News — Dinar Recaps Blog Page — Dinar Recaps (2024)

IOTA Foundation a Winner in EBSI PCP, Demonstrating Scalability and Sustainability

The IOTA Foundation has successfully completed the final phase of the European Blockchain PCP, developing a scalable, energy-efficient, and secure blockchain solution using its Tangle technology.

As part of the European Blockchain PCP, IOTA created prototypes such as Digital Product Passports for electronics and plastics and an Intellectual Property Rights (IPR) Marketplace.

The IOTA Foundation recently announced that it has successfully completed the third and final phase of the European Blockchain Pre-Commercial Procurement (PCP), a big initiative funded by the European Commission.IOTA was one of the seven projects to participate in the European Blockchain PCP which began back in 2020.

As reported by Crypto News Flash, EBSI is an open-source permissioned network supporting cross-border credential attestations across the European continent.

Its long-term vision includes the evolution of the infrastructure into the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC)which will offer scalability, energy efficiency, and secure blockchain applications.

Throughout the phases of this project, IOTA, along with its partners such as Digimarc, Software AG, Uncommon Digital, etc., developed a solution combining the DAG-based tangle DLT with open-source building blocks and APIs.

This solution includes a core DLT layer built atop the Stardust version of the Tangle protocol, which uses a Decentralized Coordinator with a Proof-of-Authority consensus mechanism involving EU member states and institutions.

It further ensures decentralization, efficiency, interoperability, and scalability, enabled by the “Tangle Tree” data sharding concept and EVM-compatible IOTA Smart Contract Chains.

Now, with the completion of the European Blockchain PCP, IOTA can apply these innovations and prototypes in the market, thereby contributing to future blockchain services in Europe.

IOTA Builds Innovative Prototypes for European Blockchain PCP

As part of its involvement in theEuropean Blockchain Pre-Commercial Procurement (PCP),the IOTA Foundation built innovative solution prototypes.One such prototype focuses on intellectual property rights (IPR) management by leveraging NFTs, smart contracts, and decentralized identities (DIDs).As reported by Crypto News Flash, IOTA has also created an IPR Marketplace that is accessible through an EU Digital Identity-compatible credential wallet.

Similarly, IOTA has also developed Digital Product Passports (DPPs) for both the electronics and the plastic industries.Thus, the Electronics DPP prototype tracks the entire lifecycle of electronic devices, right from manufacturing to recycling. Similarly, the Plastics DPP prototype focuses on the transformation of agricultural plastic waste into bioplastic, while recording each phase of the process, per the CNF report.

IOTA successfully demonstrated its technology in the European Blockchain PCP across multiple areas such as:

▪️Scalability:IOTA’s Tangle technology achieved 90K confirmed transactions per second by using the Tangle Tree sharding concept, thereby supporting exponential scalability with 100 interconnected Tangles.

▪️Sustainability:The energy consumption for IOTA’s Stardust Tangle has scaled logarithmically with transaction volumes. IOTA noted that this makes it more energy-efficient than other solutions, like Hyperledger Besu.

▪️Security and Privacy:IOTA aligned with industry standards, developed quantum-resistant cryptography, and ensured compatibility with European regulations, enhancing both security and privacy in its blockchain solution.

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Malaysia’s Anwar Ibrahim visits India to reset ties, boost Brics membership bid

The first visit to India by PM Anwar Ibrahim is timely due to China’s rising dominance of Malaysia’s foreign policy space, analysts say

Malaysia’s Anwar Ibrahim on Monday makes his debut trip to India as prime minister, seeking support for his country’s application to join the Brics bloc and to rekindle a bilateral relationship that was worth over US$16 billion in trade last year.

During its first prime minister-led delegation’s visit to India since 2018, Malaysia hopes to bolster ties with one of Asia’s fastest-growing economies.India is the largest buyer of Malaysian palm oil and a key exporter of rice to the Southeast Asian nation.

