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Standardization of Blockchain Data Format Enhances Interoperability Between Chains – Nick Yushkevich

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According to Nick Yushkevich, standardization of blockchain data formats is crucial as it enhances the interoperability of distinct protocols and fosters broader adoption of the technology. Yushkevich, the director of product at blockchain infrastructure provider Quicknode, added that such standardization helps to improve communication between systems.

Unlocking the Full Potential of Blockchain Data
Yushkevich stated that for users, having standardized blockchain data formats allows interaction with the technology “without needing to understand the intricacies of each platform’s data format.” To back his assertions on the standardization of blockchain data format, the Quicknode director revealed that several organizations, including the International Organization for Standardization (ISO), are already establishing standards for the industry.

Looking to the future of blockchain data management, Yushkevich emphasized the importance of developing what he termed intuitive systems and intricate toolkits to navigate the ever-evolving blockchain space. He argued that each would reinforce the other to “unlock the full potential of blockchain data in a secure and accessible manner.”

Meanwhile, in written responses provided to Bitcoin.com News, Yushkevich also discussed how Streams, Quicknode’s recently launched tool, is addressing the challenges of streaming and processing blockchain data. The Quicknode director’s answers to the questions sent are provided below.

Bitcoin.com News (BCN): The complexity of blockchain data formats can be a barrier to effective data management. How important is standardization in this context, and what progress is being made towards it?

Nick Yushkevich (NY): Standardization in the context of blockchain data formats is crucial for several reasons. It facilitates interoperability between different blockchain systems, improves data quality and consistency, enhances the efficiency of data management practices, and fosters broader adoption of blockchain technology by reducing complexity for developers, businesses, and end-users.

Standardization efforts aim to create common frameworks and guidelines that can be adopted across various blockchain platforms, making it easier for systems to communicate and for users to interact with blockchain technology without needing to understand the intricacies of each platform’s data format.

Node APIs, in particular, are standardized, ensuring no lock-in.

Several organizations and consortia are working towards standardizing blockchain technology and its data formats, such as the International Organization for Standardization (ISO), which has a technical committee (ITC 307) dedicated to blockchain and distributed ledger technologies. They work on standardizing aspects such as terminology, privacy, security, and smart contracts.

The Enterprise Ethereum Alliance (EEA) also focuses on developing open blockchain specifications that drive harmonization and interoperability for businesses and consumers.

BCN: Given the intricate challenges that extract, transform and load (ETL) systems encounter in blockchain data management, what key enhancements can be considered to elevate the efficacy of these systems?

NY: Streams is a data streaming service. It provides your systems with a continuous, real-time stream of blockchain data and includes blocks with transactions, receipts, logs, and more.

Streams also offer a unique reverse RPC approach, ensuring guaranteed data delivery. It has a user-friendly dashboard for managing streams, viewing basic statistics, controlling errors, and more. Additionally, Streams includes a transformation layer, allowing you to tailor the data to your specific needs before it’s delivered.

BCN: Quicknode’s recently launched Streams is reportedly getting quite some attention for its approach to blockchain data management. How exactly does it address the challenges of streaming and processing blockchain data?

NY: Streams redefines how users interact with and utilize blockchain data, unlocking several possibilities currently out of reach with traditional JSON-RPC interfaces.

At the heart of the approach for Stream is what we call a “reverse RPC approach.”

In traditional JSON-RPC, the client makes a request to the server and waits for a response. This approach is request-driven, meaning the client initiates the interaction. However, this model can be inefficient and resource-intensive in the context of streaming data, requiring constant polling to check for new data.

The reverse RPC approach, on the other hand, flips this model on its head. Instead of the client polling the server for data, the server pushes data to the client as it becomes available. This approach is event-driven, meaning the server initiates the interaction when there is new data to send. This model is much more efficient for streaming data, eliminating the need for constant polling and allowing for real-time data delivery.

In the context of Quickstream, this reverse RPC approach means that instead of users making requests to Quicknode for data, Quicknode pushes the data to the users as it becomes available. This approach allows for real-time, efficient, and reliable data delivery, making it ideal for streaming blockchain data.

BCN: As we approach the next frontier in blockchain data management, do you envision a future where data becomes more intuitively comprehensible by systems, or do you anticipate a need for increasingly intricate and intelligent toolkits?

NY: As we move forward in the world of blockchain data management, it is important to develop intuitive systems and intricate toolkits to navigate the evolving terrain. The key lies in refining our approach to ETL processes to ensure that data is not only accessible but also meaningful and actionable.

Integrating blockchain technology with traditional sectors emphasizes the need for analytics tools that can dissect complex datasets and align them with established industry norms. This makes blockchain data more relevant and useful across diverse fields.

Security is a non-negotiable aspect of this journey. As we enhance system intelligence and data accessibility, safeguarding this information becomes paramount. Therefore, we need toolkits built with robust security measures from the ground up.

Lastly, accessibility is crucial to our vision. We aim to create solutions that transcend technical barriers and offer user-friendly interfaces that democratize blockchain data use, ensuring that its benefits extend beyond niche experts to a broader audience.

In essence, the future calls for a harmonious blend of intuitive and advanced toolkits, each reinforcing the other to unlock the full potential of blockchain data in a secure and accessible manner.

Source: news.bitcoin.com

The post Standardization of Blockchain Data Format Enhances Interoperability Between Chains – Nick Yushkevich appeared first on HIPTHER Alerts.

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Blockchain

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

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Global Supply Chain Finance Market

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

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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.

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ASIC cracks down on blockchain mining firms

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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

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