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STX, the native token of the Bitcoin-focused Stacks layer 1 smart contract platform, is making waves in the crypto market after posting a 400% rally since October 2023.

STX trading volume has jumped a staggering 2,600% over the same period to $437.6 million on Feb. 22. STXs performance surpasses Bitcoins BTCUSD 90% increase since Oct. 15,2023, and according to Messari, STX outperformed Bitcoin in 2023 with a 600% increase year-on-year.

State of @Stacks Q4

Key Update:

Stacks emerged as the leading Bitcoin layer, and may solidify this role with the upcoming Nakamoto upgrade and sBTC.

QoQ Metrics

- STX 199%

- Stacks revenue 3,386%

- TVL 363%

Read the report for free https://t.co/MBzi8sLg9t pic.twitter.com/zbLPvDkyrV

This year has seen a growing interest in Bitcoin layer-2 projects not only because of spot Bitcoin ETFs, which now have more than $10 billion in assets under management (AuM), but also because of their focus on Bitcoin Ordinals, which already have a $2.5 billion market cap.

Stacks focuses on Bitcoin layer 2 smart contracts

Stacks is a layer 2 network for Bitcoin designed to support the core decentralized finance (DeFi) features similar to those found within other layer 1 ecosystems such as the Ethereum network and Solana.

Stacks allows users to issue custom cryptocurrencies similar to Ethereums ERC-20 tokens and stablecoins, wrapped Bitcoin, and nonfungible tokens. Stacks also supports a decentralized exchange (DEX) and a liquid staking protocol (LSP).

The growing interest in Bitcoin layer 2s is hinged on their role of strengthening the networks value proposition (and currency) by enabling it to process more transactions.

Increasing network activity on the Bitcoin network is usually credited to the popularity of the BRC-20 token standard and Ordinals inscriptions.

STX price rallies as an upcoming Network update approaches

The STX price rally comes as the community prepares for the upcoming update known as the Nakamoto Release, which is expected to take place before the Bitcoin halving in April.

The upgrade is expected to speed up transactions and introduce a new Bitcoin-pegged token (sBTC), among other improvements. sBTC will be used by Bitcoin holders who want to participate in smart contracts and developers who want to build applications on Bitcoin.

All these developments have increased user interest in Stacks. Data from crypto analytics firm Artemis shows that the number of daily active addresses on Stacks has increased from 961 to over 4,000 over the last 90 days. Similarly, daily transactions have jumped from around 8,340 to 33,000 over the same period.

Another metric used to measure the interest of users in and how much they trust a blockchain network is the total value locked (TVL) on the platform. According to data from DefiLlama, Stacks TVL has increased by 830% from $12.35 million on Oct. 15,2023, to $114.87 million on Feb. 22.

The surge in TVL indicates a significant capital infusion into the Stacks DeFi ecosystem, underscoring investor confidence and active participation in DApps.

Bitcoins uptrend drives a rally in STX

Excitement about spot Bitcoin ETFs in late 2023 and the eventual approval by the U.S. Securities and Exchange Commission in January 2023 saw BTC price rise to a two-year high of $49,000. Similarly, STX rose to hit $2.06, the best price in nearly two years.

Recently, increasing Bitcoin ETF inflows have been driving a strong rally in the BTC price as it rose as high as $53,000 on Feb. 20. STX, again, followed in Bitcoins footsteps, gaining 85% in the last 30 days to hit a new high at $2.90.

With traders expecting Bitcoin price to continue rising in 2024 and the layer 2 Bitcoin development gaining traction, Stacks may further establish itself as one of the dominant projects in the layer 2 Bitcoin sector.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Stacks (STX) price outperforms the market as interest in layer-2 Bitcoin grows - TradingView

Ethereum co-founder Vitalik Buterin has recently highlighted an innovative artificial intelligence (AI) application. This idea, designed for the formal verification of code and bug detection, aims to tackle Ethereums susceptibility to code bugs.

Buterins support for these solutions reflects the growing synergy between AI and blockchain technologies.

Given the increasing complexity of cyber threats, AIs role in bolstering cybersecurity has become crucial. This is especially true for the Decentralized Finance (DeFi) and smart contract ecosystem, which has billions in total value locked (TVL).

Even giants in the tech industry, such as Microsoft and OpenAI, are trying to enhance cybersecurity with AI. They are exploring AIs potential in both identifying and countering cyber threats. Their collaborative efforts are part of a larger initiative to ensure AI is used responsibly and to enhance cybersecurity measures.

