Funding

HyveDa is in mutually beneficial relationship ecosystem aiming for reliable security. Hyve raised $1.15 million in pre-seed funding, to grow and improve its team, enhance layer-2 blockchain system and other platforms. This project aims to solve digital challenges related to large scale data handling in decentralized system.

Future Outlook

HyveDa is showing a great promise in blockchain environment but it’s real success will be determined by it’s scalibility in real world environment. It provides High speed permissionless network which does solve network issues but might cause security problems as anyone can access data without approval. However, the protocol’s focus of handling high-throughput, data intensive applications puts it in positive blockchain space.

Mysten Labs Rolls Out Walrus Protocol Public Testnet for Decentralized Storage

Summary

Mysten Labs has launched an official public testnet for Walrus Protocol. It is a new digital and decentralized storage network capable of handling large files such as videos, images and audio.

Introducing Walrus Protocol

Walrus Protocol is a fresh approach to decentralized Storage which aims to enhance every Blockchain experience. This storage network offers various features including, the ability to delete files, staking system and an explorer tool to manage stored data. Unlike cloud storage which is dependent on a single company, Walrus distributes stored data on different nodes on different locations ensuring greater security and reliability.

How it Works

The protocol breaks large files into smaller chunks and spreads them across various locations. Even if some pieces are lost, the file can still be put back together, ensuring users never lose access to their data.

Powered by Sui Blockchain

Walrus works on the basis of Sui Blockchain, which makes the system more effective and efficient. Walrus also supports testnet token called WAL, which can be staked by users to earn rewards. The goal is to run the network system smoothly and to provide faster, more reliable storage for apps that manage large media files.

Industry Partners

Innovative concept of Walrus has attracted several partners. Akord is moving its secure storage from Arweave to Walrus and Decrypt Media is using it to store its media files. These partnership shows early sign of Walrus getting recognition in decentralized storage space.

Meta Unveils ‘Movie Gen’: A Game-Changer in AI-Powered Movie Creation with Synchronized Audio

The new AI suite “Movie Gen” announced by Meta on October 4 can generate photorealistic movies with sound effects and music. It converts your text prompt into a movie. The movie can be up to 16 seconds long.

Even though this is not the first AI to have the ability to create movies, this one uses the latest technology which makes it different. Meta’s blog post reveals that it outperformed its competitors in every test human participants conducted. Movie Gen can create a 16-second movie with 16FPS and even though it does not match Hollywood’s standard of 24FPS, it is not that far below. Professionals consider it acceptable for quality movie imagery. This new model could revolutionize content creation, allowing for the production of entire movies from simple text prompts or editing of existing visuals. It also aids to video editing, for example, replacing or adjusting objects in the background, making certain characters carry something, etc., which makes VFX easier and gives creators unprecedented flexibility and creative control.

The most notable innovation in Movie Gen is its ability to generate up to 45 seconds of synchronized audio with complete sound effects and background music. Meta claims it seamlessly aligns audio with motion-generated videos, offering an immersive experience.

Content creators and filmmakers are eagerly waiting for its launch. Meta stated Movie Gen needs further safety testing before its release to avoid violating Meta’s policies.

To learn about how AI is a double-edged sword click here.

SWIFT’s Dive into Digital Finance

SWIFT Goes Digital

SWIFT will trial live transactions through the use of digital currencies and tokenized assets in 2025. This pushes human civilization one step further towards bringing the integration of digital banking and traditional banking together. With the whole world changing and people relying more and more on digital mediums for transactions, SWIFT aims to form a bridge between these two finance systems/

SWIFT CONDUCTING LIVE TRIAL TRANSACTIONS FROM 2025

Why Tokenized Assets Need Both Payment and Delivery

Banks as well as asset managers have been trying to use blockchain elements for faster and cheaper trading experiences. The difficulty they faced was with facilitating both tokenized assets as well as a secure payment system. This new platform formed by SWIFT aims to conduct real-life transactions in the traditional banking space.

Further Challenges

This project is widely appreciated but there are people who have their doubts. Not everyone is jumping on digital currency yet. While most countries are applauding the idea some have their doubts like Sweden, which is holding back due to regulatory and technical concerns. SWIFT’s trial is a light sparked in the right direction but the destination is still not clear as there’s still a long way before everyone starts using digital currencies in everyday finance.

Preserving Polish Art Through Blockchain and Arctic Storage

Blockchain Meets Cultural Heritage Preservation

Poland’s bank Pekao is trying to preserve its cultural heritage with blockchain technology. Pekao has partnered with Aleph Zero in order to carry out this project. This innovative project, Archiv3 aims to digitalize and tokenize famous Polish artworks to ensure their easier accessibility and make them more secure for future generations.

Tokenizing Art and Storing it in the Arctic Vault

Archiv3 uses 3D scanning technology to convert physical artwork into Non-Fungible Tokens (NFTs) on eco-friendly Aleph Zero Blockchain. These NFTs are then stored in the Artic World Archive, which is a highly secure facility situated in Norway. Arctic World Archive is a crucial storage designed to store important information in case of cyber threats and disasters.

