Category: Blockchain

Enterprise blockchain Coti set to become Ethereum privacy-centric layer-2 in 2024

Enterprise-grade blockchain platform Coti is set to transition protocol to become a scalable, privacy-focused layer-2 on Ethereum in 2024. An announcement shared with Cointelegraph outlines how Coti will shift from a standalone protocol to an Ethereum layer-2 to bring its privacy features to the broader ecosystem. Coti V2’s features a cryptographic approach called garbled circuits, which allows transactions to be processed without exposing sensitive information and data. Drawing from the field of multi-party computation (MPC), garbling protocols enable two or more parties to jointly compute a function while keeping both their…

Dfinity founder says blockchain can bolster efforts to fight climate change

Dominic Williams, founder and chief scientist at Dfinity, says blockchain technology and its decentralized and trustless nature, gives it a unique ability to assist in the fight against climate change.  Williams told Cointelegraph there are three ways in which blockchain can address climate challenges. Blockchain networks can support the creation of trustless infrastructure that offers incentives for climate action, increases efficiency and provides an alternative to traditional information technology, which has a “huge carbon footprint.”  ICYMI: #ICP will be a part of Voluntary Recycling Credits (VRC) This is the first…

Chinese government plans for blockchain-based identity verification

The Chinese Ministry of Public Security plans to roll out a new blockchain-based platform called RealDID to verify the real-name identities of its citizens.  According to a press release for an event held on Dec. 12 by the Blockchain-based Service Network (BSN), a Chinese blockchain firm, the project, planned with the Chinese government,  will have multiple use cases. These include personal real name confirmation, personal data encrypted protection and certification, private logins, business identities, personal identification certificate services and information vouchers on personal identity. The application will allow Chinese citizens to register…

Blockchain Gaming Primed To Break $600 Billion Barrier By 2030

This year, the emerging sector of gaming within the blockchain, popularly known as GameFi, has faced a significant downturn, primarily attributed to a noticeable dearth of interest and traction among enthusiasts. Reports indicate that the initial enthusiasm surrounding GameFi has waned throughout the year, leading to a less-than-rosy outlook for the industry. Despite these apparent challenges and a somewhat subdued current state, recent findings in a comprehensive report shed light on a more optimistic future for GameFi. Released on December 11, an analysis conducted by Fortune Business Insights predicts a…

Explosive Growth Forecasted for Blockchain Gaming: Market to Hit $614 Billion by 2030

The blockchain gaming industry, a dynamic and rapidly evolving sector, is forecasted to skyrocket from its 2023 valuation of $154.46 billion to an astounding $614.91 billion by 2030, marking an impressive compound annual growth rate (CAGR) of 21.8%​​​​​​. This remarkable growth trajectory underscores the increasing integration of blockchain technology into gaming, offering an innovative blend of entertainment and digital asset management. Emerging Trends in Blockchain Gaming 1. The Emergence of DAOs in Gaming: One notable trend is the integration of Decentralized Autonomous Organizations (DAOs) within games. Pioneered by games like…

Blockchain gaming market in North America is projected to reach $600B by 2030 — report

The global blockchain gaming market will grow to an estimated $614 billion over the next seven years, according to an analysis from Fortune Business Insights released on December 11. The market currently accounts for an estimated $154 billion in spending. The report analyzed global sales data for blockchain game products from 2017-2021. It found that sales were increasing by a compound annual growth rate (CAGR) of 21.8%, implying that by 2030 the market will have reached $600 billion. This implies an absolute growth rate over the six year period of…

Enjin migrates over 200M NFTs from Ethereum to its blockchain

Nonfungible token (NFT) platform Enjin recently migrated over 200 million NFTs from Ethereum and a sidechain to its own Enjin Blockchain.  In an announcement received by Cointelegraph, Enjin noted that over 118 million NFTs hosted on Ethereum, along with over 101 million NFTs hosted in an Ethereum sidechain called JumpNet, have been transferred to its mainnet called the Enjin Blockchain. Example of NFTs migrated to the Enjin Blockchain. Source: Enjin  In June, the NFT platform announced the creation of its own blockchain. Enjin said the new network embedded NFT-focused features…

Armenian cultural heritage sites get tokenized on Solana blockchain

The project “Realm of Historia” recently announced its intentions to make strides in preserving Armenian cultural heritage through leveraging the use of blockchain technology and nonfungible tokens (NFTs). In a departure from conventional methods, this initiative seeks to digitize historical artifacts and physical historical sites, starting with the “Realm of Historia: Carahunge X” digital asset collection. Cointelegraph spoke with the two creators of Realm of Historia, Ivan Grantovsky and Ivan Krylov, about how emerging technologies can preserve culture and connect new generations with history. Source: Realm of Historia At the…

Can cryptocurrencies be frozen on a blockchain?

Frozen funds in crypto, explained Frozen funds typically mean access to such funds has been restricted or temporarily halted. Several factors, such as technological errors, security precautions, disagreements, investigations and regulatory compliance, can lead to such circumstances. So, can a crypto exchange freeze your account? If exchanges or financial institutions suspect fraudulent activity or money laundering related to the account, they may freeze funds. Furthermore, freezing may occur as a preventive measure in reaction to possible security lapses or unwanted access attempts. Funds may also be frozen during disagreements or…