Buterins perspective on artificial intelligence extends beyond cybersecurity. Earlier this year, he shared four innovative ideas for integrating AI with cryptocurrency. These concepts suggest a future where AI and blockchain technology work hand in hand.

One application of AI that I am excited about is AI-assisted formal verification of code and bug finding. Right now Ethereums biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing, Buterin said.

Another notable idea is the inclusion of AI in blockchain systems, particularly in prediction markets. AI could leverage its vast knowledge in these markets for in-depth analysis, enhancing blockchain applications.

Read more: AI for Smart Contract Audits: Quick Solution or Risky Business?

Furthermore, Buterin envisions AI as a user interface that could simplify cryptocurrency transactions for users. This interface could provide guidance, interpret smart contracts, and prevent scams. Despite the potential benefits, Buterin warns against over-reliance on AI. He advocates for a balance with traditional interfaces to ensure user security and clarity.

Vitalik Buterin also proposes using artificial intelligence to set rules for blockchain games or decentralized autonomous organizations (DAOs). In this scenario, AI could act as a judge or a reference for rules. Another innovative idea is the development of AI systems using blockchain technology. This approach aims to create decentralized, impartial, and secure AI systems.

The enthusiasm for AI in the cryptocurrency sector has led to a surge in AI-related tokens, particularly following the announcement of OpenAIs text-to-video AI model, Sora. Tokens associated with AI or claiming to utilize AI technology, such as Worldcoins WLD, have seen significant price increases, with some tokens setting new all-time highs.

Another AI token, The Graph (GRT), saw an almost 60% increase, briefly surpassing $0.27. Despite these gains, GRT remains significantly down from its all-time high.

Render (RNDR) has also made headlines by entering the crypto markets top 50 following a year-on-year gain of 1,100%. Currently trading close to its all-time high, RNDR exemplifies the potential for AI tokens to achieve new milestones.

Read more: 13 Best AI Crypto Trading Bots To Maximize Your Profits

The surge in AI tokens is not limited to the crypto market. It also mirrors the performance of major AI players in traditional finance, such as Nvidia. Nvidias shares have surged by over 45% since the beginning of the year, contributing significantly to the S&P 500s growth and further fueling the AI token rally.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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This Is What Vitalik Buterin Thinks About Artificial Intelligence (AI) - BeInCrypto

Scottish whiskey maker Glenlivet has produced part of the brands most recent advertising campaign through the use of artificial intelligence (AI).

The biggest names in the world are embracing AI and the technologies that can generate image and video content through elaborate algorithms.

Now the timeless tradition of whiskey making sees one of its stalwarts enter the arena with the collection known as the The Twelve Elements.

In a collaboration with the Whiskey Exchange Cabinet, one of the oldest Scottish labels is using its blend of blockchain technology and the timeless allure of the amber nectar known as uisce beatha in Scots Gaelic or the water of life to the rest of us.

The Glenlivet: The Twelve Elements Collection is the first drop on The Whisky Exchange Cabinet, the newly launched blockchain-enabled marketplace which uses smart contracts and immutable Blockchain technology to curate, authenticate and sell some of the most sought-after bottles, the drink-purchasing platform said.

Once a user has registered with the blockchain site, then they will receive what is known as a smart contract. This is essentially a Non-Fungible Token (NFT), which are unique digital items that cannot be duplicated.

Think of this as a stamp or a passport for a bottle that can only be registered digitally as a right of ownership and trade.

The Whiskey Exchange Cabinet says it will look after the bottle until such a time as you, or a future owner, decide to redeem the smart contract and claim your bottle. Smart contracts offer a simple and secure solution to building and managing your spirits collection. The Whisky Exchange Cabinet uses them to enhance traceability from the distillery to a bottles final owner, and to simplify the trading experience.

The branding exercise was released across social media by the world famous Scottish whiskey maker;

The Scottish distiller was created in 1824 and celebrates its bicentennial through the use of AI to earmark a special landmark creation. The Glenlivet: Air, Angel Share, Barley, Cooper, Copper, Distiller, Earth, Fire, Heritage, Time, Water and Wood will be a landmark find for any whiskey collector.

Our extraordinary 50-year-old whisky pays homage to the twelve essential elements of The Glenlivet single malt, from the spiritual to the scientific. The design of each exclusive bottle represents an individual element in the whiskys craft, generated by AI technology, a release on the company site stated of the special occasion.

Glenlivet also boldly claims that this category-first innovation continues our 200-year legacy of pushing boundaries in whisky, forever moving forwards to set new standards in craftsmanship and flavor to produce the highest quality liquid.

