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2blox taps peaq as its layer-1 blockchain to drive Web3 innovation in crowd-sourced mobility data

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peaq, the Web3 network powering the Economy of Things, announces an expansion of its ecosystem as 2blox joins to decentralize mobility data collection. 2blox is building a decentralized physical infrastructure network (DePIN) of AI-powered cameras for counting pedestrians and all sorts of transport means on roads. As part of the integration, these cameras will be outfitted with self-sovereign peaq IDs. The decentralized application (dApp) that will enable smart camera owners to monetize the data they collect will run on the peaq network.

Mobility data is a crucial resource for urban planners, emergency services, and marketers. The success of platforms such as Waze underscores the efficacy of crowd-sourcing such data as part of a multi-pronged business model.

2blox boosts the mechanism for crowd-sourcing mobility data by adding cryptocurrency incentives for the community to share local traffic data using the 2blox AI-powered camera. Their stationary MOBI1 sensor can be set up at home to monitor real-time traffic outside. Their next product, the AI-powered MobiGo mobile app, allows users to “capture” streets Pokemon GO-style by taking their snapshots. The insights the devices generate are anonymous, with no sensitive data leaving it at any point. For a glimpse into the future of mobility data collection, check out 2blox’s Web app CrowdQuest.

As 2blox brings its DePIN on peaq as the layer-1 backbone, it will make use of peaq’s core functions to build its backend and business logic. At the initial stage, it will outfit its proprietary smart cameras with self-sovereign peaq IDs. With these, the device owners will be able to quickly connect their devices with peaq through peaq control, add them to their fleet, and link them with the 2blox dApp. 2blox will also develop and deploy the smart contracts powering the tokenomics of its DePIN on peaq’s Ethereum Virtual Machine chain. Finally, 2blox will launch its dApp on peaq, complete with device management functionality and automated rewards for users. Once live on peaq, the device owners will be able to get extra rewards through peaq’s mechanism that distributes a fraction of the network fees between the connected devices on it.

“Crowdsourcing useful data is the best way to scale fast, and the only fair way to do it is to reward the community with something valuable for that,” says Rémy Gierech, founder of 2blox. “2blox is embracing this strategy, and peaq’s machine-specific functions and tokenomics will enable the project to grow lightning-fast.”

“We’re excited to see 2blox join the peaq ecosystem,” says Till Wendler, co-founder of peaq. “The ongoing rise of AI is a boon for any data platforms, and 2blox merges a use case with a proven demand and a model that fairly rewards the contributors.”

peaq is a layer-1 network launching as a Polkadot parachain in early 2024. peaq’s sister network krest is already live and producing blocks on Kusama. 2blox is the third DePIN to integrate with peaq in summer 2023 following Brainstem, a Web3 digital health platform, and ELOOP, a tokenized Tesla-sharing service.

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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Blockchain

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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Blockchain

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

The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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