Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Blockchain

Vitalik Buterin Floats Idea of AI-Based Code Audits, Ethereum Project Developers Back Him Up

Published

on

vitalik-buterin-floats-idea-of-ai-based-code-audits,-ethereum-project-developers-back-him-up

In 2023, crypto users lost an estimated $2 billion to hacks and scams, with Ethereum experiencing the highest losses due to its extensive ecosystem and high-profile projects.

Code audits may present a possible application for artificial intelligence (AI) projects looking to use the new technology, Ethereum co-founder Vitalik Buterin said in a tweet earlier this week amid a surge in AI-related tokens.
“One application of AI that I am excited about is AI-assisted formal verification of code and bug finding,” Buterin said. “Right now ethereum’s biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing.”
The AI sector has reemerged as an investment narrative in the past weeks amid new product releases by OpenAI and market-beating results of chipmaker Nvidia (NVDA). Prices of some AI tokens have more than doubled in the past week on the hype, CoinGecko data shows.

AI broadly refers to the simulation of human intelligence using programs that think and act like humans. Popular applications for this technology have so far been limited to chatbots, self-driving cars, optimizing search in online marketplaces and image-generation software.
Buterin’s idea of using AI for code audits could bolster security in an industry known for exploits and scams, two Ethereum-focused developers told CoinDesk this week.
How can AI help code audits?
Blockchain projects already conduct smart contract audits with the help of various automated tools, but a major limitation of these programs is that they are not capable of adapting to new information in the way an AI tool can, one developer explained.
“AI can be trained to recognize and adapt to new information and context, making it more effective at identifying vulnerabilities that may not be covered by static analysis rules,” a TokenFi developer who wished to stay anonymous told CoinDesk in an interview. TokenFi, a sister project of meme coin Floki, is building an AI-assisted code auditing platform.
“AI tools can be updated with new datasets and patterns, and this adaptability is crucial in the rapidly evolving landscape of smart contract security, where zero-day vulnerabilities can emerge, and existing ones can be exploited in novel ways,” they added.
“AI’s ability to learn and improve over time, combined with its capacity for deep analysis and pattern recognition, positions it as a powerful tool for pushing the limitations for human-assisted audits,” the developer explained.

Another developer believes that AI systems could predict vulnerabilities based on historical and forecast data. AI examination, along with human inspection, could ultimately create a strong system check mechanism.
“We can speed up the process by teaching AI systems what to look for based on previous experiences, allowing us to detect potential concerns before they escalate,” explained RJ Ke, developer at Ethereum layer-2 Taiko, in a Telegram chat. “AI may assist with highly technical tasks such as ensuring that the code behaves as expected under various conditions.”
“This combination of artificial intelligence and human inspection not only strengthens our code but also offers us hope for even more exciting advances in the Ethereum ecosystem this year,” Ke noted.
Extent of losses
Crypto users lost an estimated $2 billion to hacks and scams in 2023, as reported, with a large majority of these losses stemming from protocol exploits or attacking poorly coded systems.
Ethereum, the biggest blockchain by active users and value locked, experienced the highest losses, with about $1.35 billion erased in an estimated 170 incidents.

Source: CoinDesk

The post Vitalik Buterin Floats Idea of AI-Based Code Audits, Ethereum Project Developers Back Him Up appeared first on HIPTHER Alerts.

Continue Reading

Blockchain

Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

Published

on

supply-chain-finance-market-forecast-to-reach-$9.4-billion-by-2029:-increasing-emphasis-on-sustainable-sourcing

Global Supply Chain Finance Market

Continue Reading

Blockchain

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

Published

on

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.

Source: cryptonews.com

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

Continue Reading

Blockchain

ASIC cracks down on blockchain mining firms

Published

on

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.

Source: iclg.com

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

Continue Reading
Advertisement
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE