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The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n

<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 23, 2024

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\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 23, 2024

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\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 23, 2024

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\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 23, 2024

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\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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August 29, 2023

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December 23, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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August 29, 2023

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December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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August 29, 2023

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November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

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December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

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December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

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December 23, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Artificial Intelligence

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Banking

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November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

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December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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August 29, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Altcoins

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August 29, 2023

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December 23, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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December 23, 2024

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\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 23, 2024

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Follow The Distributed

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\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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November 24, 2024

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Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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December 23, 2024

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\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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December 19, 2024

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November 24, 2024

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December 23, 2024

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Follow The Distributed

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\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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December 23, 2024

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Follow The Distributed

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\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Altcoins

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August 29, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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November 24, 2024

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December 23, 2024

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Follow The Distributed

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ADVERTISEMENT

\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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November 24, 2024

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December 23, 2024

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\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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Follow The Distributed

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\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 23, 2024

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\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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Follow The Distributed

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ADVERTISEMENT

\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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December 23, 2024

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\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
For instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Coinbase and Axie Infinity<\/h2>\n\n\n\n
For instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\n
For instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Banking

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December 23, 2024

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Follow The Distributed

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\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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Follow The Distributed

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\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Twitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\n
Twitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\n
Twitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\n
Twitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 23, 2024

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\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Shibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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December 23, 2024

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\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\n
Shibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4 … 7 Next

Most Read

Altcoins

Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

August 29, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Banking

Major Australian Banks Collaborate To Launch Anti-Scam Network

December 23, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
Shiba Inu lead developer Shytoshi Kusama reassured users that the team had implemented measures to prevent future outages. Kusama said that Shibarium had witnessed over 65,000 wallets and 350,000 transactions before the Monday update. <\/p>\n\n\n\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\n
Shibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The withdrawals come following initial bottlenecks after Shibarium officially launched on August 16. An influx of transactions is said to have resulted in network issues that saw millions of dollars trapped. The events triggered sharp bear actions on the market, with Shiba Inu crushing up to 10%. <\/p>\n\n\n\n
Shiba Inu lead developer Shytoshi Kusama reassured users that the team had implemented measures to prevent future outages. Kusama said that Shibarium had witnessed over 65,000 wallets and 350,000 transactions before the Monday update. <\/p>\n\n\n\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\n
Shibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Shib (SHIB), wrapped ether (wETH), and leash (LEASH) tokens will take approximately 45 minutes to 3 hours to withdraw. Bone (BONE) withdrawals will be processed in up to 7 days.<\/p>\n\n\n\n
The withdrawals come following initial bottlenecks after Shibarium officially launched on August 16. An influx of transactions is said to have resulted in network issues that saw millions of dollars trapped. The events triggered sharp bear actions on the market, with Shiba Inu crushing up to 10%. <\/p>\n\n\n\n
Shiba Inu lead developer Shytoshi Kusama reassured users that the team had implemented measures to prevent future outages. Kusama said that Shibarium had witnessed over 65,000 wallets and 350,000 transactions before the Monday update. <\/p>\n\n\n\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\n
Shibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The developers informed the community of the resumption of token withdrawals. Users can withdraw Shiba ecosystem tokens in a period ranging from minutes to days.<\/p>\n\n\n\n
Shib (SHIB), wrapped ether (wETH), and leash (LEASH) tokens will take approximately 45 minutes to 3 hours to withdraw. Bone (BONE) withdrawals will be processed in up to 7 days.<\/p>\n\n\n\n
The withdrawals come following initial bottlenecks after Shibarium officially launched on August 16. An influx of transactions is said to have resulted in network issues that saw millions of dollars trapped. The events triggered sharp bear actions on the market, with Shiba Inu crushing up to 10%. <\/p>\n\n\n\n
Shiba Inu lead developer Shytoshi Kusama reassured users that the team had implemented measures to prevent future outages. Kusama said that Shibarium had witnessed over 65,000 wallets and 350,000 transactions before the Monday update. <\/p>\n\n\n\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\n
Shibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Shiba Inu developers have announced<\/a> that \u201cShibarium is live and operating well.\u201d<\/em> The Monday update stated, \u201cnow that we've proven that all funds are safe (as we said) and that Shibarium is ready for prime time, we will reopen our channels.\u201d<\/em><\/p>\n\n\n\n
The developers informed the community of the resumption of token withdrawals. Users can withdraw Shiba ecosystem tokens in a period ranging from minutes to days.<\/p>\n\n\n\n
Shib (SHIB), wrapped ether (wETH), and leash (LEASH) tokens will take approximately 45 minutes to 3 hours to withdraw. Bone (BONE) withdrawals will be processed in up to 7 days.<\/p>\n\n\n\n
The withdrawals come following initial bottlenecks after Shibarium officially launched on August 16. An influx of transactions is said to have resulted in network issues that saw millions of dollars trapped. The events triggered sharp bear actions on the market, with Shiba Inu crushing up to 10%. <\/p>\n\n\n\n
Shiba Inu lead developer Shytoshi Kusama reassured users that the team had implemented measures to prevent future outages. Kusama said that Shibarium had witnessed over 65,000 wallets and 350,000 transactions before the Monday update. <\/p>\n\n\n\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\nShibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Shiba Inu’s Shibarium Bridge Goes Fully Functional After A Shaky Start

