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Blockchain & Web3 Weekly Bytes Edition #18
AI & Blockchain Synergy, Ethereum ETF News, and Fantom Insights
May 25, 2024
Hello Fellow Enthusiast,
I'm happy to bring you some fresh and intriguing updates this week. Here's a glimpse of what awaits:
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Tech Spotlight: Explore how blockchain and AI work together through practical examples.
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Week's Highlights: Learn about the SEC's approval of Ethereum ETFs, the London Stock Exchange listing crypto ETPs, and the US House passing the FIT21 crypto bill.
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Digital Asset Spotlight: Discover Fantom (FTM) and its impact on the blockchain space.
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Chart of the Week: Check out the latest trends in staked Ethereum.
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Video Spotlight: Test your knowledge with the first episode of my new trivia series on blockchain and Web3.
Weekly Trivia
What is a "zero-knowledge proof" in blockchain technology?
A) A method to prove the possession of information without revealing the information itself
B) A cryptographic technique for hiding transaction amounts
C) A protocol ensuring all blockchain nodes are synchronized
D) A consensus algorithm used in private blockchains
*Find the answer at the bottom of this newsletter.
Tech Spotlight – The Synergy of Blockchain and AI
Blockchain and Artificial Intelligence (AI) are two groundbreaking technologies that, when combined, create powerful new possibilities. Here’s a look at how these technologies complement each other and some real-world examples of their synergy.
How They Work Together
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Enhanced Security: Blockchain ensures that AI data is secure and tamper-proof. For instance, in healthcare, AI can analyze medical records on a blockchain, ensuring patients' data remains secure and unaltered.
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Improved Data Sharing: AI systems need vast amounts of data to learn and improve. Blockchain provides a decentralized and secure way to share data across organizations without compromising privacy.
Real-World Examples
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SingularityNET: This is a decentralized marketplace for AI services. Developers can share and monetize AI technologies, creating an open ecosystem. Blockchain ensures all transactions are secure and transparent, making AI services accessible globally.
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Ocean Protocol: Ocean Protocol uses blockchain to create a secure data-sharing platform. AI developers can access large datasets crucial for training effective algorithms. This platform allows for the sharing of data while maintaining privacy and ownership rights.
Think of a scenario where your smart home devices use AI to learn your preferences and blockchain to keep your data private. For example, your AI-powered thermostat learns your temperature preferences and adjusts accordingly. Blockchain ensures that this data is securely stored and only accessible to you.
Benefits of Combining Blockchain and AI
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Transparency: Blockchain tracks AI decision-making processes, helping users understand and trust AI outcomes.
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Efficiency: AI can optimize blockchain operations, predicting network congestion and suggesting optimal times for transaction processing.
Final Thoughts
The combination of blockchain and AI offers new opportunities for innovation. From healthcare to finance, the synergy between these technologies drives advancements and creates more secure, efficient, and transparent systems. The collaboration between AI and blockchain is just beginning, and the future looks promising.
This Week’s Blockchain and Web3 Highlights
SEC Greenlights Eight Ethereum ETFs: The SEC has given the go-ahead to eight spot Ethereum ETFs, including those from BlackRock and Fidelity. This approval follows the earlier endorsement of spot Bitcoin ETFs, marking a significant step for Ethereum.
London Stock Exchange Welcomes Crypto ETPs: For the first time, the London Stock Exchange will list Bitcoin and Ether exchange-traded products (ETPs). This move comes after regulatory adjustments by the FCA, signaling a growing acceptance of crypto assets in traditional financial markets.
Phantom Wallet Climbs to No. 2 in Google Play Store: Phantom, a wallet for crypto and NFTs, has surged to the second spot in the Google Play Store’s free finance app category. It outpaced major apps like PayPal, Venmo, and Zelle, reflecting the rising popularity of digital asset wallets.
Ethereum ETF Approvals Boost Tokenization Safety: Following the approval of spot Ethereum ETFs, Securitize's CEO stated that this development bodes well for real-world asset tokenization. In response, Ondo Finance's token surged 16%, reflecting growing confidence in tokenizing assets securely.
US House Passes Crypto Market Structure Bill: The House has approved the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to regulate the crypto industry. The bill received bipartisan support but faces challenges ahead in the Senate.
MetaMask Plans Bitcoin Integration: MetaMask, widely used for Ethereum, is planning to add support for Bitcoin transactions. This expansion could significantly increase transaction volumes on the platform and integrate Bitcoin into the MetaMask ecosystem.
