Category: Web3

Blockchain Technology: A Beginner’s Guide in 5 Simple Steps.

Wanna learn blockchain in simply 5 steps? Here is a guide.

1. What is Blockchain?

1000005656 BitMala

Blockchain is a digital ledger that records all and every transaction detail. This transaction detail is noted down on every participant of said blockchain which makes it nearly impossible to break through by outsiders. This system of information being scattered and saved on different networks is called a decentralized system. The transaction detail or any valid information on the blockchain system is stored in a block and several of these records are joined together by a chain, hence the name Blockchain. Every user on the network gets a copy of the entire blockchain making this digital ledger bulletproof.

2. How Does Blockchain Work?

1000005657 BitMala

Blockchain works on several computers called nodes, which validate the information( Mainly transactions). When a transaction occurs, its detail is bundled up with others in a block and several nodes scan the block as well as validate its integrity. Once the transaction is validated the block is added to the blockchain, forming a permanent record. This process ensures data integrity and data security of the whole block.

3. Smart contract

1000005658 BitMala

Smart Contracts are policies and rules that bind all the pieces of blockchain together. These are self-executing contracts with terms and conditions written into code. Once the terms and conditions are met this contract will automatically enforce itself, removing the need for Middle-Man during transactions. Smart Contracts provide transparency, security, and Immutability. This ensures that data cannot be altered without detection.

4. Layer-1 and Layer-2 Blockchains

1000005659 BitMala
I) Layer-1 Blockchains:

Layer-1 Blockchains are foundational blockchains that can establish, manage, and record all transactions on their own. Examples include Bitcoin, Ethereum, and Binance Smart Chain. Layer-1 Blockchains do face scalability and speed issues due to the limited number of transactions per second.

II) Layer-2 Blockchains:

Layer-2 Blockchains are simply upgraded and better versions of Layer-1 Blockchains. Layer-2 Blockchains are built on top of the base layer( Layer-1). They process transactions off-chain reducing the load on layer 1 and increasing its work efficiency.

5. Uses of blockchain

1000005661 BitMala
  • Cryptocurrency
  • Supply Chain Management
  • Healthcare
  • Voting System
  • Finance

Conclusion

By understanding these 5 points, you’ll have a basic and general grasp of blockchain technology, including the difference between Layer 1 and Layer 2 blockchain.

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.

Theta Network Is Expanding

Summary

Theta Network is expanding its reach by collaborating with huge institutions and honestly, the potential glow-up from this collab could be major. It has announced partnering up with a Korean University led by big brains like Prof. Donghyun Kim.

Korea University, ranked #7 in Asia, is known for its technology and research. With over 37K students and the world’s excellent professors, this collaboration is promising huge developments in the future. It has joined Theta Network as an EdgeCloud AI customer through its Universal Transfer Learning (UTL) Lab led by Prof. Donghyun Kim. This multi-year agreement will allow researchers at Korea University to use Theta’s EdgeCloud scalable GPU resources to enhance research in AI.

Through this agreement, Theta will provide UTL Lab with the highest-performing NVIDIA H100 GPUs across East Asia needed to train advanced AI models, including domain and task transfer, and efficient adaptation of foundation models. This agreement gives Korean students a platform to research and allows ThetaNetwork to expand its reach on the Korean market while also enhancing training on advanced AI models. Thereby, profiting both sides.

ThetaNetwork is building a reputation and connections among the most developed societies and strongest economies in the world. This collaboration with Korea University attracts very intelligent individuals making material networks formed there incredibly powerful.

FTX Repayments: Could $16 Billion Spark the Next Crypto Bull Run?

The Potential for a Bull Run

The idea of FTX starting a bull run comes from risk-hungry investors. This belief might turn out to be a risk worth taking or it might also nosedive into the abyss. With Bitcoin steadily breaking all bounds and reaching new heights daily, FTX repayment might join in and align itself with a broader crypto market. This could also cause further growth in the crypto space.

Will the Market React Positively?

Not all creditors are thrilled about receiving cash instead of crypto. This is to be expected everything is bound to have 2 sides and in this case, most investors and creditors seem to be on board with a potential bull run while a certain amount has a skeptical view.

Worldcoin Breaking Out From Consolidation

Summary

After a long time of stepping aside from the big market and maintaining a low but consistent price, worldcoin has managed to return to the game. It finally broke through the $2 mark with 11% surge and a whooping 100% spike in volume over the last 24hrs. With this growing positive vibes and increased market activity, bulls now face the challenges maintaining this upward momentum, setting a stage for levelling up towards $3.


Most Worldcoin holders are in a loss position because when they bought the coin it was almost $8 but now even after the increase it has only managed to hit $2. Worldcoin reached its all-time high of $11.9 within a year of its launch, around the same time Bitcoin hit its peak at $73K. The surge in Worldcoin’s price was largely due to aggressive buying, with increased interest in the coin but, since the price has now fallen many holders are now holding it at a lower value.
Around 4280 wallets hold a total of 1.54 million Worldcoins. These coins were brought at a much higher price than what it has become today. These holders are more likely to retain their positions rather than selling it now at a loss but if the coin dives down to $1.93, it may trigger more selling from large holders, making the situation worse.

Worldcoin destined to fail?

Whenever Worldcoin gets close to an important price level, there’s usually a sudden increase in people depositing more coins the next day.

For example, in mid-July, when buyers tried to stop the price from dropping, worldcoin jumped 11% in one day. However, the next day, many people deposited their coins into exchanges, which created slowed down the price rise and prevented further gains.

