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Google Cloud to become an Oracle provider on LayerZero network

By
Paul Ugbede Godwin
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0

In a major announcement, Google Cloud has revealed that it will be joining the LayerZero network as an oracle provider, offering reliable and secure data feeds to smart contracts and decentralized applications (dApps) running on the platform. This is a significant milestone for both Google Cloud and LayerZero, as it demonstrates the growing interest and adoption of decentralized technologies in the cloud computing space.

LayerZero is a novel network that aims to provide a scalable, interoperable, and composable layer for building dApps across different blockchains. It leverages zero-knowledge proofs and optimistic rollups to achieve high throughput, low latency, and low fees, while preserving the security and decentralization of the underlying chains. LayerZero also supports cross-chain communication and asset transfers, enabling seamless integration and interoperability among various ecosystems.

One of the key components of LayerZero is its oracle system, which allows dApps to access real-world data from various sources, such as market prices, weather conditions, sports outcomes, etc. Oracles are essential for enabling smart contracts to execute complex logic and provide useful services to users. However, oracles also introduce a potential point of failure and vulnerability, as they rely on external data providers that may be inaccurate, unreliable, or malicious.

That’s where LayerZero comes in. LayerZero is a novel framework that aims to solve the scalability problem by enabling cross-chain interoperability and composability among different Layer 1 and Layer 2 solutions. LayerZero is not a new blockchain or a sidechain, but rather a meta-protocol that connects and coordinates various scaling solutions, such as sharding, rollups, state channels, plasma and more.

LayerZero is designed to be agnostic, modular and flexible, allowing developers to choose the best scaling solution for their specific use case and requirements. LayerZero also provides a unified user experience, ensuring that users can seamlessly interact with dApps across different chains and layers, without sacrificing security, privacy or decentralization.

LayerZero is a remarkable milestone for Web3, as it opens up new possibilities and opportunities for innovation and collaboration in the decentralized space. By enabling cross-chain communication and compatibility, LayerZero can unleash the full potential of Web3, creating a more diverse, resilient and powerful network of dApps and protocols.

To address this challenge, LayerZero adopts a decentralized approach to oracle design, where multiple data providers compete to offer the best quality and price for their data feeds. Data consumers can choose from a variety of oracles based on their preferences and needs, and benefit from the market competition and diversity. Data providers, on the other hand, are incentivized to provide accurate and timely data, as they are rewarded by the network for their contributions and penalized for their misbehavior.

Google Cloud is one of the leading cloud computing platforms in the world, offering a range of services and solutions for enterprises, developers, and researchers. By joining LayerZero as an oracle provider, Google Cloud will leverage its expertise and infrastructure to deliver high-quality data feeds to the network, covering various domains such as finance, e-commerce, gaming, social media, etc. Google Cloud will also benefit from the exposure and access to the fast-growing decentralized economy, where it can showcase its capabilities and innovations.

With Google Cloud Blockchain integration, you can:

Access pre-configured blockchain nodes and networks on Google Cloud Marketplace and launch them with just a few clicks.

Connect your blockchain data to Google Cloud’s BigQuery for advanced analytics and insights.

Use Google Cloud’s AI and machine learning tools to enhance your blockchain applications with natural language processing, computer vision, recommendation systems, and more.

Secure your blockchain transactions and data with Google Cloud’s encryption, identity, and access management features.

Monitor and troubleshoot your blockchain performance and health with Google Cloud’s logging, tracing, and debugging tools.

Scale your blockchain solutions with Google Cloud’s global network, high availability, and load balancing capabilities.

The partnership between Google Cloud and LayerZero is expected to bring significant value and benefits to both parties, as well as to the broader blockchain and cloud computing communities. It will also pave the way for more collaborations and integrations between centralized and decentralized platforms, creating new opportunities and possibilities for innovation and development.

