News Hub | News Direct

HTX Introduces Zero-Knowledge Proof Technology to its Proof of Reserves Verification

HTX

Singapore – September 25, 2023 – HTX, a comprehensive ecosystem of blockchain businesses, today announced its PoR (Proof of Reserves) verification system upgrade coupled with the introduction of ZK Proofs (Zero-Knowledge Proofs). Integrating ZK Proofs into the PoR system allows third-party verification of the security of user assets without disclosing sensitive information. In prioritizing the security of user funds and ensuring solvency to depositors, centralized exchanges, especially global leaders like HTX, are turning to the PoR mechanism. This approach is increasingly recognized as a robust method to enhance investor confidence. HTX, an early proponent in the industry, initiated monthly Merkle Tree PoR audits in late 2022. Committed to transparency, HTX discloses these audit results to the public, ensuring consistent and secure access to user assets. Building upon the Merkle Tree PoR foundation, HTX has integrated ZK Proofs, amplifying the security and privacy of the assets on the exchange. What is Proof of Reserves (PoR)? Proof of Reserves is a cryptographic method verifying that the exchange is holding the users’ funds in full by proving the deposits match the balances. PoR also offers details like the location of the assets, reassuring users that their funds remain in their accounts and have not been lent out, for example. From a holistic perspective, PoR serves as a dual benefit conduit. For businesses, it acts as a foundation to strengthen their credibility, thereby enhancing user retention. For users, it diminishes security vulnerabilities and wards off potential malevolent actors with three key elements: On-chain assets in the wallet: Assets in the centralized exchange account ≥ 1:1. User assets amount falls within the scope displayed by the exchange. On-chain assets are located at the address held by the exchange. In a progressive step beyond the simple Merkle Tree-based Proof of Reserves, HTX introduces the Zero-Knowledge Proof of Reserves system. Zero-knowledge Proofs are an innovative cryptographic protocol that allows one party (the provers) to prove to another party (the verifier) that a given statement is true without revealing private information. Enhancing Trust with Zero-Knowledge Proofs There are two roles in a Zero-Knowledge Proof system: the prover and the verifier. The prover possesses information and aims to prove to the verifier that the information is true without revealing private information. Based on the information, the prover constructs a proof that does not contain sensitive data. This proof, typically through mathematical operations, guarantees that the prover holds the information. After receiving the proof, the verifier checks its correctness through a preset verification algorithm. However, the verifier cannot obtain any private information from the proof. If the prover passes the verification, the verifier believes that the prover has the information without gaining any knowledge of the private information. As the volume of cryptocurrency transactions continues to increase, users need assurance that exchanges have sufficient reserves to support them. However, the details of user assets and specific amounts of reserves are sensitive information that exchanges do not generally disclose. With Zero-Knowledge Proofs, exchanges can confirm they have sufficient reserves and solvency without revealing the specific amount. Proof circuits designed with strict constraints ensure that the final proof is derived through a rigorous calculation process, preventing the occurrence of false proofs. By integrating this sophisticated cryptographic technology, exchanges can significantly strengthen user confidence and elevate the transparency of their financial holdings, serving as a safeguard against financial vulnerabilities. Compared with traditional external audits, zero-knowledge proofs eliminate the need to transfer the entire reserve to third-party auditors, reducing operational costs and financial risks. This makes PoR a routine process that can be conducted frequently and disclosed regularly. Taking user data as an example: Three important constraints need to be satisfied: Constraint 1: The total net account balance (in USDT) for each user must not be negative. asset(!neg(user_total_net_amount[x])); Constraint 2: The total net asset balance (in USDT) of the exchange must equal the sum of the total net account balance (in USDT) of each user's leaf node during the Merkle tree hash process. CEX_total_net_amount = user_total_net_amount[0] + user_total_net_amount[len - 1]; Constraint 3: The constraint during the Merkle tree hash process. merkle_root_hash = hash(user_leaf_node, merkle_proof_path_node...) These constraints are openly accessible. Users, provided they meet the reserve statistical criteria (generally maintaining a non-zero account balance), can verify their assets proof provided by HTX. This will reassure users that the exchange's reserve proofs meet the constraints and are reliable from a cryptographic consensus perspective. HTX Leads the Industry with Transparency and Advanced Technology From late 2022 to the present, HTX has continued to update its Merkle Tree Proof of Reserves data on the 1st day of every month to ensure that the ratio of user assets to reserves remains at a minimum of 1:1. As per the latest audit results on Sep 1, 2023, HTX has maintained a reserve ratio consistently exceeding 100%. Following the introduction of the ZK-based PoR verification, HTX will continue to disclose monthly audit results to the public. This commitment not only reaffirms the platform's solvency but also underscores its dedication to user privacy and asset security. This upgrade realizes an open-source verification of wallet address ownership and on-chain assets for HTX users. Through efforts such as the monthly PoR reports since Dec 2022, HTX remains dedicated to spearheading advancements in industry transparency. About HTX Founded in 2013, HTX has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. HTX serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies - "global development, technology drives development, and technology for good" underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts. Contact Details Michael Wang glo-media@htx-inc.com Company Website https://www.htx.com/

September 25, 2023 02:47 PM Eastern Daylight Time

The Channel Company Announces CEO Transition

The Channel Company

The Channel Company (“TCC”), a global provider of news, insights, strategy, events and marketing services for the technology industry, today announced that Blaine Raddon has decided to retire and will be stepping down as CEO, following a successful three‐year tenure. Robert Gray, an Operating Partner at EagleTree and member of TCC’s Board of Directors, will step in on an interim basis while the Company launches a search to identify a successor. Mr. Gray has extensive experience in management, operations and finance including as a former executive at PRNewswire and UBM Plc. "I am honored to lead TCC through this transitional period," said Mr. Gray. "I look forward to working with the TCC management team and colleagues to continue delivering outstanding customer solutions across the global IT channel." Under Mr. Raddon’s leadership, TCC completed four acquisitions, expanded its product and service offerings, and broadened its international footprint. "I am proud of what we have accomplished together at TCC," said Mr. Raddon. "We have built a strong team and a diverse, global business. I am confident that TCC is well‐positioned for continued growth and success in the future. " About The Channel Company: Headquartered in Westborough, MA, The Channel Company has been servicing the technology channel community for over 40 years. From CRN, the #1 source of technology news, insights, and analysis for the IT channel, to industry‐leading events that connect clients to customers, to powerful research, consulting and engaging education to accelerate growth, to transformative marketing services to maximize investment, The Channel Company provides a full suite of outcome‐driven services focused on addressing the channel’s unique needs worldwide. The Channel Company is a portfolio company of investment funds managed by EagleTree Capital, a New York City‐based private equity firm. https://www.thechannelcompany.com About EagleTree Capital: EagleTree Capital is a leading New York‐based middle‐market private equity firm, with over $5.6 billion of assets under management, that has completed over 40 private equity investments and over 95 add‐on transactions over the past 20+ years. EagleTree primarily invests in North America in the following sectors: media and business services, consumer, and water and specialty industrial. For more information, visit www.eagletree.com or find EagleTree on LinkedIn. Contact Details The Channel Company Corporate Communications +1 508-531-9172 corporatecommunications@thechannelcompany.com Company Website https://www.thechannelcompany.com

