Decentralization

Celo Foundation and Google Cloud partner to support sustainable Web3 startups

The collaboration is set to allow founders building on Celo to access credits for Google Cloud and Google’s mobile development platform, Firebase.

The Celo Foundation has partnered with Google Cloud to support mission-aligned projects in Celo’s blockchain ecosystem and advance the early adoption of Google Cloud services. The collaboration is set to allow founders building on Celo to access credits for Google Cloud and Firebase usage, thereby enhancing Celo’s mobile-first infrastructure and decentralized applications (DApps).

Firebase is a mobile and web application development platform developed by Google that provides developers with various tools and services for building apps, including authentication, real-time databases, cloud storage and messaging.

According to the announcement, the Google Cloud team will also provide mentorship and guidance to the Celo Foundation’s Founders in Residence program and participate in the virtual Celo Camp accelerator program, which supports entrepreneurs in developing sustainability-focused startups. Additionally, the two organizations aim to co-host targeted workshops and events focused on Web3 sustainability and innovation.

Xochitl Cazador, the Celo Foundation’s head of ecosystem growth, told Cointelegraph that “this new, expanded partnership between Google and the Celo Foundation enhances the ability to collaboratively create broader awareness for blockchain technology and its ability to scale real-world use cases on Celo.”

Cazador further explained that “Google Cloud’s core team will also support the Celo Foundation through joint hackathons, workshops, and events centered on the intersection of Web3 and sustainability. The partnership aims to further amplify both teams’ belief that blockchain technology is well suited to address environmental matters.”

Addressing the challenges that sustainability-focused startups in the Celo Network face, Cazador shared that “highly technical onboarding processes, complex interfaces, and unfamiliar transaction fee currencies present major barriers to entry for such startups in the Web3 space.”  However, Cazador shared that Celo’s partnership with Google Cloud is set to “alleviate the strain on emerging and established projects, thereby allowing ecosystem builders to tackle today and tomorrow’s largest sustainability challenges.”

Related: Celo ecosystem projects raise $77.3M in support of interoperability, ReFi

Celo is a blockchain platform that has achieved carbon negativity through proof-of-stake (PoS) consensus. Within the Web3 community, it has gained recognition as a leader in regenerative finance (ReFi), a broad concept that prioritizes sustainability within finance. The platform has a diverse range of over 1,000 projects in more than 150 countries.

In episode 10 of Cointelegraph’s Hashing It Out podcast, Rene Reinsberg, the president of Celo Foundation and the co-founder of the Celo blockchain, discussed the ReFi movement and Celo’s plans to stay relevant in the multichain world. Reinsberg shared that he sees the increase in layer-1 blockchains and layer-2 networks as an opportunity to bring more people into crypto. 

KuCoin Wallet spins off from KuCoin exchange, rebrands as Halo Wallet

The newly branded Halo Wallet seeks to broaden its efforts from Web3 to social finance, also known as SocialFi.

Decentralized wallet KuCoin Wallet announced on April 3 that it has rebranded as Halo Wallet and launched a new SocialFi ecosystem. According to the announcement, the newly independent Halo Wallet received a fresh round of financing from several investors, including KuCoin Ventures, IDG, HashKey Capital, and other Web3 strategic partners. 

The rebranding exercise aims to expand Halo Wallet’s focus from being a Web3 wallet to supporting a broader SocialFi ecosystem. The wallet seeks to integrate a variety of on-chain and off-chain social media protocols, such as Lens and Twitter, to create a Web3 decentralized identifier (DID) system and engage with popular influencers.

In the future, Halo Wallet plans to gradually transfer governance rights of its SocialFi ecosystem to the community through a decentralized autonomous organization, or DAO. According to the company, implementing a DAO governance model promises to motivate a larger number of innovators and users to explore novel financial models and trading opportunities, thereby fostering an active SocialFi ecosystem. 

The head of Halo Wallet, Jeff Haul, noted that decentralized wallets are the primary entry point for users into the world of Web3. According to Haul, the revamped Halo Wallet offers an array of enhanced social features that assist users in creating a well-rounded social identity and locating quality information and prospects on social networks.

Related: KuCoin leads $10M funding for Chinese yuan stablecoin issuer

KuCoin Wallet has achieved significant progress in the decentralized wallet domain since its debut last June. Since its launch, the decentralized wallet has offered comprehensive coverage for both mobile and PC, incorporated assistance for tens of thousands of tokens and nonfungible token assets, rolled out features like native cross-chain swaps and staking, and amassed a user base of more than 1 million individuals.

