Paxos Settlement Service Nears $50 Billion in Settlement Volume Since Launch of Commodities Hub
Paxos, the leading regulated blockchain infrastructure platform, confirms the Paxos Settlement Service has settled nearly $50 billion in total commodities. The Paxos Settlement Service for Commodities streamlines the settlement process to handle all complexity for market participants across gold, silver, platinum and palladium. Importantly, the service allows for a centralized operational process for settlements with counterparties that are both on and off the Paxos network.
The Paxos Settlement Hub delivers efficient, cost-effective, safer settlement with full transparency on the movement of both metals and cash in a single user interface. The Paxos Settlement Hub is now an all-encompassing network that, in addition to streamlined settlement, offers the options of simultaneous settlement with other Paxos Settlement customers. This ensures safe settlement for trading counterparties that are not yet Paxos customers. By connecting the London Precious Metals Clearing Limited and the cash-based correspondent banking network, Paxos allows customers to pre-fund and multilateral net settlements, creating a single platform where settlement occurs for both metals and cash.
Anoushka Rayner, Paxos’ Head of Commodities Growth, commented, “While the over the counter (OTC) market offers many benefits, it also creates operational complexity and introduces settlement risk for participants. The lack of standardization and optimization leaves firms open to unnecessary risks as settlement occurs via different networks. However, those risks can be mitigated with the right technology. The Paxos Settlement Hub for Commodities is the first platform to connect the metals and cash settlement networks. Due to the Paxos Trust Company underpinning settlement, payments are easily managed and errors are minimized. Furthermore, funds are also securely held in a bankruptcy-remote account, fully segregated. Paxos makes settlement transparent and seamlessly controls the swap of metals and cash.”
The network growth for Paxos Settlement Hub looks very promising as banks increase their pace to adopt services to not only bring efficiency today, but to also future-proof their technology strategy for the digital transformation on the horizon.
Paxos will attend the LBMA/LPPM Precious Metals Conference 2022 in Lisbon from October 16-18, 2022. To learn more about the benefits of the Paxos Settlement Service or request to meet our team, visit www.paxos.com.
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, PicPay, Bank of America, Credit Suisse and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. Paxos takes a global approach to modernizing the financial system.
Qredo unveils its new self-custody wallet platform
New Qredo is a noncustodial solution that secures users’ digital assets on-chain without the need for users to store private keys.
Qredo, a distributed multi-party computation (dMPC) protocol offering enterprise-grade cryptocurrency security and governance solutions, launched its new and improved platform, New Qredo today. With New Qredo, it has never been easier or faster to take secure self-custody of digital assets. In a matter of minutes, users can be fully set up with their own Qredo Account, workspace and wallets.
Qredo is the leading solution for secure self-custody of your own assets without the risks involved with cold storage. With the launch of New Qredo, it just got even easier to take control of your digital finances. Whether you’re an individual, or an organization requiring team access and governance of funds, New Qredo is the simplest, safest and smartest option out there for self-custody.
Private keys, whether held by a custodian, encrypted on a hardware device or hidden under your mattress, present a security risk — a single point of failure waiting to be exposed. New Qredo presents an enterprise-grade solution that the blockchain ecosystem is crying out for, enabling users to retain full custody of digital assets without the risks involved in storing their own private keys. Instead, private keys are distributed in shards across the Qredo network, which is why it’s said that at Qredo, “The network is the vault.”
Qredo’s leading security provision takes place when users access and sign for transactions from the New Qredo noncustodial wallet, which assembles these disparate shards from across the network to complete the transaction using dMPC technology. At no time is a private key ever held in any one geographic location, greatly mitigating risks such as a private key being obtained or hacked by a third party.
New Qredo boasts enhanced features that prioritize control, compliance and security. This begins with more granular control over digital assets, allowing organizations of all sizes to manage team access permissions to suit their needs. This includes the option to create robust security frameworks, define policies governing who has access to assets, the permissions for each team member and automation of routine actions. The New Qredo provides a complete bird’s eye view of portfolios with intuitive charts that display balances and assets in a single dashboard. Users will also benefit from Qredo’s new notification center.
New Qredo’s capital deployment capabilities were built to keep ahead in the fast-paced world of cryptocurrencies. Users will be able to trade across a wide range of blockchains via market-leading integrations with both MetaMask Institutional and WalletConnect.