September 25, 2023 11:31 AM Eastern Daylight Time

Harnessing Robots and Security Cameras to Combat the Surge in Shoplifting

MarketJar

New York Police recently shared a grim statistic - shoplifting in New York City has surged by an alarming 45%. Among the victims was drugstore giant Rite Aid, which lost a whopping $5 million in revenue, highlighting a nationwide problem that cost retailers a staggering $100 billion in 2021. When it comes to combating this crisis, the NYPD is turning to robotic solutions to add an extra layer of protection to the CCTV cameras most retailers already have in place. Imagine a city-wide robotic platform designed to identify repeat shoplifters and alert stores when they enter. A system that can discreetly monitor customers' hand movements, instantly notifying security when suspicious, rapid swiping motions occur, a hallmark of shoplifters. Advanced AI-powered security cameras and autonomous security robots are already being utilized in an effort to get New York City back on its feet post-CV19 by enhancing retailers' ability to catch shoplifters in their tracks. Among the tech companies gaining traction in New York is Knightscope, Inc. (NASDAQ:KSCP), a leading developer of autonomous security robots (ASRs) and blue light emergency communication systems. Founded in 2013, Knightscope embodies the convergence of autonomy, robotics, artificial intelligence, and electric vehicle technology. Bolstering New York’s Crime Prevention Efforts With Autonomous Security Robots On September 22, Knightscope, Inc. (NASDAQ:KSCP) announced that the NYPD and the Metropolitan Transportation Authority (MTA) have officially launched a pilot test of its K5 security robots in Manhattan's subway stations. These autonomous robots will be trained for two weeks to navigate the subway's unique landscape before beginning their patrol duties from midnight to 6 am. NYC Mayor Eric Adams proudly announced this innovative move, emphasizing that technology plays a pivotal role in ensuring the safety of New Yorkers. “The NYPD must be on the forefront of technology and be 2 steps ahead of those utilizing technology to hurt New Yorkers,” Adams explained. He highlighted the robots' efficiency, noting they operate "below minimum wage" with continuous service, requiring no breaks. Knightscope 's robots have already made a name for themselves, with police departments, including those in Los Angeles County, lauding the robots' effectiveness in reducing crime in public areas. The deployment of these ASRs is not just a leap in tech-savvy policing but also a cost-effective solution that addresses the nationwide decline in law enforcement personnel. Besides being a testament to modern policing's potential, these robots are designed to be user-friendly, engaging, and respectful of privacy. “Today we take that notion of tried-and-true policing of assigning a transit cop to their post, and we bring that to a different level,” said NYPD Transit Chief Michael Kemper. “It’s fitting that we’re near the theater district, because today the K5 is taking center stage. Welcome to New York City, K5!” The introduction of Knightscope 's K5 in transit systems is crucial for boosting the public's confidence in urban transportation, especially with the NYC Transit president, Richard Davey, highlighting the current week's potential record ridership post-pandemic. Davey expressed confidence in the robot's capacity to enhance safety. For those interested in delving deeper into Knightscope 's innovations and ongoing projects, additional information can be found by visiting this link or by exploring the ' Rise of the Robots ' section on Knightscope's official website. Disclaimer: 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, Knightscope, Inc. Market Jar Media Inc. has or expects to receive from Knightscope, Inc.’s Digital Marketing Agency of Record (Native Ads Inc.) two hundred and sixty-six thousand USD for 89 days (63 business days). 3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy. 4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.’s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PressReach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PressReach.com. 5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article. 6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Knightscope, Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Knightscope, Inc.’s industry; (b) market opportunity; (c) Knightscope, Inc.’s business plans and strategies; (d) services that Knightscope, Inc. intends to offer; (e) Knightscope, Inc.’s milestone projections and targets; (f) Knightscope, Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Knightscope, Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Knightscope, Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Knightscope, Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Knightscope, Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Knightscope, Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Knightscope, Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Knightscope, Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Knightscope, Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Knightscope, Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Knightscope, Inc.’s business operations (e) Knightscope, Inc. may be unable to implement its growth strategy; and (f) increased competition.Except as required by law, Knightscope, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Knightscope, Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Knightscope, Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document. 7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Knightscope, Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Knightscope, Inc. or such entities and are not necessarily indicative of future performance of Knightscope, Inc. or such entities. 8) Investing is risky. The information provided in this article should not be considered as a substitute for professional financial consultation. Users should be aware that investing in any form carries inherent risks, and as such, there is a possibility of losing some or all of their investment. The value of investments can fluctuate significantly within a short period, and investors must understand that past performance is not indicative of future results. Additionally, users should exercise caution as transactions involving investments may be irreversible, even in cases of fraud or accidental actions. It is crucial to acknowledge that rapidly evolving laws and technical issues can have adverse effects on the usability, transferability, exchangeability, and value of investments. Furthermore, users must be cognizant of potential security risks associated with their investment activities. Individuals are strongly encouraged to conduct thorough research, seek professional advice, and carefully evaluate their risk tolerance before engaging in any investment endeavors. Market Jar Media Inc. is neither an investment adviser nor a broker-dealer. The information presented on the website is provided for informative purposes only and is not to be treated as a recommendation to make any specific investment. No such information on PressReach.com constitutes advice or a recommendation. Contact Details James Young +1 800-340-9767 campaigns@pressreach.com Company Website https://pressreach.com

September 25, 2023 09:00 AM Eastern Daylight Time

Video Image

REPORT: Companies have cut software spend up to 30% as it hits $3500 per employee, finds CloudEagle

