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Introduction
IO.NET is the world’s largest decentralized AI computing network that allows machine learning engineers to access scalable distributed clusters at a small fraction of the cost of comparable centralized services. io.net is uniquely capable of creating clusters of tens of thousands of GPUs, whether they are co-located or geo-distributed, while maintaining low latency for deployers.
Dubai, UAE, September 26th, 2024, Chainwire GPU cloud network io.net has announced a strategic partnership with Phala Network to advance secure computation and decentralized AI. The collaboration will see Phala extend the capabilities of decentralized AI by accessing GPU hardware via io.net’s cloud network, IO Cloud. The partnership will enhance Phala’s ability to support TEE (Trusted Execution Environment) CPU nodes, providing the infrastructure for computationally intensive dapps to flourish. Phala Network relies on Nvidia H100 and H200 GPUs to power its TEE technology. Its collaboration with io.net will ensure access to these essential GPUs that form the cornerstone of Phala’s decentralized AI ecosystem. In August, Phala released the first benchmark for TEE-enabled GPUs, setting a new standard for decentralized AI. By extending Trusted Execution Environments (TEEs) to include AI accelerators like GPUs, the collaboration with io.net ensures that sensitive AI workloads are securely processed with advanced cryptographic protections. Nvidia’s H100 Tensor Core GPUs, equipped with confidential computing features such as encrypted memory and secure boot, further enhance Phala’s security layer. The ability to access Nvidia H100 and H200 GPUs IO Cloud will enable Phala to offer the computational power required for training and running large AI models such as LLaMA 3 and Microsoft Phi. Since launching its mainnet in 2021, Phala Network has built a robust infrastructure of over 40,000 TEE CPU nodes, enabling web3 developers to offload complex computations from smart contracts to Phala’s secure, off-chain network. These nodes play a pivotal role in maintaining data privacy and security while delivering verifiable proofs and oracles, supporting a wide range of web3 applications from social apps to AI-driven agents. IO Cloud enables users to deploy and manage decentralized GPU clusters on demand, offering access to powerful GPU resources without the need for costly hardware investments or complex infrastructure management. By delivering a cloud-like experience, IO Cloud democratizes GPU access for ML engineers and developers, making advanced computing power more accessible and affordable by offering up to 90% savings compared to traditional cloud services. Together, io.net and Phala will conduct research, testing and benchmarking, starting with cutting-edge NVIDIA H100s and H200s. The partners will explore deploying Phala Network’s autonomous AI agents and AI agent contracts on the IO Network as well as integrating Phala Network’s TEE hardware and workers into the IO Network of GPUs. About io.net io.net is a decentralized distributed compute network that enables ML engineers to deploy a GPU cluster of any scale within seconds at a fraction of the cost of centralized cloud providers. io.net sources compute resources from multiple locations and deploys them into a single cluster at massive scale. io.net has successfully supported training, fine tuning, and inference for a wide range of ML models. About Phala Phala is a pioneer in confidential computing and secure data processing. They specialize in leveraging Trusted Execution Environments (TEEs) and secure enclaves to enable secure and verifiable computations. Their expertise in confidential computing makes them a valuable partner in advancing the field of verifiable AI computing. Contact Dan Edelstein [email protected]
io.net Partners With Phala Network to Advance Secure Computation and Decentralized AIOn September 26, GPU cloud network io.net announced a strategic partnership with PhalaNetwork to advance secure computing and decentralized AI. Through this partnership, Phala will leverage io.net's cloud network, IOCloud, to access GPU hardware to extend the capabilities of decentralized AI. phala Network will rely on Nvidia H100 and H200 GPUs to support its TEE (Trusted Execution Environment) technology.
io.net Partners with Phala Network to Advance Secure Computing and Decentralized AIThe Partnership enables affordable, secure, on-demand GPU clusters for AI workloads. Phala integrates TEE technology using Nvidia GPUs for advanced AI capabilities. IO Cloud offers on-demand GPU clusters, democratizing access and reducing costs. GPU cloud network io.net has entered into a strategic partnership with Phala Network to advance secure computation and decentralized artificial intelligence (AI). This collaboration will enable Phala to expand its decentralized AI capabilities by leveraging GPU hardware through io.net’s advanced cloud network, IO Cloud. As part of the partnership, Phala Network will integrate its Trusted Execution Environment (TEE) nodes with io.net’s infrastructure, enabling secure and computationally intensive decentralized applications (dapps) to thrive. Integrating Phala’s TEE nodes with io.net’s infrastructure Phala Network, which uses Nvidia H100 and H200 GPUs to power its TEE technology, will benefit from enhanced access to these critical hardware resources, strengthening the foundation of its decentralized AI ecosystem. In a notable achievement, Phala recently set a benchmark for TEE-enabled GPUs, raising the standard for decentralized AI processing. By extending TEE capabilities to AI accelerators like GPUs, this collaboration ensures that sensitive AI workloads are handled with strong cryptographic protection. Nvidia’s H100 Tensor Core GPUs, featuring confidential computing technologies such as encrypted memory and secure boot, are pivotal in Phala’s security strategy. The integration with io.net’s cloud infrastructure will provide Phala with the necessary computational power to support the training and execution of large-scale AI models, including LLaMA 3 and Microsoft Phi. Since its mainnet launch in 2021, Phala has built an infrastructure of over 40,000 TEE CPU nodes, empowering web3 developers to offload complex computations securely. These nodes are essential in maintaining data privacy, offering verifiable proofs, and enabling a range of web3 applications, from AI-driven agents to decentralized social apps. Deploying decentralized on-demand GPU clusters With io.net’s IO Cloud, users can deploy decentralized GPU clusters on demand, eliminating the need for costly hardware investments. The platform offers up to 90% cost savings compared to traditional cloud providers, democratizing access to advanced computational resources. The partnership will also focus on research and benchmarking, starting with cutting-edge Nvidia H100 and H200 GPUs, as both companies explore deploying autonomous AI agents and integrating Phala Network’s TEE technology into io.net’s decentralized GPU network.