All of these features are topped off by New Qredo’s advanced entity management features, built with asset managers in mind. Organizations that manage a wide range of accounts and users can now create workspaces to manage multiple portfolios customized for a variety of investment strategies.
According to Qredo CEO Anthony Foy: “One of our top priorities at Qredo is to set our users up for success in achieving their business goals. In this industry, that means constantly iterating and improving our platform’s usability and capabilities to meet the changing needs of our users while maintaining our commitment to delivering the highest level of security when it comes to self-custody. We’re thrilled to unveil our much-improved New Qredo platform after many months of hard work to ensure that our product always has its users’ core interests at heart. This is a big leap forward for Qredo, and we’re proud to be able to continue building and serving the wider blockchain community.”
Qredo is a leading provider of institutional-grade digital asset self-custody solutions. The company’s distributed multi-party computing technology provides a secure and regulated environment for customers to store, transfer and manage their digital assets.
Artificial intelligence and the crypto sphere: The evolution of financial technology
In recent years, artificial intelligence (AI) has revolutionized many industries, and the finance industry is no exception. One example of a platform that combines AI and the cryptosphere is AI-Trader. Let’s take a look at how AI is transforming financial technology (fintech), and how AI-Trader is using these opportunities to create advantages in the market.
In the context of the financial sector, one of the main capabilities of AI is its ability to analyze huge amounts of data. AI can process a large amount of information, including historical data, news, social media and other sources, to gain a deep understanding of the current market situation. This allows trends to be predicted and improves forecasting accuracy.
In addition, AI algorithms can automate trading operations by performing technical and fundamental analysis, exploring market data, determining optimal entry and exit points, and even executing trades automatically. This significantly increases reaction speed and reduces the risk of human error and emotional impact on decision making.
The AI-Trader platform uses advanced machine learning algorithms to analyze cryptocurrency market data. This platform offers trading automation based on AI algorithms. It is able to quickly respond to changing market conditions and automatically execute trades according to predetermined rules and strategies.
Using AI-Trader allows traders and investors to significantly improve their results and protect their assets in the cryptosphere. Combining AI and cryptocurrency trading, AI-Trader opens up new horizons for fintech by providing more accurate analytical data, enhanced automation and personalized recommendations.
In conclusion, the convergence of AI and the cryptosphere has been a key factor in the evolution of fintech. Features such as those provided by the AI-Trader platform help traders and investors make more informed decisions, improve their trading results and protect their assets.
EXBI to Announce New Launchpad Platform
EXBI, a leading cryptocurrency exchange platform, has announced the launch of its new launchpad platform aimed at providing users with access to promising early-stage Web3 projects.
EXBI is taking a strategic shift to offer its users an accessible and transparent investment platform. The launchpad will operate on a centralized model that is well-known within the crypto community, similar to platforms like CoinList. It will provide a simple entry point for investing in promising Web3 projects, even for those who are new to the ICO and IDO scene. The platform will feature educational materials, a low financial barrier to entry, responsive support, transparency, and easy-to-understand projects designed to attract tens of millions of new users to the world of cryptocurrency.
“Based on our 8 years track record of venture investing in the crypto industry, we believe that the market is in great need of quality Web3 projects that offer clear utility and tangible benefits to everyday people. Our launchpad infrastructure will provide the perfect support system for launching new projects that anyone can invest in, regardless of their experience in сrypto.” says Arut Nazaryan, founder of EXBI.
EXBI has already started accepting applications from teams interested in launching their projects on the launchpad. The first token sale is scheduled to be announced in June 2023. In addition to fundraising, EXBI will also provide legal, financial, and marketing support to launchpad projects. Users will still be able to enjoy spot trading and staking on the exchange, with the added benefit of potentially gaining allocations in launchpad projects for the most active traders.
This new venture from EXBI marks an exciting milestone for the company and the broader cryptocurrency industry as a whole. With a focus on transparency, accessibility, and quality projects, the launchpad is poised to attract a new generation of investors to the world of crypto.
To celebrate the launch, the EXBI team has organized a promotional campaign on the Gleam platform. Through this campaign, users will have the opportunity to undertake straightforward quests, earning them XP (experience points) as rewards. A leaderboard will be formed, and the most active participants will be granted the special “Early Bird” status, which may grant access to allocations, exclusive NFTs, project tokens on the EXBI Launchpad, and other rewards in the future!