CloudEagle

The current economic downturn, funding crunch facing businesses and the race to be cash flow positive are forcing organizations to re-evaluate budgets and spending patterns. This has pushed CFOs to issue mandates - cut software spend between 10% to 30%. SaaS procurement and management platform CloudEagle has today published a report with insights and trends that shed light on what’s been happening in 2023. The “ EagleEye SaaS Spend report ” analyzed $400M in transactions (via the CloudEagle platform) and understands that spending on software is now the third-biggest expense for organizations, right after employee and office costs. According to the report, departments with the highest software spending are Engineering (IT, Security, Data) (45%), Marketing (19%), Sales (17%), Finance (7%), Customer Success (7%), and HR (5%). However, when it comes to the number of apps, marketing (76) tops the list, followed by Engineering (56), Sales (42), Finance (35), HR (31) and Customer Success (22). When it comes to the top software categories purchased, cloud providers, CRM, project management, and data analytics, in that order, are at the top of the table. The report spotlights the emergence of ‘Citizen SaaS’, these are individual buyers or small teams buying SaaS tools that they need to do their jobs. Over 40% of SaaS spending across companies is originating from them. The Marketing, Sales and Customer Success teams also have the dubious distinction of being the departments with the most unused apps within a year of buying. They often acquire various tools to address their immediate requirements but frequently switch to new tools when these needs change.. A big revelation in the report is that, on average, companies spend $1000-$3500 on software tools per employee annually. Digging a bit deeper, a company with 10-100 employees has a total SaaS spend between $250k to $1 million spread over 50-70 apps. On the other extreme, a company with 2500-5000 employees has a total SaaS spend between $40 million-$100 million spread across 300-400 apps. Another interesting highlight of the report is that SaaS vendors in categories like video conferencing, testing, collaboration, storage, helpdesk, payroll management and mail automation are most open to negotiating pricing due to the plethora of options available in these categories for customers. On the flip side, vendors in categories like CRM, enterprise workflow, and business intelligence are least likely to negotiate as they are deeply entrenched in the company’s everyday functioning and changing these vendors would mean a change in processes and by extension, the working culture of the company. In fact, these vendors might steadily increase their pricing in the coming few quarters thanks to their stickiness. “In today's business world, every dollar counts for more than ever before. Given that software spend ranks as the third-largest expense in organizations it has become vital for CFOs and CIOs to scrutinize how they allocate their software budgets to ensure that every dollar spent returns a significant value. And it’s unsurprising that companies are looking at SaaS spend per employee as an important metric and accounting for that cost in addition to employee salaries and benefits,” said Nidhi Jain, CEO and founder, CloudEagle. The main emerging trends observed by the report include the increasing power of the CFO when it comes to SaaS buying, a renewed emphasis on Return on Investment (ROI) & Total Cost of Ownership (TCO) analysis, vendor consolidation, the growing power of ‘Citizen SaaS’ buyers, the influence of AI, and buyer-centric pricing models. Nidhi Jain added: “ CFOs must work closely with CIOs and department heads to devise smart plans to cut their SaaS spend and get more bang for their buck. At the same time, reducing software spend should not negatively impact company growth or inhibit innovation. The primary objective for CFOs should be to identify where they’re spending, recognize departments with the highest costs,identify instances of low utilization and application redundancies and establish a well defined procurement process “The right approach to cutting SaaS spend involves a data and metric-driven strategy. Understanding the ROI for each vendor and evaluating the SaaS spend per employee will enable the CFOs and CIOs to identify the software's true value and how quickly it will add to the company’s top and bottom line. Spend analysis, streamlining procurement and building a cost-conscious culture will enable companies to make informed choices and reduce overall software spend. The full CloudEagle EagleEye SaaS Spends report is available to download the report here: https://www.cloudeagle.ai/2023-saas-trends-and-insights About CloudEagle CloudEagle is a leading SaaS procurement and management platform that helps enterprises get visibility into software spending and enables them to save costs and streamline their end-to-end SaaS buying and renewal processes. Founded by industry veterans Nidhi Jain and Prasanna Naik with decades of experience in SaaS management & procurement, it is backed by Y Combinator, RingCentral, f7 Ventures, and others. The company has achieved over $50mn in SaaS savings by processing $400M+ in transactions using its library of 300+ deep integrations and has customers all across the globe like Ringcentral, OysterHr, Nowports among others. Contact Details CloudEagle Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.cloudeagle.ai/