GPU Cloud Network io.net partners with Phala NetworkIO Research presents solutions for decentralized finance challenges at the AFT conference. Blockchain Space Tokenization improves scalability by ensuring predictable fees and delays. New strategies enhance online collateral management for efficient Layer 2 protocols. Input Output (IO) Research is tackling critical issues in DeFi and blockchain scalability. The team’s upcoming presentations at the Sixth International Conference on Advances in Financial Technologies (AFT) in Vienna showcase their work. Read also: Input Output Updates Cardano Community on Latest Status Concerning Vasil These contributions aim to boost the efficiency and scalability of decentralized systems, addressing critical technical problems that have long affected blockchain networks. By concentrating on both the theoretical and practical aspects of DeFi systems, IO is at the forefront of blockchain innovation. Blockchain Space Tokenization: A Breakthrough in Blockchain Capacity Management One of the major breakthroughs that IO Research is set to present involves tokenizing blockchain space, a concept that could revolutionize how blockchain networks manage capacity. On Monday, September 23, Giorgos Panagiotakos, an IO research fellow, will present the concept of Blockchain Space Tokenization (BST). This project, co-authored with Elias Koutsoupias, Philip Lazos, and Solon Nikolaou, proposes a new method for optimizing blockchain scalability. It offers a way to tokenize blockchain capacity, leading to predictable fees and transaction delays. Therefore, BST is presented as a way to address one of the blockchain’s major bottlenecks: unpredictable delays and excessive fees caused by worst-case attacks. By creating a more predictable and stable system, BST enhances the overall reliability of decentralized financial platforms. Improving Collateral Management in Layer 2 Protocols In addition to tackling blockchain scalability, IO Research is also advancing the management of online collateral within decentralized protocols. On Tuesday, September 24, another paper, titled “Competitive Policies for Online Collateral Maintenance,” will be presented by Alexander Russell, Ghada Almashaqbeh, and Sixia Chen. This work explores strategies for handling collateral in Layer 2 protocols. These systems offer a way to increase efficiency without compromising the decentralized nature of blockchain. Moreover, the research examines the balance between settled value and transaction fees, a crucial factor in decentralized finance. The strategies developed aim to achieve a consistent tradeoff between the two, providing a more efficient approach to collateral management. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Blockchain Space Tokenization: IO’s Novel Approach at AFTIn an announcement this Wednesday, Solana-based firms io.net, the decentralized distributed compute network designed to power machine learning at scale, and TARS Protocol, an AI-driven, scalable Web3 infrastructure for platforms native to Solana blockchain, announced a strategic partnership to advance AI-powered Web 3 infrastructure. The partnership will see the two tech firms join forces to “explore a range of integrations and joint initiatives aimed at accelerating the adoption of decentralized AI, machine learning and Blockchain-as-a-Service (BaaS) solutions”, the press release further stated. As humanity increasingly adopts AI, the TARS AI protocol aims to be at the forefront of driving this future, especially in Web 3. The platform offers a singularity point between Solana and AI, aiming at driving massive adoption natively on-chain through progressive AI architecture to the Solana ecosystem. TARS’ application stack provides access to modular applications via its AI Console, real-time Web 3 data on its Consumer AI app, an AI Hub for consumer building tools, and a search engine, TGPT. The partnership with io.net aims to combine the strengths of the two firms to develop cutting-edge tools and services for AI and Web 3 developers. Building synergy will allow their users to seamlessly integrate AI with blockchain technology, accelerating the transition from Web2 to Web3 for organizations and developers. On its part, io.net will provide a network of over 11,000+ GPUs and CPUs to the TARS AI Hub, enabling faster and more efficient deployment of AI models. Notwithstanding, TARS users will also benefit from access to io.net’s decentralized GPU clusters, cutting AI model training costs by up to 30%, while ensuring the scalability and performance needed for complex AI applications. Finally, the partnership will also create new opportunities for ecosystem growth across both communities, as the developers build for the next stage of decentralized AI applications. To see this through, the announcement also confirmed a joint roadmap that will feature key co-marketing activities over the next six months. The roadmap aims to drive ongoing innovation and adoption efforts to benefit the 1,000+ developers and businesses across both platforms. Users will also enjoy quicker AI deployments, reduced costs, and greater flexibility, all within a more decentralized infrastructure. Follow The Crypto Times on Google News to Stay Updated!