Join EXBI Community:
Xive Brings Secure and Efficient Bitcoin Group Mining Services
Xive is a Bitcoin group mining company run by industry experts and practicing miners aimed at making mining accessible to everyone. Xive’s customers can now enjoy a new product – efficient and secure group mining services. Xive’s group mining is the purchase of a group share of equipment placement in an arrangement of 50 and more ASICs. The main difference and advantage of group mining is that Xive’s customers purchase a share of the real farm, not simply hashrate.
Xive has been developing an advanced mining web platform since 2019. It allows efficient and accurate calculation of energy consumption and automated payment and demonstrates the performance of the latest equipment throughout the year.
Group mining farms with Xive have a transparent, automatic allocation of profits with accurate data on each ASIC’s power distribution and real-time mining revenue. They also allow for a low-level entry threshold into mining, as the minimum farm share can be bought at the cost of just $30.
As mining starts immediately upon purchasing a share, customers can get returns in one of the popular digital assets without any delays, shipping or installation waiting time. The risks are shared equally among all the participants, which reduces the individual risk associated with owning a machine while the others continue running. If a farm becomes unprofitable, the equipment is sold at market price, and the proceeds are distributed according to the owner’s purchased shares.
As Didar Bekbauov, CEO and founder of Xive, highlights, “Xive is a company developed by Bitcoin miners for miners, as the company’s leadership team are co-investors of Xive’s group mining farms. And we are excited to announce a new chapter of Xive’s growth – group mining that will help serve the mission of providing everyone with an equal opportunity to mine Bitcoin in a secure manner.”
Xive is a Bitcoin group mining company headquartered in Astana, Kazakhstan. The company provides easy and efficient group mining services and develops a transparent and fully automated mining web platform. The company’s core product, group mining, serves the mission of providing everyone with an equal opportunity to mine Bitcoin, placing customers at the heart of the company. In 2022, Xive established new partnerships with mining hosting companies in the U.S.: Kentucky, Iowa, and West Virginia.
Commodities Trading Made Easy with Finrex
Commodities trading has been around for centuries, with traders buying and selling goods like gold, silver, oil, and wheat. With the rise of technology, participating in the commodities market has become easier than ever.
If you are new to commodities trading, it is essential to do your research and understand the risks involved. Commodities’ prices can be volatile, and there is always the risk of losing money. However, you can minimize your losses and maximize your profits with the right strategy and risk management techniques. One platform that stands out is Finrex, a trading platform designed for active traders.
A Top-Class Commodities Trading Platform
Finrex offers unique features for pros, but it is also easy to use for beginners. The platform boasts zero fees and infinite liquidity, meaning you can trade without worrying about transaction fees or liquidity issues. Additionally, you can buy stocks on weekends, trade beyond pre-market and intraday, and act on breaking news over the weekend.
One of the best things about Finrex is that it allows you to explore a vast array of assets, including stocks, crypto, forex, and commodities. This means you can maximize your investment portfolio by diversifying across different asset classes.
Commodities trading can be challenging for new traders, but Finrex makes it easy. The platform provides access to real-time market data, allowing you to stay up to date on price movements and make informed trading decisions. You can also use technical analysis tools to identify trends and patterns in the market.
Finrex is secured with blockchain technology, ensuring your trading data is safe and secure. Additionally, the platform allows you to copy top investors, meaning you can learn from the best and replicate their trading strategies.
Maximize Trading Profits With Unique Features
One of the key benefits of trading commodities with Finrex is the ability to hedge against inflation. Commodities like gold and oil are often used as inflation hedges because their prices tend to rise when inflation is high. This means you can protect your portfolio from inflation by investing in commodities.
Another benefit of trading commodities with Finrex is the ability to profit from global events. For example, if there is a drought in a major wheat-producing region, the price of wheat may increase as the supply decreases. As a trader, you can profit by buying wheat futures or options.
Additionally, the platform allows you to explore vast assets, including commodities, stocks, crypto, and forex. You can also hedge against inflation and profit from global events by trading commodities with Finrex.
In conclusion, if you are looking for a platform to trade commodities, Finrex is an excellent choice. Its unique features and easy-to-use interface make it perfect for new and experienced traders. Whether you want to hedge against inflation or profit from global events, Finrex has everything you need to succeed in the commodities market.
