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Blockchain technology has been revolutionizing various industries, and the business world is no exception. With the rise of cryptocurrencies, businesses have begun to recognize the potential of blockchain for streamlining operations, improving security, and reducing costs. One blockchain that has been making waves in the business world is Ontology, a public blockchain designed specifically for building business solutions. Want to get your hands on the best automated trading platform for BTC? Try quantum-code.app now for a fully automated trading experience!

Ontology is a blockchain platform designed for public use that offers a high-performance infrastructure for developing decentralized applications. Onchain, a Chinese blockchain company established in 2014 by Da Hongfei and Erik Zhang, the founders of NEO, created Ontology. Ontology was released in 2018 and has drawn a lot of attention from the business community due to its distinct characteristics and capabilities. Ontologys main objective is to provide businesses with a secure and efficient method of building and deploying decentralized applications.

Ontology is based on a modular architecture that allows businesses to customize their blockchain solutions according to their specific needs. It uses a consensus mechanism called VBFT (Verifiable Byzantine Fault Tolerance), which combines the strengths of both Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT) algorithms. This consensus mechanism ensures that the network is secure, fast, and scalable.

Ontology also supports smart contracts, which are self-executing contracts that automatically enforce the terms of an agreement. Smart contracts can be used to automate various business processes, such as supply chain management, identity verification, and digital asset management. Ontologys smart contracts are written in the Solidity programming language, which is also used by Ethereum, another popular blockchain platform.

Ontology offers several advantages for businesses looking to implement blockchain solutions. Here are some of the key benefits:

Ontologys modular architecture and VBFT consensus mechanism make it a highly performant blockchain platform. It can process up to 5,000 transactions per second, which is significantly higher than other popular blockchain platforms like Ethereum and Bitcoin.

Ontologys modular architecture allows businesses to customize their blockchain solutions according to their specific needs. They can choose from a range of modules, such as identity verification, data exchange, and digital asset management, to build their decentralized applications.

Ontology is designed to be interoperable with other blockchain platforms and traditional IT systems. This means that businesses can integrate their existing systems with Ontologys blockchain solutions without disrupting their current operations.

Ontologys VBFT consensus mechanism ensures that the network is secure and resistant to attacks. It also offers various security features, such as multisig wallets and smart contract auditing, to ensure that businesses can build secure and reliable blockchain solutions.

Ontology can be used for a wide range of business applications. Here are some examples:

Ontology can be used to create a transparent and secure supply chain management system. By using smart contracts to automate the tracking and verification of goods and products, businesses can reduce the risk of fraud, counterfeiting, and other types of supply chain disruptions.

Ontologys identity verification module is a technology that can be utilized to establish a highly secure and decentralized system for the purpose of verifying identities. This type of system can be particularly advantageous for industries that require a high degree of accuracy and rigor in their identity verification processes, such as finance and healthcare. By leveraging Ontologys module, organizations can enhance their existing identity verification systems and ensure that they are reliable, tamper-proof, and fully compliant with relevant regulations and standards. With its advanced features and capabilities, Ontologys identity verification module represents a cutting-edge solution for organizations looking to improve the security and integrity of their identity verification processes.

Ontology can be used to create a secure and transparent system for managing digital assets, such as cryptocurrencies, tokens, and other types of digital assets. By using smart contracts to automate the management of digital assets, businesses can reduce the risk of theft and fraud.

Ontology is a blockchain platform that provides a diverse set of features and tools to build robust business solutions. Its infrastructure and toolkit stand out in the blockchain industry, making it a popular choice among developers and businesses looking to create decentralized applications.One of Ontologys primary focuses is on interoperability and user-friendliness. This means that the platform is designed to facilitate easy communication and interaction between different blockchain networks and technologies. As a result, Ontology aims to bridge the gap between blockchain technology and its real-world applications.

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Ontology: A Public Blockchain for Building Business Solutions - Auralcrave

Description

Artificial intelligence (AI) and cryptocurrencies have become examples of transformational technologies in recent years. These technologies are altering businesses and posing a challenge to old methods. Many industries, including healthcare, banking, and transportation, have been completely transformed due to AIs sophisticated algorithms and machine learning methods. Similarly, cryptocurrencies, such as Bitcoin, an industry pioneer, have Read more

Artificial intelligence (AI) and cryptocurrencies have become examples of transformational technologies in recent years. These technologies are altering businesses and posing a challenge to old methods. Many industries, including healthcare, banking, and transportation, have been completely transformed due to AIs sophisticated algorithms and machine learning methods.

