WHY THIS MATTERS IN BRIEF

Many Blockchains are transparent, offering users little privacy, but COTI’s cross chain privacy protocol solves that and is easy to apply.

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Blockchains are increasingly seen as the de facto technology bedrock of all kinds of new applications and use cases that span sectors, but they still have issues – one of which is privacy. But now COTI, a leader in Web 3.0 privacy solutions, has introduced a first of a kind cross-chain privacy protocol aimed at providing customizable and scalable data protection for a wide range of users. The protocol is designed to cater to enterprises and decentralized applications (dApps), spanning 70 blockchain networks. By supporting both EVM and non-EVM chains, this launch significantly broadens the scope of privacy tools available in the decentralized space.

This development follows COTI’s successful proof of concept, marking a major milestone in advancing Web 3.0 infrastructure. The new privacy layer enables developers to integrate advanced privacy features without altering their existing technical frameworks. Powered by Garbled Circuits technology, which was developed in collaboration with Soda Labs, the protocol offers robust, on-demand privacy tailored to the diverse needs of dApps.

COTI’s leadership has highlighted the significance of this launch, noting that it represents a crucial advancement in Web 3.0 privacy solutions. The protocol is positioned as the first to meet the performance demands of consumer applications, allowing multiple blockchain ecosystems to adopt its privacy features directly within their native environments.

Earlier in the month, COTI showcased the viability of its privacy protocol by completing its inaugural cross-chain transaction through Axelar. This achievement sets the stage for further integration with Axelar’s Amplifier technology, which will extend COTI’s privacy capabilities to 71 interconnected networks. The seamless operation across different blockchains enhances the user experience and reinforces the protocol’s versatility.

The launch of COTI’s cross-chain privacy protocol addresses a long-standing issue in the adoption of blockchain technologies: the tension between transparency and privacy. Public blockchains, with their open ledgers, often fall short in meeting privacy and compliance requirements, making it difficult for businesses to integrate decentralized solutions. COTI’s protocol seeks to bridge this gap by offering programmable privacy that can be activated as needed, ensuring data confidentiality without compromising on regulatory standards.

This innovation positions COTI as a key player in the evolution of blockchain technology, offering solutions that enhance the utility of decentralized systems for enterprises. By enabling private transactions and secure data handling, the protocol supports a range of use cases, from confidential DeFi operations to decentralized identity systems.

With its new privacy layer, COTI is set to raise the bar for data protection within the blockchain industry. The protocol’s capabilities are expected to drive broader adoption of blockchain solutions by businesses seeking secure and compliant frameworks. This development not only enhances the functionality of existing blockchain networks but also paves the way for innovative applications in the Web 3.0 ecosystem.

By offering scalable and customizable privacy, COTI aims to empower developers and enterprises to unlock new possibilities in decentralized finance, identity solutions, and beyond. This strategic move underscores COTI’s commitment to driving the next wave of Web 3.0 innovation, solidifying its role as a trailblazer in blockchain privacy.

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WHY THIS MATTERS IN BRIEF

As Elon Musk and buddies eye Mars as the next human colony at some point it will need its own transaction networks.

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There aren’t any ATMs on Mars. In fact, the red planet currently has no infrastructure in place to support financial transactions at all – how strange! And this therefore poses a significant challenge for future colonists who want to order pizza using Bitcoin or trade apes with fellow Non-Fungible Token (NFT) enthusiasts back here on Earth. But now the solution to this problem you never knew you had may have arrived in the form of recent research in the field of neuromorphic computing.

Traditional extraterrestrial communication is a complex, energy-intensive process that incurs minutes-long delays under the best of circumstances. As future colonists travel to Mars, their ship’s computers will quickly lose the ability to communicate with Earthbound computers and servers in real-time. And, once the colonists reach Mars, their communication systems will experience delays of up to approximately 22 minutes, depending on the planet’s position relative to Earth at the time, in both sending and receiving data.

While 44 minutes might not sound like that big of a deal, there are also the issues of signal degradation, radiation interference, and data corruption to deal with.

Back on Earth, the technology world runs on cloud computing. Nearly every networked machine, from the billions of iPhones in use to the most powerful supercomputers, utilizes some form of remote data processing or compute.