So why wait? Sign up for Finrex today and start trading commodities like a pro!
Easy Launches The First Social Wallet on the Sui Layer 1 Blockchain
The Easy Company (“Easy”), the creators of the world’s first social wallet, today announced the launch of its revolutionary mobile wallet on Sui Layer 1 blockchain, offering next-generation social experiences for the Sui community.
Available on iOS and Android, Easy’s innovative social wallet brings web3 to life by seamlessly merging the functionality of a traditional blockchain explorer with the engaging features of a social network. With real-time updates and a sleek, intuitive interface, users can easily connect with other Sui community members, exchange Sui tokens, and receive real-time updates on news across the Sui ecosystem.
Sui, which launched on mainnet on May 3rd, is a decentralized, proof-of-stake blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in web3. Sui builds on important innovations in consensus algorithms and leverages novel data structures to deliver a high-performance, low-cost Layer 1.Easy will leverage the flexibility, scalability and speed of Sui to unlock new experiences in gaming, NFTs, and payments for web3 users.
“Easy provides a seamless way to send and receive Sui and to connect with other Sui users to discover what cool things are happening in the Sui ecosystem, now,” said Mike Dougherty, The Easy Company co-founder and CEO. “Our feature-rich mobile design is also important for users anywhere in the world who prefer mobile as their primary way to interact with web3.”
“Sui enables mainstream use cases like fast peer-to-peer payment solutions and social apps that require a new architecture at the protocol level to scale,” said Evan Cheng, Mysten Labs co-founder and CEO. “Easy’s beautiful, user-centric design takes advantage of the Sui protocol to unlock easier, safer, and more fun ways people can engage with web3, and each other.”
Designed and built by a team of consumer web and mobile experts from Airbnb, Disney, Apple, Microsoft, Google, Nuance and iHeartMedia, Easy is a new approach to wallet design, with a focus on user experience, safety and fun. Features and benefits for Sui users include:
- Easy profile-to-profile payments are the fastest and safest way to send Sui to others.
- Easy social profiles enable users to create an identity on Sui and curate what makes you special.
- Easy social feed allows users to follow Sui friends and favorite communities to learn what is happening in the ecosystem, in real time. Users can also discover what games and apps you should be trying on Sui.
- Easy is the first Sui wallet to enable users to earn Easy XP as they explore and engage with the Sui ecosystem.
- All of this is built on a safe and beautifully-designed mobile wallet that helps users engage with the Sui community from wherever they are. Easy supports mobile notifications and Ledger integration.
Try out the first social mobile wallet for Sui, available today on iOS and Android, at easy.me.
About The Easy Company
The Easy Company is on a mission to make web3 more accessible and safe. Their flagship application, Easy, is the first social wallet that combines beautiful, user-curated profiles, with engaging social discovery features, to help users navigate and discover the vibrant world of web3. For more information, please visit: https://easy.me/
Sui is the first Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater for the next billion users. Sui is horizontally scalable to support a wide range of dApp development with unrivaled speed at low cost. The first-of-its-kind platform brings users a general-purpose blockchain with high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences. Learn more: https://sui.io
About Mysten Labs
Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language. The mission of Mysten Labs is to create foundational infrastructure for web3. Learn more: https://mystenlabs.com
Tamed AI: a Neural Network-Based Trading Algorithm
Aiverse is a system for predicting the cryptocurrency market behavior with a profit margin coefficient starting from 61.23%. Thanks to the data analyzed for 20 years of global trading activity, Aiverse has no alternatives on the market. More than 70 successful investment companies and funds already use Aiverse in their trading activities.
The best traders, mathematicians, financiers, and AI experts took part in the development of the algorithm. Moreover, various technologies and tools such as Python, TensorFlow, Keras, NumPy, Pandas, Scikit-learn, and others were used to create it. Thanks to joint efforts multiplied by several years of intense development, Aiverse’s current capabilities allow it to provide accurate forecasts of cryptocurrency market behavior and adapt to changing market conditions.
Aiverse uses machine learning and AI techniques to analyze large amounts of crypto data, including prices, trading volumes, news headlines, technical indicators, and other factors. The system can also apply various data analysis techniques, such as classification, clustering, and regression analysis, to identify the most important factors affecting cryptocurrency market behavior. These techniques help identify hidden patterns and trends in the market. The end result is recommendations on how to trade cryptocurrencies, including the best time to buy and sell, as well as warnings about changes in the market.