September 25, 2023 06:00 AM Pacific Daylight Time

Image

Opportunities and Challenges: Exploring the Web3 Social Sector

HTX

Author: Juliet Tang, Investment Analyst at HTX Ventures Summary As Web3 technology and infrastructure develop, the Web3 social sector is facing new opportunities. Anonymity, censorship resistance, and user data ownership, among other features, are enticing users and developers to explore novel social tools. Some developers and investors have ventured into the sector, giving rise to hundreds of Web3 social projects spanning domains like social interaction, identity, NFTs, DAOs, and fan engagement. Notably, tools like CyberConnect and Lens Protocol have garnered large user bases and massive attention. In this article, we delve into the developments of the Web3 social sector and the distinctive features of Web3 social products. We also analyze several leading Web3 social projects and examine the risks and challenges facing the sector. Why should we pay attention to the social sector? The cryptocurrency domain has been considered an interdisciplinary field involving computer science, finance, cryptography, mathematics, and more. However, its adoption on a global scale is yet to be achieved, due to its short existence, inadequate infrastructure, and varying regulatory standards, as well as a steep learning curve and associated costs. As smart contract public chains like Ethereum improve, on-chain DApps have witnessed a boom since 2020. So far, there are more than 40 million DeFi user addresses, as shown in the figure below. Defi led the way in bringing users to on-chain interactions, using realistic, convenient use cases to drive on-chain economy and foster a range of on-chain Degens. In 2021, blockchain games and NFTs began to usher in a new wave of trends, acquiring numerous new Web3 users with novel gameplays, Ponzi tokenomics designs[1], and a diverse value system. Specifically, blockchain games, by allowing users to convert in-game assets into real-world value, have attracted Web2 gamers and low-income individuals in developing countries. NFTs, with attributes of identity, collectability, and brand value, have drawn in collectors, art lovers, and traditional brand owners. Since 2022, the crypto market has experienced a prolonged bearish sentiment. The once-prominent games and NFTs have waned in popularity, and the Ponzi-like economy has collapsed due to inadequate increments, resulting in a stagnation of Web3 user growth. Despite ongoing innovations, as well as persistent efforts to explore new possibilities in infrastructure, zero-knowledge proofs, payment, identity, and DeFi 2.0, a limited user base remains an essential challenge for the development of Web3. Amid the lingering bearish market, many ecosystems find themselves in an awkward situation where projects are in place without enough real users. The number of real on-chain users, excluding airdrop studios and users with multiple wallets, is probably not encouraging. To attract new users, Web3 needs to offer more use cases and create various gameplays. Currently, the social sector is anticipated to be the next catalyst for driving Web3 user growth. This sector has shown enormous potential in the traditional internet space, leveraging its massive user base and commercial value to the fullest. From MSN to Facebook, Instagram, and now TikTok, each technological upgrade has spurred the rise of new internet giants and created numerous job opportunities throughout the industry chain. With growing awareness of the privacy and commercial value of data ownership, more voices are advocating for users to control their social information and data through Web3 to enjoy the value of identity and behavioral data. For this reason, exploring Web3 social projects is expected to be one of the most promising and profitable topics in the coming period. As ecosystems like Cyber Connect and Lens Protocol mature, the Web 3 social sector is growing more robust. Although in an early stage of a boom, it has garnered market attention with some eye-catching projects. For instance, Elon Musk, one of the most influential figures in crypto, has captured global focus by endorsing Dogecoin and incorporating Bitcoin into Tesla's official documentation. Despite his statement that Twitter will never issue tokens, topics such as social identity and token rewards have been widely discussed. Moreover, events like Lens Protocol's successful fundraising of $15 million, the issuance of NFTs by internet giants like Instagram, and the listing of CYBER and other tokens on major exchanges have all contributed to the growth of the Web3 social sector. Characteristics of the Web3 social sector There isn't a universal definition of what Web3 social is, but we can put products involving information publication and exchange among individuals and user characterization into this field. Based on current developments, these mainly include social public chains, social graphs, social identities, social applications, and service tools. In the Web2 realm, traditional social media platforms like Twitter, Instagram, and TikTok have amassed a significant user base and evolved mature and diverse business models. However, the necessity and feasibility of developing Web3 social need validation. Unlike Web2, Web3 has a limited user base and is still in the stage of technological exploration. In this article, we believe that the key factors for a flourishing Web3 social sector include: 1. Anonymity and censorship resistance One of the most prominent advantages of Web3 social, compared to Web2 social, is its anonymity and censorship resistance. This feature has been proven a user need. In Web2, as data is controlled by centralized institutions, users can be arbitrarily censored and forced to delete or alter their posts on social media. Essentially, Web2 social is a social model that operates under surveillance, leaving users unable to protect their privacy. On the other hand, the decentralized Web3 social inherently safeguards user privacy and resists centralized institutional censorship, satisfying users' need for privacy protection and security. 2. User data ownership In the Web2 social model, user data is owned by centralized platforms. Leveraging user data, these platforms create user profiles to analyze user behavior for targeted advertisements and products. This approach maximizes traffic monetization while highlighting the value of data for business analysis. In Web3, users can gain commercial value from their data by controlling data ownership. From a user perspective, projects that facilitate data value monetization are appealing. In fact, this model has made some gains in Web2. For instance, Pinduoduo, a Chinese e-commerce platform known for its competitively priced products, offers cash rewards for watching videos or inviting friends to join activities (a method of acquiring new users through social networks), enabling users to monetize their traffic. So far, the Web3 space has seen several attempts to return data ownership to users, with projects like Bitcoin Lightning Network-based Nostra, Polygon-based Lens, and multi-chain protocol CyberConnect. We believe that with diverse and volatile tokens and a rich design for the token economy, monetizing data ownership can generate numerous engaging gameplays, growing wealth and new users more effectively than the previous bullish market for blockchain games. 3. Easy to use One of the elements of social projects is enabling the abundance and free flow of information within a community, and abundant information relies on a large user base. Attracting a large number of users is the most notable challenge and opportunity facing Web3 social projects. A critical factor hindering the development of the crypto sector is its limited user base. First, engaging in the industry requires a steep learning curve - users must acquire computer and crypto knowledge to be involved in on-chain interactions. Second, today's crypto projects are more complicated than their Web2 counterparts. Taking EOA wallets as an example, user experience is undermined by issues like complex seed phrases and storage methods, phishing and private key theft risks, and software updates and compatibility. This has prevented numerous Web2 users from entering the crypto world. On the other hand, this also means than any projects that are easy to use will attract a massive influx of users. 