Web3 Archives - Gizmochina

US Legislators Propose Clarity Act to Block Chinese Blockchain Networks

Anubhav — Thu, 09 Nov 2023 15:06:00 +0000

Amidst developing China-US tensions, US legislators have proposed a bill to prevent federal agencies from using Chinese blockchain networks. This bill, named the Clarity Act, aims to sever ties with certain Chinese firms, reflecting a broader strategy to maintain the US’s digital control, especially in the Web3 space.

This move comes when US and China are already dealing with data security concerns

The proposed legislation takes direct aim at the Blockchain-based Service Network (BSN) and Conflux Network, amongst others, due to concerns over national security and data privacy. BSN, in particular, has been a cornerstone of China’s blockchain strategy, funded by state-owned entities and designed to advance blockchain use without cryptocurrencies. While BSN attempts to globalize with its Spartan Network, US officials remain wary.

The bill’s introduction reflects a larger narrative of the US seeking to protect its interests in the digital era. While the Clarity Act targets blockchain, it’s part of a bigger picture where the US scrutinizes Chinese technology on all fronts, from TikTok to 5G. The bill also calls for an assessment of risks, including those posed by alternatives to the SWIFT banking network and China’s Belt and Road Initiative.

This legislative move signals a precautionary stance, ensuring sensitive American data doesn’t fall into foreign hands. However, the bill’s success is uncertain, lacking support from key committee leaders. Yet, its very existence confirms a bipartisan understanding that the US must guard its technological frontiers against rivals, especially China. This stance echoes the sentiments of US Senate Majority Leader Chuck Schumer, who advocates for a competitive yet non-confrontational stance towards China.

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Hong Kong’s Animoca Teams Up with Saudi Arabia’s Neom to Promote Web3

Anubhav — Wed, 01 Nov 2023 03:52:25 +0000

Hong Kong-based Animoca Brands is teaming up with Saudi Arabia’s smart city project, Neom, in a move that says a lot about both companies’ future plans. With a $50 million investment, this deal shows that Saudi Arabia is seriously looking at new tech like blockchain as a way to grow beyond its oil roots.

This aligns with Saudi Arabia’s plan of modernizing the country by 2030

For Animoca, known for its blockchain games, the deal is a golden opportunity to make its mark in a country that’s eager to become a tech leader. The two companies plan to work on special tech projects, known as Web3 services, that could set the stage for what tech growth looks like in Saudi Arabia. This fits perfectly with Saudi Arabia’s Vision 2030 plan, which is all about modernizing the country.

What’s interesting is how the money is changing hands. Part of the funding will be in convertible notes, which are like IOUs that can later be turned into shares. The rest will be through buying shares outright. This mix-and-match approach could be a new way for tech companies to get funding in the future.

But the deal is more than just about money and tech. Saudi Arabia is clearly keen on strengthening its ties with China, as Animoca is a big tech player in Hong Kong. Given that China is Saudi Arabia’s largest trading partner, this partnership might be a smart play for both tech growth and international relations.

Yat Siu, the co-founder of Animoca, sees the deal as a sign of mutual respect and shared goals for a tech-driven future. Although Neom hasn’t shared many details about how it plans to use this new tech, it’s obvious that the project has big ambitions—especially since they’ve been hiring experts in the area.

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Hong Kong’s Challenge is to Simplify Web3 for Mass Adoption

Anubhav — Mon, 30 Oct 2023 01:49:02 +0000

As the lights dim after the annual FinTech Week conference in Hong Kong, the city is grappling with two pressing issues in its bid to become a global cryptocurrency and Web3 hub: user-friendliness and a talent crunch.

Hong Kong is pushing hard to make Web3 a mainstream technology

The recent JPEX cryptocurrency scandal, which resulted in over HK$1.5 billion (US$192 million) in lost consumer funds, underscored the need to shift the conversation from mere financial speculation to real-world applications. A year into its policy pivot, Hong Kong is pushing hard to mainstream Web3 technologies. Local companies like Animoca Brands are already playing a pivotal role in developing blockchain video games. The aim is to make technologies such as decentralized ledgers more relatable and useful to the average person.

Yat Siu, co-founder of Animoca Brands, likens the current Web3 landscape to the internet 25 years ago, emphasizing the urgency companies now feel to embrace these technologies for their future success. But there’s a catch: the technology is hard to use for the average Joe. Take cryptographic keys, for instance. They’re your ticket to a new digital world, but they’re also easy to lose and hard to manage.

