BounceBit introduced early access with The Water Margin Event on January 30, 2024, inviting early contributors to boost Total Value Locked (TVL) and earn BounceBit points in return. Achieving remarkable milestones, BounceBits TVL soared to over $600 million within a month, complemented by securing $6 million in seed funding from leading investors Blockchain Capital and Breyer Capital. Today, we are thrilled to unveil our latest achievement: the BounceBit Testnet is officially live! Users are invited to enjoy an early experience of BounceClub and engage in staking on the BounceBit Testnet. Lets dive into the features and opportunities BounceBit Testnet brings.

The guiding philosophy of BounceBit is deeply motivated by Apple Inc.s spirit of innovation and commitment to user-centric design. Apples success is attributed not only to the functionality of their products but also to their elegant design and user-friendly interface.

Inspired by Apples business model, BounceBit aims to revolutionize traditional onchain development methods by introducing the concept of BounceClub and BounceBit App Store. As an integral part of the BounceBit ecosystem, BounceClub is designed to simplify smart contract deployment for everyone and minimize dApp redundancy.

BounceClub serves as a Web3 hub enabling everyone to craft their own onchain space without any coding requirements. A BounceClub owner can customize their BounceClub by simply selecting protocols that are listed on the BounceBit App Store, just like downloading apps from the App Store on your iPhone. The BounceBit App Store functions as a library of Web3 plugins where developers are welcome to apply for listing their smart contracts, just like publishing apps on iOSs App Store. Users who do not own a BounceClub can browse existing BounceClubs and engage in various Web3 activities to earn yield.

The BounceBit Testnet launch introduces multiple features: The BounceClub event, offering early access to BounceClub; BBScan, the explorer that tracks all activities on the BounceBit network; Dual-token staking, allowing users to stake BounceBits native token $BB and BounceBits uniformly mapped BTC $BBTC.

The BounceClub Event is centered around the theme Building on Bitcoin: From East to West, emphasizing a global effort to expand and innovate within the Bitcoin ecosystem. This theme underlines the initiative to unite developers, enthusiasts, and contributors from diverse regions in shaping the future of Bitcoin-centric development and applications.

To explore any of the Testnet features, youll need to get $BB tokens first from BounceBitsdiscord channel. Everyone is welcome to participate in the BounceClub event as either a BounceClub owner or a BounceClub user. Heres how it works:

There will be two sets of Testnet leaderboard tracking the level of engagement. One leaderboard ranks BounceClub Owners based on the total amount of transactions made in their Clubs, while the other one ranks BounceClub Users based on the amount of transactions made by each user.

Advancing on the Testnet leaderboards brings numerous rewards upon the BounceBit Mainnet Launch in April. Notably, the top 6000 BounceClub Owners on the Testnet leaderboard will be eligible to claim the exclusive 6000 Mainnet BounceClubs when BounceBit Mainnet launches.

The Testnet BounceClub Event supports a variety of tokens that are mirrored from multiple platforms for users to engage in the DeFi activities within BounceClubs. The list of mirrored tokens includes:

More smart contracts and assets will be added to this list soon!

BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital and Ceffu. The BounceBit chain, designed as a showcase of a restaking product within the BounceBit ecosystem, is a PoS Layer 1 secured by validators staking both BTC and BounceBits native tokenA dual-token system leveraging native Bitcoins security with full EVM compatibility. Critical ecosystem infrastructure like bridges and oracles are secured by restaked BTC. Through an innovative CeFi + DeFi framework, BounceBit empowers BTC holders to earn yield across multiple networks.

Website |X (Former Twitter) |Discord

This publication is provided by the client. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Originally posted here:

Introducing BounceBit testnet: BounceClub East-to-West Event - Cointelegraph

Almost one year after the introduction of Ethereum-style smart contracts, so-called liquid staking protocols are booming on Filecoin, a blockchain built to store data.

Since January 1, the value of crypto locked in Filecoins dozen liquid staking protocols has grown to more than $450 million from $272 million.

