One of the fundamentals of launching an NFT collection is choosing where you’ll mint it to reach the moon. If everyone is choosing the Ethereum and Solana blockchain to mint their collection, does it mean it’s good for your collection too? Sometimes, less saturated blockchains like Ripple, Tezos and Polygon can turn out to be a blue ocean for your collections.
I’ve sold a client’s collection on Ripple. There are many other examples of brands that made their grand foray into less saturated chains. For example, McLaren did two successful launches on Tezos, Volkswagen deployed their NFTs on Polygon in April 2022 and Doodles 2 launched on Flow in January 2023.
On the flip side, there are brands that launched on the most famous chain Ethereum and failed. For example, Lamborghini launched on Ethereum in December 2022 and then we never heard of them again. Porsche launched on Ethereum in January 2023 and managed to sell out only 31% of their collection and eventually closed the mint.
Today, the majority of collections are launched on Ethereum but I usually tell my clients to not do this. Because there are already 150K+ collections on the platform (too crowded) and gas fees are high, which means people are less likely to buy. Also, market sentiment is negative on this chain so if you want to market your project, the cost will be astronomically higher.
The consequences of choosing the wrong chain
Selecting the wrong chain will result in wasted time, effort and money. It’s crucial to thoroughly research and consider the different aspects of a blockchain before selecting it as the foundation for your NFT collection. Otherwise, you’ll have to face these negative consequences.
Potential chain abandonment
The blockchain landscape is dynamic with new platforms emerging with the rise of NFTs. You should be careful while choosing a chain if it lacks long-term viability, loses developer support or ceases its operations over time, you and your users may face the risk of chain abandonment. This could make your NFTs obsolete or difficult to transfer to another reliable chain in the future.
Also, funneling users to a broken blockchain can impose a negative impact on your brand’s reputation. And failure in the NFT launch is difficult to recover from. It’ll hurt your brand value in the long term.
Lack of interoperability
The interoperability of a platform allows NFTs to interact seamlessly with other applications, platforms and wallets. If you choose the wrong blockchain that lacks interoperability, it can limit the exposure and accessibility of your NFTs and make it harder for potential buyers to discover and engage with your collection.
Negative perception of the platform
The choice of blockchain can influence how your NFT collection is perceived by the community. Certain blockchains may be associated with controversies, environmental concerns or unethical practices. Aligning your collection with such a blockchain could result in negative backlash, criticism and a decline in interest from potential buyers or collaborators.
Choosing the right blockchain: Factors you should consider
Figure out if a blockchain is PoW or PoS
PoW platforms have slower speeds and higher transaction costs, while PoS platforms are faster with lower costs. PoS networks are preferred due to their lower vulnerability. Different PoS mechanisms like leased proof-of-stake (LPoS), delegated proof-of-stake (DPoS), proof-of-history (PoH) and proof-of-stake- authority (PoSA) offer security and energy efficiency, requiring less processing power.
Look at the transaction speed
The transaction speed of a blockchain platform plays a significant role in the success of your collection and the associated transaction costs. If you choose a chain with low throughput, users may have to pay higher fees to miners to ensure their transactions are prioritized over others. Some blockchains have higher transaction speeds, allowing them to handle a larger number of transactions per second, while others may be slower.
Security is vital
It’s important to note that speed alone should not overshadow the importance of maintaining high levels of security when selecting the ideal platform for your NFT project. There are various attack vectors that can exploit vulnerabilities in blockchains, such as fifty-one percent (51%) attacks and man-in-the-middle attacks. These attacks can result in the loss of data, access or financial resources.
To ensure the utmost security and prevent such security breaches, choose a blockchain platform with a solid track record of prioritizing security or those that have undergone thorough peer review.
Transaction cost
Affordable transaction costs are crucial for the widespread adoption of NFTs. Not all NFT artworks or assets are sold at astronomical prices. When selecting a chain for your NFTs, carefully consider the cost structure it offers — or if it provides cost-efficient transactions. Ideally, choose a chain that offers a feeless structure, as this can attract a broader audience to your collection.