The Web3 ecosystem is rapidly evolving and expanding, with new projects, protocols and platforms emerging every day. By enabling cross-chain communication and compatibility, LayerZero can unleash the full potential of Web3, creating a more diverse, resilient and powerful network of dApps and protocols. However, one of the biggest challenges that Web3 faces is scalability: how to ensure that the decentralized applications (dApps) running on the blockchain can handle the growing demand and complexity of users and transactions.

Electric Capital, Astar Network, Curve DAO Token, Curve Finance and other Crypto News

By
Paul Ugbede Godwin
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0

Electric Capital, a venture capital firm focused on crypto and blockchain projects, is reportedly looking to raise $300 million for its third fund, according to a report by The Block. The firm, which was founded in 2018 by former Coinbase and Facebook engineers Avichal Garg and Curtis Spencer, has backed some of the most prominent projects in the crypto space, such as Compound, Celo, Bitwise, and Near.

According to The Block, Electric Capital’s new fund will target early-stage investments in crypto infrastructure, decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3 applications. The fund will also allocate a portion of its capital to liquid assets, such as bitcoin and ether.

Electric Capital is one of the few crypto VC firms that has a dedicated technical team that conducts code audits and analysis on potential portfolio companies. The firm also publishes an annual report on the state of crypto development, which tracks the number of developers working on various protocols and platforms.

The firm’s previous funds have performed well, according to The Block. Electric Capital’s first fund, which raised $35 million in 2018, has returned 9.5x to its investors. Its second fund, which raised $110 million in 2020, has returned 4x so far. Electric Capital declined to comment on the report when contacted by The Block.

Astar Network, formerly known as Plasm Network, is a scalable and interoperable platform for decentralized applications (dApps) on Polkadot. Astar Network has recently announced that it will launch a zero-knowledge rollup Ethereum Layer 2 solution, called zkEVM, powered by Polygon.

zkEVM is a novel approach to scaling Ethereum that leverages zero-knowledge proofs to compress transactions and reduce gas fees. zkEVM is compatible with the Ethereum Virtual Machine (EVM), which means that developers can easily deploy existing Ethereum smart contracts on Astar Network without any code changes.

By partnering with Polygon, Astar Network will benefit from the robust and secure infrastructure of Polygon’s commit chain, which acts as a data availability layer for zkEVM. Polygon will also provide a bridge for users and assets to move seamlessly between Ethereum and Astar Network.

The launch of zkEVM on Astar Network will enable a new level of scalability, security and interoperability for Ethereum dApps, as well as access to the Polkadot ecosystem and its cross-chain capabilities. Astar Network aims to become the ultimate destination for Ethereum developers who want to build the next generation of decentralized applications on a fast, cheap and future-proof platform.

In a recent interview, Brad Garlinghouse, the CEO of Ripple, shared his views on the importance of regulation for the crypto industry. He argued that the crypto community should not ignore or dismiss the role of regulators in shaping the future of digital assets.

Garlinghouse said that he is a “big believer” in the potential of crypto to transform the world of finance and create more inclusion and innovation. However, he also acknowledged that this potential comes with some risks and challenges, such as money laundering, terrorism financing, consumer protection, and cyber security.

He said that the crypto community “can’t pretend regulation doesn’t matter” and that it is essential to work with regulators and policymakers to ensure that the crypto ecosystem is safe, transparent, and fair for all participants. He added that regulation is not a “bad thing” but rather a “necessary thing” to foster trust and confidence in the crypto space.

He also commented on the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), which accuses Ripple of selling unregistered securities in the form of XRP tokens. Garlinghouse said that he is confident that Ripple will prevail in court and prove that XRP is not a security, but a currency that can be used for cross-border payments.

He said that Ripple has been “very transparent” about its business model and its use of XRP, and that it has always complied with the existing regulations in the markets where it operates. He said that Ripple is not against regulation, but rather against “regulation by enforcement”, which he described as a “lack of clarity” and a “lack of due process” by the SEC.

He expressed his hope that the case will be resolved soon and that it will provide more clarity and certainty for the crypto industry in the US. He said that he believes that the US has a “unique opportunity” to lead the global innovation in crypto, but that it needs to have a “clear and consistent” regulatory framework to do so.

