Mon. AM-PM Seeds of Wisdom RV/GCR Update(s) 9-2-24

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Seeds of Wisdom

Hedera’s (HBAR) Daily Transactions Soar 46% as Market Cap Corrects

▪️Hedera’s daily transactions increased by 46% in Q2 2024, driven mainly by the Hedera Consensus Service.
▪️HBAR’s circulating market cap dropped by 29%, but its rank among all tokens improved from 36th to 30th.

According to a report from research firm Messari, Hedera (HBAR) experienced a notable surge in daily transactions during the second quarter of 2024, marking a 46% increase quarter-over-quarter (QoQ).

The total number of daily transactions increased from 90.9 million in Q1 to 132.9 million in Q2, reflecting the network’s increasing usage. The growth was mainly attributed to the Hedera Consensus Service, which constituted 99% of all the activities on the network.

Revenue Climbs as Network Activity Increases

For the second quarter of 2024, Hedera had a very good financial situation in terms of several aspects.

The network revenue, primarily derived from transaction fees, recorded a 26% growth in USD from $1.1 million in the first quarter to $1. 4 million in the second quarter. Regarding HBAR, the revenue also rose by 19% QoQ to 14. 6 million HBAR.

Despite this, the HBAR’s circulating market capitalization reduced by 29% and stood at $2. 7 billion. This decline came after three successive quarters of growth and was partially blamed on a 33% decline in the price of HBAR, which dropped from $0. 11 to $0. 08 during the same quarter.

However, HBAR’s market capitalization ranking rose, climbing six positions from 36th to 30th among all tokens, surpassing other tokens with comparable prices.

The Hedera network also experienced a significant rise in the number of users. The average daily number of newly created accounts increased by 31% QoQ from 8,400 in Q1 to 11,100 in Q2.

This growth in new accounts was not reflected by the active address activity. The total daily active addresses also declined by 37% QoQ from 16,800 to 10,600. This means fewer accounts were active in making transactions while more accounts were being opened.

Karate Combat League Drives Significant Network Activity

One of the major drivers of activity on the Hedera network in Q2 was the Karate Combat League, a full-contact karate league that integrates blockchain technology into its fan engagement strategy.

The KARATE token allows fans to vote on the outcomes of the matches, and the token is built on the Hedera and Ethereum networks.

In the second quarter, there were several Karate Combat events that happened and this greatly helped in boosting Hedera’s transaction volume. For example, the KC45 event on the 20th of April had 1. 74 billion of KARATE tokens staked on Hedera with 65,300 contributors from Hedera and Ethereum.

The subsequent events like KC46 and KC47 also witnessed good v---r turnout, with KC47 held on June 28 involving 117800 unique voters and 3. 17 billion KARATE tokens voted on Hedera.

At the time of writing, HBAR has seen a 21% decline over the past month and is currently trading at $0.051. This can be attributed to the general market risk, which has been accelerated by the fluctuation of major cryptocurrencies such as Bitcoin and Ethereum.

@ Newshounds News™

Source: Crypto News Flash

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DONALD TRUMP UNVEILS PLAN TO MAKE USA THE ‘CRYPTO CAPITAL OF THE PLANET’

▪️Donald Trump aims to make the US the “crypto capital of the planet” if elected.
▪️His sons’ World Liberty Financial may involve real-world assets and tokenization.
▪️Trump has promised a Bitcoin reserve and to replace SEC chair Gary Gensler.

In a bold move that could reshape the landscape of digital assets in the United States, former President Donald Trump has announced his intention to establish the US as the “crypto capital of the planet” if elected.

Trump’s announcement has ignited curiosity and speculation, particularly regarding the World Liberty Financial initiative spearheaded by his sons, Donald Trump Jr. and Eric Trump.

Though details of the World Liberty Financial project remain sparse, early rumours suggest that it may involve real-world assets and tokenization. The initiative’s official Telegram channel, which boasts over 53,000 subscribers, has cautioned crypto enthusiasts to remain vigilant against scams and imitation projects.

