Blockchain
Kakao’s Blockchain Project ‘Klaytn’ Launches Its Public Testnet ‘Baobab’ to Drive Mainstream Adoption of Blockchain
- Development environment ideal for blockchain services to flourish
- New features enhancing performance and scalability
- Intuitive Klaytn developer tools for service providers and developers
Ground X, the blockchain subsidiary of the leading South Korean mobile platform, Kakao, has released its public testnet Baobab, along with the updated position paper, which highlights the technical architecture and direction of Klaytn.
After completing the trial run of the private testnet ‘Aspen,’ which was exclusively used by the partners for the past five months since last October, Klaytn released the public testnet ‘Baobab.’ Any service providers or developers interested in using Baobab can visit the official Klaytn homepage at www.klaytn.com. The Klaytn mainnet is set to launch by the end of June.
Baobab features new functions and developer tools that enhance security and usability based on the actual feedback from the partners via Aspen. First, the account system has been improved to support users to mitigate the rigorous demands of taking care of their own accounts, which traditionally existed as randomly generated character strings. In doing so, Klaytn has added account management functions to offer better flexibility in empowering users to choose their own account names to make them easy to remember.
In addition, Klaytn accomplished over 3,000 TPS throughput and 1-second block latency. In doing so, Klaytn has added ‘Transaction Types’ and ‘Service Chain’ features in order to offer the highest performance and flexible scalability. Transaction Types improve the traditional single transaction processing by defining additional transaction types with new capabilities and optimizations, which ultimately contribute to an efficient parallelization. Meanwhile, the service chains are scalability solutions for BApps (Blockchain Applications) with large traffic by adding and operating auxiliary blockchain networks.
Furthermore, Klaytn also provides useful developer tools to make the developer experience intuitive and productive. Newly added tools include ‘EP (Enterprise Proxy)’ that allows developers to easily use Klaytn with their mobile- or web-based development method, and ‘Klaytn IDE’ (Integrated Development Environment) that supports users to build, test, and deploy codes in the browser and locally. Such features are expected to enhance the existing services or create new services by efficiently utilizing blockchain technology.
According to Jason Han, the CEO of Ground X, heading the development and operation of the Klaytn platform, “We designed Baobab in a way that allows global service providers to verify Klaytn as a stable and reliable platform while developing and operating blockchain services for their massive user base.” He added, “We also completed the white-box penetration test to retain robust security as we expect to see invaluable digital asset transfer within our platform.” Jason also commented on the alleged crowdsale for KLAY via fraudulent channels by saying, “There is absolutely no way for individuals to purchase or invest in KLAY, so please beware of potential financial damage.”
Prioritizing its efforts to drive mainstream adoption of blockchain, Klaytn brings user-friendly blockchain experience and intuitive development environment for millions of users. Klaytn has also partnered with 26 initial service partners to create real use cases thereby seeking to substantiate the value and utility of blockchain technology. Continuing its community building endeavors, Klaytn also plans to hold meetups for developers around China, Vietnam, and the Philippines in Asia, as well as the U.S. and Europe.
SOURCE Klaytn
Blockchain
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Global Supply Chain Finance Market
Blockchain
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.
Blockchain
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.
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