Neuromorphic computers meanwhile are designed to solve data-intensive problems using real-time pattern recognition. Essentially, they’re built to mimic the human brain. They use a system of artificial neurons that process data in memory rather than with a traditional CPU, making them extremely low-latency devices.

This makes neuromorphic computer chips a perfect fit for situations where real-time data analysis has to happen at the edge – meaning, using the hardware on the device itself – in places such as deep-sea research facilities, outer space, and other planets.

Unfortunately, one of the most promising types of neuromorphic computer chips, called self-compliant chips, use materials that can be unpredictable from one device to the next. Despite their great promise, this flaw meant that sometimes these particular chips would dump their data unpredictably, and now a team of researchers in South Korea have had a breakthrough in the development of these chips and, according to their research, overcome this limitation.

With further development, their neuromorphic computing chip architecture could lay the foundations for a revolution in edge computing.

Conducting a blockchain transaction on Earth is a relatively simple process for end-users, but the technology underpinning it, decentralized computing, requires multiple nodes working in concert. Most modern computers are capable of serving as a node and, in some cases, cryptocurrencies can still be mined using personal computers.

However, if all the remote infrastructure is stripped away – including Earthbound energy sources – it would quickly become impossible to mine cryptocurrency or transact on the blockchain. Recreating this infrastructure on Mars, as it exists on Earth in 2024, could potentially take decades or longer.

According to Elon Musk, humans will arrive on Mars long before that period. And, while trading cryptocurrency might not be their first priority, they’ll eventually need to engage in trusted transactions with Earth.

Neuromorphic computers are purpose-built for such situations. Working in parallel with traditional computers, they could enable Martian colonists to conduct edge processing that would normally require real-time connectivity to remote resources and advanced infrastructure.

Theoretically, simple computing devices with self-compliant neuromorphic processing chips could provide real-time automation and data processing for a scalable blockchain network on Mars. This would make it possible for colonists to bring their Earth-based blockchains with them.

Without neuromorphic edge computing, blockchain transactions would have to be initiated on Mars, processed on Earth, sent back to Mars for ledger confirmation, and then sent back to Earth for reconfirmation. This means each individual blockchain transaction could take days to propagate between nodes – which is far too long to wait to pay for your pizza.

Neuromorphic computers won’t solve the transmission delay. Colonists would still be forced to wait up to 44 minutes for transmissions between Mars and Earth until communications technology improves – which is already under way. But, with neuromorphic computer chips handling the heavy lifting, those transactions could happen in bursts containing multiple transactions, and it would then be feasible to achieve a 1:1 hourly update and pricing alignment between the interplanetary cryptocurrency markets.

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WHY THIS MATTERS IN BRIEF

Having banks supporting programmable and smart payments is a big step to improving payment efficiency and automation.

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First Abu Dhabi Bank (FAB) has announced they’ve successfully completed a pilot using programmable payments with JPM Coin through Onyx by JP Morgan which enables payments to be triggered at specific times or events, FAB said in a press release.

“This successful pilot opens up the possibility of a dynamic and automated funding and settlement solution to FAB and JP Morgan’s mutual clients,” the release said. “This solution will enable clients to benefit from Onyx’s real-time and/or event-based programmable capabilities.”

The Future of Money and Payments, by keynote Matthew Griffin

The pilot included FAB’s successful completion of time-based and threshold balance-based account funding into deposit accounts to execute a payment obligation, according to the release.

This innovation can provide flexibility to clients, enable banks to build a wide range of programmable scenarios, and allow treasurers to transition from cash forecasting to dynamic or Just-In-Time (JIT) funding, the release said.

The pilot will also lay the groundwork for use cases like automated and conditional invoice payments, margin funding and settlement solutions, per the release.

Naveen Mallela, head of Onyx said in the release: “We are delighted to work with the FAB to extend our programmable payment offerings to multi-bank use cases. We believe that digital programmable ledgers will form the foundations for the finternet in the coming years.”

Onyx also said in November 2023 that it had recently launched programmable payments through JPM Coin and that multinational conglomerate Siemens AG became one of the first companies to utilize the feature.

Meanwhile Peter Rathgeb, group treasurer of Siemens AG, said at the time that programmable payments provide the ability to leverage 24/7 blockchain-based bank accounts combined with programmability, which will enhance automation, optimise working capital utilisation, and support data-driven digital business models.