Smart contract functionality
Solid smart contract functionality is vital for NFT platforms, establishing trade terms and ensuring platform security. Well-designed smart contracts instill trust and form a strong foundation for NFT transactions. Thoroughly test the smart contract for resilience and efficiency to enhance platform security.
Scalability
Blockchain scalability involves achieving a high transaction per second (TPS) rate on a platform. Scalability on a chain is influenced by three key factors: decentralization, security and speed. However, getting all three qualities simultaneously is challenging so it’s important to prioritize two out of the three factors.
Your takeaway?
When choosing a blockchain, consider the trade-offs and align it with your needs. Avoid risking your funds, time and community trust. Popular networks matter for your target audience. Opt for blockchains favored by NFT users. Explore chains optimized for NFT projects, catering to specific customer bases, potentially benefiting your launch. Seek guidance from a native advisor to select the ideal chain, minimizing any negative outcomes.
Arvin Khamesh is the founder of soldoutnfts.io. He has incubated 50+ NFT projects with a high success rate.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
Learn more about Cointelegraph Innovation Circle and see if you qualify to join
Let’s do a simple exercise, shall we?
Try to imagine a world where innovations in banking, finance, power, medical services and social media are the best they have ever been. One where these industries and several others are powered entirely by unbreakable, difficult-to-hack-or-crack streams of data.
A world where this kind of superpowered data is run by powerful algorithms, and is capable of learning, updating and improving itself. Do you think such a world is possible? It might be closer than you think. Over the last decade, AI and blockchain have proven themselves to be the future. One of them (blockchain technology) possesses the ability to produce unbreakable chains of data.
On the other hand, AI is able to create self-updating algorithms that are capable of learning from the world around them. But have you ever wondered what might happen if we found a way to put both of these bits of technology together?
Well, welcome to the future.
Understanding the building block(chain)
What exactly does AI entail?
AI, in simple terms, refers to a combination of algorithms and data structures that deliver machines (particularly computers) the ability to think, learn and solve problems. Maybe even better than a human being ever could. Believe it or not, you directly use some form of AI, every single day.
The music streaming apps you use, your flight booking apps and even the traffic lights on roads. AI is everywhere. Blockchain technology, on the other hand, can be decentralized, is generally unbreakable and is a transparent piece of technology that allows secure and tamper-proof transactions.
Blockchain technology has several use cases that we have barely even scratched the surface of. Things like supply chains, transparent voting and asset tokenization are all under the umbrella of blockchain technology. With blockchain technology, you can convert the ownership of your house into a token that you can transfer, sell or even split into several pieces.
The AI and blockchain revolution
Both of these technologies have proven themselves, several times over. However, when AI and blockchain come together, they become an unstoppable force.
If AI is used properly, it can enhance the abilities of blockchain networks, allowing them to process data faster, make better decisions in hashing algorithms and can even make smart contracts “smarter.” Imagine smart contracts that have the ability to think or make independent decisions.
At the same time, blockchain can return the favor to AI systems, boosting their trust and security and ensuring that the data used to train AI models is tamper-proof and verifiable. When AI and blockchain technology come together, here are some wonders they could deliver birth to.
Personalized practices for medical professionals
At this point, almost everyone has tasted the power of AI tools like OpenAI’s ChatGPT, Google’s Bard and Microsoft’s Bing Chat. AI can be used to analyze massive amounts of medical data, such as patient records, genetic information and clinical trials. With this information, it can test out several drug combinations, simulate a person’s immune responses to them and even assist medical professionals by suggesting treatments for certain conditions.
When integrated with blockchain, patient data can be stored securely and will only be accessed by authorized parties. Storing vast amounts of patient data under bulletproof privacy can potentially lead to more accurate diagnoses, tailored treatments and faster drug discoveries.
Decentralized finance (DeFi)
There are several problems with traditional financial systems like banks, brokers and lenders. These problems are so bad that fraud, unfair interest rates and security issues are only the beginning. With blockchain technology handling finances, there is less of a need for intermediaries and middlemen, contracts are open for everyone to see and well-written smart contracts are uncheatable and unbendable. When AI comes into the picture, its algorithms can analyze market data in split seconds, allowing almost anyone to make better and well-informed trading, banking and purchasing decisions.