4. Composability In Web2 social, the presence of centralized institutions has resulted in massive data silos. Internet giants formed by these data silos control data access and pricing, requiring other projects to ask for permission to use data or build applications upon the data. Additionally, incompatibility and potential competition among these data silos hinder the interoperability of many Web2 applications, leaving users to register new accounts and re-accumulate information and data when switching platforms. We believe that an ideal Web3 social product has the potential to eliminate data silos, as demonstrated by the user portrait descriptions provided by POAP and ENS. We expect simpler, easier standard protocols to emerge, allowing access to most protocols while empowering users with convenient control over data ownership. This area is one of the key directions that DID explores. Overview of top projects Based on project types, social projects mainly fall into three categories: social graphs, social applications, and tool projects. Social graphs Social graphs serve as infrastructure in Web3 social, providing common standards and data sources for other application projects. A social graph should be rich in data sources, extensive in composability, and easy to use. For this reason, there is no need to build standalone new public chain projects or native projects on less popular public chains, as they create isolation from mature ecosystems. Currently, the mainstream option for developing a social graph is to build universal standards for social identities on mature chains. Prominent projects include Lens Protocol, CyberConnect, and RSS3. CyberConnect CyberConnect is a multi-chain social graph that validates and accumulates user interaction data. It provides users with personal profiles, social graphs, and smart contract wallets, and offers DApp developers standard API data interfaces for migrating user data across DApps. Having connected with Polygon, Linea, and Optimism, CyberConnect will further its integration with more networks like Arbiturm, which will help increase its user base. As of August 8, 2023, CyberConnect has 368,000 user accounts, 738,000 user operations, and over 1.25 million user profiles. Despite the current weak market performance, CyberConnect has maintained DAU of over 10,000, indicating large overall traffic. Lens Protocol Lens Protocol, developed by the renowned DeFi lending project AAVE's team members, is a Polygon-based social graph protocol that allows anyone to create non-custodial social information and build new social DApps. Through their wallets, users can create their own social profiles to engage in social interactions. They can also build interactive DApps based on Lens (they can log in to Lense for interactions, and interaction records will also be stored in their Lens social profiles). The image below shows projects within the Lens ecosystem. Over 100 projects have been built, including social, play-to-earn, streaming, DAO tools, ad management, information sharing, online paid knowledge, and lottery DApps. While still in an early stage, these projects exhibit both quantity and variety, rendering Lens even more abundant than some public chains. In general, this on-chain social ecosystem is highly economically friendly to creators. More than 110,000 addresses have obtained their profiles. According to the figures below, Lens has a user count of over 360,000 and a transaction count of 21.93 million. Both peaked in February 2023, indicating involvement from a large number of individual users or airdrop studios. Currently, daily on-chain transactions range between 15,000 and 20,000, with 3,000 to 50,000 wallet addresses participating in daily interactions. Such a large active user base amid the bearish sentiment reflects sound user data performance and growth potential in the Web3 social sector. Social graphs form the infrastructure and common tools for the entire social sector. Universal, simple, and convenient social graphs help flatten users' learning curves and reduce the barriers between DApps while accumulating more users and data. The Polygon-based Lens Protocol focuses on building its own social ecosystem. By contrast, CyberConnect, instead of creating a content platform and ecosystem, supports multi-chains and interactions with various applications. It is also actively exploring ways to attract Web2 users through wallets, and prioritizing open social profiles. Both projects are leading in the social sector, which could experience a boom due to the progress of Lens Protocol and the introduction of more of its projects. Social applications Farcaster Farcaster, created by Dan Romero, a former executive at Coinbase, is a decentralized social media platform built on Ethereum and aims to compete with Twitter. It is currently in the beta testing phase. Farcaster enables Web2-like fast and low-cost decentralized social experience by creating and storing on-chain user identities while storing other information in off-chain databases (or "Hubs"). Additionally, Farcaster ensures decentralization by allowing users to use a self-custodial model for sending and receiving messages without gateways. The ecosystem now includes nearly 20 derivative projects, spanning data analysis, image enhancement, trending topics, related topics, and search engines. As of August 9, 2023, Farcaster has over 13,000 wallet addresses, including those registered by crypto degens like Vitalik Buterin. As an independent social application, it boasts decent user numbers and engagement - there was a 2.2% growth in users and 2,500 casts were posted in the past seven days. On top of decentralized anonymity, driving Web2 users from Twitter to Farcaster remains a research priority for the platform's projects. Nostr Nostr is a decentralized open-source social transmission protocol that allows developers to build DApps. Without any centralized servers, Nostr transmits messages through a design of client and relay nodes. Unlike Web2 social, the protocol achieves full decentralization, enabling censorship resistance and privacy protection. Damus, a Twitter-like social product built on Nostr, features a decentralized, anonymous, and ads-free experience. Although still in an early stage, the product has been endorsed and backed by Jack Dorsey, the co-founder of Twitter. As a fully open, anonymous, and censorship-resistant decentralized product, Damus is more competitive than traditional social products in terms of privacy security. It has a defined market and target audience. However, to attract a broader base of Web2 users, it may need new product design and features. Friend.Tech Friend.Tech, invested by Paradigm, is a social application deployed on BASE, a Coinbase-affiliated L2 blockchain. Like traditional fan token/creator economy projects, the application offers creators services such as fan communities and token issuance. Users join a creator's community by holding tokens issued by the creator. It has become a smash hit since its launch on August 10. As of August 29, as shown in the chart, in less than 20 days since its release, it has garnered over 120,000 registered addresses, with more than 20,000 active addresses (users who access the user space). For each transaction, users need to pay a 10% fee, including 5% for the creator and 5% for the protocol. As depicted in the chart below, the protocol has accumulated revenue of over $4 million as of August 28, 2023. The rapid surge of Friend.Tech has captured attention and triggered speculations about the social sector. People are curious about the product's approach that enabled its achievements. In this article, we believe that although Friend.Tech follows the existing design of social products and token models, there are reasons behind such a success, including: 1. Ponzi-like tokenomics Fan tokens are mainly designed in two ways. One is the issuance of fan tokens. Users gain entry to a creator's community by holding a certain amount of fan tokens. These tokens follow a market-based pricing mechanism and offer features like buybacks, burns, profit sharing, and staking. The other is the issuance of fan NFTs. Users can hold fan NFTs to enter a creator's community. While also being priced on a market basis, fan NFTs may offer new token mapping, new NFT airdrops, or other privileges. In the token economy preceding Friend.Tech, fans buy or sell tokens solely based on their admiration for the creator, rather than the fluctuation of token prices. However, Friend.Tech introduced a combination of referral mechanism and Ponzi-like design to inject vitality