It was also mentioned that JP Morgan aims to use its blockchain services to boost its corporate banking market share in Switzerland as well as that those services are already being used in Germany by companies like Siemens, and that with the help of those and other offerings, the bank is working to grow its corporate banking business in Switzerland over the next three to five years.

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WHY THIS MATTERS IN BRIEF

If you want to move crypto between blockchains it’s difficult – which is why wrapped crypto is now becoming a new payment battleground.

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Coinbase, one of the largest and most respected cryptocurrency exchange platforms in the world, has recently introduced its version of Wrapped Bitcoin, called cbBTC.  This new tool has been developed to bring the potential of Bitcoin into the growing ecosystem of decentralized finance (DeFi) on Ethereum and Base, the Layer 2 blockchain developed by Coinbase.

With this move, Coinbase not only enters the Wrapped Bitcoin market, but launches a direct challenge to WBTC, the sector leader, issued by BitGo. The Wrapped Bitcoin (WBTC) are ERC-20 tokens on Ethereum that represent Bitcoin so they can be used in decentralized applications (dApp) DeFi. Since Bitcoin cannot directly interact with Ethereum-compatible blockchains, such as Base, wrapped Bitcoin act as a bridge solution, allowing users to “wrap” their BTC on other networks.

The introduction of cbBTC by Coinbase promises to further expand opportunities for users to leverage their Bitcoin in DeFi applications, such as trading, lending, and using collateral in decentralized protocols. This is a significant step towards promoting a broader and more dynamic Bitcoin economy within the DeFi ecosystem.

The Future of Banking and Payments, by keynote Matthew Griffin

With the arrival of cbBTC, Coinbase offers a solution for users who wish to use their Bitcoin in the DeFi world, without having to go through complex manual processes. The new version signed by Coinbase is designed to be seamlessly integrated with the Ethereum and Base networks, allowing users to trade and use Bitcoin on these platforms as if they were native to the network.

One of the most innovative aspects of cbBTC is its automatic conversion. Users who own Bitcoin can now easily transfer their BTC to Coinbase and convert them into cbBTC for use on Ethereum or Base.

When a user transfers Bitcoin to or from these networks, Coinbase performs the automatic conversion to cbBTC or BTC, depending on the type of network. This frictionless approach greatly simplifies the user experience and reduces the risk of errors or technical complications.

One of the main advantages of cbBTC is its wide integration in DeFi services. Users will be able to use cbBTC as collateral for loans, participate in yield farming protocols, perform decentralized trading transactions on platforms like Uniswap, and much more.

This makes cbBTC a versatile and valuable asset within the DeFi ecosystem, especially for those who wish to put their Bitcoin to work without selling it or transferring it to centralized wallets.

The fact that it is integrated on Base represents another important turning point. Base is the Layer 2 blockchain built by Coinbase to improve scalability and reduce transaction costs. With cbBTC also available on this network, users can benefit from faster transactions and lower costs compared to Ethereum, which encourages a wider and more widespread use of Bitcoin in the DeFi world.

The launch comes at a time when Coinbase is looking to expand its influence in the DeFi ecosystem, directly challenging the market leader of Wrapped Bitcoin, BitGo’s WBTC.

WBTC was one of the first Wrapped Bitcoin to gain traction, representing about 70% of the market. However, Coinbase, with its enormous user base and reputation, could quickly carve out a significant slice of this market.

The objective of Coinbase with cbBTC is to create a significant Bitcoin economy on Base and other compatible networks, facilitating the large-scale adoption of Bitcoin in DeFi. The integration with the Base network represents a fundamental step to achieve this objective, as it allows users to access a more efficient and less expensive platform compared to Ethereum.

With the launch of cbBTC, Coinbase positions itself as a key player in promoting the use of Bitcoin within DeFi. The combination of automatic conversion, integration with major DeFi networks, and support from the Base network creates a unique opportunity for users to leverage their Bitcoin in new and innovative ways.

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WHY THIS MATTERS IN BRIEF

The internet connected everyone, but today’s payment networks are fragmented and disjointed, this Indian billionaire has proposed the Finternet – the “Finance Internet” to solve unify finance for everyone.

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“I am delighted to announce the Finternet, co-authored with Agustín Carstens, which presents a visionary framework for empowering individuals and businesses by placing them at the centre of their financial lives,” tweeted Nandan Nilekani, co-founder of Infosys and founding chairman of the Unique Identification Authority of India. And the new term took the internet by storm.