In short, while the price of Worldcoin sometimes rises quickly, large deposits of coins into exchanges can act as a barrier, stopping the price from going up even more.

Involvement of big players

During August and September, a steady stream of worldcoin was being deposited into exchanges, totaling up to $2 million in value at its highest point. Despite this selling pressure worldcoin still managed to surge by 30% in the last week which suggests the involvement of big players buying enough coins to maintain the coins being sold, keeping the price from falling.

This sparks interest as to what the next stage may be for Worldcoin.

SingularityNET Revolutionizing AI with Adaptive Learning

Summary

SingularityNET, AIRIS well known for it’s powerful AI in problem solving and decision making has now leveled up to a phase never seen before. It is transitioning towards 3D where it can solve complex 3D puzzles/games like Minecraft with ease. This opens a new door for creating robots to solve real world applications.

A New Dimension of Learning

AIRIS ( Autonomous Intelligent Reinforcement Interpreted Symbolism) showed it’s capabilities to solve complex 2D puzzles, showing higher level reasoning by setting subgoals, such as finding hints by itself to open doors and stuffs. The agent created it’s own problem solving methodologies through exploration and interactions.

Now, AIRIS is advancing further by going on a 3D environment, known as AIRIS Minecraft Agent. This agent must navigate a more complicated landscape and handle a wider range of actions and environmental factors. This does add more complexity, with a greater variety of objects, interactions and spatial considerations.

Real World Applications

AIRIS evolves through exploration rather than programming. It makes predictions considering previously occurred scenarios. For example, AIRIS might observe that pressing a button moves the character forward, through interaction. This real-time learning approach enables AIRIS to explore and adapt to unfamiliar areas more efficiently than traditional systems. Therefore, this opens a door for various industries, from healthcare and manufacturing to transportation and logistics.

Additionally, AIRIS agents can theoretically share information, enhancing learning efficiency and problem-solving capabilities when working together in a shared environment. This collaborative approach could revolutionize how AI systems interact and learn also from one another.

Revolutionizing Gaming Experience

With it’s adaptive and fairly accurate AI, gaming experience can be improved massively. NPCs (non-player-character) can be made more close to real world exhibiting dynamic behaviors and objectives based on needs and environmental interactions, which enhances the gaming experience massively.

This shows that singularityNET is not backing down from the mainstream market anytime soon. With this exciting new project it’s only expected to go higher.

Lara and Tiffany Trump’s X Accounts Hacked to Promote Crypto Scam

On Tuesday Lara and Tiffany Trump’s accounts in X were compromised to pump a pump-and-dump token associated with an anticipated World Liberty Financial cryptocurrency venture. It mentioned random links as the ‘official’ blockchain addresses of the project which were fake ones that where hacked.

But the illegitimate accounts were soon revealed to be fake, and Eric Trump said as much to his many followers, urging them not to respond to the fraud. The hack happened only a few hours after information on what is known as World Liberty Financial – DeFi lending platform involving the Trump family – was released by CoinDesk, stating that the platform was to launch soon.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

Bitcoin and Ether Tumble as US Growth Worries Shake Markets

4th September, 2024, Wyoming

The crypto market has just fallen and has stirred a lot of turmoil! The cryptocurrency market underperformed pulling BTC and ETH down to 5% of losses.

Investors grapple with fears over the US economy. The Bitcoin price fell below $26000, whilst Ethereum was unable to maintain the $1600 level. This decline is due to fluctuations in the global market. Investors fear the slowdown of the US economy can badly affect risky favourites.

Altcoins weren’t spared either. Solana (SOL), Dogecoin (DOGE) and others were not spared, as the downtrend affected most tokens in the market. Overall market capitalisations suffered a decline and investors are supposed to seek safer options.

What’s behind the crash?

The lack of seriousness has been identified as weak economic signals from the US. Currently, the market remains restless as the Fed’s next step remains unknown and so does crypto.

This is indeed a rude awakening! Reminding everything is not always up in the crypto world. But there are downs too. However, the next move could make the difference.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

South Korea Investigates Telegram Over Deepfake Crimes

4th September, 2024 , Wyoming

South Korean officials are to open a criminal investigation against the messaging app, Telegram over accusations of inciting deepfake sexual assaults. The Seoul Metropolitan Police is now investigating whether the app has contributed to the spread of prohibited content, after complaints about a computer-simulated sexual abuse Telegram channel.

This will be the first investigation of South Korea’s prosecution to concern Telegram’s corporate entity. The country wants to involve French authorities and other detectives as the messenger has not been helpful in the process of exchanging with the users information before it.

Some deepfake content has been deleted on Telegram’s requests, moreover, the South Korean authorities are looking forward to establishing a partnership with the platform and create a hotline for such cases. This action is similar to similar actions taken across the world such as in France and India where governments are stepping up and dealing with all sorts of unlawful operations associated with Telegram.

Trump Family’s New Crypto Project Sparks Concern After Past Failure

4th September, 2024, Wyoming

The Trump family after the failure of their previous attempts are starting a new crypto project called World Liberty Financial, which is a lending and borrowing DeFi platform based on Aave and Ethereum. This can be seen as this project is quite similar to what they have done in Dough Finance that was vulnerable to a hack in July that saw the team lose $2 million.

When officially launched by Donald Trump and his sons, Eric, Don Jr. and Barron, the platform will include a governance token dubbed WLFI. However, the project has creates some controversy due to its resemblance to the previous project known as Dough Finance and the community is curious as to whether this project will go the same way.

If you liked this article, then please subscribe to our YouTube Channel for web3 video tutorials. You can also find us on Twitter and Instagram.

Exit mobile version