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Huawei Cloud in Token2049: Fueling Web3 Advances

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Token2049, Asia’s influential Web3 event, was held in Singapore from September 10 to 15. During the event, Huawei Cloud showcased staking node engine, confidential computing, and ZK rollup and discussed the future of the Web3 industry with top vendors, builders, and developers. Huawei Cloud also expressed their commitment to accelerating Web3 innovation with leading technologies.

Minute-level ZK Rollup Average Transaction Confirmation Time for Efficient ZK Running Environment

In TimeStamp2023 session held on September 11, Xue Tengfei, Huawei Cloud Web3 Technical Planning Expert, shared Huawei Cloud’s innovative attempts in ZK hardware acceleration. With Huawei-developed XPUs, system-level architecture innovation, and optimized algorithms, the average transaction confirmation time of ZK rollups is expected to plummet from hours to minutes.

Xue Tengfei said, “We believe that the significant reduction in the transaction confirmation time of ZK rollups will pave the way for the large-scale use of Web3 applications. It will not only improve the performance and scalability of blockchains, but also provide more possibilities for industries and application scenarios.”

Huawei Cloud QingTian Enclave Safeguards Transactions

On September 12, in Blockchain Security Alliance Meetup initiated by the Blockchain Security Alliance, Zhang Ziyi, Chief Architect of Huawei Cloud Blockchain, introduced innovative technologies provided by Huawei Cloud. He presented Node Engine Service (NES) for Ethereum staking node hosting, QingTian Enclave security framework, and ZK rollup hardware acceleration.

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Zhang Ziyi said, “Web3 project participants can access NES to host their public blockchain nodes in an easy, stable, reliable, and efficient way. By now, service providers of blockchain data, wallets, and DApps have started their journey with NES.”

In addition, Jia Xiaoqiang, Director of Huawei Cloud Virtualization Products, introduced Huawei Cloud’s Web3 solution aiming to secure systems, applications, and sensitive data in wallet scenarios.

Jia Xiaoqiang said, “Huawei Cloud QingTian Enclave confidential computing solution is just like a safe for wallet private keys. It supports environment and identity authentication and full-link data encryption and decryption. Applications and data can be run with protection on Huawei Cloud Elastic Cloud Servers (ECSs). Unauthorized users and third parties are isolated to maintain transaction security of private keys and wallets.”

IPFS Cloud Data Ecosystem with Tenfold Rewards

At the Fil Dev Summit on September 12, Bai Tao, Chief Cloud Storage Solution Architect of Huawei Cloud, shared InterPlanetary File System (IPFS) data service and elastic cloud deployment solution jointly developed by Huawei Cloud and partners. Huawei Cloud, with over 18 years of experience in enterprise-level storage, aims to deliver cloud storage services that are not only cost-effective but also highly efficient.

Bai Tao said, “Huawei Cloud’s cloud data entry simplifies the process of storing data on IPFS, resulting in a 10-fold increase in data rewards and reduced data storage overhead for enterprises. Additionally, Huawei Cloud’s large-ratio EC technologies enable 91% effective capacity usage of disks and scalable storage for data up to 10 EB-level. With the elastic cloud deployment solution, users can choose offline encapsulation, cloud verification, or end-to-end cloud deployment.”

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Node Creation in Seconds, 99% Staking Effectiveness: Unlocking Web3 Performance

On September 12, Zhang Ziyi shared more about Huawei Cloud NES at MetaEra Summit during Token 2049.

Zhang Ziyi said, “NES comes together with Huawei Cloud’s homegrown innovative algorithms. Users can thus enjoy up to 99% staking effectiveness and higher rewards using NES.” Currently, Huawei Cloud’s hosting service of staking nodes has been launched on their website and is open for OBT.

Providing “Everything as a Service”, Huawei Cloud aims to offer robust infrastructure that enables advanced, distributed computing power for Web3. This commitment extends to building an open, efficient, and secure blockchain platform that can foster innovation in the Web3 ecosystem.

Blockchain

Global Fintech Market Size To Worth USD 1009.10 Billion By 2033 | CAGR Of 14.01%

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Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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