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\n
Shibarium is expected to welcome a new era of gaming, DeFi, and metaverse applications.<\/li>\n<\/ul>\n\n\n\n
Shiba Inu developers have announced<\/a> that \u201cShibarium is live and operating well.\u201d<\/em> The Monday update stated, \u201cnow that we've proven that all funds are safe (as we said) and that Shibarium is ready for prime time, we will reopen our channels.\u201d<\/em><\/p>\n\n\n\n
The developers informed the community of the resumption of token withdrawals. Users can withdraw Shiba ecosystem tokens in a period ranging from minutes to days.<\/p>\n\n\n\n
Shib (SHIB), wrapped ether (wETH), and leash (LEASH) tokens will take approximately 45 minutes to 3 hours to withdraw. Bone (BONE) withdrawals will be processed in up to 7 days.<\/p>\n\n\n\n
The withdrawals come following initial bottlenecks after Shibarium officially launched on August 16. An influx of transactions is said to have resulted in network issues that saw millions of dollars trapped. The events triggered sharp bear actions on the market, with Shiba Inu crushing up to 10%. <\/p>\n\n\n\n
Shiba Inu lead developer Shytoshi Kusama reassured users that the team had implemented measures to prevent future outages. Kusama said that Shibarium had witnessed over 65,000 wallets and 350,000 transactions before the Monday update. <\/p>\n\n\n\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\nShibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Shibarium has resumed withdrawals of ecosystem tokens.<\/li>\n\n\n\n
Shibarium is expected to welcome a new era of gaming, DeFi, and metaverse applications.<\/li>\n<\/ul>\n\n\n\n
Shiba Inu developers have announced<\/a> that \u201cShibarium is live and operating well.\u201d<\/em> The Monday update stated, \u201cnow that we've proven that all funds are safe (as we said) and that Shibarium is ready for prime time, we will reopen our channels.\u201d<\/em><\/p>\n\n\n\n
The developers informed the community of the resumption of token withdrawals. Users can withdraw Shiba ecosystem tokens in a period ranging from minutes to days.<\/p>\n\n\n\n
Shib (SHIB), wrapped ether (wETH), and leash (LEASH) tokens will take approximately 45 minutes to 3 hours to withdraw. Bone (BONE) withdrawals will be processed in up to 7 days.<\/p>\n\n\n\n
The withdrawals come following initial bottlenecks after Shibarium officially launched on August 16. An influx of transactions is said to have resulted in network issues that saw millions of dollars trapped. The events triggered sharp bear actions on the market, with Shiba Inu crushing up to 10%. <\/p>\n\n\n\n
Shiba Inu lead developer Shytoshi Kusama reassured users that the team had implemented measures to prevent future outages. Kusama said that Shibarium had witnessed over 65,000 wallets and 350,000 transactions before the Monday update. <\/p>\n\n\n\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\nShibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
Shibarium has resumed withdrawals of ecosystem tokens.<\/li>\n\n\n\n
Shibarium is expected to welcome a new era of gaming, DeFi, and metaverse applications.<\/li>\n<\/ul>\n\n\n\n
Shiba Inu developers have announced<\/a> that \u201cShibarium is live and operating well.\u201d<\/em> The Monday update stated, \u201cnow that we've proven that all funds are safe (as we said) and that Shibarium is ready for prime time, we will reopen our channels.\u201d<\/em><\/p>\n\n\n\n
The developers informed the community of the resumption of token withdrawals. Users can withdraw Shiba ecosystem tokens in a period ranging from minutes to days.<\/p>\n\n\n\n
Shib (SHIB), wrapped ether (wETH), and leash (LEASH) tokens will take approximately 45 minutes to 3 hours to withdraw. Bone (BONE) withdrawals will be processed in up to 7 days.<\/p>\n\n\n\n
The withdrawals come following initial bottlenecks after Shibarium officially launched on August 16. An influx of transactions is said to have resulted in network issues that saw millions of dollars trapped. The events triggered sharp bear actions on the market, with Shiba Inu crushing up to 10%. <\/p>\n\n\n\n
Shiba Inu lead developer Shytoshi Kusama reassured users that the team had implemented measures to prevent future outages. Kusama said that Shibarium had witnessed over 65,000 wallets and 350,000 transactions before the Monday update. <\/p>\n\n\n\n
Shibarium To Make Shiba Inu A Serious Blockchain Project<\/h2>\n\n\n\nShibarium is expected to usher in a new era for Shiba Inu, with broader applications in gaming, DeFi, and the metaverse. The layer-2 network<\/a> will have seamless interaction with the primary Layer-1 Ethereum blockchain. <\/p>\n\n\n\n
With the integration, Shibarium will address Ethereum\u2019s high gas fees<\/a> and slow transactions. The scalability increases the usability of the Shiba Inu token, helping it play a greater role in the blockchain ecosystem. <\/p>\n\n\n\n
Shibarium has been a success so far. About 22 million transactions were performed over its four-month testing period. Investors hold big expectations of the ecosystem tokens due to the Shibarium benefits. <\/p>\n","post_title":"Shiba Inu\u2019s Shibarium Bridge Goes Fully Functional After A Shaky Start","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shiba-inus-shibarium-bridge-goes-fully-functional-after-a-shaky-start","to_ping":"","pinged":"","post_modified":"2023-08-29 23:52:56","post_modified_gmt":"2023-08-29 13:52:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13144","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12976,"post_author":"15","post_date":"2023-08-08 00:30:31","post_date_gmt":"2023-08-07 14:30:31","post_content":"\n