io.net Partners With TARS Protocol To Advance AI Within SolanaKey Takeaways CEX.IO is collaborating with MoneyGram. MoneyGram’s partnership with CEX.IO marks its first-ever collaboration with a global cryptocurrency exchange. CEX.IO customers across 152 countries will be able to convert their USDC for cash. CEX.IO has become the first crypto exchange to integrate MoneyGram’s international money transfer infrastructure to enable users across 152 countries to exchange digital assets for fiat currencies. The integration, powered by the Stellar network , aims to make it easier for users to enter and exit the crypto market, particularly in regions with limited financial infrastructure. By streamlining the onboarding and off-ramping process, CEX.IO looks to address a longstanding pain point for crypto users and help bridge the gap between the crypto ecosystem and traditional finance, which has been cautious about engaging with the sector due to regulatory uncertainty. CEX.IO To Allow USDC Conversion To Cash In a press release shared with CCN, CEX.IO revealed that to use the service, users must provide personal information, including the address of their nearest MoneyGram kiosk or office, after which they can withdraw their USDC in cash. Additionally, customers will also be able to convert their cash into USDC and add it to their exchange wallet using MoneyGram’s partner offices. Availability of this feature, however, is currently restricted to select European markets, including Austria, Hungary, Ireland, Lithuania, and Poland. CEX.IO’s crypto-to-cash conversion services will be available in 152 countries across several regions , including the EEA, Africa, EMEA, and LATAM. However, some major markets are absent, such as the United States, the United Kingdom, Pakistan, Singapore, Iran, Japan, and Russia, among others. Arina Dudko, Director of Lithuania and Head of Corporate Payment Solutions at CEX.IO said the exchange has always sought partners to offer off-ramp services. “Our integration with MoneyGram’s cash-to-crypto service built on the Stellar network increases the versatility of payment methods available to our six million global users. Not only will this give customers a greater range of access points, but the two-way functionality helps extend critical services to under or un-banked participants.” CEX.IO will offer its USDC withdrawal service for free through the remainder of 2024, the company told CCN. Made Possible By Stellar CEX.IO’s MoneyGram integration wouldn’t have been possible without Stellar. Stellar and MoneyGram jointly developed MoneyGram Access, the partnership’s underlying technology, in 2022. MoneyGram Access leverages the Stellar blockchain, its financial network, Stellar-compatible crypto wallets, and USDC to facilitate the exchange of USDC for cash and vice versa. MoneyGram’s entry into the crypto space dates back to 2019, when it partnered with Ripple. However, MoneyGram terminated the partnership in the wake of a Securities and Exchange Commission (SEC) lawsuit against Ripple , which led to a significant reputational and financial blow to the company.
CEX.IO Integrates MoneyGram, Makes Crypto Cash-Outs Accessible in 152 CountriesLast updated: September 18, 2024 08:59 EDT Crypto exchange CEX.io has partnered with financial services company MoneyGram and the Stellar blockchain to enhance its crypto cash-in and cash-out capabilities. The collaboration aims to provide CEX.io users with access to seamless conversion between Circle’s USD Coin (USDC) and physical cash, available at participating MoneyGram locations, the firms said in a press release shared with CryptoNews. The integration will initially target customers across regions such as the European Economic Area (EEA), Africa, and Latin America. Currently, users in Austria, Hungary, Ireland, Lithuania, and Poland can utilize physical cash for these services, with more countries expected to join the list soon. Stellar to Enable Cost-Effective Transactions Stellar’s blockchain technology will also play a key role in the partnership, enabling efficient and cost-effective transactions. Stellar, known for facilitating the tokenization of traditional currencies, will support CEX.io’s fiat-to-USDC and USDC-to-fiat conversion processes. The blockchain’s integration is expected to streamline these services, ensuring smooth transactions for users at MoneyGram locations. “Our integration with MoneyGram’s cash-to-crypto service built on the Stellar network increases the versatility of payment methods available to our six million global users,” said Arina Dudko, CEX.io’s Head of Corporate Payment Solutions. “Not only will this give customers a greater range of access points, but the two-way functionality helps extend critical services to under or un-banked participants.” 🆕 CEX•IO enables cash-in and cash-out transactions in USDC at participating @MoneyGram locations! ➕ We’re thrilled to add this reputable service integration to the existing plethora of methods available on our platform. 🔄 Enjoy the convenience of converting your local… pic.twitter.com/xKsyq2rUG3 — CEX.IO (@cex_io) September 18, 2024 Additionally, CEX.io’s collaboration comes amid the growing development of a euro-pegged stablecoin (EURT) on the Stellar network. The stablecoin project, led by fintech firms Next Generation and Decta, aligns with the European Union’s Markets in Crypto-Assets Regulation (MiCA), which took effect in July 2024. The full MiCA framework, which regulates stablecoins and crypto service providers, is expected to be fully enforced by December, further shaping the regulatory landscape for digital assets in Europe. Last week, CEX.IO resumed operations in the UK after successfully complying with the Financial Conduct Authority’s (FCA) regulations. The company had voluntarily paused its UK services following the introduction of new crypto asset financial promotion regulations by the FCA in October 2023. Stellar Buys Minority Stake in MoneyGram Earlier this year, the Stellar Development Foundation (SDF) announced that it has become a minority investor in payments provider MoneyGram International. According to an announcement, the investment was made out of SDF’s cash treasury, using the assets set aside to support the SDF operations, rather than the Enterprise Fund, used to invest in startups and earlier-stage companies. In February, the SDF announced the successful deployment of smart contracts on the Stellar network. To encourage developers to embrace the Soroban smart contract platform, the SDF initiated a $100 million funding initiative in October 2022.
CEX.io Partners with MoneyGram and Stellar to Enhance Crypto Cash-In and Cash-Out ServicesIllia Otychenko, chief analyst at CEX.IO, said that while lower rates are usually good for risky assets like bitcoin, investors should focus on the Fed's forward guidance. Even if the Fed chooses to cut rates by 50 basis points, the market's reaction will likely depend on Fed Chairman Jerome Powell's comments on future monetary policy actions. Without clear forward guidance, institutional investors may reduce their exposure, which could dampen bitcoin's bullish momentum.
