Daily Crypto, Finance and Tech News Summary – April 28, 2023

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Google Cloud Division Launches Web3 Program to Drive Blockchain Innovation

Google Cloud has unveiled a new program focused on Web3, which describes the next generation of internet applications that leverage blockchain technology and decentralised protocols. This initiative aims to support the development and integration of Web3 solutions, fostering innovation and collaboration within the blockchain ecosystem.

The program will offer a range of resources, including technical guidance, strategic partnerships, and access to Google Cloud infrastructure, to help businesses and developers build, test, and scale their Web3 projects. By providing the necessary tools and expertise, Google Cloud aims to streamline the adoption of decentralised technologies, enabling enterprises to harness the benefits of blockchain and Web3 applications.

Google Cloud’s entry into the Web3 space underscores the growing importance of blockchain technology and its potential to revolutionise various industries. By offering its vast resources and expertise, Google Cloud can accelerate the development of innovative solutions that drive greater transparency, security, and efficiency across multiple sectors.

As more major players like Google Cloud embrace and support Web3 technologies, the future of decentralised applications appears increasingly promising, with widespread adoption becoming more likely. Read more here

What is Web3: A Decentralised Internet with Empowered Users and Advanced Technologies

Web3, also known as the decentralised web or Web 3.0, is the next generation of the internet that aims to shift from the current centralised model to a more decentralised, user-centric ecosystem. Most approaches are currently built around blockchain technology, enabling secure, transparent, and trustless interactions without relying on centralised intermediaries.

Emerging technologies like Splitchain, the backbone of the Zucoins token, promise to offer better alternatives to traditional blockchain technologies by addressing its inherent limitations. Splitchain aims to provide enhanced performance, scalability and lower running costs, when compared to conventional blockchain systems, further empowering the Web3 landscape.

The benefits of Web3 include:

  1. Data Ownership: Users will have greater control over their data, as it is stored on decentralised networks rather than being owned by centralised entities. This empowers users to manage their privacy and share data on their own terms.
  2. Enhanced Security: With data stored across multiple nodes in a decentralised network, the risks of hacking, data breaches and single points of failure are reduced.
  3. Trustless Transactions: Blockchain technology enables peer-to-peer transactions without the need for single trusted intermediaries, reducing costs and increasing efficiency.
  4. Increased Privacy: Decentralised systems and cryptographic techniques provide users with enhanced privacy and data protection, reducing the potential risk of third-party data exploitation.
  5. Censorship Resistance: Web3 is designed to be more resistant to censorship, ensuring that users have unrestricted access to information and the ability to communicate freely.
  6. Digital Ownership and Monetisation: Web3 enables new economic models and opportunities, such as digital asset ownership through non-fungible tokens (NFTs) and decentralised finance (DeFi), allowing users to monetise their digital assets and creations directly.

With advanced technologies like Splitchain, Web3 is poised to revolutionise the internet, offering a more democratic, secure, and user-centric experience.

AI-Powered Spam: The Next Challenge in the Battle Against Unsolicited Emails

Generative artificial intelligence (AI) advancements could equip spammers with new tools to evade spam filters and make their messages more persuasive. Internet spam is very profitable, with a recent online pharmaceutical spam campaign estimated to generate around $7,000 per day. Traditionally, spammers have relied on hit-or-miss approaches, such as the infamous “Nigerian prince” scam.

However, advances in AI, such as generative large language models (LLMs) like ChatGPT, could enable spammers to target individuals and tailor messages based on information gleaned from social media posts. Research has demonstrated AI’s ability to predict individuals’ responses and even argue persuasively on various topics. Despite this, AI could also benefit spam filters by helping them better understand spam messages, improving their ability to identify and block unwanted emails. The two-sided impact of AI on spam ultimately depends, like any powerful technology, on who controls the tools and how they are used. Read more here.

Zucoins and Splitchain: Potential to Enhance Email Security

Zucoins, supported by Splitchain technology, could assist in avoiding scam emails by establishing a self-trusted email verification system. By leveraging the decentralised nature and cryptographic security of Splitchain, a trust-based protocol can be implemented to validate the authenticity of email senders and their messages.

This could be seen as a next evolution for the PGP protocol in secure email processes. This protocol could involve self-governing trust system, where verified email addresses are associated with digital signatures on the Splitchain network. Email recipients can then cross-check the digital signatures with the Splitchain network to ensure the email sender is genuine and trustworthy and arrange email transactions.

Additionally, Zucoins could be used to incentivise users and email service providers to maintain good email practices and uphold security measures. For example, users could be rewarded with Zucoins for reporting phishing attempts or identifying spam emails, thereby contributing to the security and integrity of the email ecosystem.

By incorporating example product ideas such as these into the Splitchain network, users can benefit from a more secure and trustworthy communication system, reducing the likelihood of falling victim to scams and malicious emails, if implemented well.

EU “MiCA” Crypto Regulations Will Rock Unprepared Investors

The European Parliament’s recent approval of the Markets in Crypto-Assets (MiCA) regulation package sparked excitement in the cryptocurrency industry, but some argue it may stifle rather than support digital finance. MiCA’s rules draw inspiration from traditional finance, encompassing capital requirements for large tokens, transparent disclosure to combat Ponzi schemes, and increased oversight of European service providers. Non-compliance penalties can reach up to 15% of annual revenue. While MiCA might standardise rules across the EU and enable passporting activities, its stringent requirements could lead to fines and consequences for those unprepared.

MiCA aims to protect financial stability and monetary sovereignty, classifying stablecoins based on their backing and subjecting them to bank-like supervision. “Significant” stablecoins with 10 million average yearly users will be overseen by the European Bank Authority and must maintain at least 3% capital of reserves. These regulatory constraints could push operating costs to around 5%, significantly higher than current levels.

The possibility of further regulation remains high, with MiCA not fully implemented until 2025, and decentralised finance (DeFi) and non-fungible tokens (NFTs) yet to be regulated. Historical precedent, such as Roosevelt’s 1933 ban on gold hoarding, suggests that governments may act to control digital currencies if they perceive a threat to stability. At the very least, the onboarding/offboarding process via stablecoins seems to be the initial regulation point of contact.

The newly announced Societe Generale’s euro-denominated stablecoin CoinVertible, will provide an EU-bank powered stablecoin, giving crypto users more alternative options to complement stablecoins from Circle (USDC), Tether (USDT) and Binance (BUSD).

Cryptocurrency’s increasing mainstream adoption is naturally creating more interest from governments and central banks to participate in the growing industry. Read more here

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