The main advantage of the algorithm is its artificial, self-learning neural network. It improves itself by analyzing executed trades and accumulates experience, which is also analyzed. Aiverse models nonlinear dependencies in multivariate data in cases where the relationship between input variables is difficult to analyze.
Aiverse has its official website, where you can find all the necessary information, statistics, rates for using the algorithm and their descriptions, and real-time trades and their history: https://aiverse.pro/.
WiMi Builds A Next-gen Enterprise Data Management System WBM-SMEs Based on Blockchain, AI and IoT
WiMi Hologram Cloud Inc. (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced the development of a data management system for SMEs that combines blockchain, AI, and IoT technologies to help companies achieve efficient, collaborative and intelligent processing of data.
In the era of Web 3.0, SMEs are facing many challenges at the same time. For example, the current distributed data management platform is designed for SMEs. The data collaboration and linking ability between platforms is low, making it challenging to ensure data accuracy, integrity, and reliability for enterprise operations, thus leading to low data management efficiency and insufficient data utilization. In addition, data encryption protection and anti-tampering also need to be significantly improved. Most of the current data management in SMEs is based on a centralized server management model. This also makes data collaboration and data trust between two different enterprise partners problematic. The reason for centralized management of enterprise database infrastructure is also based on enterprise data security, privacy, and data extraction efficiency, and it is a necessity. Therefore, improving enterprise efficiency and productivity through data lightening and intelligent analysis and revitalizing static data is the core issue of enterprise data management. Based on this, WiMi develops a smart collaboration system for data management for SMEs so enterprises can efficiently link collaborative work in Web 3.0, and enterprise data can be efficiently utilized and processed anytime and anywhere.
WiMi uses blockchain, IoT, AI, and machine learning to propose a novel and efficient security framework for distributed SMEs with standardized processes, hierarchies, and task life cycles. The WBM-SMEs system is based on a blockchain with a permissionless network structure supporting the IoT, providing a solution for cross-chain platforms. The system also solves the authentication problem among lightweight partnership partners. For this purpose, the system deploys three different chain codes. It handles the daily information management of participating SMEs and exchanges between nodes, analyzing transaction details related to the exchange before saving the blockchain’s immutable storage. The system uses an AI artificial neural network based on machine learning to process and optimize the number of daily transactions of SMEs. As a result, the WBM-SMEs system consumes fewer resources in terms of computing power, network bandwidth, and data preservation-related aspects, increasing the speed of ledger management and optimization when exchanging information between different chains.
WiMi’s WBM-SMEs system offers several advantages in enterprise data and process management:
- Efficient and analytical: The system provides efficient collaboration between customers and enterprises. For example, the interlink between manufacturing, production, and R&D includes data collection, management, and optimization. The system enables the collection, organization, and analysis of digital technology through artificial intelligence, helping companies to improve efficiency and provide detailed and favorable analysis.
- Data security and transaction transparency: Standard processes and a secure, tamper-evident hierarchy guarantee transparency and authenticity of the information. The WBM-SMEs system, a distributed framework supporting blockchain and AI, provides a platform for users to design, create and deploy DApps to enable a transparent transaction environment. The system can automatically analyze and process the processes related to SMEs, especially transaction verification and validation, facilitating resource sharing between the two sides of partnership transactions.
- Data and service lightweight: A distributed public permissionless network with blockchain integrated with AI technology provides a lightweight authentication mechanism that can reduce the cost of computing resources, network bandwidth, and storage.
The framework of the WBM-SMEs system is an AI-enabled, integrated blockchain divided into three distinct parts. The first is an IoT designed to collect, inspect and analyze SME-generated data or transactions. After proper checks, the system develops a schedule for data transmission through the wireless sensor network and manages daily transactions. Secondly, the AI part was split into two parts, the computational resource management and the neural network algorithms supporting the AI. A lightweight authentication is designed to provide an automated ability to grant access to each application request after a DApp has authenticated it. New SMEs or corresponding registrations are processed using a Blockchain Distributed Ledger Expert. The BDLE is responsible for initiating further registration validation after a complete analysis of the incoming request and allows creating of in-chain transactions and exchanging details. AI-enabled machine learning algorithms are used to manage and optimize the data. The process discards duplicate data/transactions and organizes logs sequentially while reducing computational resource consumption and preservation load. Third, blockchain permissionless public networks (peer-to-peer networks with interconnected nodes) are deployed with two communication chains: off-chain and on-chain. These two designed communication channels handle multiple transactions occurring in the chain, e.g., application requests, node-to-node activities, operational control, external communication, and information exchange, and internal transaction requests received on-chain for hidden processing.