Following the recent multi-million-dollar breach of Curve Finance, the deadline <\/a>for the perpetrator to restore the funds has expired. Consequently, the reward for revealing the hacker's identity is now accessible to the general public.<\/p>\n\n\n\n
Curve Finance states <\/a>that whoever aids in identifying the exploiter and contributes to their legal conviction will be rewarded. The informer receives a 10% reward from the remaining stolen funds, about $20 million. <\/p>\n\n\n\n
The team offered the exploiters a \"10% bounty of any stolen funds\" <\/em>in exchange for returning the rest. They gave a deadline of August 6 at 8 am UTC. Representatives from Curve Finance MetronomeDAO, and Alchemix sent a warning to the bad actor. The message simply says that if they reject the bounty, the teams will \u201cexpand the bounty to the public,\u201d<\/em> offering the same amount to whoever leads to the perpetrator.<\/p>\n\n\n\n
Blockchain security firm PeckShield tweeted that the stolen crypto amounted to $73.5 million, with $53.5 million (73%) already returned. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/PeckShieldAlert\/status\/1688404426825117697?s=20\n<\/div><\/figure>\n\n\n\nTwitter space thoughts?<\/h2>\n\n\n\n
\u201cThis is the state of the crypto justice system,\u201d<\/em> tweeted<\/a> one user, adding, \u201cThis is the fault of blockchains not having governance and defense in depth built directly into the blockchain protocol level.\u201d<\/em><\/p>\n\n\n\n
Some suggested that the assault might be another action by the Lazarus group, a North Korean hacker cell known for recent high-profile exploits.<\/p>\n","post_title":"Curve Finance Hacker's Missed Deadline Triggers $1.8M Bounty","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"curve-finance-hackers-missed-deadline-triggers-1-8m-bounty","to_ping":"","pinged":"","post_modified":"2023-08-08 00:30:36","post_modified_gmt":"2023-08-07 14:30:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12976","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12802,"post_author":"1","post_date":"2023-07-31 13:56:16","post_date_gmt":"2023-07-31 03:56:16","post_content":"\n
\n
Congress claims Apple is stifling innovation in blockchain technology. <\/li>\n\n\n\n
The lawmakers have raised concerns about App Store guidelines.<\/li>\n<\/ul>\n\n\n\n
US lawmakers have written to the CEO of Apple, Tim Cook, accusing the company of implementing policies that hinder innovation in blockchain technology and\u00a0 non-fungible tokens (NFTs)<\/a>. The legislators are accusing the tech giant of restricting App Store to curb competition.<\/p>\n\n\n\n
In the letter, Gus Bilirakis and Jan Schakowsky, the Chairman and Ranking Member, respectively, of the House Subcommittee on Innovation, Data, and Commerce, highlighted the challenges Web 3 developers were facing on App Store in monetizing their projects using crypto and NFTs.<\/p>\n\n\n\n
\"It appears Apple may also use its market dominance oppositely, trying to maximize its profits by introducing rules to the App Store that 'purposefully limit choice and stifle innovation at the expense of user experience,\" <\/em>the letter<\/a> read. \"While Apple has argued that these rules increase scrutiny by creating a walled garden, many are concerned that Apple has used the App Store as a weapon against competitors.\" <\/em> <\/p>\n\n\n\n
The lawmakers cited instances where some cryptocurrency companies have had to reduce the utility of their apps on the App Store, saying the tech giant was increasing its profit at the expense of allowing innovation to thrive.<\/p>\n\n\n\n
Coinbase and Axie Infinity<\/h2>\n\n\n\nFor instance, the US-based cryptocurrency exchange Coinbase<\/a> was reportedly forced to remove its NFT transfers from its wallet app on iOS because Apple Store guidelines required a 30% charge on transactions. The exchange claims that the guidelines were impossible to comply with since Apple's in-app purchase system did not support crypto.<\/p>\n\n\n\n
Additionally, the legislators cited an instance where Axie Infinity, an NFT-based online video game, was forced to deploy a 'lite' version of its app on the Apple Store, excluding important NFT capabilities.<\/p>\n\n\n\n
Apple has until August 14 to respond to the claims and update the legislators about the App Store guidelines and how they could stifle competition. The legislators maintain that if Apple could support innovation in blockchain technology and NFTs, it could strengthen American technology leadership.<\/p>\n","post_title":"US Legislators Slam Apple For Allegedly Stifling Crypto Innovation","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-legislators-slam-apple-for-allegedly-stifling-crypto-innovation","to_ping":"","pinged":"","post_modified":"2023-07-31 13:56:22","post_modified_gmt":"2023-07-31 03:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12802","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12501,"post_author":"15","post_date":"2023-07-14 23:41:03","post_date_gmt":"2023-07-14 13:41:03","post_content":"\n
Despite a chaotic 2022, cryptocurrency has made a remarkable recovery in 2023. Digital assets show a significant price increase and cryptocurrency-related scams are down this year.<\/p>\n\n\n\n

