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(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
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 (P*P). For context, P*P 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.
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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.
3. Intellectual Property Rights (IPR) Management Solution (H2)
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-e*****e 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.
@ Newshounds News™
Source: Crypto News Flash
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Source: Dinar Recaps
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IOTA Foundation a Winner in EBSI P*P, Demonstrating Scalability and Sustainability
The IOTA Foundation has successfully completed the final phase of the European Blockchain P*P, developing a scalable, energy-efficient, and secure blockchain solution using its Tangle technology.
As part of the European Blockchain P*P, 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 (P*P), a big initiative funded by the European Commission. IOTA was one of the seven projects to participate in the European Blockchain P*P which began back in 2020.
The goal of the European Blockchain P*P 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.
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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 P*P, 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 P*P
As part of its involvement in the European Blockchain Pre-Commercial Procurement (P*P), 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 P*P 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.
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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 a*****d 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.
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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 e******d 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.
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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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Source: Dinar Recaps
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El Salvador launches Bitcoin training for 80,000 public servants
Over the years, El Salvador has stepped up efforts to integrate Bitcoin into its educational system.
El Salvador’s National Bitcoin Office (ONBTC) has launched a Bitcoin training and certification program for 80,000 public servants.
In an Aug. 20 statement, ONBTC confirmed that Bitcoin education is now a vital component of a governance initiative designed for public sector employees.
This program is part of the Higher School of Innovation in Public Administration (ESIAP), established by President Nayib Bukele in 2021 to elevate governance standards.
The program features nine training modules covering Bitcoin, Blockchain, Cybersecurity, and Artificial Intelligence, among others. Upon completion, participants will receive certification in these areas.
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Stacy Herbert, Director of the Bitcoin Office, hinted at a larger announcement on the horizon, noting that this program is just the beginning. She added:
“These education projects are very low time preference commitments to the long term success of El Salvador and its bitcoin (& tech) policy.”
Meanwhile, these trainings are part of El Salvador’s broader effort to advance Bitcoin education nationwide. Since adopting Bitcoin as a legal tender in 2021, the country has introduced three other crypto-focused educational initiatives, including Cuboplus, My First Bitcoin, and Node Nation, which are now part of the public school curriculum.
El Salvador Bitcoin
This move confirms that El Salvador remains steadfast in its Bitcoin strategy despite initially drawing criticism and doubt from international observers.
Indeed, the strategy appears to be finally paying off, as the International Monetary Fund (IMF) recently acknowledged that its anticipated risks of El Salvador adopting Bitcoin as a legal tender have not materialized.
Further, El Salvador’s Bitcoin holdings have yielded a profit of over 35%, largely due to strategic acquisitions made during market downturns. According to Nayibtracker data, the country currently holds 5,848 Bitcoin at an unrealized profit of more than $47 million.
In addition, President Bukele recently announced a $1.6 billion investment by Turkish firm Yilport Holdings to upgrade two ports in the country, one of which will host the proposed Bitcoin City.
The city, envisioned during the 2021 Bitcoin adoption, is expected to be a tax haven powered by geothermal energy for Bitcoin mining and will attract crypto enthusiasts worldwide.
@ Newshounds News™
Read more: CryptoSlate
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Crypto Payment Network for AI Agents Launched by Former Ripple Execs
The company, Skyfire, raised $8.5 million to help AI get things done, even when it involves paying for something.
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AI systems can do many things: conjure images and videos, write treatises, synthesize terabytes of information, and even replicate human speech patterns and emulate emotions.
But one thing they cannot yet do, as simple as it sounds, is pay for anything.
Two former Ripple developers now seek to eliminate that barrier by fusing blockchain payments with AI to bring forth what they believe will soon emerge as a new chapter for both technologies.
Their novel service, an open-source payment system called Skyfire, will allow autonomous AI agents to zip around the internet, purchasing whatever goods they need to complete assigned missions—everything from data storage and creative assets to airfare and groceries. All such transactions will be powered by USDC, the popular stablecoin.
The company, which today announced an $8.5 million seed raise, is backed by crypto heavy hitters, including Circle—the issuer of USDC—Ripple, Gemini, and the VC firm of prominent Silicon Valley billionaire and Bitcoin advocate Tim Draper. Skyfire currently runs on Polygon, the Ethereum scaling network, but it says it plans to expand to additional blockchains soon.
@ Newshounds News™
Read more: Decrypt
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Swiss Banks Embrace Instant Payments: Could XRP Become the Go-To Crypto?
▪️Switzerland has taken a step further in embracing crypto with the recent expansion of the instant payment scheme as other banks integrate XRP into their trading platforms.
▪️According to reports, 28% of banks in Switzerland allow or are planning to allow customers to invest in crypto.
According to an announcement by the Swiss National Bank (SNB) and financial infrastructure operator SIX Interbank Clearing Ltd, Switzerland has reached an advanced phase in its effort to leverage the power of instant payment schemes to go cashless.
In the SNB report reviewed by Crypto News Flash, about 60 financial institutions within the country currently can process and receive payment instantly (within 10 seconds). Interestingly, this makes up about 95% of the Swiss retail payment transactions.
The report further discloses that the first institution has launched its retail offering with several others expected to join in the coming months. With this, experts believe that the financial economy could be boosted since private individuals and companies could perform account-to-account transactions around the clock.
This offers significant advantages for individuals, companies and commercial banks. Thanks to shorter settlement chains, risks are reduced and funds received are available immediately. For companies and commercial banks, instant payments expand opportunities for automating processes and linking with other services.
Commenting on this, SNB and SIX disclosed that instant payment could be widely established in Switzerland in the medium term and could be a model for future related innovations.
The technical framework for this new type of payment was put in place with the successful go-live of the new generation of the central Swiss payment system in November 2023.
This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland.
Could XRP be Considered for this Innovation
With the country expected to fully redefine its financial system with the perfect establishment of an instant payment scheme, experts believe that XRP could be integrated in the future.
Fortunately, this possibility is not far-fetched as a Swiss bank fully owned by the government, PostFinance, recently announced the addition of Solana (SOL) and Ripple (XRP) to its trading platform.
According to reports, XRP could get more integration in the future, with 28% of Swiss banks currently allowing clients or planning to enable them to invest in crypto. In addition to PostFinance, the cantonal banks of Zug, St Gallen, and Lucerne have all introduced their crypto offerings.
PostFinance’s history in the crypto industry could be traced beyond 2023, when it partnered with Sygnum Bank to regulate crypto services. The basis of the collaboration was to allow customers to buy, sell, and store cryptos like Bitcoin (BTC), Ethereum (ETH), and now XRP.
Last year, we reported that Swiss banking giant BBVA had expanded its partnership with Ripple-owned Metaco to enable a robust engagement in crypto.
Priding itself as the first tier 1 bank in the Eurozone to combine crypto custodial and trading services alongside traditional assets, BBVA is expected to lead the way for full XRP integration.
Currently, XRP is being set up to lead the new global financial era, which is marked by its recent integration with MasterCard, while Ripple is working to boost Real-World Asset (RWA) tokenization worldwide.
At press time, XRP traded at $0.59 after declining by 0.12% in the last 24 hours.
@ Newshounds News™
Source: Crypto News Flash
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Source: Dinar Recaps
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