Similarly, cryptocurrencies, such as Bitcoin, an industry pioneer, have disrupted traditional financial institutions by providing a decentralized and secure means of conducting digital transactions.

As both artificial intelligence and cryptocurrency continue to advance, the issue that emerges is as follows: will the next significant breakthrough in AI encourage the acceptance of cryptocurrencies? This guide investigates the possible collaborations between artificial intelligence and cryptocurrencies, focusing on the elements that promote increasing crypto adoption and the hurdles that must be solved.

Artificial intelligence (AI) and cryptocurrencies have the potential to form a partnership that is advantageous to both parties. Artificial intelligence has the potential to overcome significant difficulties that cryptocurrencies are now facing, including scalability, user experience, and security concerns.

By using the powers of AI, cryptocurrencies have the potential to become safer, more accessible, and more efficient, hence inviting a larger audience to engage in the cryptocurrency ecosystem.

In addition, AI has the potential to significantly contribute to the expansion of the use cases and functionalities of cryptocurrencies. AI can improve cryptocurrencies capabilities, making them more flexible and attractive to users and developers. Some instances of this include smart contracts, decentralized apps (dApps), and trading systems driven by AI. These are just a few examples.

Even though there is the potential for advantages, there are also challenges that must be solved. To guarantee the responsible and broad adoption of cryptocurrencies using AI, essential aspects need to be addressed, including regulatory uncertainty, biases in AI algorithms, the need for education and awareness, and the education and awareness gap.

In the following sections, we will investigate in further depth the part that AI plays in accelerating the adoption of cryptocurrencies, concentrating on its influence on aspects such as security, user experience, trading and investing, intelligent contracts and decentralized applications (dApps), as well as fraud detection and risk management. In addition, we will investigate the obstacles that must be overcome before the full promise of AI-driven cryptocurrency adoption can be realized.

We may obtain insights into the revolutionary impact of these technologies and the possible future they contain if we investigate the interaction between AI and cryptocurrency. The next significant advance in artificial intelligence has the potential to boost crypto adoption to new heights, opening the way for a decentralized and AI-driven future of finance.

By resolving various issues and improving multiple facets of the cryptocurrency ecosystem, artificial intelligence plays a critical part in accelerating the adoption of cryptocurrencies. The following is a list of significant roles that AI plays in helping the adoption of cryptocurrencies:

Both data protection and data protection are of the utmost importance in the crypto world. Creating more sophisticated encryption methods and algorithms that protect users privacy is one way that artificial intelligence (AI) might help improve the safety of cryptocurrencies.

AI algorithms can detect possible dangers, recognize patterns of fraudulent activity, and strengthen blockchain networks overall security. This results in a rise in confidence, encouraging more people and organizations to use cryptocurrencies.

For those just starting, the user experience of engaging with cryptocurrencies might need to be clarified and overwhelming. The process of maintaining and transacting cryptocurrencies may be made more accessible with the use of AI-powered interfaces and chatbots, which provide user-friendly platforms.

These artificial intelligence systems may assist users in establishing wallets, navigating through various features, and efficiently carrying out transactions. AI makes cryptocurrencies more user-friendly and supports wider adoption by enhancing the user experience and accessibility of digital currency platforms.

AI algorithms have shown to be incredibly successful at analyzing enormous quantities of data, recognizing patterns, and making correct forecasts, leading to widespread use in the trading and investment industries. Trading bots and algorithms driven by artificial intelligence may assist users in the context of cryptocurrency in making more educated investing choices.

These bots may monitor market patterns, news, and historical data to execute trades or offer users suggestions automatically. AI helps users to improve their investment plans and boost their profits by increasing the accuracy and efficiency of Bitcoin trading. This is accomplished by improving the accuracy and efficiency of cryptocurrency trading.

Smart contracts are self-executing agreements created on blockchain systems with established rules. By evaluating massive amounts of data and automatically creating code, artificial intelligence can significantly contribute to the creation and improvement of intelligent contracts.

This makes it possible to develop sophisticated decentralized apps (dApps) that can use AI and blockchain technology advantages. By integrating the powers of artificial intelligence with the openness and security of blockchain, smart contracts and decentralized applications (dApps) become more powerful and appealing to users and developers, which drives the adoption of cryptocurrencies.

Cryptocurrencies are susceptible to being hacked, having their value manipulated, and falling victim to fraud. AI algorithms can evaluate trends, identify abnormalities, and make predictions about prospective dangers; as a result, they may aid in determining fraud and managing risk within the cryptocurrency ecosystem.

