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Citi expanding on Blockchain services with Bond custody and Tokenized deposits

By
Paul Ugbede Godwin
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0

Citi, one of the leading global banks, has announced that it is expanding its digital asset services with two new offerings: bond custody and tokenized deposits. These services aim to provide institutional clients with more options and flexibility to access the emerging opportunities in the crypto space.

Bond custody is a service that allows Citi to hold and manage digital bonds on behalf of its clients, using blockchain technology to ensure security and transparency. Citi has partnered with Securitize, a platform that enables the issuance and management of digital securities, to offer this service. Citi will leverage Securitize’s Digital Securities Protocol (DS Protocol) to create, transfer and store digital bonds on the Ethereum blockchain.

Tokenized deposits are a service that allows Citi to issue tokens that represent deposits held at the bank, using blockchain technology to enable faster and cheaper transactions. Citi has partnered with ConsenSys, a leading software company that builds solutions for the Ethereum ecosystem, to offer this service. Citi will use ConsenSys’ Codefi Payments platform to create, transfer and redeem tokenized deposits on the Ethereum blockchain.

These services are part of Citi’s broader strategy to embrace digital transformation and innovation in the financial sector. Citi has been actively exploring and experimenting with blockchain and crypto technologies since 2014, when it launched its first internal blockchain lab. Since then, Citi has participated in various initiatives and projects related to digital assets, such as the Utility Settlement Coin (USC) consortium, the World Economic Forum’s Global Blockchain Council, and the Bankchain project.

Some of the reasons why Citi Bank is navigating into blockchain are:

To improve efficiency and reduce costs: Blockchain can streamline and automate various processes, such as cross-border payments, trade finance, and reconciliation. By using blockchain, Citi Bank can reduce operational costs, human errors, and fraud risks. For example, Citi Bank has partnered with Nasdaq to use blockchain for private securities settlements. This can reduce the settlement time from days to minutes and lower the capital requirements.

To enhance customer experience and satisfaction: Blockchain can offer faster, cheaper, and more convenient services to customers. By using blockchain, Citi Bank can provide more transparency, security, and control to customers over their transactions and data. For example, Citi Bank has launched a blockchain-based platform called CitiConnect for Blockchain to enable its clients to access distributed ledger technology (DLT) solutions from various providers. This can help clients to access new markets, optimize liquidity, and improve cash management.

To innovate and differentiate: Blockchain can enable new business models, products, and services that can create value for customers and stakeholders. By using blockchain, Citi Bank can gain a competitive edge and position itself as a leader in the digital economy. For example, Citi Bank has joined the Enterprise Ethereum Alliance (EEA), a consortium of organizations that are developing standards and best practices for using Ethereum blockchain. This can help Citi Bank to collaborate with other members and explore new use cases for blockchain.

Citi’s Head of Digital Assets, Puneet Singhvi, said: “We are excited to launch these new services that will enable our clients to access the growing opportunities in the digital asset space. We believe that blockchain and crypto technologies have the potential to transform the financial industry and create new value for our clients and society. We are committed to continue exploring and developing innovative solutions that leverage these technologies to meet the evolving needs of our clients.”

Bubblemaps raises $3.2M as Web3 Labs Secures $25M in VC Funding

By
Paul Ugbede Godwin
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0

Bubblemaps, a company that specializes in creating interactive and dynamic data visualizations for blockchain projects, has announced that it has raised $3.2 million in a seed funding round led by Placeholder Ventures. The funding will be used to expand the team, develop new features and integrations, and grow the user base of Bubblemaps.

Bubblemaps was founded in 2021 by a team of blockchain enthusiasts and data scientists who wanted to make it easier and more accessible for anyone to explore and analyze blockchain data. Bubblemaps allows users to create custom data visualizations using a drag-and-drop interface, without any coding required. Users can choose from a variety of templates, data sources, filters, and metrics, and then customize the appearance, layout, and interactivity of their charts. Bubblemaps also supports embedding and sharing of the visualizations on websites, social media, and other platforms.

A new Web3 startup, led by former Andreessen Horowitz (a16z) crypto executives, has raised $25 million in a seed round, according to a report by The Block. The startup, called Web3 Labs, aims to build a platform that enables developers to create decentralized applications (dApps) that leverage the power of Web3 technologies, such as blockchain, smart contracts, and decentralized storage.