The price of Curve DAO Token (CRV), the governance token of the popular decentralized exchange Curve Finance, has dropped sharply after a large amount of CRV was transferred from the wallet of one of the project’s founders to Binance. According to data from Etherscan, a total of 1.8 million CRV, worth about $720,000 at the time of writing, was sent from the founder’s address to Binance in two transactions on September 16 and 17.

The founder, who goes by the pseudonym 0xc4ad, later clarified on Twitter that he did not sell any CRV and that the transfer was only temporary for testing purposes. He also said that he would return the CRV to his wallet soon. However, the market did not seem to buy his explanation, as the price of CRV plummeted from $0.42 to $0.38 in less than 24 hours, a drop of almost 10%. CRV is currently trading at $0.39, down 7.5% in the past week. The token has been struggling to recover from its all-time low of $0.35, which it reached on August 31.

The incident has raised questions about the credibility and transparency of Curve Finance, which is one of the leading platforms for stablecoin and tokenized bitcoin swaps on Ethereum. The project has been criticized for its controversial token distribution, which favored early investors and insiders over regular users and liquidity providers. Some analysts have also pointed out that the high inflation rate of CRV, which has a total supply of 3.3 billion and an annual issuance rate of 62%, could put downward pressure on its price.

Curve Finance has recently announced some initiatives to improve its governance and incentivize its community, such as launching a DAO-controlled treasury, introducing a veCRV-based fee burning mechanism, and partnering with other protocols to create new pools and rewards. However, it remains to be seen whether these efforts will be enough to restore confidence and boost demand for CRV in the long term.

The Cosmos Hub, the flagship blockchain of the Cosmos network, is undergoing a major upgrade to enable liquid staking, a feature that will allow users to stake their tokens and earn rewards without locking them up.

Liquid staking is a mechanism that allows users to stake their tokens on a validator node and receive a derivative token that represents their stake. This token can then be used for other purposes, such as trading, lending, or participating in governance. Liquid staking aims to increase the security and decentralization of the network by incentivizing more users to stake their tokens, while also providing more liquidity and utility for the staked tokens.

The upgrade, dubbed Gravity DEX, will introduce the Gravity Bridge, a cross-chain communication protocol that will enable the Cosmos Hub to connect with other blockchains, such as Ethereum. The Gravity Bridge will allow users to transfer tokens between the Cosmos Hub and Ethereum, as well as mint ERC-20 tokens that represent their staked ATOMs on the Cosmos Hub. These tokens, called stATOMs, will be the first liquid staking tokens on the Cosmos network.

The Gravity DEX upgrade will also include a decentralized exchange (DEX) that will allow users to swap tokens across different blockchains using an automated market maker (AMM) model. The DEX will use the Inter-Blockchain Communication (IBC) protocol, a standard that enables interoperability between different blockchains. The DEX will support trading of any IBC-compatible tokens, including stATOMs and other liquid staking tokens that may emerge in the future.

The Gravity DEX upgrade is expected to launch in Q4 2023, following a testnet phase and a community vote. The upgrade will mark a significant milestone for the Cosmos network, as it will enhance the functionality and usability of the Cosmos Hub and pave the way for more innovation and adoption in the blockchain space.

Noise2Music: An application of AI in Business [video]

By
Ndubuisi Ekekwe
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0

Noise2Music -one of the applications of AI. At Tekedia AI in Business Masterclass, we educate on how AI is transforming markets and industries, with applications in many domains.  Learn more about our AI application cases here https://school.tekedia.com/course/aibusiness/

Tekedia Artificial Intelligence (AI) in Business Masterclass focuses on how AI (artificial intelligence) will redesign the world of business, and re-architect economies even as it transforms markets, communities, and organizations.  Participants will gain the knowledge capabilities, and confidence, required to support the integration of AI systems into their organizations, and advance their professional careers.