Those hoping to land a bottle of the half-a-century-old scotch will have to find 40,000 or $43,406.34 for the limited set that shows off the twelve elements that go into the iconic whiskey-making process.

Image Credit: Glenlivet.

Brian-Damien Morganis an award-winning journalist and features writer. He was lucky enough to work in the print sector for many UK newspapers before embarking on a successful career as a digital broadcaster and specialist. His work has spanned the public and private media sectors of the United Kingdom for almost two decades. Since 2007, Brian has continued to add to a long list of publications and institutions, most notably as Editor of the Glasgow 2014 Commonwealth Games, winning multiple awards for his writing and digital broadcasting efforts. Brian would then go on to be integral to the Legacy 2014, Media and Sport Directorate of the Scottish Government. Working with ministers to enact change through sport with institutions like the Homeless World Cup. He would then lend his skills to multiple private sector institutions. Brian would win national acclaim helping his country deliver judicial education and communications during the pandemic-era. Earning a writ of personal distinction from the Lord President of Scotland for his efforts as the Head of Communications and Digital for the Judicial Office for Scotland. Brian has returned back to the thing he loves most, writing and commenting on developments across technology, gaming and legal topics, as well as any-and-all things sport related.

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200-year-old Scotch whiskey maker enters the AI age with generated labels - ReadWrite

With the rise of blockchain-technologies, the world has discovered new possibilities regarding smart contracts. These automatic and automated and decentralized contracts have the potential to transform the way we manage business transactions and agreements.

In this article Coinmerce helps you explain what a smart contract is, how it works and other practical applications within various sectors. Whether you are an entrepreneur, a consumer or simply interested in technological developments, this information will help you understand the concept and potential of smart contracts.

A smart contract is an automated and decentralized contract based on blockchain-technology. It uses programming code to establish conditions and rules, after which the contract is executed autonomously without any human intervention.

Smart contracts operate on blockchain-technology, and the conditions and rules of the contract are established in programming code. When the conditions are met, the contract is executed automatically, where the parties involved rely on the cryptographic security of the blockchain to ensure the integrity of the process.

Financial transactions: smart contracts can change the financial landscape by making safer and direct financial transactions possible. They offer the possibility to bypass traditional financial intermediaries and create trust in the financial system.

An example of an application of smart contracts in financial transactions is peer-to-peer (P2P) loans. Instead of being dependent on a traditional bank, individuals can take out loans directly with each other through a smart contract. The conditions of the loan are set in the programming code and when all conditions are met, the loan amount is automatically transferred to the borrower.

Another example is automatic payments. With smart contracts payments can be performed automatically when certain conditions are met. For example, when leasing a car, the owner can be paid each month automatically as long as the renter meets the payment commitment. This minimizes the risk of non-payment and saves time and administrative costs.

Supply chain management: smart contracts can improve the efficiency and transparency of the supply chain management. Traditional supply chains are often complex and may involve trust issues and delays regarding payment processing.

An application of smart contracts within the supply chain management is improving the ability to trace products. With the help of blockchain-technology every step in the supply chain can be documented and verified. This creates trust and transparency for companies and consumers. For example, when tracing food products, smart contracts can give timely mentions in case of food safety issues.

Another example of smart contracts in supply chain management is the automatization of payments to suppliers. Smart contracts can establish payment terms and automatically make payments once the conditions are met. This minimizes delays and promotes timely and fair payments to suppliers.

Real estate transactions: smart contracts can simplify and speed up the process of real estate transactions. Traditional real estate transactions can be complicated and require lengthy negotiations between intermediaries, such as notaries.

An example of an application of smart contracts in real estate transactions is the automatic transfer of property rights. Once all contractual conditions have been fulfilled, a smart contract can make sure that the property rights are transferred automatically without the need of a notary or intermediary. This minimizes the chance of human errors or fraud.

Another example is the decentralization of rental agreements. Smart contract allows tenants and landlords to negotiate their leases directly with each other via the blockchain. Rent payments can be done automatically and contractual obligations can be established and enforced with the help of the programming code of the smart contract. This simplifies the rental process and eliminates the need of intermediaries.

Insurance claims: with smart contracts, handling insurance claims can be done more efficiently and more transparent. Smart contracts can ensure accurate compliance with policy terms and promote smooth payments on claims

An example of an application of smart contracts in insurance claims is the automatic handling of car insurance claims. When a claim is filed, the smart contract can verify the relevance of the claim based on fixed conditions. When the conditions are met, the smart contract can automatically make the correct payment and handle the claim without the intervention of an insurance company.