Analyst: Bitcoin Investors Should Focus on Fed's Forward Guidanceio.net, a decentralized distributed compute network designed to enable machine learning at scale, has formed a strategic partnership with TARS Protocol, one of the only AI-driven, scalable Web3 infrastructure platforms native to Solana and backed by the Solana Foundation. The two firms have decided to work together to find ways to integrate their respective platforms and launch cooperative projects to hasten the spread of decentralized artificial intelligence (AI) and Blockchain-as-a-Service (BaaS) solutions. Together, io.net and TARS Protocol are developing innovative services and solutions for the AI and Web3 ecosystems. By working together, the two firms want to quickly help developers and organizations make the shift from Web2 to Web3 by combining blockchain technology and artificial intelligence. In order to facilitate the efficient and rapid deployment of AI models, io.net will bring its network of more than 11,000 distributed devices (Gpus + Cpus: https://id.io.net/explorer/home ) to the TARS AI Hub. The integration between TARS and io.net’s decentralized GPU clusters will allow customers to train AI models for up to 30% less money, all while getting the speed and scalability required for advanced AI applications. As the firms push the limits of decentralized AI, this alliance creates new technological and strategic prospects for ecosystem development. io.net and TARS Protocol want to further innovation for the benefit of the 1,000+ developers and companies on both platforms. To that end, they have developed a combined roadmap that includes important co-marketing initiatives over the next six months. Users will benefit from more decentralized infrastructure, faster AI implementations, lower costs, and more flexibility.
io.net Partners with TARS Protocol to Accelerate Decentralized AI and Web3 SolutionsA popular crypto analyst thinks the modular blockchain network Celestia ( TIA ) will collapse in price over the long term. Pseudonymous analyst Altcoin Sherpa tells his 222,800 followers on the social media platform X that TIA will plunge to below $1 eventually, though he acknowledges it could see some “random short squeezes” before that. “Psyops would be to pump price going into unlocks so all early shorters get rekt; plebs buy this thing and chase, and seed investors slowly get to dump. Wouldn’t hold this thing for a long time, but I’d probably lean towards longing it in the short term? Probabaly grab an entry around 4.60ish-4.40?” Source: Altcoin Sherpa/X Market participants have been uncertain about the future price action of Celestia, given that the project is slated to unlock 175.74 million TIA tokens on October 31st, according to the digital asset research website CryptoRank.io . A token unlock adds more coins to the circulating supply, which could induce selling pressure from investors who got in first. TIA is trading at $4.65 at time of writing, a fractional decrease over the past day. Altcoin Sherpa also says he’s not currently accumulating FET , the native token of the Artificial Superintelligence Alliance, an artificial intelligence (AI)-focused project. “I think looks good but I am not personally buying here. S/R (support/resistance) level + 200-day EMA (expontential moving average) that’s acted as resistance. Happy to buy this higher though because breaking the $1.48 area would mean a higher high/shift in trend.” Source: Altcoin Sherpa/X FET is trading at $1.26 at time of writing and is down more than 2% in the past 24 hours. Conversely, the analyst thinks layer-1 blockchain Sui ( SUI ) is a “decent one to trade.” “Don’t think much about it long term given unlocks/everything else but in the mid-term it looks like you should only be longing this thing. Higher low + 1-day EMAs all strong.” Source: Altcoin Sherpa/X SUI is trading at $1.02 at time of writing and is down 1.74% in the past 24 hours. Altcoin Sherpa also notes that he accumulated IO , the native token of the decentralized computing network IO.NET, at $1.76. The trader shares a chart suggesting that IO has flipped a former resistance level into support. Source: Altcoin Sherpa/X IO is trading at $1.73 at time of writing. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Generated Image: Midjourney
Analyst Predicts Massive Collapse for Celestia (TIA), Updates Outlook on FET and Two Additional AltcoinsLast updated: September 16, 2024 07:34 EDT Prominnet crypto fund Hack VC has raised $77 million for its third fund, nearing its target of $80 million. The fund has exceeded expectations and is now considered “oversubscribed,” Fortune reported , citing filings with the Securities and Exchange Commission (SEC), internal documents, and sources familiar with the matter. Founded by Alex Pack and Ed Roman, two seasoned blockchain experts, Hack VC is focusing its latest fund on seed-stage investments. Hack VC’s Latest Fund Achieves Impressive Returns The firm started deploying capital from this fund in 2023, achieving impressive early returns. Documents shared with investors reveal a net return of 1.7 times the initial capital invested, benefiting from a recent upswing in the crypto market. Hack VC launched its first fund in 2021, closing with $206 million in commitments. The fund, however, saw some early challenges, returning 90% of its invested capital and showing a slight loss overall. Nonetheless, this did not deter the firm from moving forward, raising a $150 million second fund in 2022, this time focusing on later-stage companies and token investments. The second fund delivered a net return of 150%, with notable success in projects such as io.net, a decentralized cloud computing network, and Elixir, a liquidity network for crypto exchanges. JUST IN: @hack_vc , a crypto venture fund founded by blockchain veterans @alpackaP and @ed_roman , has raised $77 million for an oversubscribed third blockchain fund, documents show. pic.twitter.com/S3gwuz3KLM — Satoshi Club (@esatoshiclub) September 16, 2024 In a recent interview, Pack described the crypto industry as being in a similar phase to the internet in the mid-90s, underscoring the long-term potential for infrastructure investments. The second fund has already deployed $75 million—half of the committed capital—and its holdings are currently valued at $150 million. Hack VC’s third fund, initially expected to raise at least $100 million, has seen strong demand from investors, despite a lower target of $80 million. As of late August, the fund has already secured more than $77 million across two vehicles, including a feeder fund for international investments. Hack VC Secures One of Largest Crypto Fund Raises Hack VC’s third fund places it among the largest crypto-focused venture capital raises in 2024. Other notable funds include ParaFi’s $120 million raise and Lemniscap’s $70 million. Accolade, a blockchain fund of funds, also recently secured $135 million across two vehicles, while Paradigm announced an $850 million fund, significantly smaller than its 2021 offering of $2.5 billion. Despite new capital inflows into the sector, the cryptocurrency market remains at a crossroads. Prices for leading assets like Bitcoin have stabilized after a brief rally earlier this year, fueled by the U.S. SEC’s approval of Bitcoin and Ethereum ETFs. However, regulatory uncertainty continues to weigh on the industry, and mainstream adoption has been slower than anticipated. As reported, in the second quarter of 2024, crypto startups managed to attract $2.7 billion in funding across 503 deals, marking a slight increase in capital raised despite a noticeable decline in deal volume. Infrastructure startups led the funding race during Q2, with significant rounds raised by Monad, a parallelization Layer 1 platform, which secured $225 million in Series A funding.