On the other hand, off-chain communication handles all explicit activities (off-chain/cross-chain platforms). The main goal of the blockchain transaction processor is to schedule the list of transactions provided by external computation and execution. The computational load is reduced by calculating the hash of individual transactions in the WBM-SMEs system. And the InterPlanetary File Storage System is used to store a log of individual transactions in the chain in WBM-SMEs. The aim is to use this distributed immutable storage because it provides a book-keeping facility at the lowest cost compared to other distributed storage. The main reason for using it is that it allows scalability and cost-effective hierarchy in a distributed manner.
WiMi’s system has developed a classification mechanism for data management and optimization that checks for redundancy in SMEs’ data/transactions and extracts the original data while discarding duplicate items in a pre-validation process. This process facilitates computational resource management to reduce computational costs and submits validated data in the ledger for further processing. In the context of analytic ledgers, the implementation of ANN technology addresses data management, organization, and optimization. The technology can identify several new vulnerabilities in the distributed data management environment, such as data/transaction detection issues and unstable identification of files in different nodes. To analyze these problems, WiMi uses machine learning to build a data identification mechanism and associates it with ANN. It can efficiently extract models, detect, identify, and classify data files and transaction information from SMEs, and connect with ANN to schedule logs for processing while minimizing the risk of data capture/loss by providing a sizeable dimensional space for classification.
Today, enterprises are highly dependent on digital management. In the era of Web 3.0 and more efficient and robust links, SMEs face many challenges and new opportunities for their development. WiMi’s WBM-SMEs system combines blockchain, AI, and IoT technologies to create a data management system for SMEs that are encrypted, tamper-proof, secure, convenient, lightweight, and intelligent. The system will empower SMEs to enter the Web 3.0 era, improve efficiency and productivity, and provide enterprises with more efficient and intelligent digital management capabilities.
About WIMI Hologram Cloud
WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.
Triathon Releases Security Testing Product DeepFuzz to Escort Web3 Security
Triathon announced the launch of its new smart contract security testing product, DeepFuzz, which can detect technical issues in smart contracts from multiple dimensions, helping blockchain developers discover vulnerabilities in advance and fix it in the first instance. The launch of DeepFuzz not only enhances its own ecosystem, but also fills the technology gap in the Web3 industry in terms of specialized and intelligent testing and auditing of smart contracts, adding significant strength to Web3 security.
According to NoneAge Technology’s statistics, there were 306 security incidents occurred worldwide in 2022, resulting in cumulative losses of $10.1 billion. Compared to 2021, there were 64 new Web3 security incidents with an increase of 26%. Among them, 136 security incidents happened in the six major tracks of the industry, including blockchain platforms, cross-chain bridges, wallets, exchanges, NFT, and DeFi, causing losses exceeding $4.021 billion. With the entry of many industry giants into the metaverse and NFT space, the scale of on-chain assets will continue to grow, and the number of Web3 security breaches may continue to soar.
When the current security problems in the Web3 industry come to reality, static scanning cannot detect security issues that may arise during program execution. Triathon’s DeepFuzz will simulate various situations and inputs to discover vulnerabilities and errors in the applications and programmes, thereby enhancing the security and reliability of Web3 smart contracts. At the same time, it can also test the performance and scalability of the smart contracts to ensure that it can handle large amounts of data and transactions. Leveraging DeepFuzz’s capability, the security issues will be detected from multiple dimensions, thus it helps to protect Web3 security and promote the healthy development of the Web3 industry.
As a community built by public chains, applications (testnets), and participants, Triathon verifies through different testing tasks from six aspects, including security, scalability, degree of decentralization, storage efficiency, processing power, and adaptability. It adopts a way to include the global community to participate in testing and auditing, and verifying according to the community’s interests and actual needs. The inclusion enables community users to participate in Web3 project testing and auditing, and work together to improve security awareness, solve security problems, and take security precautions.