Fraud detection
Patterns are in everything, and it is possible to accurately predict several circumstances ages before they happen. When AI is integrated with the vast amounts of data that flow through blockchains per second, several of these patterns that indicate fraud can be identified, caught and prevented awhile before they happen. With these, scams, rug-pulls and outright theft can be identified significantly earlier.
Product tracking
Imagine a world where you can check the Tested age of a bottle of wine, the age of a house, the expiry date of a can of sardines or even the freshness of a crate of eggs using blockchain technology. Using blockchain and AI solutions, a company can create a digital record of products containing info such as where/when they are manufactured, allowing users to track a product’s origin and the materials used in its production.
The challenges and opportunities
While bringing AI and blockchain together holds great promise, it is not without problems. One of the biggest problems to tackle is scalability. In the real world, both AI and blockchain processes require massive amounts of computational power. However, AI can also be used to implement blockchain scalability solutions like sharding and off-chain computation.
Another concern may be the issue of privacy. A combination of AI and blockchain technology will require more instances of data sharing. Data sharing, in turn, raises issues about who owns data and how it should be used. Both technologies will have to strike a balance between data accessibility and individual rights.
At the same time, blockchain technology and AI will require more skilled personnel with experience using AI algorithms and blockchain protocols. Training and finding talent to join the workforce may prove to be a challenge and may be one of the crucial aspects for the success of this convergence.
Overall, the combination of AI and blockchain represents a massive paradigm shift in modern technology and presents significant opportunities for lives and industries to improve. This combination of AI’s intelligence and blockchain technology’s trust will serve as the foundation of solutions that are more innovative than we have ever dreamed.
Abhishek Singh is a serial entrepreneur currently working on Acknoleger and is a vocal advocate of crypto.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
Learn more about Cointelegraph Innovation Circle and see if you qualify to join
Bitcoin is more than a cryptocurrency used for payments or as an investment. There is an entire ecosystem at work behind a cryptocurrency. In fact, many such ecosystems are at work on the internet today, but because Bitcoin was the first, it's useful to understand how it functions.
So how does Bitcoin work? Bitcoin is a decentralized digital currency that operates without a financial system or government authorities. It utilizes peer-to-peer transfers on a digital network that records all cryptocurrency transactions. This network is powered by a blockchain, an open-source code that chains transaction histories to prevent manipulation.
Because these transfers are confirmed directly between users and are located on a shared public ledger, Bitcoin eliminates the need for central facilitators, like governments and banks, to verify currency transactions.
Learn what's going on behind the scenes in the Bitcoin network to help you further your understanding of this digital phenomenon and how it influences the world's finances.
Key Takeaways
- A blockchain is a secured distributed ledger, a database disseminated between multiple users who can make changes.
- Mining is the process of validating transactions, which requires miners, who are rewarded in bitcoin.
- You access your bitcoin using a wallet, a public key, and private keys.
- Bitcoin users pay small transaction fees in bitcoin to miners for processing the transactions.
- Bitcoin's weakness is in key storage methods.—its blockchain has reportedly never been compromised.
The Bitcoin Blockchain
The Bitcoin blockchain is a database of transactions secured by encryption and validated by peers. Here's how it works. The blockchain is not stored in one place; it is distributed across multiple computers and systems within the network. These systems are called nodes. Every node has a copy of the blockchain, and every copy is updated whenever there is a validated change to the blockchain.
The blockchain consists of blocks, which store data about transactions, previous blocks, addresses, and the code that executes the transactions and runs the blockchain. So, to understand the blockchain, it's important first to understand blocks.
Blocks
When a block on the blockchain is opened, the blockchain creates the block hash, a 256-bit number that encodes the following information:
- The block version: The Bitcoin client version
- The previous block's hash: The hash of the block before the current one
- The coinbase transaction: The first transaction in the block, issuing the bitcoin reward
- The block height number: How far away numerically the block is from the first block
- Merkelroot: A 256-bit number that stores the information about all previous blocks
- Timestamp: The time and date the block was opened
- The target in bits: The network target
- The nonce: A randomly-generated 32-bit number
Queued transactions are entered into the block, the block is closed, and the blockchain creates the hash. Each block contains information from the previous blocks, so the blockchain cannot be altered because each block is "chained" to the one before it. Blocks are validated and opened by a process called mining.