Crypto Venture Giant Hack VC Raises $77M for its ‘Oversubscribed’ Third FundTennessee Congressman John Rose has introduced a significant piece of legislation called the “BRIDGE Digital Assets Act,” aimed at reshaping the U.S. regulatory framework for cryptocurrencies. The proposed bill suggests the creation of a Joint Advisory Committee, composed of representatives from both the SEC and the CFTC. This committee would work to reconcile the current conflicting regulations between these two agencies, which oversee different aspects of digital assets. Rose criticizes the existing “regulation-by-enforcement” model, arguing that it hampers innovation and pushes investment abroad. He advocates for a more supportive regulatory environment for digital asset development. The BRIDGE Act proposes a committee with at least 20 members from the private sector, including digital asset issuers, researchers, and users, to offer recommendations on various aspects of digital assets like decentralization and security. This committee is expected to meet biannually, with its findings presented to both the SEC and CFTC. READ MORE: Crypto Exchange CEX.IO Resumes UK Operations Amid Regulatory Changes A central goal of the BRIDGE Act is to address the regulatory confusion caused by differing interpretations of digital assets by the SEC and CFTC. By fostering cooperation between these agencies, the act aims to create a unified regulatory approach, enhancing consumer protection, disclosure, and reducing transaction costs. The bill outlines a specific timeline for implementation: within 90 days of enactment, the SEC and CFTC must establish the committee’s charter, appoint members within 120 days, and hold the first meeting within 180 days. The BRIDGE Digital Assets Act could potentially bring a balanced regulatory framework, benefiting the U.S. economy and its position in the global digital asset market. SHARE: 0 SHARES
New Bill Seeks to Simplify U.S. Crypto RegulationsAiFi Summit 2024 will be held at Grand Hyatt Singapore on September 17, 2024, focusing on how to promote Ai Financialization (AiFi) through blockchain technology. As one of the key events during TOKEN2049, the summit invited first-line institutions such as Hack VC, Faction VC, Hashed, The Spartan Group, L2IV, CMCC Global, CoinFund, MH Ventures, Paramita VC, and guests from GAIB, Codatta, PingPong, GamePlus, Plume, MetaStreet, ORA, Aspecta, Aethir, Hyperbolic, Akash, Kaisar, CoinFund, OpenLedger, Zettablock, Public AI, SuperAlignment, Nimble, 0G, Sahara AI, Mira, Orochi, dappOS, Movement, Polyhedra, Monad, Talus, Hetu and Exocore to discuss the key role of blockchain in supporting the Ai economy. The summit will have in-depth exchanges on model ownership, data management, tokenization of computing power assets, decentralized financial (DeFi) tools, Ai infrastructure and its applications. We look forward to inspiring more innovative ideas through the collision of ideas, and looking forward to the infinite possibilities and future opportunities brought by Ai + Web3! Date: September 17, 2024 Time: 1:00 pm - 6:30 pm (GMT+8) Venue: Grand Salon, 2nd Floor, Grand Hyatt Singapore Register now: https://lu.ma/hp2qx40n Organizer: GAIB: The economic layer of Ai and computing power. We create a new asset class that allows anyone to directly invest in the Ai, GPU and computing power markets. Realize true AiFi, GPU tokenization, GPU-backed stablecoins, derivatives, and more. Codatta: Codatta is a universal annotation and labeling platform that aims to transform human intelligence into Ai. By reducing costs and providing incentives for data contributors, Codatta drives the development of Ai with cutting-edge data solutions. PINGPONG: PINGPONG is the world's first DePINFi funding market and service aggregator, leading the innovation of decentralized finance and infrastructure. Game Plus: Game Plus improves the intelligence of game Ai tools and agents by training them with user-owned data. By deploying on-chain LLMs and Ai agents, Game Plus enables developers to create highly interactive and intelligent games through its Ai asset generation engine. Co-organizers: Polyhedra, Hyperbolic, dappOS, Aethir, Talus, Nimble, Plume Sponsors and partners: Akash, Public AI, Mira, OpenLedger, Orochi, SuperAlignment, Kaisar, Zettablock, ORA, Metastreet, IO.net, 0G, Sahara, Movement, Monad, Nansen, DNA House, Aspecta, Exocore, Witness Chain VC partners: Hack VC, Faction, Hashed, Spartan, L2IV, CMCC Global, CoinFund, MH Ventures, Paramita Media partners: PANews, Odaily, Tech Flow, Blockbeats, Foresight News, Wu Blockchain Community partners: Edge Intelligence, AiFi Consortium This article is from a contribution and does not represent the views of BlockBeats
