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- Hindustan Petroleum To Leverage Blockchain 🇮🇳⛽⛓️
Hindustan Petroleum To Leverage Blockchain 🇮🇳⛽⛓️
PLUS: UAE emirate launches new free zone for digital assets, Web3 and AI. Circle launches Web3 development platform for Web2 developers.
Manan Vora
October 20, 2023
Snapshot Web3
October 20, 2023
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Regulatory and Legal News
The emirate of Ras Al Khaimah in the UAE has launched the RAK Digital Assets Oasis (RAK DAO), an economic free zone aimed at supporting companies in the digital and virtual asset space, including blockchain, Web3, and artificial intelligence (AI). The free zone will cater to digital and virtual asset service providers, offering programs and specialized support in various technology, marketing, and business development areas. This move is part of Ras Al Khaimah's efforts to diversify its economy beyond traditional sectors like tourism. RAK DAO joins other Web3-friendly free zones in the UAE, including those in Abu Dhabi and Dubai.
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Innovation and Launches
Hindustan Petroleum (HPCL), one of India’s major oil and gas companies, is set to implement a blockchain system for automated verification of purchase orders (POs). HPCL is collaborating with Zupple Labs, a blockchain software firm, to integrate LegitDoc, Zupple Labs' digital credentialing technology, into its PO system. This technology will allow HPCL to issue digital POs to vendors without the need for manual verification. Third-party verifiers will be able to directly confirm the validity of POs on the HPCL website through automated processes. This implementation aims to streamline and secure the PO verification process.
Circle has introduced a "Smart Contract Platform" aimed at simplifying the process of building Web3 applications for traditional Web2 developers. This platform offers pre-vetted code templates for deploying smart contracts, potentially making it more accessible for developers unfamiliar with Solidity, the typical language used in Web3 development. Additionally, Circle unveiled a "Gas Station" tool, enabling developers to cover their users' gas fees, which could facilitate user onboarding. The platform's no-code console and REST APIs are initially available for Polygon, with plans to expand to other networks in the future.
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NFT, Gaming and Metaverse
The US Federal Communications Commission has allowed low-power wearable tech, including AR and VR devices for the metaverse, to use the faster 6 GHz frequency band without a license. This opens up 850 megahertz of spectrum, enabling faster speeds and lower latency. Meta, Apple, and Google have been developing AR/VR wearables, with Meta recently releasing its Quest 3. This decision is expected to enrich consumer experiences and benefit the economy. The 6 GHz band is crucial for next-gen Wi-Fi and is already used by services managing the US electric grids and long-distance phone services, requiring FCC oversight.
The CEO of MultiversX, Beniamin Mincu, believes that Apple's spatial computing approach, focused on augmented reality (AR), is better suited for the metaverse compared to Meta's VR Quest headset. Mincu explained that Apple's approach, which sees AR glasses as spatial computing devices, provides a more intuitive experience compared to Meta's focus on virtual reality. He noted that Meta's glasses are limited to a specific virtual world, while the metaverse concept is about an interactive experience within that world. MultiversX recently implemented technical upgrades aligned with the spatial computing approach, aiming to enhance scalability. These upgrades are set to significantly increase transactional throughput and improve governance and network operations.
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Funding and Acquisitions
The Depository Trust & Clearing Corporation (DTCC) is set to acquire Securrency, a digital asset infrastructure developer. This move aims to gradually integrate digital assets into DTCC's existing products and services. The acquisition will result in the rebranding of Securrency to DTCC Digital Assets. The company's management and employees will remain with the firm. This strategic move is expected to leverage Securrency's technology to unlock the value of digital assets within DTCC's network of financial market participants. Additionally, DTCC will license Securrency's technology and offer professional services while promoting its interoperability among distributed ledger solutions.
The Crypto Aid Israel collective, formed by Israeli Web3 community members and global companies, has raised over $185,000 in under two weeks. They've already distributed aid to four humanitarian organizations. This initiative aids those affected by conflict near Gaza. Beneficiaries include groups offering transportation and shelter, medical equipment, food, hygiene products, and clothes. Donations can be made to a multisignature wallet through their website. The effort is supported by companies like KPMG, Zengo, Fuse, and Wonderland. There is an increased focus on ensuring crypto isn't used to fund terrorism. This follows recent actions by entities like Binance and the US Treasury Department.
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Interesting Reads
Restaking in Ethereum is a controversial innovation proposed by middleware protocol EigenLayer. It involves reusing staked or locked-up Ether tokens to earn fees and rewards, which can then be used to secure and validate other protocols. While proponents believe restaking could enhance security and rewards, Ethereum co-founder Vitalik Buterin and key developers have expressed concerns. They worry that restaking could lead to an overload of the chain’s consensus, potentially causing computational overloads and affecting the core properties of Ethereum’s consensus mechanism. The debate continues regarding whether restaking is a force for good or poses potential risks.
Spirit of Satoshi is a specialized AI language model focused on Bitcoin education and adoption. It's trained on reputable Bitcoin resources, Austrian economics, and libertarian ideals, providing nuanced responses to Bitcoin-related questions. Unlike general-purpose models, it doesn't source information like a search engine. Ongoing development involves community engagement, with users incentivized to verify and create data for the model. Spirit of Satoshi aims to be a valuable educational tool and a go-to resource for individuals looking to understand Bitcoin.
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Quick Links
Grayscale Investments filed a new registration statement with the U.S. Securities and Exchange Commission after the Court of Appeals for the District of Columbia Circuit ruled the regulator must look again at the company’s application.
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Miscellaneous
Coinbase's layer-2 network, Base, has open-sourced its code repositories and smart contracts, emphasizing transparency and inviting public contributions to the project. This move allows developers full access to the network's codebase, enabling them to assess and experiment with the code for deposits and withdrawals on Base. While open-source development fosters community auditing and potentially faster vulnerability fixes, it also raises concerns about security. To address this, Coinbase offers a bounty of up to $1 million for discovering bugs. Base has also open-sourced its web properties, further promoting transparency in its development efforts.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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