Bitcoin Mining
Mining is the process of validating transactions and creating a new block on the blockchain. Mining is conducted by software applications that run on computers or machines designed specifically for mining called Application Specific Integrated Circuits.
The hash is the focus of the mining programs and machines. They are working to generate a number that matches the block hash. The programs randomly generate a hash and try to match the block hash, using the nonce as the variable number, increasing it every time a guess is made. The number of hashes a miner can produce per second is its hash rate.
Mining programs across the network generate hashes. The miners compete to see which one will solve the hash first—the one that does receives the bitcoin reward, a new block is created, and the process repeats for the next group of transactions.
Bitcoin's protocol will require a longer string of zeroes depending on the number of miners, adjusting the difficulty to hit a rate of one new block every 10 minutes. The difficulty—or the average number of tries it takes to verify the hash—has been increasing since Bitcoin was introduced, reaching tens of trillions of average attempts to solve the hash. As this suggests, it has become significantly more difficult to mine Bitcoin since the cryptocurrency launched.
Mining is intensive, requiring big, expensive rigs and a lot of electricity to power them. And it's competitive. There's no telling what nonce will work, so the goal is to plow through them as quickly as possible with as many machines working on the hash as possible to get the reward. This is why mining farms and mining pools were created.
Halving
Halving is an important concept in Bitcoin mining. At first, the mining reward was 50 BTC for solving the hash. About every four years, or 210,000 blocks, the reward is cut in half. So rewards were cut to 25 in 2012, 12.5 in 2016, and 6.25 in 2020. The next halving is expected to occur in 2024, when the reward will reduce to 3.125, followed by a reduction to 1.5625 around 2028.
The last bitcoin is expected to be mined somewhere around 2140. All 21 million bitcoins will have been mined at that time, and miners will depend solely on fees to maintain the network.
Bitcoin Keys and Wallets
A common question from those new to Bitcoin is, "I've purchased a bitcoin, now where is it?" The easiest way to understand this is to think about the Bitcoin blockchain as a community bank that stores everyone's funds. You view your balance using a wallet, which is like your bank's mobile application.
If you're like many people today, you don't use cash very often and never physically see the money in your checking account. Instead, you use credit and debit cards with security numbers, which act as tools to access and use your money. You access your bitcoin using a wallet and keys.
Keys
A bitcoin, at its core, is data with ownership assigned. Data ownership is transferred when transactions are made, much like using your debit card to transfer money to an online retailer. You use your wallet, the mobile application, to send or receive bitcoin.
When bitcoin is assigned to an owner via a transaction on the blockchain, that owner receives a number, their private key. Your wallet has a public address—called your public key—that is used when someone sends you a bitcoin, similar to the way they enter your email address in an email.
You can think of the public and private keys like a username (public key) and password (private key) used to access your funds.
Wallets
A wallet is a software application used to view your balance and send or receive bitcoin. The wallet interfaces with the blockchain network and locates your bitcoin for you. The blockchain is a ledger with portions of bitcoin stored on it. Because bitcoins are data inputs and outputs, they are scattered all over the blockchain in pieces because they have been used in previous transactions. Your wallet application finds them all, totals the amount, and displays it.
There are two types of wallets, custodial and noncustodial. A custodial wallet is one where a trusted entity, like an exchange, holds your keys for you. For example, when you sign up for a Coinbase exchange account, you can elect to have them store your keys for you as custodians.
Noncustodial wallets are wallets where the user takes responsibility for securing the keys, such as in your wallet application on your mobile phone. Storing keys in an application connected to the internet is referred to as hot storage. Hot storage is the vulnerability most often exploited by hackers and thieves.
You should always use a reputable wallet provider, like from a registered cryptocurrency exchange. Read reviews and research wallets to ensure you're choosing one that is reliable.
