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Fuel Labs, Creator of the First Optimistic Rollup, Unveils “Rollup OS”: The Operating System Purpose-built for Ethereum Rollups




LISBON, Portugal, Feb. 21, 2024 /PRNewswire/ — Fuel Labs, creator of the first optimistic rollup Fuel V1, today announced its evolution into the “Rollup OS”, a complete operating system specifically designed to help Ethereum rollups realize their full potential. Specifically designed to tackle critical limitations in the existing rollups architectures, the strategic shift strengthens Fuel Labs’ position as a visionary in the Ethereum ecosystem while paving the way for its mainnet launch in Q3 2024.

Unlike existing virtual machines (VMs) designed for layer-1 (L1) blockchains or general-purpose computation systems, Fuel offers the first purpose-built VM that will unlock new capabilities for Ethereum rollups.

Fuel’s unique architecture addresses core challenges in blockchain scalability beyond the conventional paradigm of modularity and even data availability — enabling higher throughput via parallelization, state minimization, seamless interoperability and VM customizability.

“As rollups mature, it’s clear that an operating environment optimized for their unique requirements is a non-negotiable next step. Fuel is that evolution: the ‘Rollup OS’ solves critical bottlenecks, future-proofing both rollup technology and the Ethereum ecosystem,” said Nick Dodson, CEO and Co-Founder of Fuel Labs.

Addressing Ethereum’s Scaling Bottleneck

Ethereum’s reign as the dominant smart contract platform is undeniable, yet its future-readiness and developer appeal hinges on EVM’s ability to solve future requirements of Ethereum rollups. As rollups and modular infrastructure rise, existing technologies made for general computation, or monolithic L1 systems, fail to address the evolving demands of this rollup-centric reality. This forces developers to navigate compromises in design, limiting innovation, adoption, and ultimately, Ethereum’s long-term vision for a globally decentralized network.

The Fuel Advantage: A New Operating System for the Rollup Era

Fuel brings unprecedented power to Ethereum rollups by combining state-of-the-art innovations and learning from its rich history in rollup development:

  • Parallelization to Fuel Scalability Beyond Modularity: Parallel transaction execution in the FuelVM enables Fuel-powered rollups to offer a highly performant user experience, while preserving Ethereum’s decentralization and security. As blockchain networks are increasingly designed to be modular – separating execution, consensus, transaction finality and data availability into separate layers – optimized performance rests on parallelization to offer next-generation scalability benefits.
  • Tackling State Bloat for Sustainable Growth: Fuel’s advanced UTXO model, coupled with unique state minimization techniques, combats state bloat – referring to the ever-increasing accumulation of data that must be entirely stored and managed by nodes in a blockchain network to ensure proper chain validation and state transitions. This allows Fuel-powered rollups to scale without compromise, inheriting Ethereum-level security all while maintaining the lowest node operation overheads. This translates to significantly decreased processing requirements for validators thereby ensuring long-term decentralization.
  • Introspection for Seamless Interoperability: Cross-chain fragmentation reduces overall efficiency. Features like introspection streamline interchain communication, empowering developers and users to navigate a fully connected, multi-rollup ecosystem on Ethereum with confidence.
  • Security-First Design with Asset Orientation: FuelVM removes non-intuitive features like ERC20’s unlimited approvals, and introduces multiple native assets for use cases like native NFT bridging and much more. Native account abstraction and support for multiple signature schemes open the doors to effortless user and wallet onboarding into web3, accelerating mainstream adoption.
  • Developer Empowerment:
    • FuelVM: The heart of the Rollup OS, FuelVM provides maximum flexibility and power to developers, unlocking innovations impossible with constrained legacy architectures.
    • Sway: A domain-specific language designed for blockchains, combining features of Rust and Solidity for secure, yet developer-friendly, blockchain programming.
    • Forc: A suite of powerful tools simplifying and accelerating dApp development and deployment on Fuel-powered chains.
  • Highly Customizable: The Rollup OS unlocks a new wave of creativity in innovative decentralized application (dApp) building, purposefully designed to support use cases that require high computational load, such as advanced decentralized finance (DeFi) protocols and web3 gaming.
  • Open-Sourced Security & Collaboration: Fuel prioritizes Ethereum’s security as the foundation, while advocating for collaboration over competition through its open-source ethos.