AI helps increase trust and confidence in the market by lowering the chances of cryptocurrencies. This makes the market more attractive to people and institutions that want to avoid taking unnecessary risks.

Artificial intelligence plays an essential part in accelerating the acceptance of cryptocurrencies by bolstering crypto assets levels of security and privacy, upgrading user experiences and increasing accessibility, easing the process of making trading and investing choices, improving the performance of smart contracts and decentralized applications (dApps), and providing assistance in the identification of fraudulent activity and the administration of risks.

As artificial intelligence progresses, its integration with cryptocurrencies is anticipated to accelerate the adoption of decentralized digital assets significantly, altering the financial industry landscape.

Although a substantial amount of opportunity may be realized via AI and cryptocurrencies, several obstacles must be overcome before broad adoption. These difficulties include the following:

The regulatory climate surrounding cryptocurrencies is still being determined and differs significantly from country to country. Governments and other regulatory agencies are still stumbling their way through the process of comprehending and enacting fair laws for this emerging technology.

The absence of clear and consistent laws may act as a barrier to entry and slow the widespread adoption of cryptocurrencies. Building a clear and supportive regulatory framework that stimulates innovation while maintaining consumer protection and limiting risks is vital to encourage wider adoption. This framework should also safeguard consumers.

Artificial intelligence algorithms are not immune to biases, mistakes, or a lack of explainability. The choices made by AI systems may have enormous repercussions, especially in the crypto sector, where financial transactions are involved. Within the context of the cryptocurrency ecosystem, it is of the utmost importance to guarantee the transparency, explainability, and ethical usage of AI algorithms.

Using bias in artificial intelligence models may lead to unjust results and can perpetuate existing disparities. It is essential to eliminate prejudice, foster diversity in artificial intelligence research, and guarantee that AI systems are responsible and can be explained.

AI algorithms need significant computing resources, and blockchain networks have scalability concerns, particularly those with a large transaction volume. Combining AI and blockchain technology will be essential to produce efficient and scalable systems.

On blockchain networks, using solutions like sharding, off-chain processing, and layer-two protocols may assist in enhancing scalability and make it possible for AI applications to function without any problems.

Despite the growing popularity of cryptocurrencies and AI, there still needs to be more knowledge and awareness among the general people. This may be attributed to a need for more education and awareness. Many people and organizations need a greater understanding of these technologies, their potential advantages, and their hazards. To bridge the information gap and ensure that users can make educated choices about the adoption and usage of cryptocurrencies, educational activities, awareness campaigns, and readily available materials are required. It is possible to lower the barriers to entry via more knowledge and awareness, ultimately leading to broader adoption.

The combination of artificial intelligence and cryptocurrency raises several ethical questions that must be answered. For instance, using artificial intelligence in trading bots and algorithms might result in unfair advantage or market manipulation.

Establishing transparent norms and general industry standards is necessary to guarantee the moral use of AI in the cryptocurrency sector. Transparency, justice, the preservation of user rights, and the confidentiality of user data should all be considered ethical factors. In addition, artificial intelligence should be developed and implemented with a focus on social advantages and the long-term viability of the cryptocurrency ecosystem.

Artificial intelligence has the potential to accelerate the acceptance of cryptocurrencies; however, certain obstacles must first be conquered. The need for education and ethical concerns, as well as the regulatory uncertainties, bias, and explainability of AI algorithms, scaling challenges, and the need for all of these, are all essential elements that need to be addressed.

By proactively addressing these difficulties, combining AI with cryptocurrencies can open up new avenues of opportunity, boost trust and confidence, and pave the way for greater adoption of cryptocurrencies across various economic sectors.

The question of whether the next big step in AI will spur crypto adoption is a complex one. At the same time, AI holds immense potential to drive crypto adoption.

AI can play a vital role in addressing challenges within the crypto ecosystem. It can enhance security, improve user experience and accessibility, facilitate trading and investment decisions, optimize intelligent contracts and dApps, and assist in fraud detection and risk management. These contributions can make cryptocurrencies more appealing to a broader audience, encouraging their adoption and integration into various industries.

However, some challenges need to be overcome for widespread adoption to occur. Regulatory uncertainties surrounding cryptocurrencies, biases and explainability in AI algorithms, scalability issues, and the need for education and ethical considerations are significant factors that must be addressed.

