Blockchain Press Releases
HTX Ventures: Bitcoin Scripting Advances Unlock Potential for Secure and Scalable BTCFI
SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX Ventures, the global investment division of HTX, today released its latest research analysing Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better, by exploring the evolutionary path of Bitcoin programming, delving into how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.
HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.
The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes. “Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.
There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”
There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.
Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties, “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones. Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.
The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.
Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain. This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.
The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.
Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.
The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin. “The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.
To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With more than a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active FOF (Fund of Funds) funds, HTX Ventures invests in 30 top global funds and collaborates with leading blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us here.
Feel free to contact us for investment and collaboration at [email protected]
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Blockchain Press Releases
KuCoin’s Alicia Kao Shares Insights on How AI is Accelerating Mass Crypto Adoption at TOKEN2049 Singapore
VICTORIA, Seychelles, Sept. 20, 2024 /PRNewswire/ — Alicia Kao, Managing Director at leading global cryptocurrency exchange, KuCoin, shared her vision on how crypto exchanges are the drivers that hold the keys to unlocking mainstream crypto adoption. Speaking at the OKX Main Stage at TOKEN2049 in Singapore on a panel session titled “Exchanges at the Helm: Driving Crypto from Niche to Mainstream,” Alicia shared that “accessing information about blockchain has become significantly easier…at KuCoin, we leverage complex data analysis algorithms using our trading bots to help users trade more efficiently.”
Industry stakeholders from all groups were in attendance for the panel, comprising investors, crypto enthusiasts, and more. The focus was on the crucial role of cryptocurrency exchanges in paving the way for crypto adoption and the eventual integration of digital assets into mainstream financial systems. Alicia and her fellow panelists explored both the challenges and opportunities that lay ahead for the crypto industry.
Alongside Alicia, the panel also featured leaders from leading crypto exchanges such as Ben Zhou, Co-Founder and CEO of Bybit; Gracy Chen, CEO of Bitget; Vivien Lin, Chief Product Officer of BingX; and Sonia Shaw, President of CoinW, and moderated by Michael Casey, Chairman of the Decentralized AI Society.
In addition to the panel discussion, KuCoin cemented its position as a leading centralised exchange (CEX) with a prominent presence on the show floor and activations that showcased the platform’s latest developments. The KuCoin Arcade also drew significant attention, offering an engaging and immersive experience with interactive crypto-themed games and activities.
“As we wrap up another edition of TOKEN2049 in Singapore, I’m once again filled with optimism for the future of the crypto industry. The energy, innovation, and collaboration displayed over the past two days have been immensely inspiring. At KuCoin, we will continue striving to be the driving force in this ever evolving space to build a more inclusive, decentralised, and prosperous financial future” added Alicia as TOKEN2049 concluded.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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Blockchain Press Releases
$CATI and $HMSTR Set to List on Bybit: Expanding the TON Blockchain Offerings
DUBAI, UAE, Sept. 19, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to remind its community about the upcoming listings of $CATI and $HMSTR. These tokens, native to the popular Telegram-based games Catizen and Hamster Kombat, respectively, are set to join Bybit’s growing list of innovative projects on the TON Blockchain.
Explore the Worlds of $CATI and $HMSTR
$CATI is the driving force behind Catizen, a blockchain-powered virtual cat city where players can earn $CATI through immersive gameplay and in-game activities. Meanwhile, $HMSTR fuels Hamster Kombat, a fast-growing Telegram mini-game that’s capturing the attention of crypto enthusiasts worldwide. Both games offer a unique Tag-to-Earn feature, rewarding users for tagging specific in-game elements, which adds a new layer of engagement to the gaming experience and helps grow their communities.
“We’re thrilled to welcome $CATI and $HMSTR to the Bybit family. These innovative projects represent the future of the TON ecosystem, and we’re proud to provide our users with the opportunity to participate in their growth,” said Emily Bao, Head of Spot Market and Web3 at Bybit. “Bybit’s commitment to supporting promising projects and fostering a vibrant trading environment remains unwavering.”
