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Freatic raises $3.6M, As Ankex Launches Beta Platform

By
Paul Ugbede Godwin
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0
Fund, money cash dollar

Freatic, a startup that aims to create decentralized information markets, announced today that it has raised $3.6 million in a seed round led by a16z crypto, the venture capital firm’s dedicated crypto fund. Other investors include Placeholder, Electric Capital, and angel investors such as Balaji Srinivasan and Naval Ravikant.

Information markets are platforms where users can bet on the outcomes of future events, such as elections, sports, or weather. By aggregating the collective wisdom of the crowd, information markets can provide more accurate forecasts than traditional methods. Freatic’s vision is to leverage blockchain technology and smart contracts to create information markets that are open, transparent, and censorship resistant.

Freatic’s co-founder and CEO, said that the startup was inspired by the success of Augur, one of the first decentralized information markets on Ethereum. However, she also noted that Augur faced some challenges, such as high transaction fees, slow settlement times, and limited liquidity. Freatic aims to address these issues by building on top of Arbitrum, a layer-2 scaling solution for Ethereum that promises lower costs, faster speeds, and greater scalability.

“We believe that information markets have the potential to revolutionize how we make decisions and access knowledge in the digital age,” Chen said. “By building on Arbitrum, we can offer our users a better user experience and a more vibrant ecosystem of markets and participants.”

Freatic plans to use the new funding to grow its team, develop its product, and launch its beta version in early 2024. The startup also hopes to collaborate with other projects in the Arbitrum ecosystem, such as Uniswap, Chainlink, and MakerDAO, to integrate their services and provide more value to its users.

Ankex, a new hybrid crypto exchange that combines the best features of centralized and decentralized platforms, has announced the launch of its beta version. The exchange is led by Michael Moro, a veteran in the crypto industry and the former CEO of Genesis Global Trading.

Ankex aims to provide a secure, fast and user-friendly trading experience for both retail and institutional investors. The exchange leverages the power of blockchain technology to offer transparent and trustless transactions, while also providing high liquidity, low fees and advanced trading tools.

According to Moro, Ankex is designed to address the pain points of existing crypto exchanges, such as hacking risks, regulatory uncertainty, scalability issues and poor customer service. He said:

“We believe that the future of crypto trading lies in hybrid platforms that combine the best of both worlds. Ankex is not just another exchange, but a game-changer that will revolutionize the way people trade crypto assets. We are excited to invite users to join our beta testing and give us feedback on how we can improve our platform.”

Ankex supports a variety of crypto assets, including Bitcoin, Ethereum, USDT and other popular tokens. Users can trade spot, futures and options contracts on the platform, as well as access margin trading and lending services. The exchange also offers a native token, ANKX, which grants holders various benefits, such as discounts on fees, governance rights and rewards.

Andreessen Horowitz partner Ali Yahya, who led the investment in Freatic, said that he was impressed by the team’s vision and execution. He also praised Freatic’s focus on user-centric design and community engagement.

“Freatic is building a platform that can democratize access to information and empower people to make better decisions,” Yahya said. “We are excited to support them as they bring this innovative idea to life.”

Maxine Waters says Republicans are ‘anti-innovation’ over CBDC Bill

By
Paul Ugbede Godwin
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0

Maxine Waters, the chairwoman of the House Financial Services Committee, has criticized Republicans for opposing a bill that would authorize the Federal Reserve to create a central bank digital currency (CBDC). In a statement, Waters said that Republicans are “anti-innovation” and “want to keep the U.S. behind the rest of the world” in terms of digital currency development.

The bill, titled the Digital Asset Market Structure and Investor Protection Act, was introduced by Rep. Don Beyer, a Democrat from Virginia, in July. The bill aims to provide a comprehensive regulatory framework for digital assets, including cryptocurrencies and stablecoins. One of the provisions of the bill is to give the Fed the authority to issue a CBDC, which would be a digital form of the U.S. dollar that could be used for payments and transactions.

Waters said that a CBDC would enhance financial inclusion, reduce costs and increase efficiency in the financial system, and promote U.S. leadership in the global digital economy. She also said that a CBDC would help combat illicit activities involving cryptocurrencies, such as money laundering and tax evasion.