But, what is Finternet and why care? Multiple financial ecosystems interconnected with each other is called Finternet, much like the internet. The system has been proposed by Carstens, who is the general manager of the Bank for International Settlements (BIS), and Nilekani through a recent working paper of BIS.

The Future of Finance and Payments, by keynote Matthew Griffin

“We foresee a system in which individuals and businesses could transfer any financial asset, in any amount, at any time, using any device, to anyone else, anywhere in the world,” said Carstens in response to queries. “Financial transactions would be cheap, secure and near instantaneous. And they would be available to anyone,” he added.

The building blocks for the Finternet combine technological advances with sound governance.

“One is the ability to create a digital representation of physical assets, like a bond, property, or savings in a bank. These digital tokens are brought together on programmable platforms that can trigger automated actions, such as programmable payments that triggers the sale of an asset,” he further said.

Finternet advocates for a user-centric approach that lowers barriers between financial services and systems, thus promoting access for all.

The proposed system uses technologies such as tokenisation and unified ledgers, with an underlying economic and regulatory framework, to expand the range and quality of financial services.

“This would reduce the complex processes that happen behind-the-scenes today and make transactions slower and expensive. Another key feature is the framework. Central banks would remain at the core of the system, ensuring trust in money, but (like today) work closely with commercial banks,” said Carstens who was the Governor of the Bank of Mexico from 2010 to 2017.

The idea is revolutionary from a tokenisation standpoint, he said at the BIS Innovation Summit 2024.

“Tokenisation allows us to change the way we do financial transactions,” he said. Instead of having piecemeal steps to complete a financial transaction, you package altogether in the form of tokens, and you just exchange tokens, he said, explaining tokenisation. “To get to that degree of simplicity you must do many complex things. This is where technologies come into play,” he said.

Robust regulation and supervision are needed to make sure money retains its value and that the Finternet does not provide a means to bypass laws or exploit regulatory loopholes, Carstens told ET in an email.

Regulation checks could also be built in, and compliance checks could take place in moments rather than days, he said.

Siddharth Shetty is a technology advisor of Bengaluru-based non-profit Foundation for Interoperability in Digital Economy, who worked with the BIS team to put together the Finternet paper.

The problems that plague the financial system today, in terms of speed, cost, products, and availability of different products and services, need a multifaceted approach to solve them, said Shetty at the BIS Innovation Summit.

The characteristics of safety and interoperability must be plugged in right from the start, he said. The Finternet much like the internet, can be made available to 8 billion people and 300 million businesses, if it is universal, he said.

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WHY THIS MATTERS IN BRIEF

In time AI will be spending your money for you – and for itself as it buys goods and services for different purposes – and this is a big step towards autonomous AI “money networks.”

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Web 3.0 infrastructure firm Biconomy is onboarding Artificial Intelligence (AI) agents to enable on-chain transactions on behalf of users. The Delegated Authorisation Network (DAN) is “relatively new” and serves as an authorisation layer that allows the delegation of trading activities to AI agents, Biconomy co-founder Aniket Jindal explained to reporters.

Authority delegation means agents can autonomously manage trading accounts, executing transactions under previous instructions like those permitted via Smart Contracts. After permissions are defined with a Decentralised Application (DApp), it can receive personalised input from users regarding allocations and trading strategy.

“Essentially, DAN allows users to delegate certain transactional tasks and authorisations to AI agents, granting them the ability to act on the user’s behalf within predefined parameters,” Jindal explained, adding: “For example, in a conversational way, ‘please use my $1,000 for this strategy’ or even provide more granular control through a settings sort of dashboard.”

AI agents are programmed to perform specific tasks autonomously or semi-autonomously on behalf of users. These tasks can range from simple, such as automating repetitive actions, to complex, like decision-making in dynamic environments based on pre-set criteria or learned experiences.

The difference between AI agents and AI-powered trading bots like those used in Quantitative Trading relies on the complexity and adaptability of their operations. While AI agents can help optimise asset allocation and portfolio management, trading bots are specifically designed to automate asset buying and selling.

The network uses a type of sharding mechanism to grant keys privacy. According to Biconomy, the system generates a new Delegated Authorisation Key for each user. This key is then fragmented into multiple shards and distributed across a decentralised network of nodes, ensuring no single node can access the full key.

