Blockchain
HAVN’s KYC Chain joins European Blockchain Sandbox
The recent development underscores the significant impact of the particular solution in revolutionizing KYC (Know Your Customer) processes within Web3. The European Blockchain Sandbox is a pioneering framework for validating and testing DLT (Distributed Ledger Technology) solutions. This achievement allows HAVN to delve into regulatory discussions surrounding KYC and privacy in decentralized finance.
The HAVN-supported KYC chain offers an effective solution for identity verification, reusable verification, tokenization, and data control. It aims to streamline traditional KYC processes using Distributed Ledger Technology.
A standout feature of the KYC chain is that users can verify their identities with IDnow, complying with European Union standards. These verified identities will be tokenized by walt.id and stored in Bloom Wallet as soulbound tokens. These tokens enable precise identity verification across Web3 decentralized applications without revealing personal or sensitive information.
The data control feature of the KYC chain empowers users to manage their data and disclose identity information to authorized parties. HAVN provides KYC chain infrastructure compatible with the Ethereum Virtual Machine (EVM), ensuring interchain communication and transaction validation for efficiency and regulatory compliance.
This breakthrough represents a significant step in revitalizing KYC processes for decentralized finance and Web3. HAVN, supported by IOTA (Internet of Things Application), collaborates with the IOTA Foundation, IDnow, walt.id, and Bloom Wallet to create innovative Web3 solutions. The IOTA Foundation is a nonprofit dedicated to promoting scalable and secure DLT. IDnow offers identity verification solutions that enhance security and user experience.
Bloom Wallet serves as a storage medium for identity tokens within the IOTA, EVM, and Shimmer ecosystems. HAVN aims to transform hybrid chains into an interoperable and decentralized network. The primary objective of HAVN Labs is to develop a self-service platform for launching hybrid chains. The team at HAVN Labs envisions a future where liquidity and value seamlessly move between chains.
Being selected for the prestigious European Blockchain Sandbox is a significant achievement. This initiative marks a crucial advancement in privacy-focused KYC processes for the Web3 landscape.
IOTA is leveraging the potential and versatility of blockchain through smart products like Web3 ID solutions. This collaboration highlights IOTA’s role in advancing blockchain applications. The European Blockchain Sandbox aims to integrate distributed ledger technology with regulatory frameworks, fostering productive discussions between technologists and European Union regulators.
The Sandbox environment facilitates intensive testing and refinement of blockchain platforms, including IOTA’s comprehensive Know Your Customer system. Users will benefit from a safe and efficient way to control their data through distributed ledger technology and tokenization. This marks the beginning of a new era in blockchain technology transformation, setting a new standard for privacy-focused digital identity systems.
Source: coinnewsspan.com
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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
The post Mysterious Trader Makes $150,000 Profit in 3 Hours From Just $2,956: Blockchain Analysis appeared first on HIPTHER Alerts.
A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
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The Cryptocurrency Open Patent Alliance (COPA) has teamed up with Unified Patents to launch the Blockchain Zone initiative, aimed at combating “patent trolls” in the crypto industry. Patent trolls, or non-practicing entities (NPEs), are known for exploiting patent rights through litigation rather than developing new technologies. COPA and Unified Patents aim to prevent such entities from hindering blockchain innovation by making costly and baseless patent assertions.
The initiative is designed to safeguard blockchain and related technologies from these unwarranted patent claims, fostering an environment where developers and companies can innovate freely without fear of legal threats. Key figures in the partnership, such as Paul Grewal from Coinbase and Steve Lee from Spiral, emphasize that patent trolls create significant barriers to technological progress, especially in the fast-evolving crypto space.
By aligning with over 300 companies through Unified Patents, COPA’s effort strengthens its mission to protect the blockchain community and the broader crypto-economy from the disruptive impact of NPEs, ensuring that blockchain innovation remains open and accessible.
Source: news.bitcoin.com
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