into the fan token economy. According to Friend.Tech, a point will be distributed within six months. Although specific rules are still unknown, user points are broadly believed to be associated with token airdrops. The fusion of this strategy and the referral mechanism encourages users to invite their friends to join Friend.Tech. It also spurs them to buy shares in various creators to generate trading fees and data. Like Blur's airdrop strategy, Friend.Tech's approach attracts users by offering long-term point incentives and airdrop expectations. Meanwhile, the extended timeframe enhances customer loyalty, enabling Friend.Tech to maintain its market share after airdrops conclude. Friend.Tech has not disclosed the calculations of its tokenomics. However, according to Laurence Day's widely accepted estimation of the model, as depicted in the chart below, Friend.Tech's fan tokens follow a price curve represented by P = supply ^ 2 / 16,000. Under this model, price fluctuations are exponential, in both upward and downward directions. As early investors have the opportunity to enjoy remarkable profits, such a Ponzi-like design will continue to drive prices up until a balance is reached between buyers and sellers. This will attract more speculative participants. On the other hand, it also implies that the last few investors who haven't profited will find themselves holding valuable tokens without a market to sell. Alternatively, they can try to recover partial costs by continuously reducing prices until a new market equilibrium is reached. However, when a rapidly rising price suddenly experiences a sharp decline, it often triggers panic selling, resulting in a steep price drop. In a nutshell, the incorporation of a Ponzi economy is one of the most critical reasons for Friend.Tech's rapid surge. A similar design was seen in the Meme project XEN, where a Ponzi-like token economy and dividend incentives for early users quickly sparked a market frenzy. 2. Advantages of BASE's early stage Initially built on other blockchains, Friend.Tech's launch and popularity are closely related to the excitement around BASE and the L2 space. Since the launch of Arbitrum in early 2023, the L2 space has delivered impressive performance amid a bearish sentiment. The subsequent Zksync ecosystem, OP Stack, and BASE have fueled market enthusiasm. Anticipated launches and token issuance of Starknet, Scroll, and Zksync later this year, along with the upcoming Cancun upgrade, make L2 the most crucial and promising sector in the crypto world for 2023. Moreover, BASE is affiliated with Coinbase, a prominent crypto exchange. By launching on BASE during its early stage, Friend.Tech strategically capitalized on the market's focus and timing advantages. 3. Endorsement by Paradigm Friend.Tech earned substantial credibility by being backed by Paradigm, a top-tier investment fund for crypto. Without a fully developed website (only a rough beta version), whitepapers, or explanatory documents, the project still managed to gain extensive trust and enthusiasm. Additionally, its Blur-like point incentive mechanism was possibly designed under the guidance of Paradigm. In conclusion, while Friend.Tech follows a conventional product mechanism, it takes bolder approaches in tokenomics design, user acquisition, and marketing. In the short term, Friend.Tech might replicate Blur's path to user growth. However, the project's long-term performance as a social product needs further examination after it is fully launched. Tool projects Most social tools are designed to serve DApp projects. For example, Lens Protocol has Lenscan for browsing data and LensDAO for organization and community management; Farcaster has Alertcaster for information alerts and FarQuest for launching surveys. Social tools also comprise various general auxiliary tools, such as Debank Hi for social promotion and Utopia for DAO treasury governance, as well as tools for NFT design, account management, and wallet management. In a nutshell, the social sector is a field where developers can unleash their creativity for applications. Apart from social graphs and application tools, social applications in particular, various types of social platforms, follower platforms, and streaming platforms are emerging. As the sector is still in its infancy, the enthusiasm and efforts from developers and investors will continuously help it grow. Risks and challenges While the crypto social sector has attracted many developers and investors, it's essential to recognize the risks and challenges facing the sector. These chiefly involve technology, user growth, and compliance. Technological challenges As social products are application-focused, their development relies on mature infrastructure and technologies. A growing user base will raise more and higher requirements for social products, whose progress needs resolving issues like data storage, cross-chain information transmission, information transmission cost, and network congestion. However, today's infrastructure cannot accommodate the emergence of Web2-scale social software. User growth Apart from anonymity and censorship resistance, why would Web2 users move to Web3 social applications? Apparently, not all users have extremely high requirements for privacy protection. Numerous users fulfill their social needs on centralized social platforms. How can Web3 social products acquire more newcomers, except for these users? Should they focus solely on a privacy-conscious audience? If using economic incentives, how should they design the model to avoid economic loopholes or Ponzi-like pitfalls? Although Web3 social has garnered decent market attention and traffic, this excitement remains within the crypto community. Therefore, whether to address existing issues or create new features and demands is the key question for Web3 social products to increase their user base. Compliance Web3 social products have three major features distinguishing them from their Web2 rivals. First, Web3 products are decentralized, censorship-resistant, and privacy-protected. Second, users own their data. Third, users gain the benefits from their data ownership. Nonetheless, these selling points may become risks. Web3 products are anticipated to attract illegal and illicit practitioners while capturing the attention of regulatory agencies. With a maturing sector and a growing user base, developer security and potential regulatory inquiries, among other issues, need to be considered in advance. Conclusion Still in its early stage, the Web3 social sector relies on the development of infrastructure, including, but not limited to, cross-chain information transmission, data storage, lower transaction cost, and compliance. Today's social products encompass social graphs, social tools, and social applications. Social graphs form the foundational layer, and social applications are the largest in quantity and cover the most categories. Currently, a significant number of developers are experimenting with Web3 social product development, and investors start putting money into the sector. Growing market interest is demonstrated by the launch of CYBER tokens as well as Twitter's rebranding and ad revenue sharing model. Despite these opportunities, it's necessary to recognize the challenges facing Web3 social, including immature infrastructure, user growth, and compliance. Overall, we believe the Web3 social sector shows promise in terms of its prospects, trends, and market enthusiasm. With improved infrastructure and growing projects, investors, and tokens, we are optimistic about the sector's investment potential and future. References Web3 Social: Road to Mass Adoption (binance.com) https://messari.io/report/web3-social-usage-and-engagement https://mpost.io/web3-fundraising-report-for-q2-2023-trends-in-gaming-and-social-network/ One Origin, Two Paths: The Decentralized Social Journeys of Lens and CyberConnect (同源异流：Lens 和 CyberConnect 的去中心化社交路径) - Biteye (mirror.xyz) Who Will Become the Next Hit? A Glance at Popular Web3 Social Projects (谁能成为爆款？一文盘点 Web3 社交赛道热门项目) - Web3Caff https://medium.com/@Cobo_Global/socialfi-fdb821e1e7da About HTX Founded in 2013, HTX has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. HTX serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies - "global development, technology drives development, and technology for good" underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts. Contact Details Michael Wang glo-media@htx-inc.com Company Website https://www.htx.com/