“To make sure that each node in the DAN network is performing as intended, DAN leverages EigenLayer for Ethereum’s robust economic security,” said Jindal. Validators in the EigenLayer network restake their Ethereum holdings, subject to slashing if malicious activity is detected.

“AI will soon engage in on-chain transactions, and DAN facilitates this securely without sacrificing self-custody,” he added.

The market for AI agents, specifically in the finance sector, is expected to grow rapidly. By 2030, the global market for autonomous AI and autonomous agents is forecast to reach approximately $70.53 billion, with a compound annual growth rate of 42.8% from 2023 to 2030, according to a report from Grand View Research. Financial institutions are leveraging AI agents to automate trading, manage risk, and detect fraud, among other use cases.

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WHY THIS MATTERS IN BRIEF

While China and the BRICS try to de-dollarise the world Stablecoins are unexpectedly helping the Greenback fight back.

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Over the years China especially has led the charge to try and dedollarise the world as they try to establish the Yuan, or any other currency, as the Global Reserve Currency. And while so far dedollarisation is a rising trend that’s seeing more success it turns out that Stablecoins are unexpectedly boosting US dollar dominance around the world in countries that otherwise have no access to the currency, according to a new report sponsored by global payment giant Visa.

Authored by Castle Island Ventures and Brevan Howard Digital, the report outlined how stablecoins adoption is rising irrespective of crypto’s market cycles, and gaining adoption as a monetary instrument for reasons unrelated to digital asset trading and speculation.

For example, data from Visa and Allium Labs shows that stablecoin volumes reached $461 billion in August alone (adjusted to weed out inorganic activity from blockchain bots). That’s the third-highest month on record, surpassing any point from the 2021 bull market, despite crypto’s market slump over the past two quarters.

“Even though they are small still, they are extending the reach of the dollar – especially in countries where USD is scarcely available,” wrote Nic Carter, general partner at Castle Island Ventures, to Twitter on Thursday.

Stablecoins are blockchain-based currencies backed by a conventionally “stable” asset, like a government currency. They enable the cost-efficient and flexible nature of blockchain payments in a way that doesn’t expose holders to the volatility of assets like Bitcoin or Ethereum.

As the authors note, a whopping 98.97% of stablecoins in circulation are currently backed by US dollars, making USD even more dominant in the stablecoin sector than other areas of foreign exchange dominance. Chief among them is Tether (USDT), which alone accounts for 69% of the $170 billion stablecoin market, according to DeFi Llama.

The report included results from a survey of 2,541 individuals across Nigeria, India, Indonesia, Turkey, and Brazil – all countries where traditional dollar banking services are limited.

The results found that 69% of cryptocurrency users surveyed had converted their local currency to stables. Carter said they believe these conversions represent net flows into dollars, rather than “a mere substitution of dollar balance sheets from one dollar instrument to another.”

Furthermore, 39% of respondents had used stables to pay for a good or service, and 39% had used stables to send money to relatives in another country. Overall, 72% said they expected to increase their use of stablecoins in the future.

“Stablecoins are preferred to USD banking due to yield, efficiency, and lower likelihood of government interference,” the report added.

Among the five countries, stablecoins were easily the most popular in Nigeria, where 75% of respondents said they had a “very favorable” opinion of the tokens.

“Crypto-dollarization events are likely to happen. we believe one such event is actively occurring in Nigeria right now, despite government hostility,” Carter wrote. “End users want digital dollar instruments, and currency substitution will happen regardless.”

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WHY THIS MATTERS IN BRIEF

Giant platforms are emerging that noone has heard of – so could your company one day be disrupted by a company called hamster Combat!?

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Hamster Kombat, that platform that you’ve likely never heard of before as the world seems to get crazier by the day, included in a recent announcement that it has now set a new milestone of a billion users. Hamster Kombat, which is a crypto-powered pet battle game built on the TON blockchain posted on X to share that it now boasts a user base of over 100 million individuals. This level of growth, particularly within such a short period, signifies a new level of mainstream adoption for Play-to-Earn (P2E) games, where people can earn crypto just for playing a game which is part of the Decentralised Finance or DeFi trend, within the Telegram messaging platform.

While Hamster Kombat itself operates on Telegram, the game leverages TON’s blockchain technology for its core functionalities. So what Is Hamster Kombat?

