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Sci-Fi NFT comic book project lays the foundation for CCG development

DAO members vote and decide on the future of the story by minting, collecting and crafting panels and pages of comic book issues.

The year is 2142 AD. A dystopian future controlled by corporations is rocked as the last Bitcoin (BTC) is mined, and Satoshi Nakamoto’s long-dormant wallet is awakened and used to dismantle their control. The physical, virtual and astral realms are all disrupted as entheogen spirits, angels and demons battle it out while artificial intelligence (AI) fights AI to liberate conscious entities in the Metaverse.

That is the scene-setter for a nonfungible token-powered (NFT) comic book project spearheaded by an ambitious team of former game developers from Serbia. The Web3 platform marries the ever-popular collectibility of comic books with the world of NFTs to establish the lore of a virtual tabletop RPG board game that is in pre-production.

Dušan Žica, CEO and COO of 2142, jumps straight into the project’s premise in an exclusive interview with Cointelegraph. Having worked as a copywriter and advertising director for 11 years, Žica switched to the world of video game development the past seven years before the idea for 2142 was born in late 2021.

Frustrated by the swathe of copycat collections in the NFT space, his team envisaged a GameFi comic book in which users mint, collect and compile panels and pages of the 2142 AD comic book series, starting with its first volume, before participating in a decentralized autonomous organization (DAO) to guide the course of the story’s progress and ending.

Cointelegraph explored the Web3 website to begin the process of minting and compiling the first edition of the 2142 comic book. Paying gas fees gives users a small bundle of free, randomized NFTs, providing the first pieces of the comic book puzzle.

As Žica explains, users would need to purchase a total of 15 to 20 bundles to complete the first 34-page comic issue. These bundles might give a user two of the same panels or pages, but the ERC-20 NFTs can be bought and sold on 2142’s proprietary NFT marketplace as well as platforms like OpenSea, enabling collectors to complete comics.

The first issue of 2142 AD will also feature randomized cover pages, adding to the unique collectibility of the comic books, which is minted into a complete, single NFT on completion:

“We’ve got different covers, which are based on random models, different characters and combinations. When you burn the whole collection of panels, you get one NFT issue. The issue should have inherent value because of that rarity.”

Seasoned comic collectors are accustomed to paying anything from tens to hundreds of dollars for the latest copy or rare issue of their favourite comics – while the price of completing the first issue of 2142 will cost at least $30. Upon completion of the first edition, users receive an airdrop of a character, location and item from the 2142 universe that can then be used to craft new, five-page spin-off webcomics based on the user’s choices.

“In this way, we are actually decentralizing and randomizing world-building, it’s a new concept, and we’re not aware of anyone doing that,” Žica said.

These characters, locations and items essentially form part of the pre-production of the team’s long-term goal of creating a collectible card video game and tabletop RPG in the mold of Cyberpunk 2020, Kult and The World of Darkness. Žica said that the real value of the NFT intellectual property will be realized and executed in a video game.

“We’re in the process of pre-production of a CCG video game, as we all come from video game production backgrounds. It’s going to be a huge part of the pre-production, it can help us grow our community and enhance our world-building.”

The 2142 team also wanted to avoid attracting NFT ‘flippers’ that have become part and parcel of the space, snapping up new digital collectibles in the hopes of major profits. 

Žica conceded that their Ethereum-based NFTs would be available on platforms like OpenSea – in a similar way in which Reddit’s collectible NFT avatars were listed and sold for a premium on the popular marketplace. 

According to the project overview, members of the 2142 DAO will be entitled to a revenue share in the developing tabletop RPG, CCG video game and animated series.

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BTC price clings to $20K as US stocks lose the equivalent of 4 Bitcoin market caps

$1.6 trillion U.S. stock market losses pressure crypto markets, with BTC price action coming full circle to linger near $20,000.

Bitcoin (BTC) briefly lost $20,000 support overnight into Sep. 14 after hot United States inflation sent risk assets crashing lower.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Markets lose big in bid to “fight the Fed”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit lows of $19,870 on Bitstamp — its worst since Sep. 9.

The move came amid a stocks rout triggered by Consumer Price Index (CPI) inflation data for August coming in above expectations.

Despite still being lower than July, the market had hoped for a quicker cooling of inflation more broadly and hence the chance of a quicker loosening of policy by the Federal Reserve.