Dfinity Foundation, among other players, is looking to solve this issue. They’re developing passkeys that turn your physical device into a digital key, aiming to end password-related vulnerabilities like phishing attacks. Tech solutions like these aim to simplify the user experience, a critical step in driving mass adoption.

While Hong Kong shows promise in embracing Web3, there’s another hurdle: talent. Despite its strategic position in the Greater Bay Area, the city faces a dearth of developers needed to realize its digital ambitions. The competition is stiff, especially from tech-savvy neighbors like Singapore. According to Ryan He, co-founder of ICP Hub Hong Kong, the city’s edge lies in how swiftly it can tap into a larger pool of developers in the area.

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VERTU unveils the METAVERTU, its first Web3 smartphone with 18GB of RAM & 10TB storage

Jed John Ikoba — Fri, 28 Oct 2022 19:26:08 +0000

Former Nokia sub-brand VERTU has released the METAVERTU new generation of mobile phones in London. The phones are touted as the first WEB3 devices and come with up to 18GB of memory on top of 10TB of storage as a Web3 device. VERTU aims to create an equal data rights ecosystem open to diverse demographics.

The METAVERTU has a 144Hz ultra-high-brush AMOLED panel and is powered by the Qualcomm Snapdragon 8 Gen 1 SoC. The Snapdragon 8 Gen 1 is a premium chipset even though it has been overtaken by newer and more efficient Qualcomm chips. The 18GB RAM of the phone provides performance ramifications for the phone, coupled with its 1TB storage. The METAVERTU also has a distributed storage of 10TB when used as a Web3 mobile phone.

The new VERTU smartphone has the IMX787 35mm humanistic main camera and an optical telephoto lens. The battery capacity of the machine is 4,600mAh and it can be recharged fully within 20 minutes via fast charging. The METAVERTU is not lacking in its security architecture as well. It has a built-in A5 security chip with SE+TEE technology. It provides anti-intrusion sensors and other security functions in line with top international financial institutions.

The METAVERTU has quite impressive security and privacy features in consumer devices. It features proprietary software and hardware for a secure user experience. The METAVERTU has a one-button switch that allows seamless migration from Web 2.0 to Web 3.0 operating systems. In the Web 3.0 mode, the METAVERTU has a copyright camera to generate digital collections and other applications. The phone features previous services like hotel reservations, gift purchases, and lots more VIP services like the new V PASS exclusive memberships.

The METAVERTU is billed for launch on November 3. Six options will be available with the entry-level carbon fiber model priced at 25,800 yuan (~$3,558). The premium-grade Crocodile leather model could cost up to 300,000 yuan (~$41,371). The METAVERTU will be simultaneously available globally and can be purchased via Tmall, as well as through its official website in China.

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OSOM OV1 renamed to Solana Saga; becomes crypto-focused web3 Android smartphone

Jeet — Fri, 24 Jun 2022 03:51:34 +0000

OSOM is a new smartphone brand formed by some of the former members of the Essential company. It was already confirmed a few months ago that the company will be launching its first smartphone later this year.

The phone, which was called OSOM OV1, has now been renamed to Solana Saga. Not just that, the company has also revealed that it is becoming a web3-focused Android handset.

The rebranded of the smartphone also drops the name OSOM and instead the device is now being launched by Solana Mobile, which is a subsidiary of Solana Labs.

Earlier, the company had revealed that the phone will be launched in the second half of this year but now the launch has been pushed back to “early 2023” but there’s no exact timeline available for its availability.

However, the company has opened up pre-orders for the Solana Saga. It features a 6.67-inch OLED display. The device will come powered by the Qualcomm Snapdragon 8 Plus Gen 1 processor, coupled with 12GB of RAM and 512GB of internal storage.

It will have Solana Mobile Stack (SMS), which utilizes security features baked into the Qualcomm chip. It is said to be “a framework for Android allowing developers to create rich mobile experiences for wallets and apps on Solana.”

The phone will feature a 50MP Sony IMX766 primary camera sensor, coupled with a 12MP Sony IMX373 ultra-wide lens. On the front side, there will be a 16MP snapper for taking selfies and video calling.

It comes with support for features like Bluetooth 5.0 and a rear-mounted fingerprint scanner. The device will be powered by a 4,100mAh battery and come with wireless charging support. While the pricing is not yet known, the company is expected to price Solana Saga at around $1,000 even though the company was talking about pricing the OSOM OV1 smartphone well under $1,000.