September 22, 2023 09:57 PM Eastern Daylight Time

Huobi's Transformation to HTX: Evolution and Global Vision

HTX

By Frank, Foresight News In a fast-paced crypto industry, a decade is a significant milestone. For leading crypto exchange HTX, the 10th anniversary is a special moment representing the successful culmination of its first decade-long journey. These past ten years have seen the crypto industry experience both remarkable highs and challenging lows, mirroring HTX’s journey filled with moments of glory and setbacks. HTX began humbly in 2013, growing and attaining the status of the largest exchange in the Chinese market in 2017. Even though HTX exited Mainland China in 2021, it achieved significant milestones elsewhere. This year, as another decade begins, how will HTX embark on its next decade-long plan? From Huobi to HTX: A New Chapter Starting with "X" In algebra, the letter "X" is often used to represent something unknown with limitless possibilities. For Elon Musk, the element "X" plays a significant role in his companies, from xAI to SpaceX. After acquiring popular social media platform Twitter, he rebranded it under the element and named it “X”. Nearly a year under the new ownership, HTX has successfully integrated 'X' into its revamped brand strategy, signaling the start of a new global chapter. This rebranding introduces a new corporate slogan: “HTX, Just Trade It.” ● According to HTX's spokesperson, "H" stands for Huobi and continues the heritage of Huobi, "T" represents TRON with a commitment to continue building in the TRON ecosystem, and "X" stands for the exchange. ● From a different perspective, ‘HT’ also represents the native platform token on the exchange (HTX Token), so the name ‘HTX’ can also be understood as the exchange for trading HT. Being a well-known exchange in the industry, HTX is undoubtedly a valuable asset that has withstood the test of time. So what considerations prompted HTX to revamp its branding? HTX has been a leader among the Chinese crypto exchanges. However, with changes in the landscape and its withdrawal from Mainland China, HTX's market share and competitiveness have seen stale growth. While distractions in the evolving competitive scene led to HTX’s weaken share: The rise of DeFi, Layer2, and other exchanges created greater competition. This elevated market globalization and decentralization. To keep up with the rapidly changing environment, the transformation and upgrade of HTX is inevitable. This broader context is the driving force behind HTX’s rebranding, especially considering the following two timelines: ● In September 2013, HTX was officially established. Over a decade, HTX experienced significant transformations, from dominating the global Bitcoin trading market share to setting up offshore companies. ● In October 2022, HTX underwent a change in ownership, with significant developments such as the introduction of Justin Sun in an advisory role, and organizational and personnel adjustments. HTX has spent a year in adaptation, which involved several months dedicated to restructuring, cost reduction, and efficiency readjustments. As a result, HTX now finds itself on a more stable footing, and in prime condition to initiate this brand upgrade: Recent internal adjustments also provided the exchange with the opportunity to begin a new chapter of strategic planning for the next decade. HTX Embarks on a New Global Journey With this rebranding, HTX is once again embarking on a journey of globalization, with HTX as its global brand. The strategic plan covers two main areas: expanding its global reach and diversifying its product offerings, in an effort to achieve global expansion in a coordinated manner. Ramping up Global Compliance Step by Step HTX's Dominica market marks the beginning of its journey in global expansion. Its main goal is to achieve decentralization while focusing on key regions, exploring potential markets, achieving balanced growth in different countries, and strategically expanding its global footprint. In other words, the goal is to reduce dependence on a single country or region. Instead, HTX will continuously explore new markets such as their partnership with Dominica. They will venture into new markets with promising prospects. This approach requires keen intuition and swift action, and the Hong Kong crypto market stands out as one of the best examples of this strategy. Today's cryptocurrency markets and projects cannot ignore the potential and influence of Hong Kong. Earlier this year, HTX crossed its path with Hong Kong. In April, HTX Night was held during the Hong Kong Web3 Carnival, which Justin Sun attended as a speaker. Hong Kong also witnessed the establishment of the pioneering crypto rating agency HKVAC in late May, with HTX proudly serving as its first exchange member. Clearly, HTX's presence in Hong Kong is gradually taking shape. Apart from Hong Kong, HTX is currently advancing compliance efforts in other countries and regions, including Gibraltar, Lithuania, Dubai, BVI, Australia, and more, applying for licenses and building compliance. Furthermore, in June 2023, HTX's Mars Program set its sights in space, aiming to challenge the boundaries of cryptocurrency adoption. The narrative in the blockchain industry has always been about providing banking services to those regions lacking banking and financial infrastructure. However, HTX's strategic initiatives span across Asia, Europe, Africa, and Oceania, aligning with the strong demand for cryptocurrencies in emerging markets. This expansion also serves as a crucial lever for HTX to compete for market share and expand its financial services. As the volume and influence of the crypto space continue to rise, it becomes clear that complying to regulations are essential for the overall growth of both the crypto industry and the exchange sector. HTX's commitment to regulatory compliance is its lifeline, highlighting its dedication to achieving balanced growth and establishing a global presence in the space. Forging a "Super Crypto Ecosystem" Competition in the crypto exchange sector has always been fierce, particularly in today's saturated market. To attract and retain users, exchanges must look beyond the core function of trading and offer more. HTX is in the process of reshaping its product portfolio ahead of market trends, recognizing the need to diversify products and services beyond geographical expansion. They aspire to be the driving force behind the creation of the ultimate cryptocurrency ecosystem, akin to Elon Musk’s ambitions for social media platform X (formerly known as Twitter). HTX envisions a super ecosystem that aims to introduce top-quality assets into the cryptocurrency realm and provide an all-encompassing platform including spot trading, derivatives trading, wealth and asset management. The goal is to enable users to trade, discover, and invest in selected crypto assets while delivering professional services and diversified products to a global user base. What sets them apart is its competitive edge, perfectly resonating with the TRON blockchain, which hosts billions of USDT and a massive user base. This brings together the synergy of an exchange, public blockchain, and stablecoin, resulting in a "1+1>2" effect. Their strategic approach addresses a core business model that many other exchanges, such as Binance, are emphasizing but have yet to fully develop. It involves integrating real-world assets (RWA) with genuine use cases into the cryptocurrency space, bridging the gap between high-quality assets and exchange users worldwide. One notable example of HTX's commitment to this vision is its strong support for RWA DAO’s Real World Asset (RWA) token, stUSDT. Through collaboration with Justlend DAO, HTX facilitates stUSDT staking services, an initiative that integrates real-world assets into the DeFi sector, offering robust channels to users, bridging the divide of investment targets between individuals and institutions. HTX will continue to introduce a wide range of promotions and products related to asset operations. They plan to consistently refine its flagship product lineup, featuring PrimeVote and Flexi Max, and to unveil more new offerings, similar to the recently launched Shark Fin, as well as an asset custody product that was developed in partnership with Fireblocks. In doing so, HTX aims to furnish users with secured and diverse options for safeguarding and maximizing the value of their cryptocurrency assets. HTX closely monitors market trends and strategically diversifies its operations into new sectors, aiming to discover sustainable wealth opportunities that are accessible to a broader range of users. HTX will; ● Deepen collaborations with mainstream ecosystems, including (but not limited to) public chains, Layer 2, and meme coins. ● Pays close attention to developments in emerging sectors. Actively collaborates with high-quality project teams to ensure prompt listing of new digital assets on the platform, to meet users' needs for both spot and futures trading. For instance, HTX was among the first movers to list popular assets such as #PEPE and #AIDOGE during the meme coin hype this April, which played a significant role in injecting vitality into the lackluster market during this period. They have also established strategic partnerships with world-renowned service providers, public chains, and project teams, including TradingView, Polygon, and UniSat Wallet, to collaboratively build a multi-dimensional business ecosystem and enhance user experience. In addition, lucky users from the HTX Mars Program during HTX's 10th anniversary celebrations enjoyed a multitude of prizes. The prize package includes a chance to compete with shortlisted space candidates for a coveted $6 million space travel, a round trip experience on a private jet, and the latest Tesla Model 3 (distributed in the form of 20,000 USDT and 20,000 USDT in future trial bonuses). HTX aims to attract more users and bring them into the cryptocurrency realm by offering a variety of campaigns with attractive rewards. To reiterate, while HTX concentrates on the mainstream crypto ecosystem to meet with users' trading demands, it is also exploring emerging sectors to uncover more wealth opportunities accessible to users. This not only fulfills the essential needs of users in the current crypto market but also aligns with its vision after rebranding: "Achieving Financial Freedom for 8 Billion People on Earth". What Does the Future Hold for the Development of Exchanges? "People tend to overestimate short-term impacts while overlooking long-term trends''. Every turning point and revolution in the blockchain industry, from Uniswap to Cryptokitties, can be identified by subtle yet discernible clues and indications long before they actually occur. Many seemingly unremarkable new technologies or trends today have the potential to reshape the entire industry in the future. In the realm of cryptocurrency exchanges, it has been just under a year since the sudden collapse of FTX in early November 2022. The entire crypto industry and exchange landscape have now transitioned into a "post-FTX era". The most significant change is that leading platforms such as Binance, OKX, HTX, and various other small and medium-sized exchanges have successively introduced reserve asset proofs, further advancing the development of asset security within exchanges. HTX updated its Merkle tree Proof of Reserves in September this year and maintains reserves that consistently exceed 100% to ensure the security of user funds. The crypto business is still in the early stages of the adoption curve, as indicated by a Boston Consulting Group (BCG) report. However, projections indicate that by 2030, the total number of cryptocurrency users will reach an impressive one billion. The report estimates that the top five exchanges will account for 65-75% of global spot trading volume and 80-90% of the futures trading volume. In short, centralized exchanges (CEX) are expected to maintain their pivotal position in the cryptocurrency market in the near future. However, as the industry moves into the "post-FTX era", the dominance of a single exchange has reached the peak within the exchange landscape. This becomes apparent when examining industry developments and the growing recognition of the importance of risk diversification. Therefore, with the rapid expansion of CEX, the industry's future may be characterized by a landscape of "one superpower, multiple strong players." Undoubtedly, the scope of competition among exchanges will continue to broaden. Against this backdrop, regulatory compliance and product innovation are set to assume a growing importance in the competition among exchanges, mirroring the development path of Binance, which initially faced setbacks but later rose to prominence. Regulatory compliance and product innovation will become the primary drivers of competitive advantage. While this trend may be less pronounced at present, its influence is destined to increase over time. "There is the potential to breathe new life into old things through innovation and change." As old Huobi marks its 10th anniversary, the year-long restructuring of the new HTX is finally nearing completion. As these two timelines converge, the demarcation between the old and the new becomes less distinct. However, one fact remains evident: the new timeline heralds a new chapter for HTX. With the rebranding to HTX as its new identity, the exchange will strategically push for globalization, actively promote regulatory compliance and product innovation, and embark on its ambitious plan for the next decade. About HTX Founded in 2013, HTX has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. HTX serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies - "global development, technology drives development, and technology for good" underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts. Contact Details Michael Wang glo-media@htx-inc.com Company Website https://www.htx.com/