Its a sign users are becoming more familiar with Filecoin and its nascent DeFi ecosystem.

Its also another sign that users love the points systems that have taken over Ethereum and Solana, too.

Stay ahead of the game with our weekly newsletters

A likely catalyst for Filecoins recent growth is the anticipation of rewards programs that incentivise user activity, Messari analyst Mihai Grigore told DL News.

Like airdrops projects distributions of free tokens to reward early or loyal users points programs, which function much like traditional businesses rewards programs, can juice user activity.

Unlike airdrops, however, they allow US-based projects to avoid the regulatory headache that can come with promising or issuing tokens.

As such, they have spread like wildfire among decentralised finance applications on Ethereum and Solana. They appear to be a powerful incentive on Filecoin, too.

Join the community to get our latest stories and updates

Of the dozen liquid staking protocols tracked by DefiLlama, all have grown at least 48% in the past month. But GLIF, the largest, has separated itself from the pack.

GLIF is a long-running project on Filecoin. It built one of the blockchains first wallets, according to founder Jon Schwartz. When Filecoin developers added smart contract functionality in March 2023, GLIF built a liquid staking service.

Deposits to GLIF have skyrocketed since early February, when it announced a $4.5 million raise and the launch of a points system sometime in the first quarter of the year.

Since then, the total value of crypto locked in GLIF has more than doubled. On February 22, user activity briefly overloaded GLIFs website.

Year-to-date, GLIFs increase in net deposits of [about] 6.9 million FIL accounted for nearly 76% of the total DeFi net deposits on Filecoin, Grigore said. That figure doesnt account for collateral posted by borrowers on GLIF.

Schwartz attributes the jump to points and to growing comfort with Filecoin.

When Filecoin developers launched the blockchain in October 2020, there were only 11 built-in smart contracts.

That would be analogous to Ethereum having, say, 11 smart contracts, and those were the only ones you could really use on the network, Schwartz told DL News. No developers like myself could deploy custom smart contract logic to the chain.

That changed last March, when developers introduced smart contract functionality.

That change brought Ethereum-style smart contracts on Filecoin, enabling DeFi use cases, notably liquid staking, Grigore said.

Schwartz believes the blockchain is now reaping the benefits of that paradigm change.

You know how these things go, especially with new and immature networks, he said. It takes time for DeFi to develop and for people to get comfortable.

Liquid staking is the biggest business on Ethereum. As of Wednesday, users had deposited more than $46 billion in cryptocurrencies in Ethereums three dozen liquid staking protocols.

Thats because it addresses a key issue with Ethereums so-called proof-of-stake security system, which was adopted in September 2022.

In a proof-of-stake system, security, as well as the privilege of confirming and ordering transactions, comes from users willing to lock up, or stake, their Ether in exchange for a modest annual yield.

Liquid staking protocols address the opportunity cost that comes with locking away ones Ether by issuing derivative tokens, which typically trade at par with Ether and are accepted in its stead by decentralised exchanges and lending protocols.

Filecoin isnt a proof-of-stake blockchain, and Schwartz prefers to call GLIF a liquid leasing protocol.

That said, the problem space the GLIF is filling for Filecoin is pretty much the same problem space that, say, Lido is building for Ethereum, or Jito for Solana, he said, referring to other blockchains liquid staking protocols. But the mechanisms are different.

Its just the beginning of what could be a busy year for Filecoin.

Earlier this month, Filecoin and Solana project Triton One announced a partnership, in which Triton would store Solana data on Filecoin.

Developers behind billion-dollar decentralised exchange Uniswap deployed the protocol to Filecoin this week. SushiSwap developers launched their decentralised exchange on the blockchain in November.

A lot of these new projects that have components that were built on the [smart contract functionality] theyll come out this year, Schwartz said.

Its going to look like a different Filecoin, simply because whats possible this year was not possible in the three, four years prior, he added.

Aleks Gilbert is a DeFi correspondent for DL News. Have a tip? Contact Aleks at aleks@dlnews.com.