The Role of Blockchain in Safeguarding Cultural Assets

This innovative initiative by Bank Pekao highlights the fusion of traditional, cultural artwork into modern technology. This initiative ensures long-term preservation of cultural assets. This project along with other several projects going on currently shows the increasing role of Blockchain in digital asset management.

ANZ Bank Explores Tokenized Assets with Project Guardian

ANZ Bank Joins Project Guardian

ANZ Bank, one of Australia’s ” Big Four ” banks has become the first Australian bank to join Project Guardian. This program is led by the Monetary Authority of Singapore. This project has its objective to use blockchain to represent real-world assets as digital tokens. This project is formed on collaboration between Chainlink Labs and ADDX. ANZ will test the ability of computer systems to exchange and make use of the information of those digital tokens on a private blockchain.

Exploring Tokenized Assets and Blockchain Interoperability

ANZ is borrowing Chainlink’s cross-chain ability to profit from the exchange of tokenized assets, such as commercial paper. This project runs on a platform already established by other successful organizations like Swift’s. Tokenization allows real-world traditional assets to be represented digitally making it several times easier to trade on blockchain networks. However, this does come with a great challenge which is Interoperability (This is the ability of computer software to exchange and make use of provided information) between different blockchain networks. ANZ directs this issue by providing a better-decentralized network.

Paving the Way for Digital Finance Innovation

ANZ is venturing into the digital market to help customers navigate the evolving landscape of the blockchain ecosystem. The bank’s participation in Project Guardian represents its positive outlook towards the new digital age. This action just causes a domino effect and later in the future, we might see even more banks being involved in such programs.

Avalanche Launches $40M Grant to Support Layer-1 Developers

Retro9000: Avalanche Launches $40M Grant to Boost Layer-1 Development and Ecosystem Growth

Avalanche’s $40M Developer Grant Program

Avalanche has announced a $40 million grant program called Retro9000, which aims to motivate, inspire, and encourage all aspiring L1 developers. The start of this project by Avalanche is for the enhancement of their already established blockchain ecosystem, particularly for the Layer-1 chain.

Retro9000 Program and Ecosystem Growth

The Retro9000 grant program will reward developers who contribute to improving Avalanche’s blockchain ecosystem. The developers should also contribute by building on the Layer-1 chain. Retro9000 was introduced to make project launching easier and lower Blockchain deployment costs. Retro9000 itself is part of a broader Avalanche9000 upgrade, which enables more developers to participate. Additionally, Avalanche’s DeFi ecosystem continues to benefit from partnerships with platforms like Aave, Benqi Finance, and others.

Encouraging Open Development and Ecosystem Expansion

Retro9000 allows developers to build publicly encouraging community support. This allows any new project to gain community support which helps to test the project before launch. With programs such as Retro9000 and Avalanche9000, new opportunities are created for both the developers and the users to engage and earn rewards.

Morocco turns on AI

Morocco’s going all in on AI and blockchain with their $1.1 billion Digital Morocco 2030 plan to become a global tech hub. The goal is to level up public services, boost the economy, and create 240,000 digital jobs by 2030. They’re using AI to streamline government stuff and blockchain to secure things like healthcare and education. Plus, they’re pushing for 5G, backing 3,000 startups, and attracting global tech companies to build a strong digital ecosystem. Morocco is aiming to make big moves in the digital world and rake in $4.15 billion from tech exports

Morocco is all set on transforming the country into a global digital hub as part of its ambitious Digital Morocco 2030 strategy. The initiative was announced on Sept. 25 and launched with a $1.1 billion budget. Its main concern is to integrate advanced technologies to boost public services, drive economic growth, and create 240,000 new jobs in the digital sector in 2030. 

Additionally, the strategy aims to support the development of new AI-driven startups and blockchain-based platforms, which will set Morocco as a major player in the global digital economy.

AI and blockchain will play a crucial role in making government services more efficient and transparent. A central piece of this is the Unified Administrative Services Portal, which will use blockchain to securely manage things like healthcare, education, and social welfare. Meanwhile, AI will help speed up service delivery by analyzing and processing data in real-time, making everything smoother and more responsive.

Ghita Mezzour, the Minister of Digital Transaction has highlighted how the strategy of Moroccans aims to fully embrace these digital technologies while growing the digital economy. Morocco is shooting for a massive leap in its United Nations Online Services Index ranking, aiming to jump from 100th to 50th place.

The plan also has ambitious financial goals. The government is aiming for 40 billion dirhams ($4.15 billion) in digital export revenues and a contribution of 100 billion dirhams ($10.36 billion) to the country’s GDP. They’re also planning to expand 5G coverage to 70% of the country and foster the growth of 3,000 new startups.

With all of the investments and plans mentioned above, Morocco hopes to generate hundreds and thousands of jobs while positioning itself among the top players in the AI and blockchain sectors on the international stage.

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