In August, KuCoin Wallet integrated the automated market maker functionality of 1inch Network to improve token swaps. The partnership also provided KuCoin Wallet users with access to 1inch’s Limit Order Protocol functionality, which allows orders to be filled at a predetermined price when it is reached. This includes gasless limit orders for Ether (ETH).

Arbitrum to break up governance votes after community backlash

The Arbitrum Foundation has backtracked on a controversial proposal and ratification vote that gave it control of a huge chunk of tokens.

Ethereum layer 2 solutions provider Arbitrum has backtracked on its governance voting system following community backlash from token holders.

On April 2, the Arbitrum Foundation tweeted that its first governance proposal, AIP-1, “likely will not pass” and added its “committed to addressing the feedback received from the community.”

The move will break up the debatable governance package into smaller segments. The team noted:

“AIP-1 is too large and covers too many topics. We will follow the DAO’s advice and split the AIP into parts. This will allow the community to discuss and vote on the different subsections.”

The U-turn follows a weekend of community backlash over the foundation’s “ratification” vote for decisions it had already undertaken. The proposal would have given the foundation, a centralized company, control over 750 million Arbitrum (ARB) tokens worth around $1 billion.

Critics, such as decentralized finance and decentralization advocate Chris Blec, argued the proposal was “decentralization theatre.”

The foundation stated that the 750 million tokens received would be voted on in its own AIP. “We’re working on options to add more accountability,” it stated, adding, “for example, a vesting period of 4 years. Furthermore, tokens held by the Foundation cannot be used to vote.”

There will also be a budgeting proposal, in which the foundation will propose transparency reports “to make the community aware of how the funds are spent over time.”

The Special Grants program is vague and lacks DAO involvement, the foundation stated. It will be renamed “Ecosystem Development Fund” with context provided on how the funds will be used to benefit the Arbitrum ecosystem.

Related: Arbitrum’s first governance proposal sparks controversy with $1B at stake

The new Arbitrum Improvement Proposals will be issued “early this week,” the foundation concluded.

ARB token prices took a massive hit over the weekend, slumping 18% from an April 1 high of $1.40 to a low of $1.15 in the April 3 morning Asian trading session, according to CoinGecko.

ARB has seen an 86% price decline since its airdrop on March 23.

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Crypto exchange Bittrex to wind down operations in the US

The exchange shared that all customer funds are safe but advised U.S. customers to withdraw their funds by April 30, 2023.

Cryptocurrency exchange Bittrex has announced it will be winding down its operations in the United States due to a challenging regulatory and economic environment. The announcement was made on the platform’s ninth anniversary, marking a bittersweet moment for the company. 

Co-founder and CEO Richie Lai said that as the crypto ecosystem evolved, regulatory requirements have become increasingly “unclear” and “enforced, without appropriate discussion or input,” leading to an uneven competitive landscape. This environment has made it economically unviable for Bittrex to continue its operations in the United States.

The company’s founders have decided to focus on helping Bittrex Global succeed outside the United States. Bittrex clarified that U.S. customers don’t have to worry about the safety of their funds, as all of their capital is safe and available for withdrawal. The platform shared that it will permit trading until April 14, 2023, but advised customers to withdraw all funds by April 30, 2023.

Founded in 2014 by three cybersecurity engineers, Bittrex offered features like full-service API, near-instant atomic transactions, wallet infrastructure and offline cold wallet solutions.

Related: Elizabeth Warren is pushing the Senate to ban your crypto wallet

The winding down of Bittrex’s U.S. operations is a reminder of the challenges faced by cryptocurrency businesses navigating an uncertain regulatory environment.

On March 3, Ripple CEO Brad Garlinghouse warned that the Securities and Exchange Commission’s regulatory approach puts the U.S. at “severe risk” of missing out on being an attractive hub for the next evolution of blockchain and crypto innovation.

In a Bloomberg interview, Garlinghouse suggested that the crypto industry has “already started moving outside” of the U.S. because the country’s crypto regulation is “behind” other nations like Australia, Japan, the United Kingdom, Singapore and Switzerland.

European DeFi startups saw a 120% increase in VC funding in 2022: Finance Redefined

The top 100 DeFi tokens had a mixed week, with little changes and a majority of the tokens trading in green.

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.

The ongoing downturn in the crypto market hasn’t stopped European venture capital (VC) firms from investing in DeFi projects. A new report revealed that European DeFi startups saw a 120% increase in VC funding last year.