Meet TOKEN2049 and explore the future of AiFi with GAIB, Codatta, PingPong, GamePlus and many other projects at "AiFi Summit 2024"Hong Kong’s Securities and Futures Commission (SFC) has sought opinions from industry participants on whether to introduce a new licensing regime for cryptocurrency over-the-counter (OTC) services. The new regime would see SFC, the securities and futures markets regulator, working with the Customs and Excise Department (C&ED) to supervise the companies offering crypto OTC trading services. According to a South China Morning Post report , the planned regulations and licensing for OTC services were initially to be handled exclusively by the C&ED under a proposal made public in February. OTC trading services allow users to buy and sell cryptocurrencies privately. Check out Cointelegraph’s guide to learn more about how crypto OTC trading works . The SFC has recently sought input from companies that currently provide OTC trading services on implementing a new licensing regime for cryptocurrency custodian services. Discussions on both these licenses are still in the early stages, the SCMP report said, quoting sources it did not identify. SFC puts suspicious crypto platforms on ‘alert list’ The SFC, meanwhile, has published an ‘alert list’ that names “suspicious virtual asset trading platforms,” or unlicensed entities operating in Hong Kong. SFC said these entities could be targeting Hong Kong investors. The alert list names suspicious websites or unlicensed entities since Jan. 2020. Related: Hong Kong accepts crypto license application past deadline A few names of unlicensed or suspicious entities on Hong Kong SFC’s alert list. Source: SFC Hong Kong tightening oversight as it eyes global crypto hub status Hong Kong has been striving to establish itself as a global cryptocurrency hub , attracting investors and related businesses to the city’s digital assets industry. As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong became a criminal offense. At present, there are only two fully licensed virtual asset trading platforms in Hong Kong: Hash Blockchain and OSL Digital Securities. OSL did not immediately reply to Cointelegraph’s request for comments. Crypto exchanges that have yet to receive full operational licenses in Hong Kong include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK. Magazine: How Chinese traders and miners get around China’s crypto ban
Hong Kong considers new licensing regime for OTC crypto tradingLast updated: September 12, 2024 07:09 EDT Crypto exchange CEX.IO has resumed operations in the UK after successfully complying with the Financial Conduct Authority’s (FCA) regulations. The company had voluntarily paused its UK services following the introduction of new crypto asset financial promotion regulations by the FCA in October 2023. The UK had been a significant market for CEX.IO before the suspension, with 69% of its European Economic Area customers based in the country, the exchange said in a press release shared with CryptoNews. CEX.IO Offers Access to 190 Digital Assets The exchange currently offers access to 190 digital assets to its UK users. “We aim to strengthen our presence in the U.K. by aligning with new regulatory standards and supporting the region’s growth as a hub for the cryptocurrency market,” Rich Evans, Managing Director of CEX.IO UK, said in a comment. He also highlighted CEX.IO’s strong security measures and its clean record with regulators over its 11-year history. According to Evans, prioritizing legal compliance and customer trust has always been at the forefront of the company’s business model, even at the cost of short-term growth. JUST IN 🇬🇧Crypto exchange @cex_io resumed operations in UK, after collaboration with @Nexo , now meeting guidelines of the FCA-authorized and regulated financial promotion approver Gateway 21.💱 pic.twitter.com/MUh4lXFUw0 — CryptoToday.com (@CryptooToday) September 12, 2024 Although CEX.IO is still in the process of obtaining full Anti-Money Laundering (AML) registration with the FCA, the exchange was able to return to the UK market through a partnership with Gateway 21. This FCA-authorized firm acts as a financial promotion approver, helping CEX.IO meet compliance requirements. CEX.IO’s services are currently provided from Lithuania, a strategy increasingly adopted by crypto companies to navigate the UK’s regulatory environment. For example, crypto lender Nexo recently resumed UK operations through a similar arrangement with Gateway 21. As part of the compliance process, UK-based crypto firms must implement measures like cool-off periods and risk warnings tailored specifically for UK clients. Additionally, users are required to complete investor categorization questionnaires and undergo assessments to ensure the appropriateness of their investment decisions. These steps have become standard practice for crypto companies operating in the UK under the new regulatory regime. CEX.IO Started as Bitcoin Mining Pool CEX.IO’s origins trace back to 2013 when it launched as the GHash.IO mining pool. The pool connected miners who collectively produced over 583,000 Bitcoins before ceasing operations. At its peak, GHash.IO controlled nearly 51% of Bitcoin’s hash rate, raising concerns in the crypto community about the risk of a “51% attack,” which could theoretically allow the pool to manipulate transactions. To avoid this, several miners left the pool, and GHash.IO eventually closed its doors. The FCA’s new rules for crypto asset financial promotions, which took effect in October 2023, were aimed at improving the transparency of marketing in the sector. Since its implementation, the FCA has issued over 450 alerts related to illegal promotions. The regulator has been stringent in enforcing these rules, warning that even social media posts, such as crypto memes, could violate the guidelines. Crypto exchanges, including Coinbase and Binance, have responded by modifying their services for UK users to avoid non-compliance. The new regulatory framework has proven challenging for many companies, with some, like Bybit, choosing to exit the UK market entirely. However, several major exchanges, including Coinbase , OKX , and Binance, have partnered with third-party firms authorized by the FCA to continue operating within the UK.