Go here to see the original:

Filecoin is riding the boom in liquid staking - DLNews

16 min read

Stacks is a decade-old blockchain project that aims to establish a decentralised economy on top of Bitcoin.

See my YouTube dive on Stacks here.

As the largest Bitcoin Layer 2 network focusing on smart contracts, Stacks is slated to complete the final piece of a long-standing puzzle plaguing Bitcoin with its upcoming sBTC hard fork. This upgrade introduces a decentralised two-way peg, addressing the Bitcoin write problem.

With sBTC, developers will finally be able to utilise Stacks Clarity programming language to write fully-expressive smart contracts and build cutting-edge decentralised apps (dApps). This enables a vibrant DeFi, NFT, and web3 scene on Stacks, with dApps utilising Bitcoin as a settlement layer.

In short, Stacks is furnishing Bitcoins unparalleled capital, security, and network effects with advanced smart contracts functionality. These are capabilities that builders and web3 users have previously relied on through Ethereum Layer 2 solutions like Arbitrum, sidechains like Polygon, and competing Layer 1 networks like Solana.

Well, the big brother is about to catch up.

In this article, Ill dive into:

Theres a lot to cover, so lets dive in.

Stacks began in 2013 as Blockstack in Princetons computer science department, founded by two PhD students

Continued here:

How High Can Stacks (STX) Go? Building the Future of Bitcoin with Advanced Smart Contracts - DataDrivenInvestor

Blockchain technology, often hailed as the backbone of cryptocurrency, has emerged as a transformative technology over the past few years.

Its decentralized nature and ability to record transactions in a secure and transparent manner differentiate it from traditional databases, marking it as an essential development in the world of finance and beyond.

At its heart, blockchain operates on a distributed ledger that facilitates peer-to-peer transactions without the need for a central authority.

This decentralized ledger is maintained across multiple computers or nodes, ensuring transparency and making it virtually impossible for a single entity to manipulate the data.

Each transaction, which records transactions on the blockchain, is verified by a consensus mechanism, such as proof of work (PoW) or proof of stake (PoS), making every transaction not only secure but also an integral part of the digital ledger.

Smart contracts, or self-executing contracts, are a pivotal innovation brought forth by blockchain technology, offering automated solutions across various sectors. Heres how they stand out:

Automatically execute the terms of a contract when predefined conditions are met, eliminating the need for intermediaries.

Significantly reduce paperwork and administrative overhead, making transactions faster and more efficient.

Encoded with cryptographic hash offer a higher level of security against fraud and unauthorized access.

Every party involved in the contract has access to the terms and conditions, ensuring complete transparency.

From finance and insurance to supply chain management and beyond are versatile in their application.

These features of smart contracts highlight their role in not just enhancing the efficiency and security of transactions but also in extending the transformative impact of blockchain technology beyond the realm of digital currencies, particularly in their ability to validate transactions.

When it comes to supplying chain management, blockchain offers unparalleled benefits in transparency and security.

Recording transactions in a transparent manner, it allows all parties within the chain to track the movement of goods in real-time, thereby conducting transactions securely, reducing the risk of fraud and improving efficiency.

Despite its transformative potential, blockchain technology encounters several challenges:

The future of blockchain is promising, with continuous innovation aimed at overcoming current limitations.

As the technology continues to evolve, its application is expected to expand beyond cryptocurrency and finance, impacting various industries in a secure and transparent manner.

Understanding blockchain technology, with its ability to facilitate secure, transparent transactions without intermediaries, stands as the backbone of cryptocurrency and a beacon of transformative technology.

As nodes across the network agree on the validity of transactions, blockchains decentralized ledger reinforces the importance of transparency and security in the digital age.

With its scalability challenges being addressed, blockchains potential to revolutionize traditional databases, ensuring transparency and security across transactions, is more tangible than ever.

Read the original here:

Blockchain Essentials: Understanding the Backbone of Crypto - Geeks World Wide

Coindar

BTSE will list Fetch.ai (FET) on March 6th.