The Euler Finance saga continued to dominate headlines, with the exploiter returning a significant chunk of the $190 million in stolen funds. The exploiter has returned over 58,000 stolen Ether (ETH) in one installment, and another $37 million worth of ETH and Dai (DAI) in the second one.

Traditional banking giant, Citibank, forecasts tokenization will take over traditional finance and predicts that by 2030 trillions in assets could be tokenized.

MakerDAO passed a new constitution to create multiple offices tasked with fulfilling various jobs for the protocol, each with its powers and responsibilities.

The top 100 DeFi tokens had a mixed week and didn’t see many changes from the previous week, with a majority of the tokens trading in green.

European DeFi startups saw 120% increase in VC investment in 2022: Data

2022 was a turbulent year for the crypto space, from an ongoing bear market and high-profile collapses of some of the industry’s most prominent players, like Terra and FTX. Despite the setbacks, venture capital investors continued supporting crypto startups.

According to a new study released by European investment firm RockawayX, VC investment in crypto startups based in Europe reached its all-time high in 2022, with $5.7 billion invested. European decentralized finance startups hit $1.2 billion in 2022 — a 120% increase from the previous year’s investments of $534 million.

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Euler Finance exploiter returns over 58,000 stolen Ether

The hacker behind the $196 million exploit on lending protocol Euler Finance has returned most of the stolen assets, according to on-chain data.

In a transaction on March 25, the exploiter returned 51,000 ETH, worth around $88 million at the time of writing. A second transfer of 7,737 ETH was made on the same day, worth over $13 million. Previously, on March 18, the hacker sent 3,000 ETH to the protocol, worth nearly $5.4 million at the time. The exploiter still controls some of the stolen assets. By April 27, the attacker returned another $37.1 million worth of ETH and DAI.

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‘Killer use case’: Citi says trillions in assets could be tokenized by 2030

Citibank is betting on the blockchain-based tokenization of real-world assets to become the next “killer use case” in crypto. The firm forecasts the market to reach between $4 trillion and $5 trillion by 2030.

That would mark an 80-fold increase from the current value of real-world assets locked on blockchains, Citibank explained in its “Money, Tokens and Games” March report.

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MakerDAO passes new ‘constitution’ to formalize governance process

MakerDAO, the decentralized autonomous organization that governs the DAI stablecoin, has passed a new proposed “constitution” intended to formalize governance processes and help prevent hostile actors from taking over the protocol, according to the official forum page for the proposal.

According to the proposal’s text, a constitution is needed because the Maker protocol “relies on governance decisions by humans and institutions holding MKR tokens,” which can “expose weaknesses and vulnerabilities that can fail the Maker protocol or the loss of user funds.”

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DeFi market overview

Analytical data reveals that DeFi’s total market value rose above $50 billion this past week. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most of the tokens trading in green, barring a few.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

The use of artificial intelligence (AI) in crypto, though still in its infant stages, is showing prospects for growth. According to a report from Fortune Business Insights, the blockchain AI market is projected to grow from $220.5 million in 2020 to $973.6 million in 2027 at a compound annual growth rate of 23.6%.

Despite Tesla CEO Elon Musk and other prominent tech moguls penning an open letter calling on AI companies to suspend large-scale AI development temporarily, the crypto industry is ripe with AI projects. Here are some examples of crypto AI projects that have recently emerged in the community:

Blocktrace

Blocktrace is a service provider specializing in blockchain forensics and analysis bolstered by AI technology. Its AI chatbot is designed to simplify the process of tracking blockchain transactions. Based in Austin, Blocktrace aims to leverage artificial intelligence to expedite the blockchain analysis process, and facilitate the identification of trends and anomalies.

The company developed an AI chatbot called Robby the Robot, named after the iconic character from the science-fiction film Forbidden Planet, to interact with data on the Bitcoin blockchain.

SingularityNET

SingularityNET is a decentralized AI marketplace that uses blockchain technology to provide a platform for AI developers to share and monetize their algorithms. It enables the creation of AI-powered decentralized applications (DApps) that can be used in various industries, including finance, healthcare and transportation.

Fetch.ai

Launched via initial exchange offering (IEO) on Binance, Fetch.ai is a decentralized platform that uses AI and machine learning algorithms to create autonomous economic agents. Using Fetch.ai (FET) tokens, users can build and deploy their own digital twins on the network.

By paying with tokens, developers can access machine-learning-based utilities to train autonomous digital twins and deploy collective intelligence on the network. It helps users perform various tasks, such as data analysis, prediction markets and supply chain management. It aims to create an efficient and autonomous digital economy.