According to the report, the seed round was led by a16z crypto, with participation from other investors, such as Polychain Capital, Electric Capital, and Coinbase Ventures. The round also included angel investors, such as Naval Ravikant, Balaji Srinivasan, and Vitalik Buterin.

Web3 Labs was co-founded by Ali Yahya and Jesse Walden, who both left a16z crypto earlier this year to pursue their own venture. Yahya was a general partner at the firm, while Walden was the founder of Variant Fund, a crypto-focused seed fund that was incubated by a16z.

In a blog post announcing the launch of Web3 Labs, Yahya and Walden wrote that they believe Web3 is “the next phase of the internet”, where users can own and control their own data, identity, and assets. They also wrote that they want to make Web3 more accessible and user-friendly for developers and users alike, by providing tools and frameworks that abstract away the complexity and friction of building and using dApps.

“We believe that Web3 will enable a new wave of innovation and creativity on the internet, where anyone can build and participate in open, fair, and transparent networks,” they wrote. “We are excited to partner with some of the best investors and builders in the space to make this vision a reality.”

Bubblemaps aims to become the go-to tool for blockchain data visualization, as the demand for data-driven insights and storytelling in the blockchain space grows. According to the company, Bubblemaps has already attracted over 10,000 users, including developers, researchers, investors, journalists, educators, and enthusiasts, who have created over 50,000 visualizations for various blockchain projects such as Bitcoin, Ethereum, Solana, Polygon, Avalanche, and more.

“We are thrilled to have the support of Placeholder Ventures and other investors who share our vision of democratizing blockchain data visualization,” said Alice Lee, co-founder and CEO of Bubblemaps. “We believe that Bubblemaps can empower anyone to explore and understand blockchain data in a simple and intuitive way, and ultimately help drive adoption and innovation in the blockchain ecosystem.”

Chris Burniske, partner at Placeholder Ventures and lead investor in Bubblemaps, said: “Bubblemaps is a unique and powerful tool that enables anyone to create beautiful and interactive data visualizations for blockchain projects. We are impressed by the team’s passion and expertise in both blockchain and data science, and we are excited to partner with them as they build the future of blockchain data visualization.”

Crypto Funds hit half-billion-dollar outflow streak

By
Paul Ugbede Godwin
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0

The crypto market has been experiencing a prolonged period of bearish sentiment, as investors continue to take profits or cut losses amid regulatory uncertainty and environmental concerns. According to the latest data from CoinShares, crypto funds saw net outflows of $493 million in the week ending September 17, marking the third consecutive week of negative flows.

One of the indicators of the market mood is the flow of funds in and out of crypto investment products, such as exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other vehicles that track the performance of crypto assets. According to the latest report from CoinShares, a digital asset investment firm, crypto funds have seen a net outflow of $496 million in the past four weeks, marking the longest streak of outflows since February 2018.

The report shows that bitcoin funds have suffered the most, with a net outflow of $344 million in the past week and $1.3 billion in the past month. Ethereum funds have also seen a net outflow of $64 million in the past week and $278 million in the past month. Other altcoins, such as XRP, Cardano, Polkadot, and Solana, have also experienced net outflows, albeit at a smaller scale.

The report suggests that the main drivers of the outflows are the regulatory uncertainty, the environmental concerns, and the competition from other asset classes, such as equities and commodities. The report also notes that some investors may be taking profits after the strong rally in the first quarter of 2021 or reallocating their portfolios to reduce their exposure to crypto volatility.

The outflows were mainly driven by bitcoin and Ethereum, which accounted for $327 million and $151 million respectively. Bitcoin funds have now recorded outflows for six of the past seven weeks, while Ethereum funds have seen outflows for five of the past six weeks. The total assets under management (AUM) of crypto funds have declined by 14% since mid-May, when they reached a record high of $66 billion.

However, not all crypto assets are suffering from the same fate. Some altcoins, such as Solana (SOL), Cardano (ADA) and ripple (XRP), have managed to buck the trend and attract positive inflows in the past week. These coins have been outperforming the market, thanks to their strong fundamentals, innovative features and loyal communities.

Solana, which claims to be the fastest and most scalable blockchain platform, saw inflows of $13.2 million, bringing its total AUM to $42 million. The coin has surged by more than 300% in the past month, reaching a new all-time high of $214 on September 9. Solana’s growth has been fueled by the launch of several decentralized applications (dApps) and non-fungible tokens (NFTs) on its network, as well as the anticipation of its upcoming Ignition event, which will showcase its ecosystem and potential.