To remedy this, the cryptocurrency community has developed methods for storing your keys offline. Most commonly, you'll hear about hot storage, cold storage, and deep cold storage. Hot storage is any wallet that stores your keys and has an active connection to the internet; this is the most vulnerable method. An example of a hot wallet is the wallet application on your mobile device.
Cold storage is any method that is not connected to the internet. This could be a removable USB drive or a piece of paper with your keys written on it (this is called a paper wallet). Deep cold storage is any cold storage method that is secured somewhere that requires additional steps to access the keys beyond removing the USB drive from your desk drawer and plugging it in. Examples might be a personal safe or storage deposit box—anything that takes extra effort to retrieve your keys.
Bitcoin Transactions
A bitcoin transaction happens when you send or receive a bitcoin. To send a coin, you enter the receiver's address in your wallet application, enter your private key, and agree to the transaction fee. Then, press whichever button corresponds to "send." The receiver must wait for the transaction to be Tested by the mining network, which can take up to 30 minutes (occasionally several hours) because transactions wait in a mining queue called the mempool.
(Minutes, 7-day average)
The mempool is where transactions waiting to be Tested go. The network, on average, confirms a block of transactions about every ten minutes, but not all new transactions go into the new block that is created. This is because blocks only hold a certain amount of information, and each transaction comes with a mining fee.
Transactions must meet the minimum transaction fee threshold to be processed, and the transactions with the highest fees are processed first. This is why you may hear about the problem of rising fees. Bitcoin is so popular that demand for transactions has increased, allowing (or requiring) miners to charge higher fees.
Transaction fees were established to create an incentive for people to become network nodes and miners. Bitcoin mining is also expensive, so fees help to offset the cost of equipment and electricity used.
Once the fee is met, the transaction is transferred to a block, where it is processed. Then, the transaction information within the block is validated by miners, the block is closed, and all receivers collect their bitcoin. Both wallets display their appropriate balances, and the next transactions are processed.
Bitcoin Security
There are many parts that make up the Bitcoin blockchain and network, but it is not necessary to understand it all to use this new currency technology. You only need to know that you use a wallet to send, receive, and store your Bitcoin keys; you also should use a cold storage method for security because non-custodial wallets can be hacked.
Custodial wallets can also be hacked, but many who offer this service take measures to reduce the chances that hackers can get into the storage systems. Most are turning to the enterprise-level cold storage techniques businesses use to store essential data for extended timeframes.
For good reason, many people are concerned about Bitcoin's level of security, especially since it involves exchanging money for encrypted data ownership. However, it's important to note that the Bitcoin blockchain has never been hacked because of the community consensus mechanisms used.
Wallets are the weak spot, so if you're looking to get involved in Bitcoin, it's essential to understand how to utilize cold storage methods and keep your keys out of your hot wallet.
How Does One Make Money From Bitcoin?
Bitcoin wasn't designed to make money but as a payment method accessible to everyone. However, some people use it as an investment. This is very risky and should only be done after talking to a professional financial advisor about your financial circumstances.
Can Bitcoin Be Converted to Cash?
You can use some exchanges to convert your bitcoin to cash. Some ATMs—called Bitcoin Kiosks—will allow you to withdraw cash in exchange for bitcoin.
Is Bitcoin Worth Investing in?
Bitcoin's price is very volatile, which means it rises and falls very often, sometimes in large dollar increments. You can generate significant returns investing in Bitcoin, but you can also quickly lose substantial money. It's best to speak to a professional investment or financial advisor about your financial circumstances before investing in Bitcoin.
The Bottom Line
Bitcoin is a payment that uses virtual currency instead of fiat or physical currency. It uses a blockchain to secure transaction information out of the reach of centralized third parties who traditionally facilitate and regulate transactions.
The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own bitcoin.