The application to join Brics, which was submitted to the current chairman Russia, is aimed at cushioning a potential impact on Malaysia from the escalating US-China trade and tech war,analysts say.

Brics comprises founder members Brazil, Russia, India, China and South Africa, as well as Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates, offering preferential trade and investment with countries covering 45 per cent of the world’s population.

Anwar’s three-day visit is also a chance to reset Malaysia’s relations with India,analysts say, following a hangover from a spat with New Delhi under a previous Malaysian administration and China increasingly dominating the Southeast Asian nation’s foreign policy space.

During his visit, Anwar is scheduled to hold talks with his counterpart Narendra Modi, Malaysia’s foreign ministry said in a statement on Sunday, as well as meet India’s captains of industry and deliver a lecture on Malaysia-India ties.

The visit marks the first top-level visit by a Malaysian leader since former prime minister Mahathir Mohamad in 2019 accused India of having “invaded and occupied” Kashmir. His comments triggered a limited boycott of Malaysia’s palm oil – one of its biggest exports – by Indian traders.

India has been Malaysia’s top export market for its palm oil for 10 years running, buying 2.84 million tonnes in 2023, or nearly 20 per cent of Malaysia’s total palm oil exports, according to Malaysian government data. In contrast, China bought 1.47 million tonnes of palm oil shipments.

Malaysia is also heavily dependent on India for its domestic food supply.

In March, Malaysia’s government put in a request to import an additional 500,000 metric tonnes of rice from the world’s largest rice exporter, as a prolonged drought crimped domestic output and put pressure on national grain stockpiles. The request was on top of an earlier rice export quota of 170,000 metric tonnes allocated for Malaysia for the year.

India also has deep cultural links with Malaysia, whose minority ethnic Indians make hundreds of thousands of annual visits each year to their ancestral family villages and perform religious pilgrimages in temples, mostly in India’s south.

There is also a burgeoning strategic dimension in the relationship to serve as ballast to counter China’s influence, which looms large over the contested South China Sea, analysts say.

“Beijing’s rapid ascendency in the past three decades has transformed the entire power and economic equation in the region, and until recently, there was no adequate power balancer to this new power dynamic apart from the West,” said Collins Chong Yew Keat, a foreign affairs analyst with the University of Malaya.

The visit presents an opportunity for Malaysia to explore deeper defence cooperation with India, which has been upgrading its security and naval capacities and is carving out an increasingly important role in Asia’s regional maritime resilience, Chong added.

It is a role outlined in Modi’s Indo-Pacific Oceans Initiative launched in 2019, which presents the South Asian power as potentially the “primary power challenger” to China, Chong said.

Ripple Enhances XRP Ledger (XRPL) with Launch of New Batch Devnet Servers

▪️Ripple launches Batch-Devnet Servers, boosting XRPL’s development with enhanced testing capabilities.

▪️New Batch Transactions feature on XRPL streamlines complex operations, aiding NFT minting and more.

Ripple Labs developers are taking significant steps to enhance the XRP Ledger (XRPL). Following the new era for XRPL we discussed earlier, Ripple and Archax are working to tokenize millions in real-world assets.

The latest update is the announcement of the availability of Batch-Devnet Servers, which serve as a parallel XRP Ledger test network.

As per a tweet yesterday, RippleX shared that the Batch-Devnet Servers are now available as a parallel XRP Ledger test network.

These test networks provide a platform for testing changes to the XRPL and connecting software without using real funds.It’s important to note that the ledger history and balances on these networks can be reset at any time, andusers are advised not to use Testnet or Devnet credentials on the Mainnet.

RippleX also highlighted thatusers can now explore the new “Batch Transactions” feature. This allows multiple transactions to be bundled and executed as a single unit,enhancing reliability and predictability for complex operations.

All balances and XRP on these networks are separate from the Mainnet. As a precaution, do not use Testnet or Devnet credentials on the Mainnet.

One practical use casefor this technology is the minting of non-fungible tokens (NFTs) and creating an offer for them in a single transaction.

