Connect with us
European Gaming Congress 2024

Blockchain

A16z Crypto Launches Jolt to Boost Blockchain with ZK Proofs

Published

on

a16z-crypto-launches-jolt-to-boost-blockchain-with-zk-proofs

Andreessen Horowitz’s crypto division, A16z Crypto, has introduced Jolt, a Zero-Knowledge Virtual Machine (zkVM). This development is expected to improve blockchain systems by using zero-knowledge proofs ability, specifically SNARKs (Succinct Non-Interactive Arguments of Knowledge), to achieve scalable ZK-rollups in the Layer 2 space.

Zero-Knowledge Virtual Machine
Jolt comes in as a remedy in the blockchain technology meant to speed up and improve the scalability of blockchain networks. The foundation of Jolt is SNARKs, an advanced version of zero-knowledge proof that allows the implementation of scalable ZK rollups.

This technology provides the implementation of a major part of computational work and so blockchains can process and verify transactions faster and more securely. Using SNARKs integration speeds up the process of compressing and verifying computational tasks without the verifier undertaking any reproduction of the computations.

A16z Crypto Enhancing Scalability and Security
Jolt’s launch is considered to be a milestone of the A16z Crypto’s deep tech research journey, which is an indication of the venture firm’s move into a part-time computer science researcher and builder. In addition, A16z Crypto wants to contribute to the blockchain ecosystem by releasing Jolt, an open-source software that makes blockchain processes faster and safer.

Advertisement
Stake.com

The design paradigm on which Jolt is built adds simplicity for functionality extension and auditing, allowing developers to create security attributes. Moreover, Jolt is 2X faster than existing zkVM solutions, which means that the performance improvement is huge. This makes the development and execution of blockchain applications completely different.

A Catalyst for Blockchain Evolution
Simultaneously, Jolt is used together with Lasso, another technology from A16z Crypto that implements a fast prover system for rollups by using a ‘lookup argument.’ This synergy is crucial for enhancing the ability of blockchain applications to scale, where sophisticated operations can be undertaken off-chain but still ensure on-chain verification integrity.

Nevertheless, Jolt’s use cases may go beyond enhancing the sustainability and efficiency of blockchain systems. It is also applicable in Layer 2 blockchains, cross-chain bridges, and other sectors where effective and verifiable computations are needed.

The forays of Andreessen Horowitz in deep tech research through the Jolt and Lasso projects mirror the firm’s commitment to advancing the blockchain industry. With open-source technologies to solve the issues related to blockchain scalability and security, A16z Crypto paves the way for the next generation of blockchain development.

Source: coingape.com

Advertisement
Stake.com

The post A16z Crypto Launches Jolt to Boost Blockchain with ZK Proofs appeared first on HIPTHER Alerts.

Continue Reading

Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

Published

on

europe-tax-advisory-market-valuation-poised-to-soar-to-usd-28.50-billion-by-2032-|-astute-analytica
Continue Reading

Blockchain

Brazil to Tighten Regulation on Foreign Crypto Exchanges

Published

on

brazil-to-tighten-regulation-on-foreign-crypto-exchanges

Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

Advertisement
Stake.com

Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

Advertisement
Stake.com

The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

Continue Reading

Blockchain

Financial Institution NAB Embraces Crypto Custody Solution

Published

on

financial-institution-nab-embraces-crypto-custody-solution

National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

Advertisement
Stake.com

Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

Advertisement
Stake.com

Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

Continue Reading
Advertisement
Stake.com
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