Cardano, which recently completed its long-awaited Alonzo upgrade, saw inflows of $6.4 million, bringing its total AUM to $69 million. The coin has gained more than 100% in the past month, hitting a new record high of $3.10 on September 2. Cardano’s Alonzo upgrade enables smart contract functionality on its network, opening the door for more dApps and NFTs to be built on its platform. Cardano’s founder, Charles Hoskinson, has also announced several partnerships and projects that will leverage its technology, such as with Dish Network and Chainlink.

Ripple, which is still embroiled in a legal battle with the US Securities and Exchange Commission (SEC), saw inflows of $3.1 million, bringing its total AUM to $66 million. The coin has risen by more than 60% in the past month, reaching a three-month high of $1.35 on September 6. Ripple’s rally has been driven by its ongoing expansion in global markets, especially in Asia and the Middle East, where it has signed deals with various banks and payment providers to use its XRP-based solutions.

Ripple’s CEO, Brad Garlinghouse, has also expressed confidence that the company will prevail in its lawsuit with the SEC, which could pave the way for more institutional adoption of XRP.

However, the report also points out some positive signs for the crypto market, such as the growing adoption of crypto by institutional investors, corporations, and governments. The report cites examples such as MicroStrategy’s purchase of additional 13,005 bitcoins in June, El Salvador’s adoption of bitcoin as legal tender, and Paraguay’s introduction of a bill to regulate crypto assets. The report also highlights the resilience of the crypto market, which has recovered from several sharp drops and maintained a market capitalization above $1.5 trillion.

The divergence in performance and flows among different crypto assets reflects the increasing maturity and diversity of the crypto space, as well as the varying preferences and risk appetites of investors. While some may prefer to stick with the established and dominant players like bitcoin and Ethereum, others may seek to explore the emerging and innovative alternatives like Solana, Cardano and ripple. As the crypto market evolves and expands, investors will have more options and opportunities to diversify their portfolios and capture value from this dynamic sector.

The report concludes that while the short-term outlook for crypto remains challenging, the long-term fundamentals are still intact and supportive of further growth and innovation. The report states that “we believe we are still very early in this cycle and that there is still significant room for growth across all digital assets.”

Hong Kong influencer arrested over JPEX links amid Probe

By
Paul Ugbede Godwin
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0

A prominent social media influencer in Hong Kong has been arrested for allegedly having ties to JPEX, a controversial organization that advocates for the independence of the city from China, according to local media reports. Hong Kong crypto scams are on the rise as more people are lured by the promises of quick and easy profits from digital currencies.

The influencer, who goes by the name of Kiki Wong, was taken into custody on Wednesday morning by the national security police, who also searched her home and office. She is accused of violating the national security law, which bans secession, subversion, terrorism and collusion with foreign forces.

Wong is known for her lifestyle and beauty videos on YouTube and Instagram, where she has over 500,000 followers. She also runs a clothing brand and a cosmetics line. She has been outspoken about her support for the pro-democracy movement in Hong Kong and has participated in several protests and rallies.

According to the reports, Wong is suspected of being a member of JPEX, or the Japan-Hong Kong Exchange Council, which was founded in 2019 by a group of Hong Kong activists who fled to Japan. The group claims to promote cultural and economic exchanges between the two places, but also advocates for Hong Kong’s independence and self-determination.

Crypto Queen is known for her lavish lifestyle and flashy videos on social media, where she boasts about her wealth and success in the crypto industry. She claims to be a co-founder and ambassador of jpex, a digital token that she says is backed by real estate and gold. She also claims that jpex is endorsed by celebrities and politicians, and that it can generate huge returns for investors.

However, the police said that jpex is a scam that has no intrinsic value or backing. They said that Crypto Queen and her accomplices lured unsuspecting investors into buying jpex tokens at inflated prices, and then transferred the money to their own accounts. They also said that Crypto Queen used fake documents and identities to conceal her identity and evade detection.

The police said they have received more than 300 complaints from investors who lost money in the jpex scheme, totaling more than HK$200 million ($25.6 million). They said they are still investigating the case and looking for more suspects.

Crypto Queen faces up to 14 years in prison if convicted of fraud and money laundering. She has not yet entered a plea or commented on the charges. Her lawyer declined to comment on the case.