The potential impact of AI on crypto adoption is significant as AI can improve various aspects such as scalability, transaction speed, and user experience, thereby increasing the appeal and usability of cryptocurrencies.

AI can enhance the security of cryptocurrencies by leveraging advanced algorithms to detect and prevent fraud, identify suspicious patterns, and strengthen encryption methods, thereby reducing the risk of hacks and unauthorized access.

AI algorithms can assist in making informed investment decisions in the crypto market by analyzing vast amounts of data, identifying patterns, and predicting market trends, helping investors make more accurate and timely decisions.

AI can optimize intelligent contracts and dApps by automating processes, improving efficiency, and reducing human error. AI algorithms can also facilitate contract verification, monitoring, and enforcement tasks, ensuring reliable and secure execution.

Challenges to crypto adoption through AI include regulatory uncertainties, lack of trust in AI systems, and potential biases in decision-making algorithms, which may hinder widespread acceptance and adoption.

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Will the Next Big Step in AI Spur Crypto Adoption? Cryptopolitan - Cryptopolitan

Bitcoin. Source: Adobe

A new era has begun for the Bitcoin blockchain.

Last week, a group of developers deployed a suite of Uniswap smart contracts directly onto the Bitcoin blockchain.

Uniswap is a decentralized cryptocurrency exchange (DEX) that operates on multiple smart contract-enabled blockchains like Ethereum and Polygon and operates based on automated market maker (AMM) smart contracts.

The new Bitcoin-based DEX, called Trustless Market, allows its users to swap so-called Smart BRC-20 tokens, provide liquidity and earn a 2% transaction fee and issue new Smart BRC-20 tokens, according to @punk3700, one of the developers behind the DEX.

BRC-20 is a new Bitcoin-based token standard that allows users to write information into each Satoshi, which is the smallest unit of denomination of BTC there are 21 million Satoshis per Bitcoin.

According to Trustless Markets website, Smart BRC-20s are the first smart contracts deployed on Bitcoin.

They run exactly as programmed without any possibility of fraud, third-party interference, or censorship, the protocol added, saying they can be issued for virtually anything: a cryptocurrency, a share in a company, voting rights in a DAO, and more.

DeFi is coming to @Bitcoin And we couldn't be more excited to be part of the movement, @punk3700 said.

The deployment of AMM smart contracts on Bitcoin marks its official emergence as a smart chain, whether its creators and strongest proponents intended for it to be used as such.

Prior to the arrival of the Ordinals protocol late last year, which introduced text and image-based inscriptions to the Bitcoin blockchain, the BRC-20 token standard in March and now smart contracts, Bitcoins use in decentralized finance (DeFi) had been limited.

Tokenized versions of the cryptocurrency, like Wrapped Bitcoin (WBTC) on the Ethereum blockchain, had attempted with mixed success to unlock the worlds largest cryptocurrencys DeFi potential.

And there has also been a lot of excitement as of late regarding smart-contract-enabled Bitcoin layer-2 scaling solutions like Stacks.

But the Trustless Market protocol could well be the first of a Cambrian explosion of new dApps that will be deployed directly onto the Bitcoin blockchain.

And there is certainly demand for Bitcoin DeFi.

After three days of the protocols deployment on Bitcoin, Trustless Market had already seen over $500,000 in trade volume, @punk3700 said.

Meanwhile, the market cap of (normal) BRC-20 tokens recently surpassed $1 billion, though this has since dropped back to around $500 million, as per BRC-20.io.

Its early days for DeFi on Bitcoin.

But @punk3700 compared the current moment to Uniswap in 2018, when the protocol had just launched on the Ethereum blockchain.

Since 2018, AMM smart contracts using DEXs like Ethereum have been at the forefront of an explosion of DeFi applications on Ethereum and other smart chains.

One hurdle to Bitcoin potentially following this path is the blockchains lack of transaction processing capacity, which also continues to hinder Ethereum.

However, unlike for Ethereum, Bitcoin has no plans or roadmap to upgrade its protocol to increase transaction throughput.

Layer-2 scaling solutions like Stacks may thus hold the key if Bitcoin, or at least Bitcoins zone of sovereignty (i.e. the protocols like Stacks that rely on its underlying consensus mechanism), is to become a DeFi powerhouse.

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Smart Contracts Have Arrived on the Bitcoin Blockchain Will BTC ... - Cryptonews

IOTAs Layer-1 blockchain network Shimmer has been buzzing with activity in recent times as it continues to hit new milestones with daily active addresses as well as total network transactions. In late March 2023, Shimmer unveiled the ShimmerEVM testnet, setting a bridge for the easy transfer of assets between Shimmer and the Ethereum blockchain network.

