• Flare Network recently demonstrated that its users can trustlessly purchase Ethereum non-fungible tokens (NFTs) using coins from other networks.
• The purchase was executed through Flare Network’s State Connector and Flare Time Series Oracle (FTSO).
• With this interoperability, the Flare Network opens up new use cases for supported tokens, such as DOGE which can now be used to acquire valuable NFTs.
Flare Network Demonstrates Interoperability
Flare Network recently demonstrated that its users can trustlessly purchase Ethereum non-fungible tokens (NFTs) using coins from other networks. This demonstration was done on Flare Network’s Songbird testnet environment in which developers can deploy dApps before launching them on the interoperable, scalable mainnet.
How It Was Executed
The demonstration was executed through Flare Network’s State Connector and Flare Time Series Oracle (FTSO). The State Connector links the Flare Network with smart contracts and Offchain sources while the FTSO is a decentralized oracle that verifiably delivers on-chain smart contracts with reliably proven price and data feeds, including those of NFTs, from external sources.
Expanding Non-EVM Coins‘ Use Cases
With this interoperability functionality currently in beta, Flare Network assured the broader community that it is possible to acquire NFTs launched on its rails using diverse tokens and coins. These include Dogecoin (DOGE) and XRP, expanding their use cases beyond trading purposes or speculation to acquiring valuable NFTs as well.
The CEO’s Comment
Commenting on this development, Hugo Philion – the CEO and co-founder of Flare – said: „This demo highlights Flare’s ability to provide more secure, decentralized data on-chain to power new functionality and potential use cases for the industry.“ He added: „We are excited to see what other applications engineers can develop harnessing the capabilities of Flare’s native interoperability protocols.“
In conclusion, by demonstrating its interoperability function between different blockchains, the Flare Network has opened up possibilities for various tokens such as DOGE and XRP to be used for more than just trading purposes or speculation; but also for acquiring valuable NFTs as well.
• Norway’s economy crimes unit, Økokrim, recently seized NOK 60 million (or $5.9 million) in cryptocurrency as part of their investigation into the Sky Mavis cyber attack in March 2022.
• The successful seizure of the cryptocurrency is said to be linked to North Korea’s primary intelligence agency, the Reconnaissance General Bureau.
• Økokrim is now aiming to make things right for the hack victims and prevent the funds from being used for criminal activities with an international collaboration between FBI specialists and themselves.
Norway Seizes Cryptocurrencies Linked to North Korean Hackers
Discovery of Funds
Norway’s economy crimes unit, Økokrim, has seized a whopping NOK 60 million (or $5.9 million) in cryptocurrency as part of their ongoing investigation into the Sky Mavis cyber attack in March 2022, which saw a staggering $600 million worth of cryptocurrency stolen from Axie Infinity, the popular play-to-earn (P2E) gaming platform.
Linked to North Korea?
This breakthrough comes as it is allegedly linked to Lazarus, a North-Korea based hacking group. Moreover, according to a Feb. 2023 report, North Korea’s primary intelligence agency, the Reconnaissance General Bureau, have been behind theft of up to $1 billion worth of crypto through its teams – Lazarus, Andariel and Kimsuky.
In an amazing international collaboration between Norwegian authorities and FBI specialists they are working together track stolen assets via cryptocurrency transactions with aim of preventing funds from being used for criminal activities by hackers. Marianne Bender first states attorney mentioned that such global efforts are needed in fight against profit driven cybercrime and this case demonstrates that authorities can follow money on blockchain even when criminals try advanced tactics to outsmart them.
Restitution for Victims
Økokrim team has plans to make sure victims get compensated with its communication with Sky Mavis while also revealing intel on hackers who were not just looking for crypto but cash out real world investments which could funnel funds straight into North Korea’s nuclear weapons program if not tracked properly by authorities across time zones worldwide .
Global authorities are setting standard for international collaboration with this latest development in tracking down cryptocurrencies linked with North Korean hackers which would help prevent use of stolen assets for criminal activities and provide restitution victims deserve after cyber attacks like Axie Infinity heist
• SALT Lending recently raised $64.4 million in a Series A funding round.
• The company is hoping to use the capital to expand its operations and rebuild its balance sheet.
• This is following a difficult period of financial difficulty, including the crash of FTX and a series of bankruptcies among crypto lending platforms.
SALT Lending Closes $64.4 Million Series A Funding Round
Crypto lending platform SALT Lending has closed a $64.4 million Series A funding round through a share sale to accredited investors. The firm is focusing on expansion and will seek additional funding in a second funding round later this year.
Recovery from FTX Contagion
In the aftermath of the crypto winter and the collapse of FTX, several cryptocurrency lenders have gone bankrupt, including Genesis, BlockFi, Voyageur Digital, and Celsius Network. However, SALT Lending is trying to bounce back from the downturn by replenishing capital reserves and strengthening its balance sheet with this new financing round.
November 2022 Pause on Withdrawals & Deposits
In November 2022, SALT Lending announced a „pause“ on withdrawals and deposits on its lending platform following the FTX crash as it had served as a source of liquidity for their operations which caused some controversy online and led to them losing their California lending license as well as an agreement to sell themselves off to BnkToTheFuture.
Founder and interim CEO Shawn Owen believes that despite facing an unprecedented situation they are now positioned for even greater success moving forward with plans for new products that offer transparency and optionality in the lending space as well as plans for further fundraising later this year in order to fund these products‘ roadmap.
Despite difficulties such as going bankrupt or losing agreements due to the FTX crash, SALT Lending is determined to bounce back stronger than ever with new products that bring increased transparency into cryptocurrency lending while seeking additional funding later this year in order fund their product roadmap.
• Dr. Yifeng Tian is the first researcher to introduce and conduct a systematic analysis of blockchain-enabled finance in infrastructure investment.
• The interview covers whether it is feasible for blockchain-enabled tokenization to be applied in infrastructure finance, how tokenization of infrastructure on blockchain works, and why Dr. Yifeng Tian’s team was motivated to seize the opportunity.
• The research suggests that most types of public or private sector infrastructure can benefit from tokenization, provided investors are offered sufficient economic returns as incentives to compensate for the risks.
Interview with Dr. Yifeng Tian on Blockchain Tokenization in Infrastructure Finance
Feasibility of Applying Tokenization
Dr. Yifeng Tian’s research suggests that most types of public or private sector infrastructure can benefit from tokenization, provided investors are offered sufficient economic returns as incentives to compensate for the risks. As an example, he proposed that a wind farm valued at $5m could be represented by 5 million digital tokens each priced at $1 and backed by this asset.
How Does Tokenization Work?
Revenue generating projects will pay dividends or interest from their cash flows while non-revenue generating projects may use availability payments from governments to ensure financial availability. For public infrastructure financing, government bonds can also be tokenized while private infrastructures may have corporate equity, corporate bonds, project equity, project bonds and infrastructure funds all subject to tokenization processes.
Motivations Behind Introducing Tokenization
Dr. Yifeng Tian was inspired by real estate tokenization when his team began researching ways in which blockchain technology could be leveraged to promote sustainable goals through improved infrastructure investment opportunities. The team saw this as an amazing opportunity and decided to seize it so they could continue building solutions that would help bridge the gap between traditional finance systems and emerging technologies such as blockchain technology and cryptocurrency markets.
Through his research and subsequent interviews with crypto news outlets like ours, Dr Yifeng Tian has proved that there is immense potential for benefiting both individuals and businesses who want access to improved financing solutions for their investments in infrastructure assets by leveraging blockchain technology through tokenizing them on distributed ledgers like Ethereum or other similar networks .