With that prospect now appearing slim, equities indexes hemorrhaged value, with Apple losing $154 billion — the sixth-biggest daily loss in U.S. stock market history.

Tech selloff on Tue has been particularly costly for Apple. World’s most-valuable comp lost $154bn in market value – a wipeout that ranks among top 10 worst single-day market value losses in US stock market history, acc to BBG. That’s more than mkt cap of ~90% of S&P 500 comps. pic.twitter.com/M32soxmDPn

— Holger Zschaepitz (@Schuldensuehner) September 13, 2022

“Markets had tried desperately to spin a bull case and fight the Fed, basically, and that’s a dangerous place to be,” Carol Schleif, deputy chief investment officer at BMO Family Office, told Bloomberg.

In total, U.S. stocks fell by approximately $1.6 trillion on the day — more than four times the Bitcoin market cap.

The U.S. dollar consequently increased in strength, with the U.S. dollar index (DXY) surging back towards twenty-year highs.

At the time of writing, the index circled just under 110, less than 0.9% below that macro peak seen earlier in the month.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

“Septembear” comes back to haunt BTC bull

At the time of writing, cross-market crypto liquidations totaled $355 million, with Sep. 13 forming one of the largest long liquidation events in recent weeks.

Related: Bitcoin margin long-to-short ratio at Bitfinex reach the highest level ever

Data from on-chain monitoring resource Coinglass also captured $88 million of short liquidations on that day.

Crypto liquidations chart. Source: Coinglass

The sell-off thus left BTC/USD up just 1% for the month of September, which was nonetheless still the first “green” September since 2016, Coinglass showed.

BTC/USD monthly returns chart (screenshot). Source: Coinglass

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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ETHW Core to push on with Ethereum PoW fork 24 hours after Merge

ETHW Core plans to split off from the main ETH blockchain and maintain a PoW version to keep ETH mining alive beyond The Merge.

The long awaited Ethereum Merge is just around the corner, but not everyone is excited about the major upgrade. A group calling themselves ETHW Core have voiced its opposition to the change and are set to conduct a hard fork within 24 hours after the Merge. 

Under the project name, ETHPoW and with the token ETHW, ETHW Core plans to split off from the main ETH blockchain and maintain a PoW version to keep ETH mining alive beyond the Merge.

“ETHW mainnet will happen within 24 hours after the Merge. The exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up,” the group wrote in a Sept. 13 tweet.

The Merge will shift the Ethereum network away from its current Proof-of-Work (PoW) mining model to a Proof-of-Stake (PoS) consensus mechanism, phasing out miners and replacing them with validators.

In their Aug. 29 open letter, explaining their motivations, the group outlined why in their opinion, “PoS is indeed a game changer, but only in bad ways.”

“It is only prudent to continue a PoW Ethereum, which should be a no-brainer for those who champion openness and the free market as there is no downside. After all, if PoS Ethereum is really so great, why be afraid of competition?”

However many in the community believe the fork is motivated by money, rather than ideological differences.

And serious concerns have been voiced over the forks ChainID and whether it will increase the risk of replay attacks and other hacks.

Former Ethereum foundation member Hudson Jameson wondered on Sept.8 why it was launching after the actual Merge.

“I have huge doubts they will gain much hash power if they launch post-Merge,” he wrote. “Hash power will be on other chains by then and the value prop of ETHPoW is tenuous already,” he wrote.

So.

1. ETHPoW actually isn’t freezing contracts.
2. It is unclear if they are still editing EIP-1559 to the tips go to a “miner DAO” (code PRs suggest this is happening).
3. They are likely launching days after the merge happens (from what I can tell in the code). https://t.co/vvjf7neS0w

— Hudson Jameson (@hudsonjameson) September 8, 2022

Coinbasecloud protocol Specialist Viktor Bunin reportedly contacted the ETHW Core for clarification on the issue. The result of the query was not posted.

I’m disappointed that our team has to submit PRs (because issues are disabled ), but its imperative that the @EthereumPoW team provides clear guidance on the chainID

Failing to do so risks all user and exchange assets on both chains due to replay attacks. pic.twitter.com/6Z80AjdDjT

— Viktor Bunin ️ (@ViktorBunin) September 9, 2022

Related: Ethereum ready for The Merge as last shadow fork completes successfully

If all goes to plan, the ETH Merge is currently less than a day awa.