The CBDC bill, or the Central Bank Digital Currency Act of 2023, is a proposed legislation that would authorize the Federal Reserve to create and issue a digital version of the US dollar, accessible to all Americans through a network of digital wallets. The bill aims to modernize the US monetary system, promote financial inclusion, and enhance the efficiency and security of payments.

However, the bill has faced strong opposition from Republicans, who argue that it would pose several risks and challenges to the US economy and society. Some of the main arguments by Republicans against the CBDC bill are:

It would undermine the role of private banks and financial intermediaries, who currently provide essential services to consumers and businesses, such as lending, saving, investing, and risk management. By creating a direct relationship between the Fed and the public, the CBDC bill would reduce the demand for bank deposits and loans, and potentially destabilize the banking system.

It would expose the Fed to political pressure and interference, as it would have to manage a large-scale retail payment system that would affect millions of Americans. The CBDC bill would also give the Fed unprecedented power to monitor and influence the spending behavior of individuals and businesses, raising concerns about privacy and civil liberties.

It would increase the complexity and uncertainty of monetary policy, as the Fed would have to balance the demand and supply of both physical and digital dollars and adjust the interest rate and other parameters of the CBDC. The CBDC bill would also create new channels for fiscal dominance, as the government could use the CBDC to bypass Congress and directly finance its spending or transfer payments to the public.

It would harm the international role of the US dollar, as other countries might perceive the CBDC as a threat or a challenge to their sovereignty and monetary autonomy. The CBDC bill could also trigger a global race for digital currencies, leading to increased competition and volatility in the foreign exchange market.

However, Republicans on the committee have expressed their opposition to the bill, arguing that it would undermine the U.S. dollar’s status as the world’s reserve currency, create privacy and security risks for consumers, and stifle innovation in the private sector. Rep. Patrick McHenry, the ranking member of the committee, said that the bill would “hand over Americans’ personal financial data to the government” and “give China a blueprint for how to control their citizens’ financial lives.”

Waters accused Republicans of being “out of touch” with the needs and preferences of American consumers and businesses, who are increasingly adopting digital payment methods and using cryptocurrencies. She said that Republicans are “ignoring the reality” those other countries, such as China and the European Union, are already developing their own CBDCs and could gain an advantage over the U.S. in the digital currency space.

Waters urged her colleagues to support the bill and move forward with creating a CBDC that would benefit the American people and the economy. She said that she is committed to working with the Fed, the Treasury Department, and other stakeholders to ensure that a CBDC is designed and implemented in a safe and responsible manner.

OpenAI Upgrades ChatGPT Usability, Introduces New Voice Feature For Verbal Conversations

By
Ojukwu Emmanuel
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0

OpenAI, maker of AI Chatbot ChatGPT, has today launched a new voice feature to the chatbot to enable verbal communication. This is according to a new blog post published on the Open AI platform.

The company announced that the new voice feature offers a new and more intuitive type of interface by allowing users to have a voice conversation or show ChatGPT what they are talking about.

It wrote,

“We are beginning to roll out new voice and image capabilities in ChatGPT. They offer a new, more intuitive type of interface by allowing you to have a voice conversation or show ChatGPT what you’re talking about.

“Voice and image give you more ways to use ChatGPT in your life. We’re rolling out voice and images in ChatGPT to Plus and Enterprise users over the next two weeks. Voice is coming on iOS and Android (opt-in in your settings) and images will be available on all platforms”.

OpenAI added that the new voice feature is capable of crafting realistic synthetic voices from just a few seconds of real speech.

Meta plans to appeal to a younger audience with AI chatbots, which the Facebook parent will release across its social media apps as early as this week, The Wall Street Journal reported, citing anonymous sources. The bots, known internally as Gen AI Personas, have distinctive personalities and are primarily aimed at driving engagement. Since TikTok overtook Meta’s Instagram app in popularity with teenagers, the social media giant has turned its focus toward the younger audience and away from the larger number of older people, the Journal said.Meta is expected to announce the chatbots at its Meta Connect conference, which begins Wednesday. (LinkedIn News)

The company disclosed it collaborated with professional voice actors to create each of the voices. It also added that it used Whisper, its open-source speech recognition system, to transcribe users’ spoken words into text.

OpenAI is rolling out the feature to paying Plus and Enterprise subscribers in the coming two weeks. To get started with the voice feature, users can head to Settings then click on New Features on the mobile app and opt into voice conversations.

Once this is done, they then proceed to tap the headphone button located in the top-right corner of the home screen and choose their preferred voice out of five different voices.