Compared to other testing products such as Manticore, Fuzzit, MythX, and Echidna, which require high technical thresholds that ordinary users cannot participate in, DeepFuzz not only has the same level of testing results and dimensions but also greatly reduces the technical threshold of the testing environment. Users can start DeepFuzz testing without programming skills, simply by connecting their wallet and entering the contract address. DeepFuzz truly makes security testing as easy and convenient as playing a game.
In terms of product experience, Triathon DeepFuzz will continuously update the testing log during the testing process, showing the possible vulnerabilities and reasonable security recommendations so that users can better track and analyze test results, improving the overall efficiency of security testing and repairing. In addition, Triathon DeepFuzz will not collect or share user information, so users do not need to worry about data security and privacy. It also supports users to upload encrypted binary files to ensure the absolute security of smart contract information.
After security testing, users can export Triathon DeepFuzz’s comprehensive and systematic testing results and reports. Users can address security issues according to the test results one by one. In terms of testing costs, the cost of Triathon DeepFuzz are lower than other commercial test products in the market, making specialized smart contract security testing more affordable.
The release of DeepFuzz indicates that Triathon will continue to improve its core competitiveness in security detection and testing, strengthen the construction of security detection ecology, and commit to building a professional, intelligent, standardized and transparent Web3 security audit system. In the future, Triathon will continue to optimize the DeepFuzz system, deepen the security detection field, and work together with blockchain project teams and community users to build a better Web3 world.
.bit Reveals .bit Alias to Help Users Avoid Risks of Using Decentralized Identifiers for Certain Asset Transactions
.bit (“the Company”), an open-source Web3 identity provider of permissionless decentralized identifiers, has followed up its recent warning about the risks surrounding the usage of decentralized identifiers for crypto asset transactions by revealing a powerful tool, .bit Alias that reduces the risks for users associated with sending assets using mainstream crypto wallets and exchanges.
.bit aims to enhance the security and user-friendliness of Web3. The company provides a decentralized identifier that is compatible with multiple chains and supports various asymmetric encryption algorithms for signature verification. Users can use it as a data container and write data on different chains according to their needs, providing more possibilities based on sovereign identity. The .bit Alias feature can convert complex blockchain addresses into simpler and more readable .bit accounts to improve convenience. Due to the compatibility of .bit with multiple chains, users can set a .bit Alias for an address on any chain. By setting a .bit Alias for an address, users can trigger double verification when transferring funds, avoiding risks such as hacker attacks, internal manipulation, program errors, outdated data, and expired DID, preventing assets from being transferred to the wrong address, and ensuring the security of transfers.
How .bit Alias ensures more secure transfers
The asset receiver provides the address and the corresponding .bit Alias to the sender. The wallet or exchange then initiates a .bit Alias Lookup request to the application programming interface (API) service. Once the result is found, the user will be prompted to complete the alias of the receiving address. When the user enters the alias, the wallet or exchange compares the filled-in content with the result of the query and the user can only complete the transfer if the two exactly match. For transfers of small amounts, the wallet or exchange can only prompt to confirm the name of the alias of the receiving address is correct.
This method is somewhat similar to fiat currency transfers in the traditional world banking system. When transferring money in legal currency in the traditional banking system, transfer errors are of little concern as it is necessary to enter the other party’s matching bank account number and name simultaneously and if there is a mismatch, funds will eventually be returned. Using .bit as an auxiliary verification method when sending assets achieves the same effect while keeping all the data on chain. When the application finds that the .bit Alias completed by the user is inconsistent with the query result, it will not allow the user to continue sending assets
Upon recognizing and studying the risks, .bit also provides recommendations for all parties as below:
1. For wallets or exchanges
- Disable the function of directly sending or exchanging assets using DIDs;
- Use solution such as .bit Alias for securer assets sending or exchanging, referring to the guideline at https://dotbit.notion.site/bit-Alias-Interaction-Design-Guidelines-b8e8718dd0554e17b5e31a196b8e7ed5 .
2. For asset recipients
- Set a .bit Alias for your own address;
- Provide both the blockchain address and the corresponding .bit Alias to the sender when receiving the asset.
3. For asset senders
- Avoid direct assets transfers using DIDs;
- Use a wallet/exchange that has upgraded its security level for its users’ assets.
For more information about DIDs and .bit Alias, please visit the .bit website: https://www.did.id/.
Artificial intelligence and the crypto sphere: The evolution of financial technology
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