At time of writing, the ETHPoW token is trading at $29.71, but only exists as a futures ticker, conceived in anticipation of the upcoming fork. The price of Ether (ETH) currently sits at $1,599, down 2.26% over the past seven days.

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Bitcoin is the perfect settlement layer to build apps on top of: Hiro CEO

Bitcoin programmability may also help further drive Bitcoin adoption as both a technical and financial layer in our society, which in turn may “drive up the price” over the long term.

While the Bitcoin network isn’t programmable, it serves as an excellent settlement layer to build robust applications on top of, says Hiro CEO Alex Miller.

Hiro provides Bitcoin development tools for developers to build on the Stacks blockchain. Miller said Stacks inherits the Bitcoin network’s security through a consensus mechanism called proof-of-transfer (although this is a controversial statement for some).

Miller told Cointelegraph the value proposition behind building programs on top of Bitcoin is that it’s a “really well settled, well accepted, very trustworthy settlement layer.”

He added that because of this, it’s a much simpler blockchain to build on top compared to most other smart contract platforms which do computation and settlement on the same layer:

“When you have both your settlement and your computation on the same layer, it really complicates things in a lot of ways. […] You don’t want to be modifying your settlement layer that much.”

That enables developers to “do more innovation more quickly” on a layer two which “has far, far more robust capabilities.”

Miller claimed that we shouldn’t be surprised that developers are making Bitcoin programmable, as that’s what Satoshi Nakomoto envisioned:

“Satoshi himself wrote back in like 2010, 2011, that he foresaw additional layers [and] additional chains will get built on top of this, to provide all of that kind of programmability.”

Miller said the Stacks developer ecosystem has grown rapidly since the platform’s launch in Jan. 2021, “we’ve got hundreds of developers who are working in the ecosystem, and thousands of smart contracts and applications that have been deployed on it.”

Within the first year of launch, the Stacks blockchain achieved more than 350 million monthly API requests, 40,000 Hiro wallet downloads, and deployed 2,500 Clarity smart contracts, with those figures increasing further in 2022.

Miller also said that we’ll live in a “multi-chain future” without any particular smart contract platform ruling at all. “Ethereum is going to be around for at least a while, but there’s a lot of other smart contract platforms out there that haven’t stood the test of time yet,” he said.

Related: Stacks’ Mitchell Cuevas talks building integrated DeFi bridges for Bitcoin users

As for where the crypto market is headed, Miller said that crypto volatility will decline when crypto applications become more “accepted, integrated, and used in our society,” adding:

“[By] bringing programmability and smart contracts to Bitcoin, it helps drive the further adoption of Bitcoin as both a technical and financial layer in our society, thereby driving down volatility while driving up the price in the long term.”

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3 ways scammers will try to fool you over Ethereum’s Merge

Besides fake ETH 2.0 tokens and malicious token airdrops, crypto users should also be on the lookout for staking pools offering attractive staking yields.

Scammers are likely to use excitement around the Ethereum Merge to launch new scams aimed at newbie crypto users, PolySwam CEO Steve Bassi has warned. 

The Ethereum Merge is expected to take place within the next 24 hours.

Speaking to Cointelegraph, Steve Bassi, founder, and CEO of PolySwarm said these scams could come in the form of fake ETH 2.0 tokens, fraudulent mining pools, and fake airdrops.

PolySwam is a decentralized cybersecurity marketplace that connects cybersecurity experts to projects and companies through the use of bounties.

Fraudulent staking pools

The Ethereum upgrade marks the transition from the current proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).

Bassi said that for many Ether (ETH) holders, joining a staking pool will be their only way of reaping yield from staking rewards if they don’t have the 32 ETH required to become an independent validator.

“Staking is a pretty new concept for most of the crypto community and unless you’ve got 32 ETH lying around you’re going to have to join one of the staking pools to make a yield off your ETH.”

Bassi however warned that pooled staking providers “carry their own risk” as it often requires users to deposit and give up control of their ETH.

Bassi said that upstart staking providers, which “may offer very attractive terms” could perform “sudden rug pulls” that would affect those participating in the pool.

“This risk exists today with DeFi platforms/pools and tokens, but the Merge will give scammers a new character universe to work with.”

Upgrade scam

One of the more imminent threats involves scammers attempting to trick users into signing fraudulent transactions or parting with their private keys under the guise of migrating to the new Ethereum chain.