Another example is automatically reporting insurance claims. Smart contracts allow policyholders to report claims directly on the blockchain, and the smart contract can then verify the claim and initiate the claim procedure. This minimizes the administrative hassle and speeds up the payment process.

Voting and elections: smart contracts can improve the trustworthiness and transparency of the voting process and elections. Traditional elections can face challenges, such as counting the votes, preventing fraud and verifying the validity of the votes.

Another application of smart contracts within the voting process and elections is guaranteeing the integrity of the voting data. With the help of the blockchain the votes can be accurately and immutably recorded. This minimizes the chance of fraudulent activities, such as manipulating the voting results,

Another example of the application of smart contracts in elections is making it possible to vote online. With smart contracts voters can vote electronically through a safe and verifiable digital identity. This can increase the accessibility of the elections and simplify counting the votes.

Notarial services: smart contracts can simplify or complement the role of traditional notaries with certain transactions. Notaries are often involved in preparing and verifying legal documents, such as marriage certificates, wills and property transfers. With smart contracts these documents can be established safely and accurately on the blockchain, which decreases the need of a physical notary. This can save costs and increase efficiency, while the integrity of the document is preserved.

Intellectual property rights and royalties: smart contracts can simplify the management of intellectual property rights and the distribution of royalties and make it more transparent. For artists, musicians and authors, smart contracts can provide for automatic payments and distribution of royalties based on agreements established in advance. This minimizes the risk of non-payments or conflicts and ensures that rights holders are fairly compensated for their creative works.

Inheritance planning: smart contracts can also be used for inheritance planning. When drafting a will, conditions and instructions can be encoded in a smart contract. This can ensure that the inheritance is divided in a correct way and that the specific conditions of the testator are met. Smart contracts can help make sure that the inheritance is executed without any conflicts and that taxes and legal complications are minimized.

Insurance policies: smart contracts can also be applied in the insurance sector. When an insurance contract is made, the conditions can be recorded in a smart contract. This can help with automating premium payments and handling damage claims. Insurance companies can automate payments when a damage claim is verified. This speeds up the settlement of claims and decreases fraud.

Management of IoT-devices: Smart contracts allow Internet of Things (IoT) devices to autonomously interact and execute transactions using blockchain technology. Smart contracts can, for example, be used to optimize the use of energy by having IoT-devices communicate and make smart decisions based on pre-programmed rules. This can lead to a more efficient use of energy and cost savings in smart houses and cities.

In addition to the broad applications of smart contracts, it is also important to note that there are cryptocurrencies specifically designed to enable smart contracts. A well-known example is Ethereum, which supports a programming language with the name Solidity to write complex smart contracts and execute them on their blockchain. Ethereum paved the way for a set of decentralized applications, known as DApps (Decentralized Applications), which provide trust, transparency and autonomy in different sectors.

These DApps use smart contracts to offer different features, including financial services, decentralized exchanges, gaming-platforms and more. Other cryptocurrencies, such as NEO and Cardano, offer support for smart contracts, and this is an up and coming area in which new developments are constantly taking place. These cryptoprojects show the power and potential of smart contracts in a wider context of the crypto-industry and their role in creating decentralized and efficient ecosystems.

Smart contracts have the potential to change business interactions through efficiency, transparency and automation. They offer the possibility to streamline processes, increase trust and decrease the dependency on traditional intermediaries. Whether it is about financial transactions, supply chain management, real estate transactions, insurance claims and a safe corporate world.

However, it is always wise to do independent research before getting involved in smart contract implementations or investments. Even though smart contracts offer many benefits, it is important to take the legal, ethical and technical aspects into account. By understanding the potential of smart contracts and staying informed about the development of this technology, you can maximize its potential.

Read the rest here:

Smart Contracts: the future of efficient and transparent business interactions - NL Times

Decentralized Autonomous Organizations (DAOs) have taken the world of blockchain and cryptocurrency by storm, offering a novel way to organize and govern without centralized control. In this comprehensive guide, well delve deep into the pros and cons of DAOs, shedding light on their benefits and potential drawbacks. Whether youre a crypto enthusiast, an investor, or just curious about this emerging technology, this article will provide you with valuable insights into the world of DAOs.

Decentralized Autonomous Organizations, or DAOs for short, have emerged as a groundbreaking concept within the blockchain and cryptocurrency space. They represent a new way of organizing and governing, promising greater transparency, efficiency, and inclusivity. DAOs have gained significant attention due to their potential to revolutionize industries, but like any innovation, they come with their own set of advantages and disadvantages.