In the latest development, IOTA co-founder Dominik Schiener announced that there have been more than 5,000 smart contracts deployed on the ShimmerEVM testnet so far. Also, the total number of active addresses on the testnet has now surged past 64,000 while ShimmerEVM has registered more than 6 million transactions to date.

This is a significant milestone in a very short time after the launch and shows that theres a very high acceptance for ShimmerEVM. However, the IOTA developer team has yet not confirmed the final date of launch for the ShimmerEVM mainnet.

Interestingly, as it turns out, the largest contributor to the massive activity on the ShimmerEVM testnet is the recently launched Web3 gaming experience Treasures of Shimmer. Earlier this month on May 3, the Treasures of Shimmer initiative commenced. It is a two-week incentive program that aims to reward users and projects for their participation in the public testing of the ShimmerEVM chain and the deployed dApps on it.

Following this, participants will engage in the public testing of 1.3 million SMR tokens. It will be interesting to see whether the ShimmerEVM network activity continues to stay this high as the initiative ends.

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As previously stated, the launch of ShimmerEVM will allow the easy transfer of assets between the Shimmer network and the Ethereum blockchain. As a result, users will be able to bridge their IOTA tokens to the ShimmerEVM and unlock yield farming opportunities for themselves.

IOTA co-founder Dominik Schiener said: Shimmer is expected to provide $IOTA holders with a chance to stake their tokens and earn returns, thus taking the crypto to new heights. It is considered a crucial element in the growth of DeFi on the Shimmer platform.

The IOTA team is continuously making new improvements for the launch of the real ShimmerEVM, aiming to provide a more polished version. They consider this testnet to be a crucial milestone toward the rollout of future ecosystem projects on both Shimmer and IOTA.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

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IOTA: Shimmer Reaches 6M Transactions and 5,000 Smart ... - Crypto News Flash

Chainlink Automation will help developers with hyper-reliable smart contract automation

SAN FRANCISCO, May 15, 2023 /PRNewswire/ -- Chainlink, the industry-standard Web3 services platform, announced today the integration of Chainlink Automation on Optimism, a fast, stable, and scalable L2 blockchain built by Ethereum developers. A number of projects, including BarnBridge, DeFiEdge, Lyra and Pickle Finance, are already integrating Chainlink Automation to reliably trigger key smart contract functions on Optimism.

Much like how Optimism helps DeFi developers to seamlessly scale their apps, Chainlink Automation enables developers to scale by giving them the ability to execute DevOps maintenance tasks. In turn, this enables developers to build more advanced dApps, which will ultimately bring more users to the Optimism ecosystem.

"The launch of Chainlink Automation will help Optimism developers trigger DevOps tasks, provide stronger security guarantees, and more easily scale their dApps," said Smit Vachhani, Head of DeFi Partnerships at OP Labs. "With the native integration of Chainlink Automation's smart contract automation service, developers can build advanced features and unlock new use cases that help grow the Optimism ecosystem."

Chainlink Automation is a highly performant and decentralized automation service. Developers can use Chainlink Automation to monitor automation logic securely and cost-efficiently off-chain, and then initiate an on-chain transaction to execute the smart contract function when predefined conditions are met.

"We're pleased to support the Optimism ecosystem with the native integration of Chainlink Automation, enabling developers to build highly scalable smart contract applications that are decentralized end-to-end," stated Johann Eid, VP of Go-To-Market at Chainlink Labs. "By integrating Chainlink Automation, Optimism developers can build more advanced applications that help drive adoption of smart contract technology over the long term."

In September 2021, Optimism integrated the market-leading Chainlink Price Feeds, which helped underpin the rapid growth that Optimism has seen in both developers and end-users across its DeFi ecosystem. Now, the same decentralized network of time-tested node operators that already helps secure billions of dollars through Chainlink Price Feeds, is providing Optimism developers with highly performant smart contract automation through Chainlink Automation.

About ChainlinkChainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About OptimismThe Optimism Collective is redistributing power to humanity through its low-cost, lightning-fast Ethereum-equivalent L2 blockchain. OP Labs, the first opco in the Optimism Collective, is working to scale Ethereum's technology and values by building the most secure, stable, and decentralized blockchain.

SOURCE Chainlink

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Chainlink Automation Is Live on Optimism - PR Newswire