Trump’s embrace of cryptocurrency marks a significant shift from traditional political rhetoric. During a May gala, he first presented himself as a champion of the crypto industry, a stance he continued to reinforce at the July Bitcoin 2024 conference. 

There, he promised to create a strategic Bitcoin reserve and to replace Gary Gensler, the current Securities and Exchange Commission chair, a move likely to resonate with crypto advocates.

Amid fluctuating political odds between Donald Trump and D--------c candidate Kamala Harris, the former president’s crypto policies have garnered attention.

Additionally, a Bitcoin bill introduced by Republican Senator Cynthia Lummis from Wyoming has gained traction, aligning with Trump’s vision by proposing a strategic reserve of Bitcoin backed by gold certificates for a two-decade hold.

As the crypto landscape continues to evolve, Trump’s ambitious plans signal a potential shift in US policy that could influence the future of digital assets and blockchain technology especially if Donald Trump were to be re-elected.

@ Newshounds News™

Source: CoinJournal

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CARDANO’S CHANG HARD FORK GOES LIVE, INTRODUCING ON-CHAIN GOVERNANCE

The highly anticipated upgrade turns Cardano’s ADA cryptocurrency into a governance token.

Cardano, the layer-1 blockchain launched in 2017 by Ethereum co-founder Charles Hoskinson, activated its highly anticipated “Chang” upgrade on Sunday, marking the ecosystem’s long-planned shift towards decentralized governance.

With the Chang upgrade now live, ADA token holders will be able to shape Cardano’s future by electing governance representatives and voting on development proposals.

CIP-1694, an official “Cardano Improvement Proposal,” describes the new community governance structure and establishes three user-led governance bodies:

the Constitutional Committee, Delegate Representativ es (dReps), and Stake Pool Operators (SPOs). Moving forward, Cardano’s three founding entities—the Cardano Foundation, Input Output Global (IOHK) and Emurgo—will no longer have the keys to trigger chain upgrades or “hard forks.” Instead, that responsibility will be delegated to the new governance groups.

Cardano is the latest in a string of crypto projects to transition towards a more decentralized structure. The changes bring Cardano further in line with the blockchain industry’s decentralized ethos, but they may also be viewed as a way to ward off securities regulators by bestowing ADA with extra utility.

Despite being ranked as the 28th largest blockchain by DeFiLlama, Cardano has consistently drawn attention from the crypto world, not least because of Hoskinson’s colorful personality and routine outspokenness. He originally created the Ethereum blockchain in 2014 alongside co-founders like Vitalik Buterin, but he quickly moved on from the project to build rival Cardano.

Hard forks—significant updates that render older versions of a blockchain obsolete—are a critical part of any blockchain’s evolution. The Chang hard fork is no exception, with its implementation spread across two phases.

The first phase, already live, introduces an Interim Constitutional Committee to temporarily oversee Cardano’s governance. This phase is designed to be cautious, limiting the committee’s power to make changes to the blockchain’s code while the rest of the ecosystem’s governance model takes shape.

, expected to happen in 9The second phase0 days, will fully empower the new governance bodies. “Once everyone is onboard and well-informed, they will be ready to actively participate in governance,” said Giorgio Zinetti, CTO of the Cardano Foundation, in an interview with CoinDesk.

This upgrade is a pivotal milestone in Cardano’s roadmap, marking the beginning of the Voltaire era—a phase focused on achieving full decentralization that has been in the works since Cardano’s inception.

“I would say it is the biggest event in Cardano history, and it really makes us different from many other chains,” Zinetti told CoinDesk.

“I think we are the largest layer 1 with on-chain governance. There are some smaller players, like Tezos and Polkadot, who already have on-chain governance. But if there was a leaderboard, real decentralized layer-1s, we would be number one.”