Fuel aims to remodel execution in order to fuel the future of Ethereum, unlocking never before seen web3 use cases at massive scale. For more information, developers may visit Fuel’s tech docs at Support can also be found via Fuel’s Discord at


Nick Dodson, CEO and Co-Founder of Fuel Labs is available for interview.

About Fuel

Fuel is an operating system purpose-built for Ethereum rollups. Fuel aims to bring new capabilities to the Ethereum Ecosystem all while preserving decentralisation. Fuel rollups will have parallelization, state minimised execution, and interoperability along with native account abstraction and support for wallets of all networks.

Fuel combines the purpose-built FuelVM, a highly optimised Rust-based blockchain programming language Sway, a fully integrated tool chain Forc, and several services to create a complete Rollup OS for Ethereum. Fuel’s unique architecture will allow developers to build experiences never before seen in the Ethereum ecosystem.

For more information, please visit:
Website | X/Twitter | Discord | Blog | GitHub | Documentation | Forum

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Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest




Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.

The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.

While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.

Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.

A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.

Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.

Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.


The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.

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ASIC cracks down on blockchain mining firms




Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.

According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.

The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.

ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.

In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.

While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.


The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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Crypto and Blockchain Weave Deeper Into the Biometrics Space – Identity News Digest




AuthID Inc. has formed a strategic partnership with the National Notarial Centralized Verification System (NNCVS) to integrate biometric identity verification into NNCVS’s online notary platform. NNCVS, a provider of nationwide online services for notaries, aims to transition from a local, in-person framework to a more secure, digital model. By leveraging AuthID’s platform, NNCVS will authenticate the identities of notarial agents and their clients using biometric checks that compare selfies with ID document photos. This enhancement ensures heightened security throughout users’ interactions with the service.

iVALT has introduced a mobile app called OnDemandID, designed to enable users to verify the identity of individuals during phone calls, video calls, or online interactions with a single click. The app employs multiple verification elements, including biometrics, device ID, and location-based parameters like geofencing and time windowing, to prevent deepfake attacks and identity fraud. OnDemandID prioritizes user privacy by storing biometric data locally on the device and refraining from tracking user movements. Additionally, iVALT offers integration into existing enterprise mobile apps, providing a solution to enhance caller verification processes within corporate environments.

Keyless, a company specializing in secure facial recognition, has partnered with EnQualify, an AI-powered Know Your Customer (KYC) verification provider, to enhance online identity verification. Keyless’s privacy-centric ZKB technology will integrate with EnQualify’s AI for initial user verification, enabling a seamless and secure authentication process. This collaboration eliminates the need for repetitive steps and data storage, offering a faster and more user-friendly verification experience while ensuring robust security measures.

Australian fintech Waave has launched its Wallet app to enhance security and convenience for online payments. Integrated with Waave’s Pay by Bank system, Wallet utilizes fingerprint or facial recognition for secure authentication, eliminating the need for passwords and card details. This approach addresses concerns about online fraud, providing a streamlined payment process for consumers and merchants alike. Additionally, Wallet will introduce expense tracking features later in 2024, further enhancing its utility for users.

BeatBit Wellness Lab has introduced the CUDIS ring, a wearable device focused on user-controlled health data management. Powered by Solana blockchain technology, CUDIS tracks biometric data and offers personalized health insights using AI algorithms. Users can contribute anonymized data to a research network and earn rewards, emphasizing data ownership and privacy. The CUDIS ring integrates securely with other Solana and Web3 products, offering users a comprehensive health monitoring solution within the decentralized ecosystem.

Worldcoin has unveiled World Chain, a new blockchain platform designed to prioritize verified human users over bots, aiming to reduce network congestion and transaction fees. Integrated with the Worldcoin protocol’s Proof of Personhood, World Chain provides verified users with priority blockspace and gas allowances. This Layer 2 solution, secured by Ethereum, offers developers access to a large pool of verified users for deploying utility applications. World Chain is set to be open source and permissionless, with plans for community-based governance in the future.

New South Wales (NSW) has launched an Australia-first trial to test digital birth certificates, involving over 18,000 children associated with specific educational institutions. Led by the NSW Registry of Births, Deaths and Marriages in collaboration with the Department of Customer Service, the pilot explores the use of digital certificates with the same legal validity as traditional paper versions. Digital birth certificates aim to simplify administrative tasks and offer enhanced security and convenience, particularly in disaster-prone areas where paper documents could be compromised.


The post Crypto and Blockchain Weave Deeper Into the Biometrics Space – Identity News Digest appeared first on HIPTHER Alerts.

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