Monthly Archives: März 2023

03/22/23

Enya Labs and DMCC Join Forces to Boost Web3 and Blockchain in Dubai

• Enya Labs has signed a partnership agreement with Dubai Multi Commodities Centre (DMCC).
• The DMCC Crypto Centre ecosystem is further strengthened by the significant technology cooperation with Enya Labs.
• Boba Network, the first hybrid blockchain that provides off-chain data and computing, enables smarter applications.

Enya Labs Signs Partnership Agreement With Dubai Multi Commodities Centre (DMCC)

The prominent developer of decentralized infrastructure solutions, Enya Labs, has announced a partnership with the DMCC and Government of Dubai Authority on Commodities Trade and Enterprise. The agreement strengthens the ecosystem of the DMCC Crypto Centre, allowing companies to leverage their current operations with hybrid blockchain solutions provided by Boba Network.

Boba Network: A Hybrid Blockchain Platform

Boba Network is a global platform that enables blockchain and web3 companies to create next-generation decentralized applications (dApps) at lower transaction and computation costs and higher throughput. It provides smart contracts across several different blockchain networks such as Ethereum, Moonbeam, and Avalanche. Furthermore, Boba Network offers developers Hybrid Compute technology which allows them to develop dApps that use “off-chain” data from web2-based systems.

Partnership Strengthens Ecosystem of DMCC Crypto Centre

The partnership between Enya Labs and DMCC will greatly promote expansion of web3 and blockchain enterprises in Dubai by providing them access to Boba Network’s advanced technology solutions. Executive Chairman and Chief Executive Officer Ahmed Bin Sulayem commented on this partnership saying that it was “the true testament to thriving ecosystem” created by DMCC Crypto Centre.

Enya Lab’s Core Contribution to Boba Network

As a Core Contributor to Boba Network, Enya Labs plays an important role in assisting partners who want to take advantage of new opportunities facilitated by hybrid blockchains. The company offers services to customers as well as organizations through its focus on distributed systems engineering and application development spearheaded by Stanford academics and graduates.

Conclusion

The collaboration between Enya Labs‘ expertise in software frameworks along with Boba Networks‘ hybrid blockchain technology will give businesses based in Dubai access to cost saving solutions for creating dApps with increased throughputs. This marks an exciting opportunity for both parties involved as they will be able expand their capabilities together while being able penetrate new markets that have yet been explored before now due to technological limitations

03/13/23

College Student Commits Suicide After Falling Victim to Crypto Scam

• A second-year B.Com student in the Indian city of Lucknow committed suicide after investing 3.5 lakhs ($4,200) in a cryptocurrency investment firm, only to not receive any returns on their investment.
• The Indian government has expressed wariness towards cryptocurrencies due to their decentralized aspect, with recent bankruptcies and crypto frauds only amplifying anti-crypto voices.
• Police have launched an investigation into the incident and are taking the family’s complaint seriously, though the Indian crypto lobby is discouraged by the government’s 30% tax on crypto transactions.

Indian College Student Commits Suicide Over Crypto Scam

A second-year B.Com student from Lucknow, India committed suicide after losing a sizeable amount of money to a cryptocurrency investment scam. The victim had invested 3.5 lakhs ($4,200) in bitcoin after hearing promises of significant returns from a company he found on Telegram messaging app. However, once he requested his funds back, representatives stopped all forms of contact and failed to return his money or profits resulting in him taking drastic measures leading to his untimely death.

Indian Government’s Wariness Regarding Cryptocurrency

The Indian government has been wary about cryptocurrency due to its decentralized aspect for quite some time now with recent bankruptcies and crypto frauds further amplifying anti-crypto voices within the country. This particular incident highlights how serious these scams can be and why it is important for investors to conduct thorough research before investing into any such schemes that guarantee high returns over short period of times as they are usually too good to be true and it could end up costing you your life savings if you aren’t careful enough.

Police Investigation Launched

Local police have launched an investigation into this terrible occurrence upon receiving a complaint from the victim’s family members who were present at the scene when he took his own life by hanging himself with a piece of fabric according to Santosh Kumar Arya, a police investigator who also confirmed that initial inquiries established that the investment firm was legitimate hence further investigations would be conducted if needed based on what is uncovered during this case study .

Crypto Lobby Discouraged by Tax Policy

The Indian crypto lobby is already discouraged by the government’s 30% tax on crypto transactions which can act as another deterrent for potential investors looking at entering this space just because they fear being scammed or falling prey to fraudulent activities . Though strict regulations might help reduce such occurrences but it could also lead people away from adopting cryptocurrencies completely causing more harm than good in terms of adoption rate within India itself .

Conclusion

In conclusion , we must make sure that adequate safety measures are put in place so that such unfortunate events don’t happen again as no one should ever lose their life savings just because they wanted to invest into something new or explore different avenues that could potentially provide them with better financial outcomes than traditional methods . It is our duty as responsible citizens & traders operating in this space make sure that we take all necessary precautions while transacting online & never fall prey to scammy deals & platforms as it can cost us dearly if we don’t pay attention & practice due diligence while dealing with such matters .

03/4/23

Bitcoin NFTs to Reach $4.5B Market Cap by 2025 – Here’s What to Know

• Bitcoin NFTs may reach a market cap of $4.5 billion by March 2025.
• Ethereum and Solana have been leading the field of NFTs, with recent talks about Bitcoin NFTs gaining attention.
• The inscriptions minted on NFT crossed over 200K in just 3 months and Bitcoin vs Ethereum NFTs was compared by Galaxy Research.

Bitcoin vs Ethereum NFTs

Bitcoin and Non-Fungible Tokens (NFT) have had a long history together since 2012 when Namecoin, the first NFT, was minted on Bitcoin’s blockchain. Galaxy Research estimates that if the market is in a bull phase, then the market capitalization for Bitcoin NFTs could be around $10 billion. In a worst-case scenario, the market cap would be around $1.5 billion and in a neutral situation it could reach up to $4.5 billion by March 2025.

Leaders in the Field of NFT

Ethereum and Solana are some of the well-known leaders in the field of Non-Fungible Tokens (NFT). After the launch of Ordinal at the start of this year, many customers started migrating from existing marketplaces to new ones such as Opensea. This led to an increase in inscriptions minted on these platforms which ended up reaching over 200K within 3 months time frame. One major update came from Yuga Labs‘ announcement called „TwelveFold“ while another one was provided by Galaxy’s research unit concerning Ordinals and inscriptions including comparison between Bitcoin and Ethereum based tokens.

Impact on Network Stability

The introduction of more activities related to Bitcoin has divided its community into two – one group believes that it will maintain network stability while there is also concern regarding high transaction numbers affecting gas fees which can make it difficult for small-scale transactors to participate in transactions using this digital currency platform.

Recent Updates

Recent updates regarding Non-Fungible Tokens (NFT) include news from Yuga Labs announcing their „Twelvefold“ project as well as details from Galaxy’s research unit about Ordinals and associated inscriptions comparing them between Bitcoin and Ethereum based tokens along with other developments like those related to Opensea marketplace migrations etc.,

Conclusion

Overall, there has been an increasing trend in activities related to Non-Fungible Tokens (NFT) especially since early 2021 with various updates being released regularly including those related to projects like Twelvefold as well as comparison between different platforms like Etheruem Vs Bitcoin based tokens etc., There is still some divide among experts regarding whether or not this increased activity will impact network stability due to higher transaction numbers or not but regardless, it appears that the market capitalization for these tokens could reach up to $4.5 billion by March 2025 according to Galaxy Research estimates