Bassi reiterated that the upgrade to proof-of-stake should be transparent, and a user should not need to do anything to migrate or preserve their ETH-based tokens, noting:

“We’ll likely see scammers try to get users to sign fraudulent transactions and/or leak private keys based on some false pretense that the user needs to do something to migrate chains.”

Fake airdrops

Another likely attack vector will come in the form of “fake airdrops,” added Bassi — convincing users to sign transaction messages or visit phishing sites in order to receive a bogus airdrop.

“The ETH Merge will be a good excuse for these scammers to masquerade as well-known, economically valuable, projects promising airdrops.”

“Those airdrops will likely redirect users to a phishing site where they may be fleeced out of their ETH, private keys, and/or crafted transaction signing attempts.”

The Ethereum Foundation has called the upcoming Merge the “most significant upgrade in the history of Ethereum” and has urged users to be on “high alert” for scams trying to take advantage of users during the transition. It has repeatedly warned there is no such thing as an ETH2 or ETH 2.0 coin.

Related: Vitalik Buterin impersonators ramp up ETH phishing ahead of The Merge

The upgrade is expected by most onlookers to be a success, given the experience in the previous testnets, however, Bassi said there could still be a chance that scammers or hackers have found a way to game the system.

“We don’t really know if a group of scammers/hackers out there has already developed an attack or DDoS technique against the chain which can be used post-Merge when ETH 2.0 has the full economic value of ETH 1.0 moved over.”

“If there were such an attack it’s likely to only temporarily affect the chain and, possibly, the market as there a lot of smart eyes watching behavior post-Merge. However, an attacker will likely be looking for the opportunity to monetize any discoveries.”

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Institutional investors headed for a tipping point on crypto — Apollo Capital

Apollo Capital CIO Henrik Andersson said there will come a point when not investing in crypto will be a “career risk.”

Henrik Andersson, CIO of crypto asset fund manager Apollo Capital believes institutions may soon “flip” on their conservative stance towards crypto. 

Speaking to Cointelegraph, the Melbourne-based crypto fund manager said that while institutional interest in crypto has been slow in picking up, particularly in Australia, there are a lot of players that are waiting for the right moment to strike.

Andersson admitted that major institutional investors in Australia, particularly retirement funds (or superannuation funds) have yet to warm up to the digital asset space.

“It’s still early days. So yes, speaking to a lot of family offices in Australia and smaller boutique institutions. The big industry super funds are not there yet.”

“From their point of view its still a lot of education going on. So it will still take some time, I believe,” he added.

Apollo Capital is a fund manager focused on providing family office and institutional investors access to crypto investment opportunities. One of its latest launched funds is the Apollo Capital Frontier Fund, which is focused on nonfungible token (NFT) infrastructure, decentralized finance (DeFi) and multi-chain infrastructure.

Asked what needs to happen for institutional sentiment to change, Andersson believes this will “flip” when big players start making more substantial moves in the space.

“No one wants to be the first into something like this. Because if you’re the first one and things go wrong, then there’s a career risk. That will flip at some point to the opposite,” explained Andersson.

“At some point, when prices go up, then people don’t want to miss out. And if others are making investments, then it will become a career risk not to be invested.”

In Australia, several large banking institutions such as ANZ, NAB and Commonwealth Bank (CBA) have already been making forays into the digital asset space.

“We’ve seen several of the major banks here in Australia, taking an interest in digital assets. So that’s really, really good to see,” he said.

CBA was notably the first major bank in the country to announce crypto services through its mobile banking app last year, but later put its plans on hold noting it was still waiting on regulatory clarity from the new government.

Others have pushed forward with stablecoin and tokenized asset trading.

Related: Fidelity will ‘shift’ retail customers into crypto soon — Galaxy CEO

Internationally, large banking conglomerates such as Singapore’s DBS Bank are continuing to grow its digital assets business despite the bear market, while major investment banks have also been beefing up its coverage of the crypto space.

“You have all the major investment banks in the world writing research reports on the crypto space. Everyone from Goldman Sachs to Morgan Stanley, Citigroup, JP Morgan and others. So there’s definitely still a lot of interest in the space from those kinds of institutional players,” he explained.

“So while it seems like its going very slowly now, you know, once the sentiment changes, we see the first players making investments that can change very, very quickly.”

Earlier this week, Irfan Ahmad, the Asia Pacific digital lead for the bank’s crypto unit State Street Digital told Sydney Morning Herald that despite the current crypto winter, institutional investors have maintained their interest in blockchain and digital assets.

