Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 8-21-24
Good Afternoon Dinar Recaps,
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.
The goal of the European Blockchain PCP is to build new Distributed Ledger Technology (DLT) solutions for integration into the European Blockchain Services Infrastructure (EBSI).
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 the European 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.
@ Newshounds News™
Source: Crypto News Flash
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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.
@ Newshounds News™
Read more: SCMP
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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, and users are advised not to use Testnet or Devnet credentials on the Mainnet.
RippleX also highlighted that users 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 case for 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.
@ Newshounds News™
Source: Crypto News Flash
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