Coordinated by Tekedia Institute Lead Faculty, Prof Ndubuisi Ekekwe (doctoral degrees in electrical/computer engineering with specialization in robotics & neuromorphic engineering, and Banking & Finance), the multidisciplinary program runs for 8 weeks.

Engaging Your Soul, Reason and Emotional Faculty in Problem Solving

By
Tiamiyu Ismail
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0

All things are in constant flux. Embedded in the manifest disharmony is the beauty of harmony. This is a fact we rarely recall when we experience the sinusoidal nature of life. We may find ourselves walking through the vagaries of life with fragile mindsets, ill-prepared for the quotidian dialectics. Many people remain trapped for a long time as a result of this.

Usually when life happens, people generally have one or more things they are conditioned to do and which they believe enable them to cope. For example, some resort to taking alcohol or drugs, some inordinately quiz themselves or blame others for their lot. These invariably lead to a loss of self-esteem, hence, are not sustainable ways to address problems.

Across many world religions and philosophies, three things are often evident when the question of how man is able to overcome challenges and evolve in his environment arises. These include the soul (essence, substance, talent) of man, the power of believing and man’s capacity for thought or reason. The essence of these resources and how they could be put to use are discussed as follows:

Connecting and engaging your Soul

The soul is one of the greatest gifts of life we possess as living beings. Our soul represents the presence of universal intelligence in us. We cannot see it but we can connect with and feel it. However, one thing that we must learn is how we can make the best of this gift. The soul is our closest and most trusted ally. The soul is the light of man and connects man’s physical and spiritual existences.

Characteristic of the soul is the power of intuition which resolves questions that are mostly evasive to logic. The essence of the soul is to guide man and explain to him the many conundrums of life. Information flows from the spiritual or ethereal realm to the soul which passes and interprets it to man in the earthly symbols and language. Thus, when we are puzzled by life, our greatest defence is seeking solace from the soul.

There is no place as quitting and comforting as the human soul – Marcus Aurelius

How to connect with the soul? Iyanla Vanzant, a motivational writer, answered this in a somewhat idealistic and melancholic style. She thought invoking the soul should be done through a pool of emotion such as sequestering yourself, being far removed from the noises and distractions of the world, to cry over your affairs like an innocent infant would gear up its mother to come to its aid as a result of a threat it encountered in its environment. This according to Vanzant is not to hurt yourself but to jolt your soul from the ether to intervene in your worldly affair.

‘’Even there is a great cure in profound tears for it cleanses the body and clears up the head and the mind,’’ Iyanla Vanzant.

While the soul is a great resource with which to live our lives, it is perishable, hence must be constantly renewed. In order not to allow the soul to degrade, it is believed that one must avoid doing these five things:

  1. Being constantly disgruntled at everything that fate has brought you with
  2. Turning your back against other people or plotting to do them harm
  3. Allowing oneself to be overwhelmed by pleasure, pain or the thought of other people’s
  4. Thriving on falsehood and pretense
  5. Doing things randomly and disconnected without purpose

Exercising the power of belief

Belief is an adaptive feature of man. Belief directs and emboldens our focus; it saves us from distractions and directs our attention to that which is believed in. Belief is not only therapeutic and psychologically relevant; it also brings about order in humanity as it helps us to quell the urge for immediate gratification which invariably spurs conflicts in society.

It is understandable that questions of belief and faith are often taken with a grain of salt in the realm of science which dwells mostly on reason and facts. However, it is ironical that most scientific breakthroughs have been possible due to the power of belief. Believing brings you inner peace. It will keep you going until you are out of the mazes and get to your destination.

Embracing the All in thought while you observe as things unfold

Everything in nature, from atoms to matter and to the heavenly bodies, like the sun, the moon, the stars and the galaxies exist mainly that we can live and reflect on them. And things must not be seen in isolation of the other related things and the general nature and the laws that bind them all. Observing nature this way will not only increase your capacity for thought but will also give you pleasure and a sense of beauty while you experience the interconnection of things.

You can observe the constantly flowing river and learn from it’s the greatness that is embedded in kindness and generosity. You can also observe the stars in the stark night.