Artificial Liquid Intelligence

Artificial Liquid Intelligence is a decentralized platform employing AI and blockchain technology to establish a data marketplace. It allows data owners to monetize their data while retaining authority over privacy and security. The AI protocol functions with the aid of the Artificial Liquid Intelligence (ALI) utility token.

iExec

The decentralized cloud computing platform, iExec, uses AI and blockchain technology to provide a secure platform for running DApps that require high computing power. It enables developers to monetize their computing resources and provides an alternative to traditional cloud computing services.

Related: The government should fear AI, not crypto: Galaxy Digital CEO

The mentioned projects exhibit a variety of crypto-based applications that utilize AI parameters, although they are still in their early phases. These applications range from decentralized marketplaces, data exchanges, self-governing economic agents and cloud computing platforms.

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How Irish farmers turn cow dung into digital gold (Bitcoin)

Tom Campbell, an Irish dairy farmer who runs a farm in County Armagh, is using excess energy from his farm to mine Bitcoin.

An Irish dairy farmer has found an unusual way to make use of the excess energy produced on his farm — by turning to Bitcoin (BTC) mining. Tom Campbell, who runs a farm in County Armagh, Northern Ireland, produces renewable energy using a method called anaerobic digestion. This involves breaking down biodegradable material to a point where it creates methane gas, which can be used to produce electricity.

Campbell primarily uses the electricity to power his farm, but when there is excess energy that cannot be exported to the grid, he uses it to mine Bitcoin. Mining involves using specialized computers to solve complex mathematical equations, with successful miners rewarded with BTC. Bitcoin mining requires a lot of energy, and Campbell’s farm produces up to 700 kilowatts of electrical output, equivalent to powering nearly 12,000 households.

The Irish government has set a goal to decrease greenhouse gas emissions by 25% by 2030. However, the agricultural sector in Ireland is responsible for over 35% of these emissions, with cows being the primary source. With 7.3 million cows in the country, managing their waste in an eco-friendly manner is crucial. Anaerobic digestion is a promising solution, potentially generating enough electricity for every home in Ireland if 41% of farms adopted the technology. This could make a significant contribution to achieving the country’s greenhouse gas emission targets.

Campbell’s decision to mine Bitcoin may seem unusual, but it makes sense from an economic perspective. When grid demand is low, miners can use the excess clean energy. By doing this, Campbell can sell the excess electricity to the grid as renewable, green electricity while profiting from Bitcoin mining.

While some farmers have raised concerns that meeting greenhouse gas emission targets could drive them into bankruptcy, Campbell’s approach shows that it is possible to find innovative solutions that benefit both the environment and the farmer’s bottom line. With renewable energy sources such as anaerobic digestion becoming increasingly popular, more farmers could turn to Bitcoin mining in the future to make use of their excess energy.

Click below to watch Campbell’s exclusive interview with Cointelegraph to learn how he’s transforming cow dung into digital gold. 

Crunchbase taps AllianceBlock to boost novel applications in DeFi

Crunchbase partners with AllianceBlock to make business data more accessible to blockchain businesses and developers.

AllianceBlock, a decentralized finance solutions provider, has partnered with Crunchbase, a prospecting platform, to make its data available to Data Tunnel users.

This partnership will make Crunchbase’s business data more accessible to blockchain businesses and developers, allowing them to create applications such as default probability models, customer acquisition profiles, maps of untapped markets and more.

Crunchbase’s content includes investment and funding information, founding members and individuals in leadership positions, mergers and acquisitions, news and industry trends.

The Data Tunnel serves as a platform for both conventional institutions and individuals, who typically rely on multiple sources of information to make well-informed decisions pertaining to their assets. With Data Tunnel, they can share, study and combine information without a middleman. The AllianceBlock data tunnel was launched in October 2022 to create a public marketplace for standardized data.

In 2021, AllianceBlock announced its integration with Avalanche, an up-and-coming “Internet of Finance” protocol. The integration allows users to access AllianceBlock’s DeFi Investment Terminal, peer-to-peer financial services, nonfungible token capabilities and Know Your Customer solutions directly on Avalanche. The partnership also includes development work with Ava Labs, the developers behind Avalanche.

Related: Crypto Biz: Mastercard opens network to USDC, OKX departs Canada, Bitcoin climbs

The same year, AllianceBlock combined technologies with Flare, a fellow blockchain tech entity that seeks to enable blockchains to access real-world data in smart contract execution. The two companies sought to improve their blockchains with each other’s tech, from cross-chain bridges to decentralized exchanges to oracle networks.