Hamster Kombat is a little different from conventional pet battle games. It offers a unique P2E that allows players to manage a virtual crypto exchange, strategically investing and upgrading their “hamsters” to rank higher on the leaderboards and earn rewards as they climb. The game utilizes a “tap-to-earn” mechanic, encouraging players to actively participate and contribute to the in-game economy.

At the moment, the exact details of the rewards and in-game currency remain undisclosed. However, it promises users the possibility of earning cryptocurrency while enjoying a casual fun game. This unique approach is undoubtedly the driving force behind Hamster Kombat’s remarkable user base growth.

It is also worth noting that the surge in popularity reflects a growing trend of success among similar P2E games such as Notcoin, another Telegram-based crypto game that exploded in a similar manner earlier in 2024.

Without a doubt, Hamster Kombat’s early success shows that there might be a future where Telegram emerges as a viable platform for casual P2E experiences. The accessibility and familiarity of Telegram, its wide user base, alongside the potential to earn cryptocurrency through gameplay, appears to be the winning formula. However, there are fears surrounding the long-term sustainability of P2Es, particularly as it concerns the potential for market saturation.

Hamster Kombat included in its announcement that it has now set a new milestone of a billion users. However, it remains to be seen whether it can maintain its current momentum and continue to attract new players in the coming months.

Whatever happens, with over 100 million users, Hamster Kombat has established itself as a major player in the P2E space.

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AI is changing the world, and globally 7 companies control the foundational models, these companies are trying to democratise AI.

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Something I first talked about many years ago was the emergence, albeit very slowly and quietly, of the decentralised Artificial Intelligence (AI) trend, and now Fetch.ai, SingularityNET and Ocean Protocol—have announced their intention to merge and create the world’s largest decentralized AI ecosystem. The merger, which is subject to community approval, aims to accelerate progress toward decentralized Artificial General Intelligence (AGI) and further toward Artificial Super Intelligence (ASI).

Just for reference, while AGI focuses on building an AI that is able to mimic human reasoning capabilities, ASI focuses on exceeding the boundaries set by AGI in all areas. So, while J.A.R.V.I.S, superhero Iron Man’s PC, may be an AGI computer, it’s got nothing on Deep Thought computer powered by an ASI in “The Hitchhiker’s Guide to the Galaxy” book series.

The new entity, to be known as the Superintelligence Collective, will bring together the strengths of the three projects to create a powerful alternative to existing AI projects controlled by Big Tech. Fetch.ai, a Web 3.0 platform for the new AI economy, is building a decentralized multi-agent platform for deploying AI applications. SingularityNET has built an AI-powered blockchain-based marketplace and framework for AI services, while Ocean Protocol has focused on building a decentralized data exchange platform.

The merger is born out of a period of exponential growth for AI projects and provides an opportunity for the three leaders to create a compelling alternative to Big Tech’s control over AI development, use, and monetization.

That means they would be up against the likes of OpenAI, Google, Microsoft, Meta, Anthropic, etc. But in general, they would offer a platform for developers willing to build AI models that compete against centralized, proprietary technologies.

The fusion of their research, brands, technologies, and products will create a foundation to build a scalable decentralized AI infrastructure that combines the different focuses of each project and accelerates investments in AGI research.

Openness and decentralization has become a key dividing topic in the philosophical debate surrounding AI. As AI becomes more sophisticated, the requirements and costs to train better models has increased. That, in turn, has underscored the appeal of distributed ecosystems for small developers and the open source community in general.

“Decentralized AI facilitates direct interactions between developers and users, bypassing the traditional gatekeepers of centralized authorities. This enhances data privacy and paves the way for a more democratic and trustworthy AI ecosystem and encourages global participants to contribute,” Humayun Sheikh, Fetch.ai CEO said in a press release.

The transaction details involve the migration of tokens, with Fetch.ai’s FET leading the charge and becoming ASI. SingularityNET’s AGIX tokens and Ocean Protocol’s OCEAN tokens will then be migrated to ASI. If and when the proposal receives majority approval from each respective community, the newly created ASI token will have a Fully Diluted Valuation (FDV) of approximately $7.5 billion as of March 26, 2024.