Grayscale Introduces NEAR and STX Trusts: Grayscale has launched two new trusts focused on NEAR and STX tokens. These trusts provide accredited investors with exposure to these assets, enhancing their investment options within the Bitcoin Layer 2 ecosystem.
House Bans Federal Reserve from Issuing CBDC: In a move largely along party lines, the US House voted to prevent the Federal Reserve from issuing a central bank digital currency (CBDC). The bill's future in the Senate remains uncertain, but it highlights the ongoing debate over digital currencies.
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A Little Blockchain Humor Break
Source: CoinMarketCap
Chart of the Week: Ethereum Staking on the Rise
The volume of staked Ethereum ($ETH) has recently bounced back to 32.5 million. This increase signals renewed confidence among investors and users, particularly with the potential impact of upcoming ETF approvals.
Key Insights
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Renewed Confidence: The rise in staked $ETH reflects a positive sentiment among network participants, indicating trust in Ethereum's long-term value.
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Potential Impact of ETF Launch: The anticipation of Ethereum ETFs could further boost staking volumes as more investors look to participate in the network.
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Network Stability: Increasing staking volumes contribute to the security and stability of the Ethereum network, making it more resilient against attacks.
What This Means
This upward trend in Ethereum staking is a promising sign for the network's future. As more users stake their ETH, it not only enhances the security of the network but also indicates strong community support and investor confidence.
Source: CryptoQuant
Weekly Video Spotlight: Blockchain and Web3 Trivia Episode 1 | Test Your Knowledge!
I'm excited to share the very first episode of my weekly trivia series! Each episode will test your knowledge and teach you something new. This week's trivia covers various fascinating topics in the blockchain and Web3 space.
Watch the video here: Blockchain and Web3 Trivia Episode 1
Join me every week for a new trivia challenge. Remember to subscribe to the channel for more insightful content and to stay up-to-date with the latest in blockchain and Web3. Enjoy, and let's see how much you know!
Thanks for joining me for this week’s updates! We covered the synergy between blockchain and AI, exciting news about Ethereum ETFs, and the latest on Fantom (FTM). Don’t forget to check out the new trivia series video and stay informed with our weekly highlights.
Trivia Answer: A) A method to prove the possession of information without revealing the information itself.
If you have any suggestions or feedback, please share and make a difference. See you next week for more insights and updates on blockchain and Web3!
Warmly,
Ajay Tomar
Disclaimer:
Content in this newsletter is for educational and informational purposes only and is not intended as financial, tax, or legal advice. Always do your research and consult with a professional before making financial decisions. As a solopreneur, I may earn commissions from affiliate links in this newsletter at no extra cost to you. This support helps me bring you valuable content. I only endorse products I trust and believe could benefit you.
Weekly Digital Assets Spotlight
Spotlight on Fantom (FTM)
Fantom (FTM) is a blockchain platform designed for speed, scalability, and security. It aims to address the limitations of older blockchain networks by providing near-instant transactions at a low cost, making it ideal for a wide range of applications, from DeFi to enterprise solutions.
Key Features of Fantom
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High Performance: Fantom's Lachesis consensus mechanism allows the network to process thousands of transactions per second, ensuring quick and efficient operations.
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Low Fees: Transactions on the Fantom network are extremely cost-effective, making it accessible for users and developers alike.
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EVM Compatible: Fantom is compatible with the Ethereum Virtual Machine (EVM), enabling developers to deploy Ethereum dApps on Fantom without modifications easily.
Recent Developments
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DeFi Expansion: Fantom's DeFi ecosystem continues to grow, with numerous projects choosing Fantom for its speed and cost efficiency. Popular DeFi platforms such as SpookySwap and SpiritSwap are now integral to the Fantom network.
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Partnerships and Integrations: Fantom has formed strategic partnerships to enhance its ecosystem, including collaborations with Chainlink for oracle services and The Graph for decentralized indexing and querying.
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Network Upgrades: Continuous improvements to the network's infrastructure ensure better performance and security, attracting more developers and users to the platform.
Why Fantom Matters
Fantom is becoming a significant player in the blockchain space due to its unique approach to solving scalability and performance issues. Its low transaction fees and high-speed processing make it an attractive option for developers and users. With a growing ecosystem and strategic partnerships, Fantom is poised to impact the blockchain industry substantially.