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Final Fantasy creators join Oasys blockchain, gamers whine about it

As part of the deal, Square Enix will develop games on Oasys’ PoS network, joining the likes of Sega, Double Jump, Bandai Namco and Ubisoft.

Square Enix, the Japanese game developer behind the beloved Final Fantasy franchise has signed on as a node validator for blockchain gaming project Oasys, with the duo also teaming up to create blockchain games.

The move has predictably been met with criticism from some crypto and NFT hating members of the gaming community, irritated that the firm is continuing to double down its focus on blockchain tech.

In a Sept. 12 announcement, Oasys revealed that Square Enix had jumped on board to be the project’s 21st node validator, taking up the final slot of initial validators.

Moving forward the duo will also team up to develop new games on Oasys’ EVM compatible Proof-of-Stake (PoS) blockchain, which hopes to become a hub for Triple A quality games with Play-to-Earn (P2E) integrations.

Square Enix joins a host of big names in gaming to partner with Oasys such as Sega, Double Jump, Bandai Namco and Ubisoft — with the latter also having a troubled history with gamers who have pushed back against the firm’s NFT gaming initiative Quartz.

In 2022, Square Enix has done irreparable damage to its image by

– Investing in crypto
– No longer prioritizing “fun” in gaming
– Selling off all their western studios

I’d call it self sabotage, but compared to what’s happened to Warner Bros this year, it’s honestly nothing https://t.co/TD8d1O1nj9

— Bruh Momento (@JBoop_is_ballin) September 12, 2022

The pitchforks are out

While the prospect of having reputable gaming giants jumping behind a blockchain project is welcome news in the blockchain world, the traditional gaming community has not received Square Enix’s move well.

The Gamer reported the news, with the headline: “Square Enix Sets Its Dreaded NFT Plans In Motion By Partnering With Crypto Company.”

 Square Enix article: The Gamer

“Unlike most video game developers who decided to announce their ventures into the jpeg-filled world of NFTs, Square Enix has only been doubling down on it,” the article notes, as it questions Square Enix president and CEO Yosuke Matsuda’s previous statements about introducing P2E elements into games:

“He probably ignored the fact that so many NFT games aren’t just scams, but also look like they were made by an actual bored ape.”

On Twitter gamer @ShyVortex said the partnership was “truly disgusting. Never buying a Square Enix game again,” while @eramaster12 questioned “what does it take to f#ckin force them to stop?.”

@Pilnok also chimed in that this “has become tiresome and embarrassing” and @ManuelRomer2 added “what about just don’t entirely?”

pic.twitter.com/AVI7Kf2lB0

— RecklesFlam1ngo (@RecklesFlam1ngo) September 12, 2022

Square Enix and blockchain

Square Enix has been gradually ramping up its blockchain related plans in 2022, despite pushback.

Matsuda stated in a New Year’s Letter in January that he was particularly interested in the idea of introducing blockchain-enabled “token economies” into games to incentivize both players and users that generate content to add to the games.

“With advances in token economies, users will be provided with explicit incentives, thereby resulting not only in greater consistency in their motivation, but also creating a tangible upside to their creative efforts,” he wrote.

Related: Ubisoft cools off on NFTs and blockchain, says it’s in ‘research mode’

While blockchain is yet to creep into Square Enix’s games, the firm kicked things off in July by releasing tokenized character figures for $129.99 featuring characters such as Cloud Strife from Final Fantasy.

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$491B asset manager KKR’s health care fund tokenized on Avalanche

To access the fund on the Securitize protocol, investors need to submit their passport, fill out personal and tax information and complete a “liveness check.”

Digital asset company Securitize Capital is set to tokenize $491 billion asset management firm KKR’s Health Care Strategic Growth Fund II (HCSG II) on the Avalanche blockchain.

The news was shared by KKR on Sept. 13, with the tokenization of HCSG II being described by the head of Securitize Capital Wilfred Daye as a “significant breakthrough” for individual access to private equity markets.

The tokenization enables investors to own a token representing a share of the $4 billion healthcare-focused fund that invests in 23 North American and European-based companies versed in the pharmaceuticals, medical devices and life sciences sectors.

In order to buy in the HCSG II Fund on the Securitize protocol, investors need to submit their passport, fill out personal and tax information and complete a “liveness check” in order to be reviewed. Investors are also subject to a 0.50% management fee.