The new voice technology is capable of crafting realistic synthetic voices from just a few seconds of real speech opening doors to many creative and accessibility-focused applications.

However, these capabilities also present new risks, such as the potential for malicious actors to impersonate public figures or commit fraud.

This is why we are it announced that it is using the technology to power a specific use case voice chat.

OpenAI’s introduction of a voice feature is coming after a report in June 2023, revealed that worldwide unique visitors to ChatGPT’s website dropped 5.7%.

Data from the internet analytics company Similarweb shows that global website visits dropped nearly 10% in June compared to May. Users complained that the AI chatbot was making more mistakes.

However, reports revealed that the drop in interest was not only for ChatGPT but one of its key competitors, which shows a sign that the novelty has worn off for AI chat.

OpenAI has however noted that it will continue to improve the functionality of ChatGPT to enhance user experience.

Watch out, Alexa: Typing in text is no longer the only way to interact with ChatGPT. OpenAI has unveiled a new version that allows users to speak aloud or upload an image to prompt its AI chatbot. ChatGPT can respond in one of five voices, which “are almost indistinguishable from a human at times,” according to one tester. That technology has larger implications for companies like Spotify, which announced it is working with OpenAI to translate podcasts into different languages using synthetic versions of the hosts’ voices.

The new ChatGPT features will be available with a paid subscription within two weeks, the company said, and for free “soon after.” (LinkedIn)

Base introduces security monitoring system named Pessimism, As Solana Declines in Active Addresses

By
Paul Ugbede Godwin
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0

Base, a leading provider of cloud-based software solutions, has announced the launch of its new security monitoring system named Pessimism. The system is designed to detect and prevent cyberattacks, data breaches, and other threats that could compromise the security and privacy of Base’s customers.

Pessimism is based on the principle of “expect the worst, prepare for the best”. The system uses advanced artificial intelligence and machine learning techniques to analyze the behavior and patterns of potential attackers, and to proactively block or mitigate any malicious activity. Pessimism also provides real-time alerts and reports to Base’s security team, enabling them to respond quickly and effectively to any incidents.

According to Base’s CEO, Pessimism is a game-changer in the field of cybersecurity. “We are proud to introduce Pessimism, our innovative security monitoring system that leverages the power of AI and ML to protect our customers from cyber threats. Pessimism is not just a name, it’s a philosophy. We believe that by anticipating the worst-case scenarios, we can better prepare ourselves and our customers for any challenges that may arise. Pessimism is not about being negative, it’s about being realistic and proactive.”

Base’s customers can access Pessimism through their existing accounts and enjoy the benefits of enhanced security and peace of mind. Base claims that Pessimism can reduce the risk of cyberattacks by up to 90% and improve the response time by up to 80%. Base also offers a free trial period for new customers who want to try out Pessimism before committing to a subscription.

Pessimism is the latest addition to Base’s suite of cloud-based software solutions, which include CRM, ERP, HRM, and more. Base aims to provide its customers with the best tools and services to help them grow their businesses and achieve their goals. With Pessimism, Base hopes to strengthen its reputation as a trusted and reliable partner in the digital world.

Solana’s decline in active addresses is only part of the story.

Solana, the blockchain platform that claims to offer fast, scalable and low-cost transactions, has seen a significant drop in its number of active addresses in the past month. According to data from Coin Metrics, Solana’s active addresses peaked at over 1.2 million on September 9, 2023, but have since fallen by more than 80% to around 200,000 as of September 24, 2023.

Some analysts have attributed this decline to the network outage that occurred on September 14, 2023, when Solana experienced a denial-of-service attack that caused the network to stall for nearly 18 hours. The incident raised questions about Solana’s security and decentralization and may have shaken the confidence of some users and investors.

However, Solana’s decline in active addresses is only part of the story. There are other factors that may explain why Solana’s activity has not recovered to its previous levels, and why it may not be a reliable indicator of its long-term potential.

One factor is the seasonality of crypto markets. Historically, crypto activity tends to be higher in the summer months and lower in the fall and winter months. This is partly due to the influence of traditional financial markets, which also exhibit seasonal patterns, and partly due to the psychological effects of weather and holidays on investor sentiment. Therefore, it is possible that Solana’s decline in active addresses is partly a reflection of the broader crypto market slowdown that usually occurs around this time of the year.