Chainalysis, a blockchain data company, reported <\/a>a 65% decrease in crypto-related crime this year compared to 2022. The analysis was conducted using data on the flow of digital assets to illicit entities.<\/p>\n\n\n\n
\n
$\"Crypto$ <\/figure>\n<\/figure>\n\n\n\n
\u201cScams are nearly always the highest-revenue form of cryptocurrency-based crime, and while that\u2019s the case so far in 2023, total scam revenue has plummeted compared to last year<\/em>,\u201d the company said. <\/p>\n\n\n\n
According to Chainalysis, crypto scammers have generated 77% less revenue compared to the same period in 2022. Despite the increase in digital asset prices, the decline is significant, considering that rising prices benefit criminal organizations.<\/p>\n\n\n\n
The firm added: \u201cUsually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers\u2019 pitches. But 2023\u2019s drastic scam decline bucks that long-standing trend.\u201d<\/em><\/p>\n\n\n\n
Scams are on the decline, but Ransomware is not<\/h2>\n\n\n\n
Inflows to illicit addresses have decreased across various categories, with scams being the most affected form of crypto crime. In 2023, crypto scammers have received approximately $3.3 billion less than in 2022, totalling just over $1.0 billion. <\/p>\n\n\n\n
However, ransomware attacks are on track to grow this year, with an increase of $175.8 million compared to the same period in 2022. This reversal suggests a change in the downward trend of ransomware observed in 2022. Further analysis will explore the reasons behind the decline in scams and the increase in ransomware activity in 2023.<\/p>\n","post_title":"Midyear 2023 Update Highlights Significant Drop In Crypto Crime","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"midyear-2023-update-highlights-significant-drop-in-crypto-crime","to_ping":"","pinged":"","post_modified":"2023-07-14 23:41:10","post_modified_gmt":"2023-07-14 13:41:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12287,"post_author":"15","post_date":"2023-07-02 00:48:03","post_date_gmt":"2023-07-01 14:48:03","post_content":"\n
Dior, the renowned French fashion brand, has joined the blockchain revolution by introducing <\/a>a fresh collection of men's shoes. The new line incorporates an exclusive online verification system that utilizes blockchain encryption.<\/p>\n\n\n\n
Dior's B33 sneaker, created by Kim Jones for the Men's Fall 2023 collection, is set to make its debut. The shoe, featuring a blend of mohair and Dior's iconic Oblique pattern, will be available exclusively online on July 6, with a limited release of just 470 pairs.<\/p>\n\n\n\n
Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. Dior will link each shoe pair to a corresponding digital twin, an NFT minted on the Ethereum blockchain. The cost of each shoe pair will be $1,350.<\/p>\n\n\n\n
More with Dior<\/h2>\n\n\n\n
After introducing the exclusive NFT-matched sneakers, Dior will introduce six more variations of the B33. These styles will feature an NFC chip embedded in the right foot's sole but won't be accompanied by a digital twin NFT.<\/p>\n\n\n\n
The NFC chip will link to an encrypted key, granting access to a personalized and secure online platform. This platform will offer digital certificates of authenticity for each shoe owner and undisclosed dedicated services. The price range for these pairs will be between $1,000 and $1,100.<\/p>\n","post_title":"Dior Embraces Blockchain Technology With Fashion Tokenization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dior-embraces-blockchain-technology-with-fashion-tokenization","to_ping":"","pinged":"","post_modified":"2023-07-02 00:48:08","post_modified_gmt":"2023-07-01 14:48:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12273,"post_author":"15","post_date":"2023-07-02 00:47:45","post_date_gmt":"2023-07-01 14:47:45","post_content":"\n
Mastercard announced the upcoming launch of its Multi-Token Network (MTN) test version. The beta version of MTN is set to be rolled out in the United Kingdom during the summer.<\/p>\n\n\n\n