PR Newswire
SINGAPORE, Aug. 17, 2023
SINGAPORE, Aug. 17, 2023 /PRNewswire/ -- Klaytn Foundation, established to build and decentralize the ecosystem of South Korea's leading Layer 1 blockchain Klaytn, will be hosting the "Klaytn Square Lounge (KSL) 2023" event that consists of three parts: "Presentation Session of Foundations and Partners," "Developer Meetup," and "Web 3.0 Gaming Hackathon," from September 4 to 6. The KSL 2023 event will bring together key members of Klaytn Foundation and its ecosystem partners, major global and domestic blockchain projects, holder communities, and web 3.0 developers, in order to network and discuss how to expand the Klaytn ecosystem under the theme of "Driving Real Changes: The Road to Mass Adoption."
Klaytn Square Lounge: A Place for Klaytn Ecosystem Contributor, Partner's Insight Sharing
KSL 2023's speech sessions have two agendas: "Klaytn Ecosystem Partner's Day" on the 4th, and "Global Expansion – A Web3 Perspective" on the 5th. On the first day, Real World Asset (RWA) tokenization and Web3 Gaming partners on Klaytn will introduce their new projects, business ecosystem expansion strategy and their plans to create synergy effects with Klaytn.
On the second day, speakers from domestic partners will discuss domestic and foreign blockchain industry trends and strategies to target overseas markets, alongside global partners of the foundation including leading Web 3.0 projects in Vietnam, China, and Thailand.
Among these partners are CREDER, which will be unveiling the first gold-pegged token (GPC) in Korea at this event; ELYSIA, which introduced Korea's first RWA-based DeFi investment platform; and Open Asset, which recently signed an MOU with Korea Investment & Securities to establish a token securities (STO) system. In addition, Luc Palempin, CEO of Tokeny Solutions, the world's largest RWA tokenization platform, and Veronica Wong, CEO of Safepal, one of the world's largest comprehensive crypto wallet solutions, will also be on the podium. Last but not least, speakers from projects working together for Klaytn including Ozys, 1inch, MARBLEX, Another World, ISKRA, and NXIO, will also be present.
ABGA Hackathon and Developer Meet-up at KSL 2023
KSL will also be featuring a hackerhouse developer meet-up, which has already . The Klaytn Hackerhouse will run from the 4th to the 6th at the venue of the KSL event to foster the future Web3 developers and support creative projects on Klaytn. The Klaytn Hackerhouse is an extension of the Klaytn Developer Bootcamp, which has been underway for five weeks since July 31, and bridges the KLAYMakers23 hackathon scheduled for October. Additionally, Klaytn Foundation and partnering companies will present sessions to share technical insights and information during the hackerhouse.
On September 6 (Wed), a day after the Klaytn ecosystem-related sessions, Klaytn Foundation will hold a Pre-final Warm Up event for the "ABGA x Klaytn x ISKRA x CESS Web3 Gaming Hackathon". This event will be co-hosted by ABGA (Asia Blockchain Game Alliance), one of the Klaytn Governance Council members, Klaytn Foundation, the all-in-one Web3 game platform ISKRA, and the third-generation decentralized cloud storage protocol, CESS. More information on the event can be found on , a global online developer community.
Multipurpose Space, Discord Video Live Streaming for the Visibility of Online Visitors
For the convenience of KBW 2023 visitors, the KSL event will be held from 2 pm on both days at SJ Kunsthalle (5, Eonju-ro 148-gil, Gangnam-gu, Seoul), which is easily accessible from the official venue of "Korea Blockchain Week 2023." All presentation sessions will also be broadcast live on the Klaytn Foundation's .
If you want to attend the event in person, you can apply for a visit and check detailed presenter information through the by scanning the above QR code. For the safety of everyone who will be attending KSL 2023, registrations will be limited based on the venue capacity. Additionally, the first 30 registrants will be provided with limited edition NFTs issued in collaboration with NFT issuance service platform O-sean' and local designer community Local Stitch. Owners of these NFTs will be able to redeem exclusive gifts at KSL 2023.
"The KSL event was designed to provide the ideal conference format for our ecosystem partners during this year's KBW," said Dr. Sam Seo, Representative Director of Klaytn Foundation. "The leading projects that Klaytn Foundation has directly or indirectly partnered with will be participating, and we expect to be able to effectively share our vision of enabling mass adoption by Driving Real Changes."