Refer to the official tweet by FET:

FET Info

Fetch.ai's FET, a utility token, is the bedrock for discovering, creating, deploying, and training digital twins, playing an essential role in smart contracts and oracles on the platform. With FET, users can build and deploy their digital twins on the network. The token also allows developers to access machine-learning utilities for training autonomous digital twins and deploying collective intelligence on the network. Additionally, validation nodes can stake FET tokens to facilitate network validation, enhancing their reputation in the process.

The technological architecture of Fetch.ai consists of four distinctive elements. The Digital Twin Framework offers modular components to help teams construct marketplaces, skills, and intelligence for digital twins. The Open Economic Framework provides search and discovery capabilities for digital twins. The Digital Twin Metropolis is a collection of smart contracts that maintain an immutable record of agreements between digital twins on a WebAssembly (WASM) virtual machine. Lastly, the Fetch.ai Blockchain employs multi-party cryptography and game theory to ensure secure, censorship-resistant consensus and rapid chain-syncing to support digital twin applications.

Among the platform's key components is the learner, wherein each participant represents a unique private dataset and machine learning system. The global market emerges as a product of a collective learning experiment, with a machine learning model trained by the learners collectively. The Fetch.ai Blockchain supports smart contracts, allowing secure and auditable coordination and governance. Finally, the platform includes a decentralized data layer based on IPFS, facilitating the sharing of machine learning weights among all learners involved.

Read the original post:

Fetch.ai to Be Listed on BTSE on March 6th - TradingView

The business logic or protocol that drives every transaction on a blockchain is known as a smart contract. The main goal of a smart contract is to fulfill standard contractual requirements, such as minting its own Ethereum currency. We must create smart contracts that will govern how all of the tokens computations are carried out.

It is a standalone script that is written in Solidity, compiled into JSON, and sent to a specific blockchain address. By providing the correct data and Ethereum to call the built and deployed Solidity function, we may execute a deployed smart contract at a specific address in a manner similar to how we can use a RESTful APIs URL endpoint to perform some logic using a HttpRequest.

For a cost commensurate with the storage capacity of the contained code, smart contracts are added to the decentralized database. It may also be described as a group of codes that are kept on the blockchain network and specify terms that all parties to the contract must concur upon.

This is a detailed tutorial on using Solidity to create and implement Ethereum Smart Contracts.

MetaMask functions as a wallet and an Ethereum browser. It eliminates the need to download and install software in order to engage with dApps and smart contracts online. All you have to do is add the MetaMask Chrome Extension, set up a wallet, and send ether.

Although MetaMask is presently only compatible with the Google Chrome browser, Firefox compatibility is anticipated in the upcoming years. Before you begin developing smart contracts, download the MetaMask Chrome plugin.

You may import an existing wallet or create a new one after downloading and adding it as a Chrome extension. To implement an Ethereum smart contract on the network, you need to have some ethers in your Ethereum wallet.

Click on its symbol in the upper right corner of the browser window once it has been installed. It will open in a new browser tab when you click on it. To continue, click Create Wallet and select I agree to accept the terms and conditions. Youll be prompted to set a password.

It will email you a secret backup phrase that is used to backup and restore the account once you generate a password. This phrase can steal your ethers, therefore dont reveal it or share it with anybody.

The following test networks may also be present in your MetaMask wallet:

Robsten Test Network

Kovan Test Network

Rinkeby Test Network

Goerli Test Network

You need to have some fake ethers in your MetaMask wallet in order to test the smart contract. Click the Deposit and Get Ether buttons under Test Faucet to add fake ethers. You must select request one ether from the faucet in order to continue, and one ETH will be added to your wallet. To the test network, you may add as many ethers as you like.

To develop our Solidity code, we will utilize the Remix Browser IDE. Remix is the greatest choice for creating smart contracts since it provides a rich development experience and has a few features. Typically, it is employed in the drafting of minor contracts.

To generate a.sol extension file, open Remix Browser and click the add symbol next to the browser on the upper left corner.

A common template for ERC20 tokens is ERC20.sol.