Taking into account that the XRP Ledger set a new record with 90 million ledgers closed, as CNF previously highlighted, it was a key achievement highlighting XRPL’s growth and community involvement. According to CoinMarketCap data today, Ripple (XRP) is trading at $0.5946, declined by 1.39% in the past day, and surged by 3.23% in the past week.

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8 /28/ 2024 Noon Central

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IOTA Foundation Develops 3 Innovative Solutions for EU_EBSI Funded by European Commission

▪️The IOTA Foundation has introduced three groundbreaking products in collaboration with the European Commission to enhance transparency across various sectors by utilizing blockchain technology.

▪️The new tools include a Digital Product Passport for electronics, a Digital Product Passport for plastics, and an Intellectual Property Rights (IPR) management solution.

In the latest development, the IOTA Foundation recently developed three revolutionary products, which they launched in association with the European Commission. With these products, IOTA focuses on raising levels of transparency in numerous industries and sectors.

Moreover, these innovations come within the framework of the European Blockchain Pre-Commercial Procurement (PCP). For context, PCP focuses on developing enhanced solutions for blockchain. Let’s take a look at all three products from IOTA.

1. Digital Product Passport For Electronics (H2)

The DPP for electronics manages the lifecycle of electronic goods. The IOTA Foundation built it in collaboration with the Technical University of Catalonia and eReuse. This tool uses blockchain to ensure that all electronics right from manufacturing to its disassembling and recycling are well recorded.

The DPP addresses key stages in an electronic device’s lifecycle: procurement of the raw materials, manufacturing, utilization, and disposal of the product. Also, there is a record of each level of the process, which guarantees proper documentation of all information about the device regarding its chemical content, breakdowns, and recycling procedures.

Furthermore, effective record-keeping also boosts the area of accountability. The DPP prototype uses IOTA Smart Contracts in order to record key information and to easily track and validate the history of electronic products throughout the chain, per the CNF report.

2. Digital Product Passport For Plastics (H2)

To tackle the ecological concern of plastic waste, the IOTA Foundation has developed a DPP prototype designed specifically for agroplastic products like agricultural mulch films. For this initiative, IOTA has partnered with Digimarc and Agro2Circula, and together, they will work on tracing the journey of plastics right from use to reuse, recycling, and reuse as products, reported Crypto News Flash.

However, this operation is rather complex and implies the involvement of many parties, and its specifics depend on national legislation. Nonetheless, the solution gives a comprehensive account of the lifecycle of plastic. It also includes the journey in which the waste is disposed of through recycling and upcycling techniques.

This prototype by the IOTA Foundation provides proof of work in tracking the disposed plastic in a transparent and verifiable manner. As such, it assists in minimizing the effects of plastic waste on the environment.

The third innovation is an identification model created to provide more efficient guidance on Intellectual Property Rights related to the media. IOTA was developed keeping in mind the complexity of the process of licensing music used in films. Thus, this tool uses distributed ledger technology and smart contracts for rights management and royalty payments.

The IPR Marketplace system relies on IOTA Smart Contracts that turn conventional negotiations and paperwork into digital contracts that self-execute and self-enforce. Furthermore, it ensures that rights holders can protect and claim their compensation in an orderly manner, reported CNF.

The system also supports Non-Fungible Tokens (NFTs), designed to ensure timely payment for everyone, from the performer to songwriters and record companies. These NFTs also enhance traceability and reduce disputes.

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Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac
"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

See photos of Isaacs bonds here:

https://telegra.ph/Isaacs-Facts-and-Truth-08-03

Ripple Important Level of Contact with IMF Revealed in Fresh Palau Report

A recently released report on Palau’s National Government Payment Service has revealed a significant level of contact between Ripple and the International Monetary Fund (IMF).

Prominent XRP community member WrathofKahneman (WoK) unearthed this observation and highlighted it in a recent post on X.