Raj Dhamodharan explained that MTN \u201cacts as a testbed for developing live pilot applications and use cases with financial institutions, fintech, and central banks.\u201d<\/em><\/p>\n\n\n\n
Fortune reported <\/a>that the company aims to expand the deployment of MTN to more global markets with the involvement of additional partners. The focus is on encouraging developers to build on Mastercard's permissioned blockchain, which has the potential to transform payment capabilities.<\/p>\n\n\n\n
Mastercard has launched the MTN Innovation Sprint, inviting selected teams to access MTN's capabilities and begin developing on the platform. <\/p>\n\n\n\n
Mastercard focuses on tokenized bank deposits, aligned with the interest of central and commercial banks. Safety and secure transfers are prioritized through Mastercard Crypto Credential. These advancements address the industry's need for enhanced security measures after recent crypto hacks.<\/p>\n\n\n\n
Traditional Businesses Join the Fuzz<\/h2>\n\n\n\n
Several traditional businesses, including Nike, Adidas, Wendy's, Starbucks, Mattel, Stripe, Canon, and more, have embarked on a journey into crypto and blockchain technology. These companies recognize the potential and benefits of leveraging decentralized systems and digital currencies. <\/p>\n\n\n\n
Nike and Adidas have explored using NFT to offer a unique user experience. Wendy's and Starbucks have started accepting cryptocurrency payments, expanding their payment options for tech-savvy customers. Mattel has ventured into blockchain-powered collectibles, while Stripe has integrated crypto-payment capabilities into its platform. Canon has been exploring blockchain for its supply chain management. <\/p>\n\n\n\n
These companies' adoption of crypto and blockchain technology reflects the growing recognition of the transformative potential of these innovations across various industries.<\/p>\n","post_title":"Mastercard Introduces The Blockchain App Store in Beta Testing Phase","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mastercard-introduces-the-blockchain-app-store-in-beta-testing-phase","to_ping":"","pinged":"","post_modified":"2023-07-02 00:47:51","post_modified_gmt":"2023-07-01 14:47:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12273","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12205,"post_author":"1","post_date":"2023-06-26 01:52:15","post_date_gmt":"2023-06-25 15:52:15","post_content":"\n
\n
Siemens AG facilitated the transaction.<\/li>\n\n\n\n
JPM Coin has completed about $300 billion of transactions since its inception.<\/li>\n<\/ul>\n\n\n\n
JPMorgan has completed the first euro-denominated payment on its permissioned blockchain. The JPM Coin transaction was completed in partnership with Siemens AG and marked one of the first instances a significant financial institution tested a blockchain application.<\/p>\n\n\n\n
JPMorgan\u2019s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, said the euro transactions took place on Wednesday, according to a report<\/a> by Bloomberg. A representative from Siemens AG reportedly confirmed the cross-border payment.<\/p>\n\n\n\n
JPM Coin is a permissioned distributed ledger and not publicly available. It was launched by JPMorgan<\/a> in 2019. Since it went live, The bank has used the blockchain platform to process approximately $300 billion of transactions. The amount, however, is minimal compared to JPM\u2019s about $10 trillion worth of payments processed daily.<\/p>\n\n\n\n
Benefits of Permissioned Blockchains<\/h2>\n\n\n\n
The permissioned blockchain enables payments for institutional clients like large multinationals to transfer funds across JPM accounts globally. The advantage of the system is that it operates around the clock, unlike the traditional banking system, which is only available during business hours.<\/p>\n\n\n\n
Moreover, multinationals can use the system to manage their liquidity, completing payments before they are due, said Toprak. The advantage of such efficiency means that corporate treasuries could earn interest on their deposits.<\/p>\n\n\n\n