‘’even nature’s inadvertence has its own charm, its own sensitivity – will find it all gives pleasure… dwell on the beauty of life. Watch the stars, and see yourself running with them,’’ Marcus Aurelius.

Resource:
Ismail A. Tiamiyu (2019). Ghaib: The Voyage of the Unseen. SAO Multiventures

Judge approves order allowing FTX to start selling Crypto

By
Paul Ugbede Godwin
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0

A landmark decision by a federal judge has paved the way for FTX, one of the world’s largest cryptocurrency exchanges, to begin offering its services to US customers. The judge granted FTX’s motion to dismiss a lawsuit filed by the Commodity Futures Trading Commission (CFTC), which accused FTX of violating US laws by operating an unregistered derivatives platform.

The judge ruled that FTX’s contracts, which allow users to bet on the future price movements of various cryptocurrencies, do not fall under the CFTC’s jurisdiction because they are not futures or swaps. Instead, the judge said, they are “novel and unique” products that are “more akin to insurance contracts or binary options”.

The judge also noted that FTX has taken steps to exclude US customers from its platform, such as using geofencing technology and requiring users to verify their identity and location. The judge said that these measures show that FTX is not targeting or soliciting US customers, and that any US users who access the platform do so at their own risk and in violation of FTX’s terms of service.

FTX is a Hong Kong-based company that offers a variety of crypto products, such as futures, options, leveraged tokens, and spot trading. It also operates FTX US, a separate platform that complies with US regulations and offers a limited selection of crypto assets. However, FTX US has faced many challenges in expanding its services, as it requires approval from each state regulator.

The ruling is a major victory for FTX, which has been expanding its global presence and influence in the crypto space. FTX, which is based in Hong Kong and registered in Antigua and Barbuda, boasts over 1 million users and handles over $10 billion in daily trading volume. FTX also owns Blockfolio, a popular crypto portfolio tracker app, and has secured naming rights deals with several sports teams and venues, such as the Miami Heat’s arena and the e-sports team TSM.

FTX’s CEO, Sam Bankman-Fried, hailed the judge’s decision as a “huge win” for FTX and the crypto industry. He said that FTX is looking forward to launching its US platform soon, which will offer a range of crypto products and services that comply with US laws and regulations. He also said that FTX is open to working with the CFTC and other regulators to foster innovation and growth in the crypto sector.

“This is a historic moment for FTX and for crypto. We are thrilled that the court has recognized our efforts to create a safe, secure, and compliant platform for our users. We are excited to bring our cutting-edge technology and products to the US market, and to contribute to the development of the crypto ecosystem in the US and around the world,” Bank.

The order, issued by Judge Richard Seeborg of the US District Court for the Northern District of California, grants FTX US a preliminary injunction against the Commodity Futures Trading Commission (CFTC), which had sued FTX US for allegedly violating the Commodity Exchange Act. The CFTC claimed that FTX US was offering unregistered futures contracts and swaps on crypto assets, and that it failed to implement adequate anti-money laundering and customer protection measures.

The judge ruled that FTX US had shown a likelihood of success on the merits of its case, and that the CFTC had not demonstrated that it would suffer irreparable harm if FTX US was allowed to continue its operations. The judge also noted that FTX US had taken steps to comply with the CFTC’s rules, such as registering as a swap execution facility and applying for a designated contract market license.

The order will enable FTX US to offer a wider range of crypto assets to its customers, including popular tokens like Bitcoin, Ethereum, Solana, and Dogecoin. It will also allow FTX US to compete with other crypto exchanges that have already obtained licenses or exemptions from the CFTC, such as Coinbase, Kraken, and Gemini.

The order is not final, however, as it is subject to appeal by the CFTC or modification by the judge. The order also does not affect the ongoing litigation between FTX US and the CFTC, which will proceed to trial unless the parties reach a settlement. Nevertheless, the order is a significant milestone for FTX US and the crypto community, as it signals a more favorable attitude from the courts towards crypto innovation and regulation.

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