Notably, the report from Palau highlighted the successful completion of Phase 2a of the country’s digital payment initiative. For context, this initiative focuses on developing a stablecoin service, “PSC.” Palau is carrying out this project in collaboration with Ripple, utilizing the XRP Ledger (XRPL).

This recently completed phase analyzed stakeholder requirements in six key socioeconomic areasto develop a framework for a convenient and accessible national payment ecosystem, especially for the unbanked and underbanked.

Additionally,the Palau digital payment system seeks to emulate the services of PayPal and Alipay in ways that precisely fit the context of Palau’s needs.

Its goals are reducing cash reliance, lowering fuel consumption and travel time, and offering lower fees. The report also reviews the pilot program, incorporating feedback and recommendations for a phased nationwide rollout.

Ripple’s Important Level of Contact with IMF

What stands out in this latest report is the inclusion of the IMF Technical Assistance Teamamong the stakeholders consulted for the project. According to WrathofKahneman,this points to an important level of technical engagement between Ripple and the IMF.

WoK emphasized the significance of this connection, noting thatwhile the XRP community has long been aware of Ripple’s discussions with the IMF, this report serves as tangible evidence of their collaboration on a practical level.

Furthermore, WoK strengthens his argument by pointing out thatthe IMF’s recommendations align closely with the objectives of Palau’s National Payment System, which Ripple is helping to develop.

The IMF’s focus on enhancing financial resilience, improving payment systems, and carefully approaching fintech innovationsmirrors the goals of the Ripple-Palau collaboration.

WoK believesthis alignment suggests that Ripple’s involvement is not just incidental but deeply integrated with IMF-led financial strategies in the region, reinforcing the idea of meaningful contact between Ripple and the IMF.

RFK Jr.'s campaign may drop out to support Trump, says running mate Nicole Shanahan

Both candidates have adopted a pro-crypto position; their collaboration could create a powerful narrative in the 2024 election.

Key Takeaways

▪️Kennedy's campaign is evaluating a potential endorsem*nt of Trump to avoid splitting votes.
▪️Trump has become a pro-crypto candidate, promising to support the industry.

Pro-crypto presidential candidate Robert F. Kennedy Jr.’s campaign is mulling quitting the election bid and joining forces with Donald Trump, said Nicole Shanahan, Kennedy’s running mate, on Tom Bilyeu’s Impact Theory podcast. Shanahan’s statements were first shared by Collin Rugg, Trending Politics’ co-owner.

Dropping out of the election race is just one of two possible outcomes. Shanahan said Kennedy’s campaign is also considering continuing their third-party bid, but it comes at the risk of splitting votes with Trump, which could benefit Kamala Harris’ campaign.

“There are two options that we’re currently looking at andone is staying in and forming that new party, but we run the risk of a Kamala Harris and Waltz presidency because we draw votes from Trump,” Shanahan stated.

“Or we walk away right now and join forces with Donald Trump,” she noted, adding that it would not be an easy decision and they would need to justify it to their supporters.

According toPolitico, Kennedy’s campaign is struggling financially, with $3.9 million in cash and $3.5 million in debt as of July 2024. Despite efforts to boost fundraising, the campaign’s expenditures have consistently outstripped its income.

If Kennedy’s campaign team chooses to collaborate with Trump’s team, that could create a powerful narrative in the 2024 election as both two figures have adopted a pro-crypto stance.

Trump has positioned himself as a pro-crypto candidate,pledging to retain all Bitcoin held by the US government and to ease regulatory pressures on the crypto industry.

Harris’ position on crypto is unclear,though reports indicate that her campaign team has been working to reconnect with the industry in recent weeks.

Despite crypto’s growing popularity, its potential impact on voting behavior remains uncertain.Voters often make decisions heavily influenced by key issues like economic conditions.

Harris has recently faced criticism for her new economic proposals, with figures like former Obama economist Jason Furman questioning the practicality and sensibility of her plans.

Following her speech on these proposals, Harris’ odds of winning the election dropped to 49% on the decentralized prediction marketplace Polymarket, while Trump’s odds saw a corresponding surge to 49%.