Pressing the deploy button on the right side of the Remix window will enable the smart contract to be deployed on the Ethereum test network. Hold off until the transaction is finished. The address of the smart contract will be shown on the right side of the remix window upon a successful transaction commit.

Initially, the person implementing the smart contract will have all of the ERC20 tokens kept in their wallet. Go to the metamask window, select Add Tokens, enter the smart contract address, then click OK to view the tokens in your wallet. There, you would be able to check how many tokens there are.

Join our WhatsApp and Telegram Community to Get Regular Top Tech Updates

Follow this link:

How to Develop and Deploy Smart Contracts on Ethereum - Analytics Insight

After a year of underperformance in 2023, the ETH/BTC dominance will grow this year on the backdrop of Dencun upgrade and other contributing factors within the Ethereum ecosystem.

In the year 2023, Ether (ETH), the native token of the Ethereum blockchain, faced a period of underperformance compared to Bitcoin (BTC). Bitcoins newfound narrative centered around smart contracts, non-fungible tokens (NFTs), and optimism surrounding a spot exchange-traded fund (ETF) drew significant investor interest. Analysts now suggest a potential reevaluation of Ether in 2024, given Ethereums continued status as the leading smart contract blockchain globally, coupled with upcoming key upgrades. Analysts also see Ether as a strong contender for the next spot-based ETF in the United States.

In a recent weekly newsletter, Nasdaq-listed cryptocurrency exchange Coinbase expressed optimism, stating that ETH could be poised for a breakout year. The impact of last weeks Bitcoin ETF news proved beneficial for Ethereum, causing a brief spike above $2,700, marking its highest price since May 2022. Further optimism for ETHs near-term future arises from the fact that firms behind Bitcoin ETFs, including BlackRock and VanEck, are actively considering Ethereum-based spot ETFs.

A spot ETF involves actual cryptocurrency investment, offering exposure to the asset without direct ownership. This is a favorable alternative to futures-based ETFs, which are susceptible to roll costs. The potential launch of spot ETH ETFs is likely to unleash a flood of institutional and retail investment, mirroring the success observed with nearly a dozen Bitcoin spot ETFs that commenced trading in the US last Thursday. These Bitcoin ETFs have collectively recorded a cumulative volume exceeding $10 billion, with BlackRocks product amassing an impressive $1 billion in inflows.

Coinbase reports that Ethereums upcoming Dencun upgrade, designed to enhance the mainnets scalability through the introduction of data blobs, has the potential to ignite investor interest in the cryptocurrency. The upgrade recently went live on Ethereums Goerli testnet.

The Dencun upgrade introduces data blobs, which are temporary transaction data memories typically associated with Layer 2 solutions. These can be attached to Ethereum. Thus, following the mainnet upgrade, the network will only need to confirm the correctness of the blob data attached to the block, reducing congestion and network fees.

Coinbase notes that the Dencun upgrade, currently undergoing initial tests, is likely to implement Ethereum Improvement Proposal (EIP) 4844 in the coming months. Some Ethereum observers predict that this proposal could significantly decrease network fees by 90% or more.

In its annual report, institutional crypto firm ETC Group expresses a bullish outlook for the ether-bitcoin ratio. Despite Bitcoins surge in network activity in 2023, Ethereum continues to dominate as the preferred chain for decentralized applications, NFTs, and tokenized assets.

ETC Groups data reveals that the top 10 ERC-20 tokens on Ethereum have a combined market value of $21 billion, surpassing the $1.6 billion market capitalization of the entire BRC-20 token universe on the Bitcoin network. ERC-20 represents Ethereums token standard, while BRC-20 signifies a fungible digital asset on the Bitcoin network.

Additionally, in 2024, Ethereum investors can generate extra returns by staking or locking their coins on the network, earning rewards at an annualized rate of around 3.84%. Ethereums feature of burning a portion of transaction fees paid in ETH further contributes to a deflationary effect on the tokens supply, positively impacting investors.