In detail, the idea is to merge tokens at a conversion rate of 0.433350 to 1 for SingularityNET holders, 0.433226 to 1 for Ocean Protocol, and Fetch.AI simply doing a rebranding maintaining the same token amount. $ASI should start trading at $2.82 per token – if the proposal is approved

This token merger is somewhat unusual, but not without precedent. In 2022, NuCypher and Keep Network used a similar process to merge into a brand new project called Threshold Network Token, demonstrating the potential success of such collaborations. Since the announcement of this merger, SingularityNET spiked 10%, Fetch.AI spiked 12.82%, and Ocean Protocol jumped over 23%.

The Superintelligence Collective will be led by Ben Goertzel as CEO. He’s the AI researcher who coined the term “AGI” in 2005. Goertzel will be joined by Fetch.AI’s Humayun Sheikh as the Chairman and Trent McConaghy representing Ocean Protocol. The organizations helping guide the development of the three merging networks will continue to operate as separate entities, but will collaborate closely in the shared ASI tokenomic ecosystem and the operation of the Superintelligence Collective.

The diluted capitalization could easily land the ASI token in the top 20 of the most valuable cryptocurrency projects, just below Uniswap and beating other notable projects like Litecoin, DAI, Stellar. The merger would also make Superintelligence Collective the second most valuable AI token in the crypto industry, just below NEAR Protocol which has an $8.1 billion market capitalization at the time of writing.

The leaders of the three projects have expressed their excitement about the merger, emphasizing the shared vision of creating a decentralized, democratic, and inclusive AI ecosystem. They believe that this merger will accelerate investment into AGI and pave the way for a more democratic and trustworthy AI ecosystem.

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Countries currencies are going digital and love them or hate them CBDC’s are being trialled all around the world.

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More than 100 central banks – representing 98% of global GDP – have adopted or are considering adopting their own digital currency to complement their economy’s money supply, according to the Atlantic Council, although only 11 have introduced formally them so far. The Brazilian Central Bank (BCB) began its journey towards a CBDC in August 2020, with the creation of the first working group to study the feasibility of a digital currency. Brazil has made considerable advancements since then; its pilot programme, which started in March 2023, is due to produce an assessment by mid‑2024.

As Brazil has had notable success in developing its digital economy, we expect adoption of the Drex as its called to be widespread. Pix, a digital payments system, gained popularity quickly after its introduction in November 2020, and nearly three‑quarters of Brazilians (99% of the adult population) have now registered. The popularity of Pix has been credited with increasing financial inclusion and reducing transaction costs. The BCB expects the Drex to take the digital economy one step further, filling in the gaps left by Pix.

Whereas Pix is an instant payments system focused on retail transactions, the Drex is the digital representation of the Brazilian currency, the Real. The use of blockchain technology, as is the case for cryptocurrencies, and distributed ledger technology (DLT) will provide security and transparency, helping to engender confidence in the Drex. However, unlike cryptocurrencies, which are unregulated and decentralised, the Drex will be regulated and its value guaranteed by the BCB, meaning that its value will be stabilised, equal to the Brazilian Real. These features will make the Drex more suitable for carrying out the larger transactions that are required in wholesale and government operations. For example, the Drex could be used to price assets, conduct streamlined cross‑asset operations without intermediaries, facilitate international transactions and automate contracts, to the benefit of the country’s business environment.

CBDCs are relatively new – the first was only introduced in 2020 by the Bahamas closely followed by China – and their long-term impact and risks remain to be seen. However, initial concerns have ebbed to some degree. Worries that digital currencies could undermine the role of banks have so far proven unfounded. Many central banks have designed their CBDCs in such a way that the public can only access them through financial institutions, sustaining the need for financial intermediation and preventing digital currencies from being used in preference to bank deposits. Along similar lines, the existence of CBDCs raises the risk of bank runs, although none have taken place yet. This risk remains low while the banking sector health is maintained, but some central banks have sought to prevent banking assets from flooding towards CBDCs by establishing regulatory limits on digital currency holdings. To that end, the BCB has already indicated that public access to Drex will be through financial institutions and that there will be a limit on individual holdings.

Although the BCB was planning to launch the Drex to the public before end‑2024, delays in the development of the regulatory framework for the digital currency and its infrastructure suggest that the entire timeline for the project will slip. The BCB has announced that an open trial period could take place at the end of the year and that the Drex will launch fully in early 2025.

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