NFT News by Thebittimes.Com

Ethereum co-founder Vitalik Buterin pens an analysis of Ethereum’s layer-2 ecosystem, highlighting diverse approaches to scaling the smart contract blockchain. The Ethereum layer -2 ecosystem is likely to continue evolving with diverse technological approaches , according to co-founder Vitalik Buterin. The co-founder of the smart contract blockchain unpacked the current landscape of Ethereum’s scaling ecosystem on his personal blog, with several layer-2 protocols differing in their approaches to bring greater scaling capacity, lower costs and increased security. As Buterin highlighted, Ethereum Virtual Machine (EVM) rollups pioneered by Arbitrum, Optimism, Scroll and more recently, Kakarot and Taiko, have drastically improved the respective security of their solutions. Different types of layer 2shttps://t.co/ry4VTtWhJ1 — vitalik.eth (@VitalikButerin) October 31, 2023 Meanwhile, “sidechain projects” like Polygon have also developed their own rollup solutions. Buterin also high...

Does your RNG have sufficient randomness? Is it secure against tampering? Is it decentralized? These qualities are critical to building a viable metaverse. Quantum mechanics tells us that what looks like a highly predictable and orderly universe is built on a world of unpredictability and mere probability. While the quantum world looks bizarre, it can be understood and even harnessed for technology like semiconductors, LEDs, and quantum cryptography. Something similar can be said about randomness in the metaverse. What looks like a system built on random values produced by random number generators (RNGs) is, in fact, based on programs with a method behind them that can be understood — for good or ill. The pivotal role of random numbers Random numbers are of great importance in a number of applications, including games, security systems, decentralized autonomous organization (DAO) governance, and nonfungible token (NFT) generation. If your game cannot access randomly generated numbers,...

ToolsGPT marries ByBit’s market data with ChatGPT’s AI to generate technical analysis, price data and trading metrics. Cryptocurrency exchange ByBit will look to leverage artificial intelligence (AI) to provide a host of new trading tools and metrics for users through an integration with ChatGPT. OpenAI’s highly acclaimed large language model chatbot has been used by a myriad of industries to provide innovative solutions and services. The cryptocurrency trading space could stand to benefit from the service as ByBit unveils its own AI-powered offering to cryptocurrency traders using the Dubai-based exchange. ByBit’s ToolsGPT combines ChatGPT’s machine learning technology with the exchange’s market data to provide technical Analysis , price data and metrics. The integration also allows ToolsGPT to generate bespoke answers to traders’ inquiries. The exchange touts the new offering to provide insights and predictions to various cryptocurrency trading scenarios. ToolsGPT will be able to...

Locked paywalls and high fees are defining characteristics of traditional academic research. DeSci can lower the barriers to access. Academia and science are both in the throes of a crisis, marked by several inefficiencies directly impacting our scientific prowess and research capabilities. The subject of stagnation within universities and academic institutions is taboo, and there is no place in this system for dissenting intellectuals who challenge the status quo or the quality of scientific research. Decentralized science (DeSci) aims to disrupt these systems for good reason. DeSci paired with blockchain technology has the potential to upend existing funding schemes and enhance collaboration between stakeholders in scientific endeavors. Access to scientific reports and Research is a highly contentious issue. In the digital age, the scientific publishing industry has created a fortified oligarchy that threatens the integrity of scientific innovation. The sector benefits from publicly...

Artificial intelligence is going to be a key component in cracking down on the growing number of counterfeit non-fungible tokens (NFTs). Beyond all the good a permissionless internet promises, it also makes it convenient for anyone to freely mint pirated nonfungible tokens (NFTs). There are in fact over 90 million fake copies of NFTs. Because in a permissionless system, what’s to stop bad actors from creating copymints to scam unsuspecting users or damage a brand’s reputation? Only the top 20 most copied NFT projects account for 8 million fake copies across NFT marketplaces. Source: Optic.xyz Since NFTs are valuable only because of their uniqueness, such copycat NFTs are fundamentally worthless for consumers. They imply a massive reputational cost besides financial loss for buyers and creators. This is particularly detrimental to a nascent and emerging industry like NFTs.  The “nonfungibility” and rarity of NFT assets are pivotal to their value proposition. These are the qualities b...

Blockchains are decentralized, transparent, and increase the capacity of a whole network, while giving users full control of their data. Blockchain use cases have expanded far beyond cryptocurrency in the past years, with multiple industries embracing the technology in a wide range of fields, including healthcare, logistics, and financial services.  The hype has many reasons behind it. Blockchains are decentralized, transparent, and increase the capacity of a whole network, opening a window for solutions that require significant computational power. More importantly, it gives users the capacity to control their assets, including their data, without relying on third parties. As blockchain evolves, companies across the world are working to find the best ways to implement the technology on a range of applications. Cointelegraph reached out to projects that are disrupting industries and bringing blockchain closer to people's daily lives to get some further insights. Healthcare on the...

"Ultimately, we must harden the business model to produce more swap volumes & generate more fees," wrote CEO Jared Grey. According to a new Twitter post by SushiSwap CEO Jared Grey, the decentralized exchange, or DEX, experienced a $30 million loss in the past 12 months on incentives for liquidity providers, or LPs. As explained by Grey, SushiSwap currently employs a token-based emission strategy to incentivize LPs, but the current rate is "unsustainable." "We commissioned Flipside to build dashboards to showcase these results; we'll make them available by EOY." Moving forward, Grey plans to rework SushiSwap's tokenomics so that LPs are no longer subsidized with emissions and redesign the entire model of bootstrapping liquidity on the exchange. " In Q1 2023, we will bring innovation to scale swap volume & prioritize TVL. As LPs experience a more profitable swap experience, others should migrate to Sushi," wrote the DEX executi...

The Ethereum co-founder has recommended weary crypto investors to shift away from price watching and focus on the tech instead. Ethereum co-founder Vitalik Buterin has shared some sage advice for traders feeling the blues of the crypto bear market: Focus on the tech rather than the price. The Ethereum co-founder made the recommendation in response to a Dec. 3 post from self-described crypto investor CoinMamba, echoing what many crypto investors are likely feeling at the moment. After 9 years in crypto I’m kinda exhausted. I want to move on and do something different with my life. Tired of all these scammers and fraudsters.. — CoinMamba (@coinmamba) December 3, 2022 "After 9 years in crypto I’m kinda exhausted. I want to move on and do something different with my life. Tired of all these scammers and fraudsters," CoinMamba said. The crypto industry has continued to be bombarded with unsavoury news since the collapse of FTX and the resulting contagion, which recently clai...

Researchers were able to decrypt all of Secret's internal transactions using an exploit. On Nov. 30, Guy Zyskind, CEO of privacy smart contract blockchain Secret Network, said that developers had patched a privacy-related vulnerability and users' funds remain secure. In a document dated Nov. 29, Secret Network wrote that users or developers required no action and that all active nodes were upgraded to correct the exploit on Nov. 2.  2/ You can read the post for the main details, but the important part is that the vulnerability was mitigated and unlikely to have been exploited. Most importantly, funds were never at risk, because Secret intentionally does not rely on SGX for correctness – only privacy. — Guy Zyskind (@GuyZys) November 29, 2022 The sequence of events, unveiled late yesterday by the Secret Network developers, began when a group of white-hat computer science researchers contacted the Secret team on Oct. 3 regarding a recently disclosed xAPIC (Advanced Programmab...