September 22, 2023 02:52 PM Eastern Daylight Time

Image

MultiversX Rivals the World’s Largest Hackathon Prize Fund of $1M to Expand the Blockchain Ecosystem at xDay 2023

STORM Partners

Sep 22nd, 2023 - MultiversX has announced the launch of its global development event, the xDay Hackathon, to further expand the Web3 ecosystem for new and emerging projects. Organized alongside Encode and Dora Hacks, the event is powered by its esteemed partners, including Google Cloud, Tencent Cloud and Deutsche Telekom, offering prizes and funding of up to $1M. MultiversX is offering one of the largest hackathon prize funds in history. Beyond cash and seed funding rewards, the grand prize offers the winning project an exclusive spot on the xLaunchpad platform. This grants them access to an incubation platform that provides emerging projects with assistance in multiple areas including: funding, legal & compliance, marketing and developer support amongst other services, while also giving access to a community of over 100,000 users. The xDay Hackathon has already garnered impressive interest, with over 500 participants registered. The event has been designed to offer invaluable learning opportunities, including 19 workshops and 4 AMA sessions. Developers can build tools, scripts or smart contracts in languages like Rust, C/C++, Python, and TypeScript, making the xDay Hackathon a global call for coders of all skill levels. " The xDay Hackathon is the very best time to build. Builders, tools, prizes, funding. Everything is ready for the global builder community. Time for builders to explore new ways of utilizing the unique capabilities of the MultiversX network. " says Beniamin Mincu, CEO of MultiversX. Registrations for the xDay Hackathon are still open at xday.com/hackathon until October 16th. The event spans across six tracks: AI, DeFi, Payments, Infrastructure & Dev Tooling, Mobile Apps, Gaming & Metaverse, running from September 21st to October 20th. While the event is hosted online, the grand finale will be held at the xDay conference, in Bucharest, Romania, with optional in-person attendance. The MultiversX ecosystem has rapidly grown to become a leading force in the blockchain space, boasting an impressive 2.3 million wallets, over 345 million processed transactions, and a thriving community of builders with 2,500+ tokens, 6,500+ applications and over 2 million NFTs created. About MultiversX MultiversX is a highly scalable, secure and decentralized blockchain network created to enable radically new applications, for users, businesses, society, and the new metaverse frontier. About Encode Encode Club is a leading web3 education community. Its mission is to help ambitious, talented people achieve personal and professional goals together in web3. Encode does this through organising high-quality programmes including hackathons, coding bootcamps, educational workshops, and accelerators in partnership with the leading blockchain protocols. Once participating in the programming, they help people get hired through the dedicated recruitment arm or receive investment through the investment fund. About DoraHacks DoraHacks is a global hackathon organizer and one of the world's most active developer incentive platforms. It creates a global hacker movement in blockchain, quantum computing and space tech, and provides a wide range of toolkits to help developers around the world team up and fund their ideas and BUIDLs via hackathons, bounties, grants and more. Distributed by STORM Partners. Contact Adrian Bono for interviews and quotes - adrian.bono@storm.partners or telegram @STORMPartners Contact Details Media Contact: Dan Voicu, Head of Communications dan.voicu@multiversx.com

September 22, 2023 10:49 AM Eastern Daylight Time

Image

4GLOBAL using new trial to hone AI and machine learning techniques

4GLOBAL PLC

4GLOBAL PLC (AIM:4GBL) chief development officer Utku Toprakseven speaks to Thomas Warner from Proactive London after the UK-based data, services and software company announced it is embarking on a Trial within Places Leisure to understand more about how its technology can help generate actionable insights for health and fitness operators. The partnership aims to harness artificial intelligence (AI) and machine learning to analyse participation data from the physical activity sector. The data-driven approach will enable predictive analysis to enhance business decisions, improve customer experiences, and target key business objectives like higher retention and acquisition rates. The initiative also seeks to re-energise gym members, understanding their motivations and providing tailored interventions to keep them active. While benefiting gym-goers and facility operators, this collaboration also aligns with 4GLOBAL's objective of transforming data into actionable insights. Toprakseven also hinted at future innovations, emphasising AI, machine learning, and a focus on the ESG agenda in the company's R&D efforts. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

September 22, 2023 09:23 AM Eastern Daylight Time

Video

TECH SOLUTIONS FOR BUSY FAMILIES & CONNECTED PARENTS

News Media Group, Inc.

Contact Details Karl Wayne +1 334-440-6397 karl@newsmg.com Company Website https://newsmg.com/

September 22, 2023 06:00 AM Eastern Daylight Time

Video