Bank of England to develop analytics data platform for ISO 20022

The Bank of England is working with the BIS Innovation Hub London centre on a project that will explore how technology can enhance the analytical use of ISO 20022 data to shed light on economic conditions, system liquidity and compliance.

The increased use of ISO 20022 standards for payment messages in Real Time Gross Settlement (RTGS) systems means many central banks will adopt the protocol in the coming years. The UK's high value payments system Chaps completed the cutover to the new data standard in June last year.

Project Keystone aims to develop a standardised data analytics platform focused on ISO 20022 data. As part of the project, two modules will be developed.

The first will address the complexities of handling the ISO 20022 data structure and the associated data storage requirements, and the second will provide analysis based on the data.

Keystone is intended to become anoff-the-shelfcomponent that payment system operators can integrate into their own systems.

The Bank of England believes that Keystone's support of analytics capabilities could enable payment system operators to utilize the enriched data contained within the ISO 20022 message scheme for greater understanding of economic conditions, system liquidity, and compliance with ISO 20022 standards.

In addition, as Keystone will create a standardised data platform, future users will be able to create and share additional analytics capabilities within the central banking community.

@ Newshounds News™

Nigerian tax authority to introduce crypto regulation bill in September: report

The Federal Inland Revenue Service, Nigeria’s tax authority, plans to introduce a bill to regulate the cryptocurrency sector by the end of 2024.

Speaking at a recent stakeholder engagement session with the National Assembly’s Finance Committees, FIRS Executive Chairman Zacch Adedeji said the country is set to propose a bill that would introduce laws to regulate the crypto sector, mitigate the risks involved, and benefit the nation’s economy, according to a Vanguard report.

The new regulation is part of a broader effort to modernize existing laws in the taxation system to keep up with Nigeria‘s evolving economic landscape. Adedeji urged the FIRS’s collaboration with lawmakers to implement the bill, with the first iteration expected to be introduced in September.

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The Private Sector Development Department discussed with the Departments of Foreign Economic Relations and Administrative and Financial Affairs at the Ministry of Trade, the mechanism for Iraq's accession to the Federal Union of World Trade Points, the legal procedures for joining, and the benefits that the Iraqi sectors will obtain.

The Director General of the Department, Ibtihal Hashem, stated in a statement: "The meeting discussed an explanation of the union as an international non-profit organization, which was established under Swiss laws in 2000 and is concerned with managing and developing international trade points in order to activate electronic commerce, in addition to its capabilities to provide small and medium-sized companies with commercial information for member states located in developing and least developed countries."

Saleh said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Central Bank is a strategic institution that works to support the value of the dinar and its stability, and to build balances in the Iraqi balance of payments, regularity of payments, and international reserves that support Iraq's foreign trade."

He added, "Due to the rentier nature of the economy, the Central Bank and its reserves have become the feeder and financier of foreign trade for the private sector."

He pointed out that "Iraqi oil sales are in dollars, and are deposited with the US Federal Reserve through an open account in the name of the Central Bank, which is managed by the bank on behalf of the Iraqi government."

He continued, "The upcoming visit of the Governor of the Central Bank, Ali Al-Alaq, to ​​New York City in the United States of America comes to protect the Iraqi banking system and support its stability."

He explained that "the Central Bank, by virtue of its work and responsibility to maintain the financial system of Iraq, must negotiate with the American side regarding the file of the sanctioned banks to alleviate the severity of the deprivation on the banks, as there may be an error or exaggeration that was previously decided to be sanctioned by the American side," stressing that "there is insistence and communication from the Central Bank of Iraq in a good and positive way to protect the Iraqi banking system."

Earlier, the Governor of the Central Bank, Ali Al-Alaq, confirmed in an interview with the Iraqi News Agency (INA), that "there will be meetings held with the Federal Bank and the US Treasury Department at the end of this August to review aspects related to external transfer operations and discuss sanctions on some banks." link

US federal agencies are planning to redefine 'money' to include crypto in reporting rules

Federal regulators aim to treat crypto and traditional currency equally for financial institution reporting.