The national security police have been investigating JPEX since last year, when they arrested four former members of the group who had returned to Hong Kong. They alleged that JPEX was a front for a secessionist organization that received funding and support from foreign forces.

Wong’s arrest has sparked outrage and concern among her fans and fellow influencers, who have expressed their solidarity and called for her release. They have also criticized the national security law for suppressing freedom of expression and political dissent in Hong Kong.

How does Proof-of-Space-Time work?

By
Paul Ugbede Godwin
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0

Proof-of-Space-Time (PoST) is a novel consensus algorithm that aims to replace the energy-intensive Proof-of-Work (PoW) scheme used by Bitcoin and other cryptocurrencies. PoST allows a network participant to prove that they have allocated a certain amount of storage space for a certain period of time, without requiring much computation or electricity. In this blog post, we will explain the basic idea and benefits of PoST, as well as some of the challenges and open questions.

The motivation behind PoST is to use a more environmentally friendly and scalable resource as a payment for participating in a decentralized network. PoW requires participants to compete for solving hard cryptographic puzzles, which consumes a lot of CPU power and electricity. This leads to high operational costs, centralization risks, and environmental concerns. PoST, on the other hand, uses storage space as the main resource, which is cheaper, more abundant, and more distributed than CPU power.

Moreover, PoST can adjust the difficulty of the proof by varying the time duration of the storage, rather than increasing the computation complexity. This means that PoST can achieve a similar level of security as PoW with less energy consumption.

The basic idea of PoST is as follows: A participant who wants to join the network must first reserve some storage space on their device and fill it with some random data. Then, they must periodically prove to the network that they are still storing this data and have not modified or deleted it. This proof is called a Proof-of-Space-Time, and it consists of two components: a Proof-of-Space (PoS) and a Proof-of-Time (PoT).

A Proof-of-Space is a proof that shows the participant has reserved a certain amount of storage space and has filled it with some specific data. This can be done by using a hash function that maps the data to a short output, called a commitment. The participant sends this commitment to the network as a proof of their storage allocation.

The network can then challenge the participant to provide some portion of their data that corresponds to their commitment. The participant must respond with the correct data within a short time frame, otherwise they are considered dishonest or offline.

A Proof-of-Time is a proof that shows the participant has kept their storage space unchanged for a certain period of time. This can be done by using a verifiable delay function (VDF) that takes a long time to compute but is easy to verify. The participant applies this function to their commitment and obtains an output, called a proof. The participant sends this proof to the network as a proof of their storage duration. The network can then verify that the proof is correct and matches the commitment, and that it took at least the expected time to compute.

By combining these two components, PoST ensures that the participant has spent both space and time resources to join the network. The more space and time they spend, the more likely they are to be rewarded by the network for their contribution. PoST also prevents participants from cheating by reusing or sharing their storage space with others, or by pre-computing or outsourcing their proofs.

PoST is an elegant and simple solution for achieving consensus in a decentralized network without relying on wasteful computation or electricity. However, it also faces some challenges and open questions that need further research and development.

To participate in a PoST network, a node has to generate and store a large dataset, called a plot, on its disk. The plot consists of cryptographic proofs that are derived from a public parameter, called a challenge. The challenge is periodically updated by the network to ensure that the plots are fresh and valid.

To generate a new block, a node has to submit a proof that it has stored the plot for a certain amount of time, called an epoch. The proof consists of a subset of the plot that matches the current challenge. The node that submits the fastest and most accurate proof wins the right to produce the block and receive the reward.

The network verifies the proof by checking that it corresponds to the challenge and that it is consistent with the previous proofs submitted by the same node. This ensures that the node has not tampered with or deleted its plot during the epoch.

Proof-of-Space-Time has several advantages over other consensus mechanisms:

It is more energy efficient than PoW, as it does not require intensive computations or specialized hardware. It is more secure than PoS, as it does not depend on the distribution of wealth or stake among the participants.

It is more scalable than both PoW and PoS, as it allows for parallel block production and verification, reducing the network latency and increasing the throughput. It is fairer than both PoW and PoS, as it gives equal opportunities to all nodes regardless of their resources or influence.

Proof-of-Space-Time is still an emerging technology that faces some challenges, such as plot generation time, storage cost, and network synchronization. However, it is also a promising solution that could enable more efficient, secure, and inclusive blockchain networks in the future.

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