@ Newshounds News™

Source: CoinDesk  

Read more: CoinDesk Aug 20, 2024

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Source: Dinar Recaps

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This Week in AI: OpenAI signs landmark AI deal with US

OpenAI is preparing to raise its next funding round, seeking to secure billions of dollars at a $100 billion valuation. Tech giants like Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), and Nvidia (NASDAQ: NVDA) are rumored to be interested in participating.

Each of these companies is no stranger to OpenAI:

▪️Microsoft has been a primary investor, owning a 49% share of the company thanks to its $13 billion investment in 2019.
▪️Apple partnered with OpenAI in June to use its models to power upcoming AI features.
▪️Nvidia, the dominant chipmaker, provides OpenAI with the infrastructure it needs to train and run its models.

Although OpenAI’s ChatGPT remains the market leader, with hundreds of millions of monthly users, the company has yet to turn a profit from its AI products and services. Moreover, OpenAI must continue spending billions to stay competitive and maintain its market leadership.

Rumors suggest the company is on track to lose $5 billion this year from its AI operations, making it unsurprising that OpenAI needs to raise significant capital to keep the business going.

Google’s Imagen 3 relaunches with enhanced AI accuracy and ethics

Google (NASDAQ: GOOGL) announced that it would reintroduce its image generation AI, Imagen 3, into its products, starting with Gemini Advanced.

Google’s AI image generation tool was previously operational but was pulled in February following incidents where the AI overcompensated for race and ethnicity when generating images of people.

For example, when prompted to produce an image of the four founding fathers of the United States, Imagen returned an output featuring diverse individuals who were not the founding fathers.

These incidents sparked discussions about Google’s AI being overly concerned with ethics, bias, and censorship, leading the company to suspend its model from generating images of people.

All AI models walk a fine line between ethics and bias, especially regarding race and ethnicity. It’s more common for AI to exclude racial and ethnic diversity in outputs, but Google’s first iteration did the opposite, creating inaccurate outputs due to overcompensation.

As Google reintroduces Imagen 3, it will be interesting to see how the company addresses these challenges and whether the new version of its AI can strike a better balance between inclusivity and accuracy. People are likely to stress-test this model in the same areas as before, pushing it to its limits to see how well it handles these nuances.

Nvidia stock dips despite beating earnings: Has the AI boom peaked?

Nvidia recently held its latest earnings call, surpassing analyst expectations on several fronts. However, despite beating expectations, the company’s stock closed roughly 8% down the following day.

Nvidia’s forecast that next quarter’s gross margins might fall short of analyst estimates could have contributed to this decline. In contrast, others believe the dip reflects investors’ unreasonably high expectations for Nvidia, which are becoming increasingly challenging to meet.

The question now is whether this decline signals that Nvidia has peaked and is entering a period of cooling off. Linear growth typically doesn’t continue forever, and Nvidia has had a historic run during the AI boom, supplying nearly 90% of the chips companies need to train and run their AI models.

Even Nvidia seems aware that its winning streak might be cooling off, as reflected in its forecast for the next quarter.

Amazon set to launch AI-powered Alexa

Amazon (NASDAQ: AMZN) is reportedly gearing up to launch an AI-enhanced version of its home assistant, Alexa. 

The upgrade, expected in October, will include features such as AI-generated summaries of news articles tailored to users’ preferences.

It will also introduce voice recognition capabilities, allowing Alexa to differentiate between speakers and provide personalized experiences, such as finding recipes suited to individual tastes or tailoring shopping experiences to the user.

The AI-enhanced Alexa will only be available to subscribers of a new service, which would help offset the costs associated with Alexa. The device has allegedly contributed to Amazon’s devices department losing billions of dollars, as most Alexa users opt for the free version after purchasing the physical device.

While we’ve seen several companies attempt to create AI wearables, there haven’t been as many efforts to develop in-home AI assistants. 

Due to their reliance on voice commands, existing home assistants have struggled to gain traction, often proving awkward to use. These devices tend to add more friction to users’ workflows rather than simplifying them.