Key Takeaways

Several top US federal agencies are collaborating to revise the definition of “money” to strengthen reporting requirements for financial institutions handling domestic and cross-border cryptocurrency transactions.

The US Department of the Treasury’s semiannual regulatory agenda, released on August 16, reveals an upcoming federal effort to level the regulatory playing field for cryptocurrencies and traditional fiat currency.

The Board of Governors of theFederal Reserve System and the Financial Crimes Enforcement Network intend to revise the meaning of “money” used in the Bank Secrecy Act.

According to the agenda, the agencies aim to ensure that the rules apply to transactions involving convertible virtual currency, defined as a medium of exchange that either has an equivalent value as currency or acts as a substitute for currency, but lacks legal tender status.

The proposal will also extend reporting requirements to digital assets with legal tender status, including central bank digital currencies.

The final notice of proposed rulemaking is currently scheduled for September 2025,subject to clearance. This move comes as the US government recently shifted approximately 10,000 Bitcoin linked to a dated Silk Road raid on August 14.

In addition to crypto, the Department of Justice is actively amending regulations and legal mandates for artificial intelligence.

These recommendations seek to expand beyond established guidelines and apply to any crime aided or abetted by simple algorithms.

In June,the US Supreme Court overturned the Chevron doctrine,significantly affecting the SEC’s regulatory authority over crypto policies.

In May, the US Treasury and IRS introducednew tax regulations for crypto brokers,requiring transaction reporting and record-keeping of token costs starting in 2026.

Earlier this month, Senators Wyden and Lummis criticized theDOJ’s treatment of crypto software services as equivalent to unlicensed money-transmitting businesses, highlighting potential conflicts with the First Amendment.

This regulatory push reflects the growing recognition of crypto and digital assets as significant components of the financial system. By aligning reporting requirements for crypto with those of traditional currency, regulators aim to enhance transparency and combat potential illicit activities in the crypto space.

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IOTA News: Tangle Treasury Implements New Anti-Fraud Measures to Protect Grant Distribution

▪️The Tangle Treasury has implemented significant improvements in data and financial security, introducing a new anti-money laundering (AML) and counter-terrorist financing (CTF) policy.

▪️Nicole O’Brien will lead as the AML/CTF officer for IOTA’s Tangle Treasury, overseeing adherence to best practices, improving internal protocols, and training staff.

The IOTA and Shimmer communities received an important update from the Tangle Treasury regarding the enhanced backend improvements.

The latest advancements currently focus on boosting data and financial security while refining proposal reviews and grant management processes.

Thus, in an effort to mitigate risks associated with fund allocations, the Tangle Treasury unveiled a new counter-terrorist financing (CTF) and anti-money laundering (AML) policy.

The broader goal here is to safeguard the Treasury’s primary mission of issuing grants to other promising projects while minimizing the risk of the funds falling into the hands of scammers and other malicious players.

These improved screening features will further enhance the Treasury’s operational efficiency while protecting community investments. As we know, the Tangle Treasury has made significant strides in enhancing internal processes while ensuring community funds’ safety.

With its AML and CTF policy,Tangle DAO has also implemented additional protective measures such as conducting rigorous background checks and enhanced know-your-customer (KYC) procedures for all the proponents as well as grant recipients such as proof-of-address, proof of identity, screening against sanction lists from major countries and blocs, as well as checks for politically exposed persons (PEP).

IOTA Tangle Treasury Appoints Nicole O’Brien

In order to oversee all these processes, IOTA’s Tangle Treasury has appointed Nicole O’Brien as its CTF/AML officer. In her role, O’Brien will ensure adherence to best practices, enhance internal protocols and provide training for staff members.

These advancements, along withimproved data security, bookkeeping, and the introduction of standard operating procedures (SOPs) for finance administration and grant management, will help boost the Tangle Treasury’s efficiency and professionalism.