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French lawmakers propose ban on crypto influencer promotions

According to the proposal, individuals caught violating the prohibitions could face a two-year prison sentence and a 30,000 euro fine.

French lawmakers have proposed a ban on the promotion of certain financial products and services by electronic means, including crypto assets, in order to protect consumers from potential risks. 

The proposed amendment is to Bill no. 790, aimed at combating scams and excesses by influencers on social networks. The amendment also proposes placing a ban on advertising health products, gambling and video games using similar mechanisms.

The proposal reviewed by the Economic Affairs Committee targets commercial influencers who promote financial products and services that present a risk to consumers, such as investments in digital assets or fungible and nonfungible intangible property. 

If passed into law, only operators with approval from the Autorité des Marchés Financiers will be allowed to advertise crypto assets. The AMF is a regulatory body in charge of “the rules applicable to financial markets and market infrastructures, approves the corporate finance transactions of listed companies and authorizes financial services professionals and the collective investment products under its supervision.”

The proposed amendment seeks to place “a ban on advertising targeting financial products and services presenting a specific risk for the consumer, to deal with the abuses observed on social networks,” according to a translated version of the proposal. The new wording of the amendment will allow for exceptions to the prohibitions, which will be decided by the regulatory power.

The proposal states that violating these prohibitions could result in a two-year prison sentence and a 30,000 euro ($32,600) fine. The ban aims to protect consumers from the potential risks associated with certain financial products and services while allowing for flexibility in certain exceptions to the prohibitions.

Related: EU MiCA crypto regulation is a ‘balancing act’: Paris Blockchain Week 2023

The proposal to ban crypto influencer promotions in France coincides with Paris Blockchain Week, a gathering of professionals within the crypto, Web3 and blockchain industry. Cointelegraph is currently at the event providing updates and conducting interviews with attendees, panelists and organizers.

In an exclusive interview with Cointelegraph, Paris Blockchain Week founder and chairman Michael Amar shared his belief that large Web2 companies entering the Web3 space could be a positive for the ecosystem, as they bring with them resources capable of increasing mass adoption.

Tim Draper sings a Bitcoin song dedicated to SVB and world governments: PBW 2023

The American venture capital investor Tim Draper took the stage at Paris Blockchain Week 2023 to talk about decentralization and the future of money.

American venture capital investor and entrepreneur Tim Draper took the master stage at Paris Blockchain Week 2023 to give his keynote speech on “The Decentralization of Everything,” which he ended with a self-composed Bitcoin song.

The speech opened by touching on the general distrust of cryptocurrencies — primarily Bitcoin (BTC) — from centralized governments. “I think they are absolutely panicking right now,” he said.

Tim Draper giving his keynote speech, “The Decentralization of Everything,” at Paris Blockchain Week 2023. Source: Cointelegraph

Draper particularly angled his thoughts through the lens of the recent Silicon Valley Bank (SVB) crisis, which he called a “crisis of trust.”

“They have shaken our confidence in the banking system… What a really strong leader would do is build that trust back. Trust the banks that now remain and set them free.”

However, according to the investor, a smooth transition out of these latest bank failures will not be likely under the current leadership in the United States. He signaled the recent remarks against cryptocurrencies stemming from the White House. 

His whole speech boiled down to his belief that an inevitable change is coming stemming from decentralized financial tools like Bitcoin, calling it a “drumbeat that keeps coming and coming.” 

“Everything got wealthier as more liquidity was created for the world — every time there was a leap in currency. We’re going through an anthropological change, which is hard for people. A lot of people resist it.”

He continued by saying that weak leaders will be revealed by those who resist it. Whereas strong leaders embrace it and are looking for this change. He concluded his speech with a three-minute song, which he wrote and performed.

According to Draper, the song was written four years ago but is more relevant than ever today. It touched on Satoshi, Bitcoin, banks, governments and the want for a new world order. 

Related: Paris Blockchain Week 2023: First day of the Summit kicks off

Before he began, he dedicated the song to SVB and “all the banks that have failed and will fail.”

“And I dedicated to all those governments that if they don’t trust their people and set them free, they will also fail, and their currencies will also fail.

The song got a round of applause from the audience, as well as the panelists who followed Draper on the master stage. 

He concluded his time by saying blockchain, Bitcoin and smart contracts are making up one of the “greatest transitions in the history of the world,” and it should be embraced.