Blockchain
How Paraguay is Redefining Blockchain Sovereignty with Legaledger – No More Gas Fees!
Paraguay has made a notable advancement in the blockchain industry by creating the Paraguayan Blockchain Chamber, focused on promoting financial innovation on a sovereign blockchain. Ricardo Prieto, the Chamber’s director, outlined the initiative’s main goal: developing blockchain solutions across both public and private sectors, including government, finance, commerce, and civil and military domains.
The project, called Legaledger, is built on Hyperledger and Besu*
platforms, positioning it as the world’s first third-generation blockchain network with national sovereignty. A key feature of Legaledger is its exemption from gas fees for military and legal security transactions, in line with Paraguay’s Digital Law 6.822/21.
Prieto emphasized Legaledger’s innovative fractal architecture, which is the first to utilize a dual blockchain framework (Hyperledger Fabric + Besu) with the ability for regional and global replication. This design allows seamless interoperability between countries, addressing a concern highlighted in a report by the Bank for International Settlements (BIS) on the risks of using third-party blockchains for legal security.
In 2021, Paraguay passed Law 6.822/21, governing trust services for electronic transactions and documents. This law laid the groundwork for Legaledger, offering a blockchain network with national sovereignty, no gas payments, and strong legal security, with the potential for global replication and perfect interoperability between countries.
Prieto explained that the third-generation blockchain was designed to ensure legal security for blockchain-based transactions and procedures, which global blockchain networks often fail to provide. Additionally, the initiative enables the digitization of government, civil, and military judicial processes, as well as the tokenization of financial and real-world assets (RWA), all under a framework of legal certainty.
Since its inception in 2021, the project has faced challenges, particularly in tokenizing real estate assets. Legal consultations revealed that public blockchain tokens alone do not guarantee legal security for property ownership, underscoring the importance of public registries and notaries in ensuring lawful ownership transfers.
Legaledger’s fractal design can be applied across various sectors, maintaining interoperability for sequencing, publishing procedures, and international operations. Prieto pointed out that, unlike other countries, Paraguay’s unique digital law allows for the secure digitalization of rights over tangible and intangible assets on a sovereign blockchain.
By implementing a sovereign blockchain with legal security, countries can establish an international digital jurisdiction, enabling high levels of procedural digitalization and asset tokenization under a legal framework, concluded Prieto.
Source: crypto-news-flash.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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