Bitfinity Weekly: Eyes on AI
Welcome to Issue #122 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Global Crypto News
- This Week in our Blog
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
Voters' Voices: The ICF (the Interchain Foundation), a Swiss nonprofit organization that manages the Cosmos blockchain, faces a vote of 'No Confidence' from Cosmos Hub validators. The Foundation is under fire for its mismanagement of funds as well as a general lack of transparency. Josh Cincinnati, President of the ICF, claimed the Foundation is in good financial standing but declined to publish financial statements shared with Swiss regulators, where the ICF is based.
Dough Boys: World Liberty Financial (WLF), an upcoming DeFi platform promoted by the Trump family, announced on Wednesday that the project aims to bolster USD dominance through the use of stablecoins. The announcement comes just after a CoinDesk report which claims that a leaked whitepaper for World Liberty Financial lists multiple Dough Finance team members, and that WLF would reuse code from the protocol. This potential code recycling has attracted criticism as Dough Finance suffered a $2m exploit in July.
UniSlapped: The U.S. Commodity Futures Trading Commission (CFTC) and UniSwap Labs have settled a charge of illegal derivatives trading, with a $175k fine. UniSwap, one of the largest DeFi protocols, came under scrutiny by the regulatory body because of certain leveraged tokens listed on their DEX, like 2x "Flexible Leverage Index" tokens for major coins such as Bitcoin and Ethereum.
AI + ICP: A model of OpenAI's GPT-2, a 2019 release of ChatGPT, has been successfully deployed on the Internet Computer Protocol (ICP) blockchain. According to a statement by DecideAI, the company behind the deployment, the goal was to test "new methods of how AI is trained, maintained, and deployed". Founder and CEO Raheel Govindji added that a decentralized AI could help address trust and privacy concerns regarding blockchain technology.
Partnership Party : Moonberg AI can securely and efficiently process AI powered insights and on-chain data by integrating Bitfinity’s EVM compatibility & advanced Chain-Key cryptography. Alphax.btc is a pioneering cryptocurrency project redefining decentralized finance. Through this collaboration, Alpha X’s ability to deliver instant, secure, and anonymous transactions will be enhanced, broadening the utility of their native asset across decentralized platforms. DotSwap is driving the future of BTC-native DeFi. Now, DotSwap users can leverage Bitfinity's EVM compatibility.
This Week in our Blog
Bitcoin Layer-2s was an extremely niche concept just a few years ago, but now the ecosystem is full of L2 projects. In this week's deep dive we take a look at key trends and explore potential scenarios for this developing Bitcoin sector:
Hans
Discover the latest strides in our partnership journey with the fourth installment of Bitfinity's Blockchain Bash! Dive into how our new collaborations are setting the stage for future innovations and expanding the blockchain ecosystem.
Fred
NFT Market Bytes
No Ordinal-y Drama: A prominent figure in the Ordinals scene, rocktoshi21, claimed on X that he was the co-founder of the Ordinal theory. A few days later, Ordinals founder Casey Rodarmor released a statement refuting this claim. Additional details were revealed, about both the process and personal history behind Ordinals, as well as personal drama involving a $5m payment demand by rocktoshi21 and a now-defunct Ordinals Corporation.
Sign of the Times: American football legend Tom Brady is pivoting his Autograph company away from NFTs. The startup, which initially raised $200m during the 2021 NFT boom, was originally an NFT platform that promised to digitize celebrity signatures to burnish the value of virtual collectibles. Now, with the launch of a revamped Autograph app, the company has dropped all mentions of NFTs and is being billed as a one-stop-shop for sports fans to engage in media, such as articles and podcasts.
Deuces: Bored Ape Yacht Club is releasing a sequel to Dookey Dash, a 2023 token-gated mini-game popular within the BAYC community. Unlike its predecessor, Dookey Dasg: Unclogged will be completely free to play, with no token or NFT requirements. Additionally, players will be competing for a $1 million dollar prize pool. The game is set for a Sept. 12th release.
Tweet of the Week
Prioritizing security in bridging protocols is key. That’s why our open-source BitFusion SDK utilizes a decentralized #Runes indexer, enhancing asset bridging reliability. 💪
🔐Security is as important as everything else in a bridging protocol.
— Bitfinity Network (@bitfinitynet) September 3, 2024
Hence, we used a decentralized #Runes indexer in our open-source BitFusion SDK.
This enhances reliability when bridging assets.💪
You can check out our SDK here:👇 https://t.co/cuiSpUoUQ5
Meme Time
A Matter of Opinion
The recent no-confidence vote for the Interchain Foundation (ICF) within the Cosmos ecosystem underscores a fundamental challenge that decentralized projects face: governance in the face of human greed. As decentralized networks and their monetary values grow, questions about leadership, accountability, and transparency become increasingly pressing.
The vote, spearheaded by critic Grace Yu, alleges financial mismanagement by the ICF and calls for the release of financial records. However, despite the core of the matter revolving around proper fiduciary stewardship, the ICF has refused to release financial documents, citing that its opacity is typical of nonprofit blockchain foundations.
One of the most significant criticisms levied at the ICF is a lack of transparency, particularly around how funds are managed. Unfortunately this is a criticism that can be applied broadly to many crypto foundations, including Ethereum (which has faced similar accusations in recent weeks).
This points to a larger issue within blockchain governance—balancing the need for decentralization with effective leadership and decision-making, especially when millions of dollars are at stake. When governance systems lack clear transparency, the community can feel disconnected from key decision-makers, which risks undermining the very decentralized ideals these networks are built upon.
The no-confidence vote at Cosmos presents a potentially positive opportunity for the ICF and the broader Cosmos community to reexamine its governance structures and foster a healthier balance between decentralization and leadership. Whether Cosmos will emerge stronger from this internal challenge will depend on how the community chooses to address the concerns raised by the vote. This moment could serve as a pivotal turning point—not just for Cosmos but for the future of decentralized governance across the blockchain world.
Connect with Bitfinity Network
Bitfinity Wallet | Bitfinity Network | Twitter | Telegram | Discord | Github
*Important Disclaimer: The information provided on this website is for general informational purposes only and should not be considered financial or investment advice. While we strive for accuracy, Bitfinity makes no representations or warranties regarding the completeness, accuracy, or reliability of the content and is not responsible for any errors or omissions, or for any outcomes resulting from the use of this information. The content may include opinions and forward-looking statements that involve risks and uncertainties, and any reliance on this information is at your own risk.
External links are provided for convenience, and we recommend verifying information before taking any action. Bitfinity is not liable for any direct or indirect losses or damages arising from the use of this information.
Comments ()