ETC Group emphasizes Ethereums strong dominance in smart contract platforms and the potential for additional yield, stating that Ethereum should be a core holding in a diversified crypto asset portfolio. The report anticipates a reversal in the relative performance of ETH/BTC in 2024, citing historical trends of mean reversion in the 12-month relative performance of these two cryptocurrencies.

Continue reading here:

Ethereum's ETH Gears Up for Potential Resurgence in 2024 amid Dencun Upgrade - Coinspeaker

LONDON - The leading smart contract platform is currently grappling with significant scalability issues, as highlighted by Crypto Rand, a respected voice in the cryptocurrency community. Ethereum's high transaction fees, which can average close to $5, are posing a substantial barrier to the broader adoption and efficiency of decentralized applications (dApps).

In stark contrast, Layer 2 solutions such as Optimism are emerging as viable alternatives by offering significantly lower transaction costs, sometimes even below $0.01. These solutions are designed to enhance the Ethereum network by providing faster processing times and reduced fees, all while ensuring compatibility with the existing Ethereum ecosystem.

Despite the hurdles presented by higher fees, Ethereum continues to hold its ground as the preeminent platform for smart contracts. Its sustained position is largely attributed to the strong network effect it has cultivated over time and the vibrant community of developers dedicated to its growth and improvement.

Layer 2 platforms like Optimism are not just complementary technologies but are increasingly seen as critical for the evolution of Ethereum. They are poised to play a pivotal role in resolving the scalability challenges, enabling Ethereum to maintain its leadership in the space by aligning cost and performance with user expectations and the demands of an expanding dApp marketplace.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

See the original post here:

Ethereum faces scalability hurdles as high fees challenge dApp adoption By Investing.com - Investing.com

Shell Token Launch On January 22, 2024, Arbitrum-based DeFi protocol Shell launched its long-awaited SHELL governance token. Airdrop recipients can check their eligibility through the Shell app. Once claimed, SHELL tokens can be staked to generate yield. ...

On January 22, 2024, Arbitrum-based DeFi protocol Shell launched its long-awaited SHELL governance token. Airdrop recipients can check their eligibility through the Shell app. Once claimed, SHELL tokens can be staked to generate yield. Staked tokens grant voting power in the Shell DAO, which governs the protocol.

Shell aims to unify DeFi with a single swap interface for NFTs and one-to-many swaps across every major protocol. The protocol was built by a Hawaii-based DeFi development team, and has grown to a user base of 45,000.

Shell is a longtime DeFi protocol, created in 2020 by Cowri Labs. Cowri is helmed by chief economist and founder Kenny White. In 2021, Shell v2 became one of the first Arbitrum-native DEXs, launching with a novel smart contract design for swaps.

With Shell v3, developers at Cowri Labs hope to combine their unique technology with the massive liquidity of major projects like Uniswap and OpenSea, delivering a unified DeFi experience in a single app. It's the first real omni dapp, says Cowri Labs head of developer relations Petar Popovic, the app where you can do everything. That's the goal.

At launch, Shell v3 supports Balancer and Curve pools, allowing users to trade tokens and NFTs through multiple protocols from within the Shell app. Unlike aggregators, Shell v3 also allows users to manage LP positions across all supported protocols.

White hopes that Shell v3 will combine the best features of DEX aggregator 1inch and data aggregator DeFi Llama, becoming a place where people come to trade and explore the DeFi ecosystem. Shell v2 benefitted from an impressive UI and contract design, but nevertheless struggled to offer competitive swap rates in the face of older protocols with much larger TVL. Consequently, Shell v2 users had to choose between staying within the Shell app or hunting for better rates.

Shell v3 aims to solve this dilemma by integrating all major pools across all protocols with the Shell contracts and app. To start, the Cowri team is focusing on Arbitrum, but with the launch of the DAO the future will be shaped by community vote.

One big change with Shell v3 is a de-emphasis on native protocol TVL. Since Shell now serves to connect external pools, the Cowri team feels volume is the key to success. One major responsibility of the DAO is control over the protocol unwrap fee, which is currently set to zero but may be activated in the future to generate DAO revenue.