Trade $CATI and $HMSTR on Bybit
Bybit provides a secure and reliable platform for trading, offering users peace of mind with its strong emphasis on security. In addition to security, Bybit offers early access to promising projects such as $CATI and $HMSTR, giving its users the chance to engage with emerging communities within the growing blockchain gaming space. These listings highlight Bybit’s ongoing commitment to supporting innovative projects on the TON Blockchain.
Key Dates to Watch:
$CATI
- Spot Pre-Market: https://www.bybit.com/en/trade/spot/pre-market/detail?token=CATI
- Perpetual Pre-Market: https://www.bybit.com/trade/usdt/CATIUSDT
- Official Spot Listing: September 20, 2024: https://www.bybit.com/en/trade/spot/token-splash/detail?code=20240913045655
$HMSTR
- Spot Pre-Market: https://www.bybit.com/en/trade/spot/pre-market/detail?token=HMSTR
- Perpetual Pre-Market: https://www.bybit.com/trade/usdt/HMSTRUSDT
- Official Spot Listing: September 26, 2024: https://www.bybit.com/en/trade/spot/token-splash/detail?code=20240918061036&ref=ARRQOO
#Bybit / #TheCryptoArk
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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Blockchain
MultiversX and Helios Staking Join Hands For Web3 Collabathon; Unveil Helios Connect dApp for Unified Cross-Chain Identity Management
MultiversX (EGLD), the leading internet scale blockchain known for its sharding technology, announced its support to the Helios Collabathon conducted by Helios Staking, to redefine product building through an effort of collaboration over competition. Jointly supported by the MultiversX Foundation, Hatom, XOXNO, and the Injective Foundation, the first-of-its-kind Collabathon brought together 14 top-level Web3 builders from across the world with skills ranging from coding to marketing and business development, to solve pressing industry challenges related to singular user identity across multiple blockchains.
With a background in building 11 different companies and winning 15 hackathons, the Collabathon’s participants deployed a fully-functioning MVP of Helios Connect in 8 days, with a clean interface and Smart Contracts deployed on mainnet on both the Injective and MultiversX blockchains. Simultaneously, all content and related documentation were posted to ensure the product has visibility and is usable afterwards, resulting in Helios Connect acquiring active users already.
As a fully open-source product, Helios Connect is a groundbreaking cross-chain wallet verification and identity dApp, allowing users to create a singular, unified identity across multiple blockchains, addressing a significant challenge of User Fragmentation in the decentralized ecosystem. By simplifying and securing identity management, Helios Connect is poised to become a building block for a plethora of applications that strengthen connections between different ecosystems.
Alongside building the product, the Collabathon hosted networking events and four workshops, hosted by Robert Sasu (Core developer of MultiversX), Joan (Product Manager of Injective Labs), Alex Radu (CEO of Astrarizon), and Sergi & Jose (Founders of Moonlorian).
Robert Sasu, Core Developer of MultiversX, who supported the Collabathon on-site, shared his thoughts: “I am truly impressed by how much the team accomplished in just 10 days, proving how this Collabathon can bring viable products with real use cases to market whilst sparking innovation between communities.”
Kevin Lydon, Co-founder and Managing Director of Helios Staking shared his excitement: “The Helios Collabathon has proven to be a huge success, not only in achieving our technological goals but also in creating a spirit of collaboration. We are looking forward to developing the concept further and pushing the boundaries of what is currently thought possible.”
Open Source For The Community
In a commitment to supporting innovation, Helios Connect’s open-source feature paves the way for integrated cross-chain use cases, such as cross-chain identity management. This approach is designed to provide a platform where cross-chain products and services can grow and thrive, enabling the wider Web3 ecosystem to benefit from this cutting-edge technology.
Helios Connect will serve as a foundational tool that many applications can be built on top of, such as cross-chain governance applications, tax tooling, ticketing, an anti-scam scanner and more.
The MultiversX Foundation continues to support teams and initiatives that are at the forefront of innovation to accelerate blockchain adoption and ecosystem growth by creating meaningful products that benefit the entire Web3 ecosystem.
The post MultiversX and Helios Staking Join Hands For Web3 Collabathon; Unveil Helios Connect dApp for Unified Cross-Chain Identity Management appeared first on HIPTHER Alerts.
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