The announcement comes at a time global banks are exploring how to integrate blockchain technology<\/a> into their operations. For financial institutions, transactions on a blockchain could speed up settlement securely. Last year, Goldman Sachs launched its digital-asset platform for clients to issue financial securities as digital assets. The Wall Street firm also created a data service with global index provider MSCI and Coin Metrics to classify digital coins for wholesale investors. The now-bankrupt Signature bank also operated a crypto-to-fiat digital network dubbed Signet.<\/p>\n","post_title":"JPMorgan Completes First Euro-Denominated Transaction on Permissioned Blockchain","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jpmorgan-completes-first-euro-denominated-transaction-on-permissioned-blockchain","to_ping":"","pinged":"","post_modified":"2023-06-26 01:52:21","post_modified_gmt":"2023-06-25 15:52:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":12051,"post_author":"15","post_date":"2023-06-18 22:06:55","post_date_gmt":"2023-06-18 12:06:55","post_content":"\n
Alchemy, a prominent developer of blockchain platforms, revealed <\/a>its newest venture on Wednesday. AlchemyAI, a GPT-4 plugin, is explicitly designed for blockchain analysis.<\/p>\n\n\n\n
In an interview with Decrypt, Elan Halpern, Product Manager at Alchemy, he explained<\/a> their intention. He said it was to \"specifically cater to and train a model using ChatGPT that is Web3 development-specific\". <\/em><\/p>\n\n\n\n
\"This is real-time querying on the blockchain, like a developer would, using the API and writing a code script...This allows you to do that through natural language and normal sentences,\" <\/em>Halpern added. <\/p>\n\n\n\n
Although no specific date was mentioned for the public release of the AlchemyAI, Halpern mentioned that it comprises the ChatGPT plugin and a programming assistant tool called Chat Web3, designed to support developers in their coding tasks.<\/p>\n\n\n\n
AI And Blockchain <\/h2>\n\n\n\n
OpenAI's ChatGPT is causing a stir in the ever-changing landscape of AI tools, inspiring Web3 companies to harness its power for exploring the blockchain. AI has quickly emerged as a crucial component in various digital ventures. Organizations have embraced chatbots powered by ChatGPT.<\/p>\n\n\n\n
Now, blockchain companies are also integrating AI to improve user experiences. It is foreseeable that AI will play a significant role in blockchain technology, smart contract functionalities, and potentially even decision-making processes.<\/p>\n","post_title":"Alchemy's New AI Plugin Revolutionizes Blockchain Analysis With ChatGPT","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alchemys-new-ai-plugin-revolutionizes-blockchain-analysis-with-chatgpt","to_ping":"","pinged":"","post_modified":"2023-06-18 22:07:05","post_modified_gmt":"2023-06-18 12:07:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12051","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11929,"post_author":"15","post_date":"2023-06-08 22:45:46","post_date_gmt":"2023-06-08 12:45:46","post_content":"\n
Arbitrum, a layer 2 blockchain, halts the process of transactions due to funding issues. With over $2.24 billion in deposits, the network experiences an hour-long standstill due to gas shortage. <\/p>\n\n\n\n
Developers on the Arbitrum Discord server<\/a> faced connectivity issues with the network's sequencer. The software is responsible for bundling and confirming transactions on the Ethereum network.<\/p>\n\n\n\n
According to on-chain records<\/a>, the sequencer exhausted its supply of Ether, the native cryptocurrency of Ethereum used for transaction fees<\/a>. Without sufficient Ether to cover the fees, the sequencer could not process transactions on Ethereum, resulting in Arbitrum coming to a halt.<\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
What's Next to Arbitrum?<\/h2>\n\n\n\n