The total SHELL token supply is 200 million, unlocked every block after token launch through two-year linear vesting. 40 million have been allocated to users who contributed to the protocol over the past four years.

80 million tokens are split across the Cowri Labs core team, Cowri Labs itself, protocol contributors, and Cowri Labs investors such as BlueYard. 80 million are in the newly-formed DAO treasury, fully under the control of DAO members.

Tokens are not available in full upon claiming the airdrop. All investors, core team members, and airdrop recipients will unlock their SHELL on a block-by-block two-year linear vesting schedule.

The vesting system uses tradeable vesting NFTs from Sablier. From launch, the NFTs can be bought and sold via NFT marketplaces. Shell is also building a vesting stream AMM to allow instant in-app buying and selling of vesting NFTs. This AMM is expected to launch later in Q1 2024.

The SHELL token is currently trading through the Shell app. As for Cowri Labs, the team is already planning future integrations, with Uniswap and Aave on the near horizon.

Website: http://www.shellprotocol.io App: https://app.shellprotocol.io/trade Twitter: https://twitter.com/ShellProtocol Discord: https://discord.gg/shellprotocol Telegram: https://t.me/shellprotocol GitHub: https://github.com/shell-protocol

See the rest here:

DeFi Unifier Shell Protocol Launches Token, Staking, and Arbitrum Airdrop - The Defiant - DeFi News

HAPI Labs has launched a platform for reporting scam- and crime-related addresses, in partnership with Ukraines cyber police.

Scamfari OSINT, currently in beta mode, allows users to report cryptocurrency wallets related to scams, sanctions violations, terrorism financing and other crimes. The project is supported by Ukraines cyber police, which will work on freezing such wallets, the agency announced on Monday.

HAPI, a crypto startup working on cybersecurity tools for decentralized finance (DeFi) platforms, previously ran two-week-long contests asking people to find and report crypto wallets related to fraud and other crimes, with a special focus on the money pro-Russian volunteers raise to help Russian troops invading Ukraine. Users who report the most wallets get rewards in HAPIs own token, but only if the reports are approved by the firms team and are really linked to some kind of crime.

This week, another week-long contest went live. Even after this season is over, the hunting for criminal crypto will not stop but continue on a new website.

It works like this: A user signs up via a Telegram bot, fills out a form and submits a blockchain address and a screenshot proof that the address is being used for criminal purposes.

Then, two HAPI staffers manually check whether reports contain truthful and relevant data, then either approve or reject them. After a report is approved the reporter is assigned a reward in HAPIs own tokens, which are now trading around $13 each: $1 for a new address in the database, 10 cents for an address previously reported and $5 for an address related to a sanctioned person or entity, HAPI head of research Mark Letsyuk told CoinDesk.

For now, rewards are being distributed manually every two weeks, but in future HAPI wants to automate the reward distribution using smart contracts. The community might also have a vote soon as to whether to replace the HAPI token with a stablecoin as a reward, Letsyuk said.

Many people in Ukraine lost their jobs [because of the war] and some made several hundred dollars during the past season, he said. In these times, its good money. Now, people want to try and do it on a regular basis.

He added that since Scamfari OSINT launched in beta last week, over 15,000 addresses have been submitted, including the wallets raising funds for Russian mercenaries fighting in Ukraine.

In the future, HAPI is considering using AI to automate report approval, too, Letsyuk said: Were now feeding the reports we get to the [latest AI product by OpenAI] GPT-4 it looks very raw at this point, but promising. Not trying to catch some hype here, but we believe that it can be helpful in the near future.

The Ukrainian cyber police, in it announcement, underscored it will be looking particularly for wallets linked to financing Russian troops invading Ukraine. According to CoinDesks own investigation, such accounts have raised at least $1.8 million for ammunition, vehicles and other supplies for the troops since the beginning of the war. The Binance crypto exchange has said the number could be as high as $7.2 million.

See more here:

This Ukrainian Startup Is Looking to Automate Crypto Crime Reporting Using Smart Contracts, AI - CoinDesk