Founder and CEO of Ava Labs Emin Gün Sirer said the tokenization of the HCSG II Fund marked a “huge milestone” for the blockchain industry in enabling “real world assets” to move on-chain:

Massive news: exposure to a flagship fund of @KKR_Co, one of the largest institutions in the world, is being tokenized on Avalanche by @Securitize. This is a huge milestone for blockchain by Wall Street and real world assets coming on-chain https://t.co/03iQY8OTpl

— Emin Gün Sirer (@el33th4xor) September 13, 2022

KKR said on-chain tokenization of real world assets also “lowers investment minimums, improves digital investor onboarding and compliance protocols, and increases potential for liquidity through a regulated alternative trading system.”

Related: Tokenization, Explained

The potential for tokenization to capture a large share of global assets has also been acknowledged by Boston Consultant Group (BCG) and Raiffeisen Bank International’s Blockchain Research Hub.

BCG predicted that $16.1 trillion of illiquid assets will be tokenized by 2030, while Raiffeisen Bank International’s Blockchain Research Hub predicted last year that most securities will be tokenized by 2030.

Securitize Capital operates the Securitize protocol, which was integrated onto the Avalanche blockchain in Dec. 2020 and is focused on “reinventing private capital markets by delivering trusted end-to-end security token solutions.”

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SWIFT and Symbiont announce corporate data blockchain pilot

The message-system processes over five billion transactions a year and seeks to maintain its relevance by integrating disruptive technologies to its business.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) disclosed on Tuesday a partnership with fintech company Symbiont to provide more accurate data for financial firms through blockchain technology. 

Vanguard, Citigroup, American Century Investments, and Northern Trust are among the companies participating in the initiative.

According to the announcement, the pilot project “could help providers distribute data in near real time to global custody clients.” Through Assembly, Symbiont’s proprietary technology platform, smart contracts will be used “to create a network effect that leverages the 11,000+ institutions connected to SWIFT globally.”

In 2017, Symbiont partnered up with Vanguard to improve price index data distribution through blockchain, consuming data from funds worth $1.3 trillion at the time.

“By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s extensive network, we’re able to automatically harmonize data from multiple sources of a corporate action event,” said Tom Zschach, chief Innovation Officer at SWIFT, adding that Assembly’s smart contract would allow to “compare information shared between participants and flag discrepancies, contradictions or inconsistencies across custodians.”

Due to the rise of Central Bank Digital Currencies (CBDC), the company has been making efforts to maintain its relevance in the international economic order. In 2017, the interbank cooperative launched its global payments’ innovation, gpi, seeking to enhance payments tracking and fee transparency, allowing customers to send cross-border payments 24 hours per day.

In February, the European Commission decided to deactivate the SWIFT network for several Russian banks due to the war in Ukraine. Recently in a panel session at the Blockchain Central Davos conference, Michael Miebach, Mastercard’s CEO, said that he does not expect SWIFT is unlikely in five years. Founded in 1973, SWIFT handles over five billion financial messages a year and has a presence in 200 countries.

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Linux to launch Foundation to support digital wallet development

The foundation apparently does not intend to create its own digital wallet, however. Its’ goal is to make it easier for companies to create wallets for themselves.

The Linux Foundation, a global nonprofit organization that enables innovation within the blockchain ecosystem through access to open source technology, has announced plans to launch the OpenWallet Foundation (OWF). 

The OWF is a collaborative effort between companies in the technology and public sector, as well as stakeholders within the blockchain ecosystem, to develop open-source software to support the interoperability of digital wallets; software designed to send, receive, store and monitor digital assets.

According to a press release issued on Sept. 13, the primary goal of the OWF is to build a multi-purpose open source engine that anyone with the technical understanding can use to build safe, secure, and privacy-protected interoperable wallets. The foundation also said it seeks to establish best practices for digital wallet technology.

Rather than creating a digital wallet itself, the foundation will focus on building an open-source software engine that other organizations, companies, and developers can use to create their own multi-use digital wallets. Jim Zemlin, the executive director of the Linux Foundation, shared:

“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.”

Accenture’s David Treat, a member of the Foundation, stated:

“Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world. Massive business model change is coming, and the winning digital business will be the one that earns trust to directly access the real data in our wallets to create much better digital experiences,”

Joining Linux Foundation in this endeavor are other renowned companies like CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation.

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