Further updates, including a call for new proposals, will likely come in the coming weeks.

The IOTA Tangle is an innovative form of Distributed Ledger Technology (DLT) specifically created for Web3while using a unique structurebased on directed acyclic graphs (DAG)instead of the conventional blockchain model, per the CNF report.

Recently, IOTA has put a major focus on enhancing trust and security, especially for its Identity wallets, per the CNF report.

Also,the European Identity Wallet seeks to transform the Identity verification process by allowing users to log into websites without passwords while securely sharing verified information with simplicity.

In collaboration with the European Commission, IOTA has introduced a new prototype solution using distributed ledger technology (DLT) in order to boost the management of the intellectual property rights marketplace while allowing users to utilize automated, transparent digital contracts, eliminating the need for traditional negotiations, reported CNF.

Cardano Founder Charles Hoskinson Launches $1 Million Bug Bounty Challenge Ahead of the Chang Hard Fork

▪️Charles Hoskinson, Cardano’s co-founder, has announced a $1 million prize for hackers who successfully breach its newly introduced Lace Paper Wallet.

▪️At the Rare Evo 2024 event, Hoskinson highlighted the upcoming Chang hard fork and the transition to the Voltaire Era.

Cardano’s (ADA) Charles Hoskinson has announced a $1 million bug bounty challenge to the ADA community pending the implementation of the long-awaited Chang Hard Fork.

Speaking at the recentRare Evo 2024 event, Hoskinson announced that the newly introduced Lace Paper Wallet would be the object at the center of this challenge, with participants expected to breach its defense.

The Lace Paper Wallet Bug Bounty Program would run until the end of 2024, or someone successfully breaches its security andretrieves the Non-Fungible Tokens (NFT) inside.

The Web3 wallet was developed by Cardano’s (ADA) parent company, Input Output Global (IOG), with Paper Wallet integrated to beef up its security. According to reports, the added features would enable users possessing PGP keys to use a single encrypted QR code to restore their wallet.

This is, I think, the most secure paper wallet ever generated in the history of our industry.

In a video posted on X on August 17, Hoskinson expressed confidence in the wallet, boasting of its protection against attacks that encourage malicious actors to gain control of private keys to facilitate an authorized transaction.

Hoskinson Highlights Other Updates in the Cardano

At the Rare Evo 2024 event , Hoskinson highlighted the demonstration of the powerful scaling solution, Hydra,featuring the classic game “Doom”.

According to experts, this underscores its capabilities of handling high-throughput, real-time applications. Also, the expected Voltaire Era, which the Chang Hard Fork would introduce, was highlighted.

As we explained earlier, this upgrade would transfer governance controls to the community. According to Cardano’s Emurgo,the first phase was initiated in July 2024 with the next part expected in the fourth quarter of 2024 (Q4 2024).

The Chang Hard Fork is a technical component of the Voltaire era of the Cardano roadmap, which focuses on implementing a sustainable and distributed governance framework. With the first part set to be initiated in July 2024, the next part of the Hard Fork upgrade is set to happen by Q4 of this year.

The second phase would mark the full-force decentralized governance and an exit from the technical bootstrapping phase.

The Delegate Representatives (DReps) are also expected to be introduced as a governance body. In addition to the possibility of the SPOs voting on governance actions,a Constitutional Committee would be online to grow membership above the seven of the interim committee.

Finally, the community will take charge of the Treasury withdrawal.

Cardano users will be able to propose treasury debits via governance actions.The three bodies (Constitutional Committee, DReps, and SPOs) will vote on them, and if approved, ADA will be moved out of the treasury.

From that point forward, the future of the Cardano blockchain will be in the hands of its community, along with its power to draft and ratify the Cardano Constitution.This will mark a monumental step not only for the network but also for the blockchain industry as a whole, as Cardano will be the first truly distributed and community-run blockchain network.

At press time, ADA was trading at $0.33, having declined by 2% in the last 24 hours.

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