Another factor is the nature of Solana’s user base. Unlike some other blockchains that have a more diverse and distributed user base, Solana’s activity is largely driven by a few large applications and platforms that run on its network. For example, according to DappRadar, the top five dapps on Solana account for over 90% of its total transaction volume. These include FTX, Serum, Raydium, Audius and Radium. These dapps are mostly focused on decentralized finance (DeFi) and non-fungible tokens (NFTs), which are two of the most popular and volatile sectors in the crypto space.

Therefore, Solana’s active addresses may fluctuate depending on the performance and popularity of these dapps and their underlying markets. For instance, FTX, which is one of the largest crypto exchanges in the world and a major supporter of Solana, recently launched its own NFT marketplace on Solana. This may have attracted a lot of new users and activity to Solana in September, but also exposed it to more competition and volatility. Similarly, Audius, which is a decentralized music streaming platform that runs on Solana, saw a surge in users and activity after partnering with TikTok in August, but may have faced some challenges in retaining and engaging them in September.

Therefore, it is important to look beyond the number of active addresses and consider the quality and diversity of Solana’s user base and use cases. While Solana may have fewer active addresses than some other blockchains, it may have more loyal and engaged users who are using its network for high-value and innovative applications. Moreover, Solana may have more room for growth and adoption as it continues to develop its technology and ecosystem.

Solana’s decline in active addresses is only part of the story. While it may indicate some challenges and risks for Solana’s network performance and user retention, it may also reflect some external and temporary factors that are not specific to Solana. Therefore, it is not wise to judge Solana’s long-term potential based on its short-term activity alone. Rather, it is more prudent to look at its fundamentals and vision, which are still strong and promising.

Grayscale Investments files for new ether futures ETF

By
Paul Ugbede Godwin
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0

Grayscale Investments, the world’s largest digital asset manager, has filed for a new exchange-traded fund (ETF) that would offer exposure to ether futures contracts. The proposed Grayscale Ether Futures Trust would track the performance of ether futures contracts traded on a regulated U.S. exchange, according to a filing with the Securities and Exchange Commission (SEC) on Friday.

The filing comes as Grayscale and other asset managers are eagerly awaiting the SEC’s approval of the first bitcoin futures ETF, which could open the door for more crypto-related products in the U.S. market. Grayscale already offers a popular trust that holds physical ether, the Grayscale Ethereum Trust (ETHE), which has over $10 billion in assets under management as of September 24.

The new ether futures ETF would differ from the existing trust in several ways. First, it would not hold any ether directly, but rather invest in cash-settled futures contracts that are based on the price of ether. Second, it would be subject to the rules and regulations of the Commodity Futures Trading Commission (CFTC), which oversees the futures market, rather than the SEC, which regulates securities. Third, it would trade on a national securities exchange, such as the NYSE or Nasdaq, rather than over the counter (OTC) markets.

Grayscale said in the filing that the ether futures ETF would provide investors with several benefits, such as exposure to the price movements of ether without having to buy or store the cryptocurrency, access to a regulated and transparent market for ether futures contracts, and diversification of their portfolios with a new asset class.

However, the filing also acknowledged some risks and challenges, such as the volatility and unpredictability of the crypto market, the regulatory uncertainty and potential changes in the legal status of ether and its derivatives, and the operational and technical issues that could affect the trading and settlement of ether futures contracts.

Grayscale did not specify which U.S. exchange it plans to use for its ether futures ETF, but it is likely to be either CME Group or ErisX, which are currently the only two platforms that offer ether futures contracts in the U.S. CME Group launched its ether futures product in February 2021, while ErisX introduced its own version in May 2020. Both exchanges have seen growing demand and liquidity for their ether futures offerings, especially as institutional investors have shown more interest in the second-largest cryptocurrency by market capitalization.

Grayscale’s filing for an ether futures ETF is another sign of the increasing maturity and innovation of the crypto industry, as well as the growing appetite for crypto-related investment products among investors. However, it is still unclear when or if the SEC will approve any of these products, as the regulator has repeatedly expressed concerns about the lack of oversight and transparency in the crypto market, as well as the potential for fraud and manipulation.

The US Security and Exchange Commission – SEC has rejected several proposals for bitcoin ETFs in the past and has delayed its decision on several others until later this year or early next year. The SEC has not yet commented on any proposals for ether ETFs or other crypto-related products.

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