However, if I had to guess, the lack of AI features probably isn’t the main reason these devices haven’t taken off, so I am doubtful that these new AI capabilities will be the boost products like Alexa, Google Home, or Apple’s Siri need to regain popularity.

OpenAI and Anthropic establish landmark AI safety partnership with US government

In a first-of-its-kind agreement, OpenAI and Anthropic have signed a deal with the U.S. Artificial Intelligence Safety Institute at the Department of Commerce’s National Institute of Standards and Technology (NIST).

This agreement grants the U.S. AI Safety Institute—which was established via President Biden’s executive order on AI—access to major new models from each company before their release.

Additionally, the companies will collaborate with the institute on research to evaluate AI models’ capabilities and safety risks and explore methods to mitigate those risks.

It wouldn’t be surprising to see more AI providers follow suit and partner with government entities. The government tends to scrutinize AI systems, particularly regarding their safety and potential societal risks. A partnership of this nature signals that the AI provider is at least attempting to make its systems safer and more secure.

These collaborations probably give AI companies some breathing room when releasing models that might otherwise face government scrutiny.

By addressing potential issues early in the process, thanks to early access and the other benefits that sometimes come with a government partnership, AI providers can save time, money, and trouble, allowing them to refine their models before launching them in a way less likely to lead to regulatory concerns.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data

@ Newshounds News™

Source: CoinGeek

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Elon Musk Considers Dogecoin for Tesla Payments Again

▪️Elon Musk hinted at Dogecoin’s return as a Tesla payment option.
▪️Judge dismissed a $258 billion lawsuit against Musk and Tesla.
▪️DOGE’s price dropped over 2% in the last 24 hours.

Tesla CEO Elon Musk indicated the potential return of Dogecoin as a payment option for Tesla products. This statement came just two days after he and Tesla successfully dismissed a June 2022 lawsuit accusing them of defrauding investors through a Dogecoin pump-and-dump scheme.

On August 31, Musk responded affirmatively when asked if anyone else wanted Tesla to bring back Dogecoin as a payment option for products.

▪️What Is Happening on the Dogecoin Front?
▪️Details on the Matter

What Is Happening on the Dogecoin Front?

Tesla previously accepted Dogecoin for products in January 2022, but it is unclear if the company will reimplement this feature. 

At that time, the company stated that only Dogecoin would be accepted and warned that other crypto assets sent to them would not be returned. However, the Dogecoin payment option later disappeared without any explanation.

Given Musk’s known support for Dogecoin, a return would not be surprising. Earlier this year, Tesla hinted at the possibility of accepting Dogecoin as a payment method. Musk has consistently expressed his fondness for DOGE and frequently influenced its price movements with his actions.

Musk’s defense of Dogecoin has also led to legal challenges. On August 29, Judge Alvin Hellerstein dismissed a $258 billion class-action lawsuit against the billionaire and his company.

The lawsuit a-----d Musk and Tesla of manipulating Dogecoin’s price and claimed that Musk used his influence, including his appearance on Saturday Night Live, to affect the token’s value.

Details on the Matter

Judge Hellerstein ruled that Musk’s statements about Dogecoin were enthusiastic and exaggerated rather than factual claims that could mislead investors. He concluded that no reasonable investor would rely on these statements and that the pump-and-dump a---------s were unfounded:

“As for the alleged pump-and-dump scheme by Musk and Tesla, it is impossible to understand the plaintiffs’ claims of market m----------n, pump-and-dump scheme, breach of fiduciary duty involving insider trading, or state law claims.”

Despite these developments, DOGE’s price dropped by more than 2% in the last 24 hours to $0.099113 at the time of writing, according to Tradingview data. This decline reflects a broader market trend, with significant crypto assets like Bitcoin experiencing substantial losses during the reporting period.

@ Newshounds News™

Source: Coin-Turk

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Source: Dinar Recaps

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