Following an hour-long period of transaction processing failure, Arbitrum has resumed its operations. A wallet that had previously transferred funds to the Arbitrum multi-signature wallet sent 1.4 Ether to the sequence. This replenishment enabled the sequencer to resume sending transactions to Ethereum.<\/p>\n\n\n\n
The cause behind the depletion of gas in Arbitrum's sequencer remains uncertain. Since its launch in May 2021, the sequencer has only been manually refuelled with Ether on four occasions.<\/p>\n\n\n\n
The recent event highlights the reliance of Arbitrum on a centralized control point. Offchain Labs, the company behind Arbitrum, has expressed its plans to decentralize the network's sequencer. <\/p>\n","post_title":"Arbitrum Faces Temporary Shutdown Due To Gas Shortage","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"arbitrum-faces-temporary-shutdown-due-to-gas-shortage","to_ping":"","pinged":"","post_modified":"2023-06-08 22:45:55","post_modified_gmt":"2023-06-08 12:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11929","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11905,"post_author":"15","post_date":"2023-06-06 18:12:10","post_date_gmt":"2023-06-06 08:12:10","post_content":"\n
OKX Wallet is making significant strides in enhancing user security with its latest announcement<\/a>. In the coming weeks, the platform will introduce support for Account Abstraction.<\/p>\n\n\n\n
Account abstraction<\/a> has been hailed as the future of wallets by Ethereum founder Vitalik Buterin, introduced in ERC-4337<\/a>. OKX Wallet's adoption of this technology demonstrates its commitment to staying ahead of the game. With this move, OKX Wallet is set to elevate the standard of user security in the crypto space, offering a more secure and user-friendly environment for cryptocurrency enthusiasts.<\/p>\n\n\n\n
See Related:<\/strong><\/em> ERC-4337\u2019s Account Abstraction Is Now Live On The Ethereum Blockchain<\/a><\/p>\n\n\n\n
$\"\"$ <\/figure>\n\n\n\n
Account abstraction is a concept being developed and implemented in the Ethereum ecosystem. It allows smart contracts<\/a> to pay transaction fees on behalf of their users, essentially abstracting away the need for users to hold and manage Ether to pay for transactions. This concept aims to improve the flexibility and functionality of Ethereum accounts. <\/p>\n\n\n\n
Potential Drawbacks Of Account Abstraction<\/h2>\n\n\n\n
According to OKX's blog post<\/a>, Account Abstraction carries quite a number of drawbacks, this includes:<\/p>\n\n\n\n
\n
Higher gas fees;<\/strong> The main drawback of Account Abstraction is higher gas fees<\/a>, making transactions less affordable for some users. Gas fees are essential for resource allocation and preventing abuse of the Ethereum blockchain. <\/li>\n<\/ul>\n\n\n\n
\n
Centralization concerns; <\/strong>Account Abstraction offers the risk of increased centralization as smart contracts play a crucial role in managing accounts. It raises concerns about a few developers and organizations gaining control over the infrastructure, contradicting Ethereum's decentralized principles. <\/li>\n<\/ul>\n\n\n\n
\n
Added complexity;<\/strong> New concepts and features in the standard may pose challenges for developers. Such may lead to errors and security vulnerabilities compromising Ethereum's stability and security.<\/li>\n<\/ul>\n\n\n\n
The risk can still be mitigated using \"comprehensive documentation, educational resources, and developer support\". <\/em><\/p>\n\n\n\n
<\/p>\n","post_title":"OKX Wallet Brings Forth Account Abstraction For Enhanced User Security","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"okx-wallet-brings-forth-account-abstraction-for-enhanced-user-security","to_ping":"","pinged":"","post_modified":"2023-06-06 18:12:13","post_modified_gmt":"2023-06-06 08:12:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11905","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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