CEX.IO Resumes UK Operations After Meeting FCA Compliance RequirementsBitcoin miners are demonstrating resilience by continuing to invest in new hardware despite current challenges. Recent data reveals that Bitcoin’s hash rate is exceptionally high, indicating robust mining engagement despite financial pressures. Industry analysts suggest that miners’ shift towards retaining mined Bitcoin could stabilize market prices in the future. This article explores the ongoing challenges faced by Bitcoin miners, their innovative strategies to mitigate costs, and the potential for future profitability in the evolving crypto landscape. The Resilience of Bitcoin Miners Amidst Economic Pressure Amidst shrinking revenues and escalating operational expenses, Bitcoin miners are exhibiting a remarkable degree of confidence by continuing their investments in advanced mining hardware. A recent report from Glassnode indicates that Bitcoin’s hash rate is nearing an all-time high, hovering just 1% below previous peaks, despite a significant downturn in mining revenues. This juxtaposition highlights the unwavering commitment of miners to the viability of the Bitcoin network, even in the face of short-term financial struggles. Increasing Costs and Evolving Strategies The current landscape for Bitcoin miners is characterized by dual challenges: heightened mining difficulty coupled with diminishing transaction fee revenues. As more miners engage in the network, the associated difficulty level rises, inflating the costs associated with mining operations. This situation is exacerbated by a noticeable decline in demand for transaction fees, particularly for transactions related to NFTs and tokenized assets, which has severely impacted profitability. Nevertheless, miners are not deterred; rather, they are pivoting in response. According to Illia Otychenko, lead analyst at CEX.IO, recent advancements in Application-Specific Integrated Circuit (ASIC) technology have drastically enhanced energy efficiency, enabling miners to produce Bitcoin while effectively managing their operational costs. New Strategies for Retaining Mined Bitcoin To adapt to the evolving market dynamics, miners are revising their traditional strategies around Bitcoin sales. Historically, many miners sold off their entire mined supply to cover operational costs, yet a significant shift is emerging. Companies such as Marathon Digital are now adopting a “HODL” approach, where they retain a portion of their mined Bitcoin. Jeffrey Hu from HashKey Capital interprets this trend as an optimistic signal regarding Bitcoin’s long-term value, suggesting that it could lead to diminished sell pressure on the market, inadvertently stabilizing prices. Innovations and New Opportunities Ahead The influx of older mining rigs into operational status, as mentioned by Ryan Lee of Bitget Research, signifies that miners are finding innovative ways to adjust to current market conditions. By reviving previously unprofitable rigs, combined with investments in more efficient machines, the collective hash rate continues to rise. This resilience is further buoyed by regulatory support from various regions, including proactive stances from influential figures in politics. As miners explore the integration of GPU-powered operations to cater to the growing demand for AI computing, many in the industry believe that diversification into complementary segments could open new revenue streams. Future Outlook: Consolidation and Strategic Partnerships As the industry evolves, further consolidation appears inevitable, with capital-rich miners likely to acquire struggling competitors to enhance their market position. The recent acquisition spree—highlighted by CleanSpark’s $155 million purchase of GRIID—demonstrates the drive towards establishing low-cost energy sources and scalable infrastructure. In addition, potential innovations in financing products may emerge to provide miners with greater protection against market volatility. The blending of traditional Bitcoin mining with operations tailored for processing AI workloads stands to be a game-changer, paving the way for diversified revenue channels. Conclusion In summary, while Bitcoin miners are grappling with increasing operational costs and fluctuating revenues, their shift towards technological advancements and a new retention strategy for mined Bitcoin suggests a profound confidence in the cryptocurrency’s long-term viability. The ongoing adaptations across the mining landscape—ranging from investment in energy-efficient equipment to exploring ancillary markets—may not only ensure survival for these miners but also contribute significantly to the overall stability of the Bitcoin ecosystem in the long run. Related Post: Spot Bitcoin ETFs Report $28.72 Million Inflow, Ending Eight-Day Negative Trend
Bitcoin Miners Confident Amid Challenges: Investing in Advanced Hardware and Retaining Mined Assets for Future GainsCrypto projects will release $111 worth of new tokens next week. Aptos will dominate next week’s token release with $66.05 million worth of new tokens. Crypto traders use token release details to monitor price trends. Several crypto projects are gearing up to release over $111 million worth of tokens into the market next week. According to Token Unlocks, a dashboard that monitors the release of new crypto tokens, Aptos (APT), Starknet (STRK), Render (RENDER), io.net (IO), Ethena (ENA), and Cyber (CYBER) will introduce fresh tokens into their ecosystems between September 9 and 15. Aptos and Starknet Lead the Pack Data shared by Token Unlock shows that Aptos will claim the highest share of the tokens worth to be released next week by injecting $66.05 million worth of APT into the crypto market. That would represent 2.32% of the crypto project’s token allocation. Meanwhile, Starknet will release $25.07 million worth of STRK tokens, reflecting 3.60% of its total allocation. Render’s token release schedule shows the motion graphic-inclined project targets adding 0.19% of its token allocation to the crypto market, equivalent to $3.58 million. At the same time, io.net, a computer resource network that focuses on enhancing AI models, will release new tokens worth $3.20 million. That would represent 2.22% of its total token allocation. Read also: GameFi Token Unlocks: SAGA, XAI, IMX, SAND in Focus Ethena, a financial protocol on the Ethereum blockchain, will introduce 0.78% of its allocated tokens into the market next week, valued at $3.12 million. Cyber, an identity-focused blockchain protocol, will unlock tokens worth $2.78 million, representing 3.81% of its native coin allocation. Token Unlocks and Market Impact Crypto traders use token unlock information to assess the balance between supply and demand in the market. This helps them anticipate potential price movements, especially when combined with other market metrics and indicators. Read also: $82M Token Unlocks Hit Crypto Market This Week Introducing new tokens implies increasing the supply of such tokens in the market, which could dampen potential upward movements. However, in most cases, it reflects a crypto project’s commitment to its plans and could boost users’ confidence and increase the crypto token’s adoption. Hence, the recently released data by Token Unlock would put many traders on alert, as they expect notable price movements across the listed cryptos in the coming week. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Crypto Market to See $111 Million in Token Unlocks Next WeekThe strategic cooperation between layer-1 blockchain and the decentralized computing network io.net for AI Nesa was recently launched in April, but it has already grown tremendously. The synergies between the two have grown quickly after the collaboration was made public, with io.net assisting in scaling up the supply of large GPU resources quickly to accommodate the exponential rise in AI inference usage on Nesa. All parties involved in obtaining the initial partnership expected these synergies to be greater than they were, and io.net went above and beyond by providing powerful 48x A100 GPUs to support the L1. Also, it is anticipated that the number would increase gradually over the next months and years. Patrick Colangelo, Co-Founder and CEO of Nesa remarked: “The support of io.net has been critical in scaling our AI inference capabilities. Their provision of GPUs has enabled us to push the boundaries of what’s possible in decentralized AI, and it is heartening to note the results we have been able to achieve in such a short time-frame. Needless to say, we are very excited about the future innovations this partnership will unlock.” Tausif Ahmed, VP of Business Development at io.net added: “The expansion of our collaboration with Nesa has been an unexpected but most welcome surprise. It has been a real pleasure to help support the blockchain’s growth while delivering value to our own users. Like us, the Nesa team understands the importance of democratizing access to high-performance computing resources and accelerating AI innovation.” Since April, the GPU providers of io.net have been able to unleash new revenue streams by allowing multiple applications that integrate with AI on Nesa to perform AI inference on io.net machines. The organizations’ growing partnership is shown by the GPUs’ supply, which is crucial to the training, development, and improvement of Nesa’s own state-of-the-art AI generation models. Together, these efforts aim to accelerate the decentralization of AI. io.net continues to be a valued partner of Nesa, helping to drive these developments with the computational power that is so vital to pushing the frontiers of decentralized AI. It is anticipated that the developing collaboration will be crucial in determining how AI infrastructure will develop in the future and remain secure and accessible.
Io.net and Nesa Expand Partnership to Accelerate Decentralized AI InnovationThe Hong Kong Securities and Futures Commission (SFC) has granted a new digital asset exchange license to Hong Kong Digital Asset Xchange (HKDAEx) despite the May 31 deadline having passed. HKDAEx, a company based in Hong Kong and a member of the Hong Kong Financial Asset Exchange Group, submitted an application for a digital asset exchange license on Aug. 27, according to the regulator’s listing. However, the SFC may return the application if it finds it incomplete or if there are unresolved fundamental issues . HKDAEx said it “connects physical assets with digital assets to improve the liquidity so as to raise the value of physical assets and to promote the real economy.” List of virtual asset trading platform applicants in Hong Kong. Source: Securities and Futures Commission Hong Kong’s ongoing crackdown on unlicensed crypto trading platforms As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong became a criminal offense. Some applicants received initial approvals from the city’s regulator but are yet to be fully licensed. Deemed-to-be-licensed applicants fall under a short-term framework designed for crypto firms operating in the region before the licensing regime was enacted. There are only two fully licensed virtual asset trading platforms in Hong Kong at present: OSL Digital Securities and Hash Blockchain. Related: Hong Kong to enhance digital asset regulation in 18 months Crypto exchanges that have yet to receive full operational licenses in Hong Kong include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK. Hong Kong aims to be a global crypto hub Hong Kong has been working to establish itself as a global cryptocurrency hub , attracting investors and companies to the city’s digital assets industry. With its advancements in digitalization and tokenization , Hong Kong has the potential to develop into a hub for free trade and serve as a testing ground for emerging financial technologies. According to the 2024 Henley Crypto Adoption Index published by the investment migration consultancy Henley & Partners, Hong Kong ranked second globally in cryptocurrency adoption, just behind Singapore. Hong Kong scored exceptionally high in economic factors and its tax-friendliness. According to the study, the city cultivated an environment that promotes crypto growth “through significant public interest.” Magazine: How Chinese traders and miners get around China’s crypto ban
Hong Kong accepts crypto license application past deadlineHong Kong Digital Asset Xchange Limited (HKDAEx) recently applied for a digital asset exchange license, submitting its application on August 27, despite the original deadline being May 31. The Hong Kong Securities and Futures Commission (SFC) has approved the application, allowing HKDAEx to move forward despite the late submission. HKDAEx is a Hong Kong-based firm and a member of the Hong Kong Financial Asset Exchange Group, focused on connecting physical and digital assets to improve liquidity and enhance the value of physical assets. However, the SFC has the authority to return the application if it is incomplete or if there are unresolved issues, indicating that HKDAEx’s approval could still face further scrutiny. As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong became a criminal offense under the new regulatory regime. Some crypto firms received initial approval from the SFC but are yet to obtain full licenses. These applicants are considered "deemed-to-be-licensed" and are temporarily allowed to operate under a transitional framework. Currently, only two platforms—OSL Digital Securities and Hash Blockchain—hold full virtual asset trading licenses in Hong Kong. Several other exchanges, including Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin, and Matrixport HK, are still waiting to receive full operational licenses. Hong Kong has been positioning itself as a global cryptocurrency hub, drawing investors and firms to its digital assets market through advancements in digitalisation and tokenisation. The city aims to become a free trade hub and a testing ground for emerging financial technologies, leveraging its unique position in the global economy. According to the 2024 Henley Crypto Adoption Index by Henley & Partners, Hong Kong ranks second worldwide in cryptocurrency adoption, following Singapore. The city scored highly on economic factors and tax-friendliness, creating an environment that fosters significant public interest and growth in the crypto sector.
Hong Kong grants crypto license application even after deadlineDelivery scenarios