About Klaytn
Developed by leading Korean IT company Kakao, Klaytn is a global Layer 1 public blockchain designed to power tomorrow's on-chain world. With the lowest transaction latency amongst leading blockchains, enterprise-grade reliability, and a developer-friendly environment, Klaytn provides a seamless experience for users and developers that is second to none. Since its launch in June 2019, Klaytn has been accelerating blockchain mass adoption through a broad array of use cases from DeFi to real-world assets, entertainment and gaming, and even the Bank of Korea's CBDC pilot project. Today, it is one of the only globally competitive Web 3.0 ecosystems developed in South Korea, generating more than 1 billion transactions from over 300 decentralized applications.
About Klaytn Foundation
Klaytn Foundation was established in 2020 to expand the ecosystem of Klaytn, a global Layer 1 blockchain platform, and has since been actively collaborating with its Governance Council members worldwide. Klaytn Foundation facilitates the adoption and development of new technologies to ensure that Klaytn fulfills its role as an open, trusted, and sustainable blockchain platform for developers and users alike. It also facilitates decision-making to ensure that the ecosystem continues to expand optimally in the rapidly changing blockchain landscape. In line with its long-term Governance Roadmap, Klaytn Foundation plans to fully implement the Decentralization Phase of the Klaytn blockchain in 2023 and beyond.
SOURCE Klaytn Foundation
SINGAPORE, Aug. 9, 2023 /PRNewswire/ -- On August 9, the DFINITY Foundation, a key contributor to the Internet Computer blockchain, recently announced its participation in the Blockchain Security Alliance, a collaborative initiative launched by Beosin and SUSS NiFT. The Blockchain Security Alliance is composed of various units with diverse industry backgrounds, including university institutions, blockchain security companies, industry associations, and fintech service providers. The Blockchain Security Alliance welcomes DFINITY into its ranks alongside Beosin, SUSS NiFT, NUS AIDF, BAS, FOMO Pay, Onchain Custodian, Semisand, Coinhako, ParityBit, and Huawei Cloud as its first batch of board members.
The Internet Computer blockchain, introduces autonomous serverless cloud functionality to the public internet. This groundbreaking advancement empowers developers to construct almost any system or service entirely on a decentralized network using "canister software," an evolution of smart contracts.
By joining the Blockchain Security Alliance, DFINITY endorses the importance of collaboration and mutual cooperation among members to enhance security across the global blockchain ecosystem. Herbert Yang, DFINITY GM of Asia, emphasized that "Security has always been one of DFINITY's top concerns as a decentralized internet computing platform. With 42 members at present, the Alliance stands as a united front committed to safeguarding the integrity and security of the blockchain industry". The Alliance extends an open invitation to other blockchain-related entities to join forces and collectively defend the security of the entire ecosystem.
As a founding member of the Blockchain Security Alliance, Beosin plays a pivotal role in fortifying the security of the ecosystem. Co-founded by esteemed professors from world-renowned universities and supported by a team of over 40 Ph.D. experts, Beosin leads the way as a leading global blockchain security company. The company's widespread presence includes offices in Singapore, South Korea, Japan, and over ten other countries, underscoring its commitment to securing the blockchain ecosystem on a global scale.
With its mission of "Secure the Blockchain Ecosystem," Beosin offers a comprehensive "All-in-one" blockchain security solution encompassing Smart Contract Audits, Risk Monitoring & Alerts, KYT/AML, and Crypto Tracing. The company's impressive track record includes auditing over 3000 smart contracts, including notable Web3 projects such as PancakeSwap, Uniswap, DAI, and OKSwap. All of these audited projects are closely monitored by Beosin EagleEye, ensuring continuous oversight and protection.
Beosin's dedication to the blockchain community extends to its KYT/AML solutions, serving over 100 institutions.
In further support of the ICP ecosystem, Beosin has recently conducted audits for two ICP projects, MID and Catalyze. These audits exemplify Beosin's commitment to the security and integrity of the ICP ecosystem, and its role in protecting DFINITY and other blockchain projects.