In this article, we will explore the core principles behind DAOs, their benefits, and the challenges they face. By the end of this journey, you will have a comprehensive understanding of what DAOs are and the implications they hold for various sectors.

One of the standout advantages of DAOs is the unparalleled level of transparency they offer. Traditional organizations often operate behind closed doors, making it challenging for stakeholders to track decisions and expenditures. In contrast, DAOs use smart contracts and blockchain technology to record every transaction and decision on a public ledger. This transparency fosters trust among members, as they can verify the organizations activities independently.

DAOs eliminate geographical barriers and enable anyone with an internet connection to participate in decision-making. This inclusivity is a game-changer, as it allows individuals from diverse backgrounds to have a voice and influence over the organizations direction. Whether youre in New York, Tokyo, or Nairobi, you can join a DAO and contribute to its growth, promoting a more global and democratic approach to governance.

Smart contracts, the backbone of DAOs, execute predefined rules automatically. This automation reduces the need for intermediaries, streamlining decision-making processes and cutting operational costs. DAOs can handle tasks such as fund management, voting, and rewards distribution with precision and efficiency, making them a compelling option for organizations aiming to optimize their operations.

By leveraging blockchain technology and transparent smart contracts, DAOs minimize the risk of corruption and fraud within their operations. Every transaction is recorded on an immutable ledger, making it nearly impossible for individuals to manipulate the system for personal gain.

DAOs operate 24/7, allowing members from different time zones and schedules to actively participate in decision-making. This continuous availability ensures that stakeholders can engage with the organization at their convenience, promoting inclusivity.

Traditional organizations often incur significant overhead costs associated with administrative tasks, salaries, and physical office spaces. DAOs, on the other hand, can significantly reduce these overheads due to their automated processes and decentralized nature. This efficiency translates into cost savings that can be reinvested in the organizations mission or distributed to members.

The rules and code governing DAOs are typically hardcoded into smart contracts, ensuring they cannot be altered arbitrarily. This immutability provides a sense of security for members, as they can rely on the organizations rules without the risk of sudden changes or manipulations.

DAOs have the advantage of tapping into a global talent pool. They can attract experts, developers, and contributors from around the world who share a common interest or vision. This diverse talent pool can lead to innovative solutions and a broader range of skills and perspectives.

DAOs enforce accountability through transparent records and immutable rules. Members are held accountable for their actions within the organization, reducing the potential for negligence or unethical behavior.

DAOs distribute ownership among their members, providing a sense of ownership and responsibility to all participants. This decentralized ownership model aligns the interests of members with the organizations success, fostering a community-driven approach.

One of the primary challenges DAOs face is the absence of a clear legal framework. Traditional organizations benefit from established legal structures and protections, which DAOs currently lack. This uncertainty can deter potential participants and investors, as they may be hesitant to engage with an entity that operates in a legal gray area.

While blockchain technology is renowned for its security features, DAOs are not immune to vulnerabilities. Smart contract bugs or vulnerabilities can lead to devastating hacks and fund losses. The infamous DAO hack in 2016 resulted in the theft of millions of dollars and highlighted the risks associated with this emerging technology.

Despite their democratic aspirations, DAOs often struggle with governance issues. Decision-making processes can be slow, and conflicts may arise among members with varying interests. Achieving consensus in a decentralized environment can be challenging, leading to gridlock and inefficiencies.

The regulatory landscape surrounding DAOs remains uncertain in many jurisdictions. Governments are still adapting to this new technology, leading to potential legal challenges and hurdles for DAO participants.

Decentralized Autonomous Organizations represent a paradigm shift in how we organize and govern, offering a host of benefits such as transparency, inclusivity, and efficiency. However, they also face challenges like legal recognition, security vulnerabilities, and governance difficulties.

As the world of blockchain and cryptocurrency continues to evolve, DAOs will likely play a pivotal role in reshaping industries and decentralizing power structures. While the pros of DAOs are enticing, its essential to remain vigilant and address their drawbacks to ensure their long-term success.

In conclusion, the pros and cons of Decentralized Autonomous Organizations highlight the need for careful consideration and ongoing development. The potential benefits they bring to the table are undeniable, but their road to widespread adoption will require addressing the challenges and concerns that come with this innovative approach to governance. As the blockchain landscape matures, DAOs are poised to be a driving force in shaping a more decentralized and inclusive future.

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Understanding DAOs: The Pros and Cons of Decentralized Autonomous Organizations - Geeks World Wide