"We are delighted to have DFINITY join the Blockchain Security Alliance," said Tommy Deng, Managing Director at Beosin. "Together with DFINITY and other Alliance members, we strive to establish an ecosystem where innovation thrives amidst robust security measures. Beosin's recent audits of MID and Catalyze reflect our dedication to fortifying the ICP ecosystem and safeguarding the broader blockchain industry."
The Blockchain Security Alliance has held several successful offline events since its inception. Last year's inaugural event "ENABLING A DIVERSE ECOSYSTEM IN WEB3.0" received active participation from alliance members. The alliance members have jointly produced multiple reports on blockchain ecosystem security, widely disseminated within the industry.
As co-organizers of the alliance, Beosin and SUSS NiFT warmly welcome DFINITY's participation and commit to furthering the alliance's work to contribute to the security development of the blockchain industry. The alliance aims to enhance the industry's security capabilities through security research, technical exchanges, and collaborations, providing strong support for the industry's long-term growth.
About the DFINITY Foundation
The DFINITY Foundation is a not-for-profit organization comprised of leading cryptographers, computer scientists and experts in distributed computing. With a mission to shift cloud computing into a fully decentralized state, the Foundation leveraged its experience to create the Internet Computer and currently operates as a major contributor to the network.
PRESS RELEASE
Published August 15, 2023
United States, 15th Aug 2023, King NewsWire – The integration of blockchain and artificial intelligence is becoming the engine of the digital economy, and in this wave, the innovative power of the BAAS Foundation is driving changes in the global market. The market heat of BAAS GPT intelligent ecological investment system is spreading rapidly, and it has become the new favorite of investors and financial institutions with its unique blockchain foundation and artificial intelligence technology.
The pinnacle combination of blockchain and artificial intelligence
The birth of BAAS GPT marks the best combination of blockchain and artificial intelligence. With the help of BAAS Cloud (BAAS Cloud) blockchain basic service platform and the world’s leading OpenAI artificial intelligence technology, BAAS GPT has set off a revolution in the financial field. This forward-looking integration integrates elements such as data analysis, intelligent quantification, and investment decision-making to provide investors with more efficient and accurate investment solutions.
Strong support to lead the market change
With the strength of its diversified technology and financial investment group, the BAAS Foundation has led the hot market of BAAS GPT. The foundation is headquartered in Singapore, the financial capital, and its business scope covers big data, blockchain, cloud computing, securities, insurance, funds and other fields. With assets under management of more than US$30 billion, the BAAS Foundation takes “value investing” as its core concept and provides investors with stable investment options.
The market prospect is hot
The detonation of the BAAS GPT market frenzy further demonstrates the strategic vision of the BAAS Foundation. When BAAS GPT was launched, the global BAAS market was close to US$10 billion, and it is expected to reach US$25 billion in 2027. The market prospect is broad, and many technology giants are vying to seize market share through their internal platforms. As the leader of this transformation, BAAS GPT is leading the market.
pioneering core model
BAAS GPT is supported by the BAAS Cloud blockchain basic service platform, and applies OpenAI artificial intelligence technology to the financial field to provide more efficient and accurate solutions for investment decision-making and information processing. Multiple debuggings have enabled BAAS GPT to have functions such as highly integrated analysis data screening, intelligent quantitative solutions, etc., to provide investors with high-quality services.
Safety guarantees escort investors
Under the leadership of BAAS GPT, security is always a link that cannot be ignored. Through the dual underwriting mechanism of insurance pool + insurance company, BAAS GPT ensures the safety of investors’ funds. Cooperate with Singlife with Aviva, a well-known local insurance company in Singapore, to provide investors with comprehensive financial insurance and claim settlement services to ensure the reliability of investment.
Leading the Future of the Digital Economy
The new model, leading technology and market prospect of BAAS GPT will promote the continuous development of the digital economy. Under the integration of blockchain and artificial intelligence, BAAS GPT is becoming a powerful boost for investors and financial institutions, leading the hot wave of the market.
Media Contact
Organization: BAASGPT
Contact Person: jhon
Website: https://baasgpt.com
Email: [email protected]
Country: United States
Release Id: 1508235508
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