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Smart contracts have emerged as a game-changing concept with the potential to transform a variety of sectors. When certain criteria are satisfied, these self-executing contracts automatically enforce established rules, removing the need for middlemen and manual involvement. Banking and finance The finance and banking industries have been at the forefront of using smart contracts to automate and streamline a variety of activities. One of the most notable applications is in trade finance, where smart contracts allow for the automatic execution of trade agreements, decreasing paperwork, errors, and the time it takes to settle trades. These contracts can also automate interest…

Mastercard has completed a trial involving wrapping central bank digital currencies (CBDCs) on different blockchains, similar to wrapped Bitcoin (wBTC) and wrapped Ether (wETH). According to the October 12 announcement, the trial was conducted with the Reserve Bank of Australia (RBA) and the country’s Digital Finance Cooperative Research Centre CBDC, along with participation from Cuscal and Mintable. In a live environment, Mastercard said the solution allowed a CBDC owner to purchase a nonfungible token (NFT) listed on Ethereum. “The process “locked” the required amount of a pilot CBDC on the RBA’s pilot CBDC platform and minted an equivalent amount of…

Blockchain infrastructure provider Parity Technologies told The Block it is seeking to transition some of its existing go-to-market functions to multiple teams within Polkadot’s decentralized ecosystem, impacting staffing at the firm. Rumors had emerged that the company laid off around 300 employees at its off-site event in Mallorca, something Parity denies, stressing that any staffing changes connected to the decentralized transition to various ecosystem-funded entities would occur over a period of several months. Parity’s changes were communicated across the company last week, with future plans being hashed out at the firm’s Mallorca retreat that’s currently taking place. Parity’s shifting focus…

Since at least the back half of the Stone Age, people have been getting tattoos. Designs have shifted over the millennia, from geometric patterns and body-spanning portraits all the way to beating red hearts dedicated to the mothers of the world. But despite changing tastes, much about the medium has not changed over the last twelve thousand years: tattoos have always been just as much about the tattooist as the design, susceptible to any tattoo artist’s minute movements, mess-ups, abilities and sensibilities. No two tattoos, even by the same administrator, have ever really been exactly the same. It appears that’s…

Following the launch of its government-backed crypto exchange, the Southeast Asian country of Indonesia is becoming a budding crypto hub that aims to be one of the leaders in Web3 technology, according to Indonesian blockchain and metaverse executives. At the recent crypto events in Dubai, Cointelegraph spoke with Grace Sabandar, the co-founder of the Indonesia Blockchain and Metaverse Center (IBMC) and Tuhu Nugraha, the principal of the Indonesia Applied Digital Economy and Regulatory Network (IADERN). The executives spoke on the state of digital assets, blockchain and metaverse adoption in Indonesia. According to Sabandar, the country’s population of 270 million includes…

According to a release shared with BSC News, LayerZero has teamed up with leading NFT marketplace, Magic Eden, to provide the platform with enhanced interoperability capabilities. Chain Agnostic NFTs? Following the integration, Magic Eden users will be able to create and mint ‘Omnichain Non-Fungible Tokens (ONFTs) which can be bought and sold across any and all of Magic Eden’s supported networks. According to Bryan Pellegrino, CEO of LayerZero Labs, “We are excited that Magic Eden has chosen LayerZero’s ONFT standard as the NFT interoperability solution for all collections launched on their platforms. Along with Gas Station, these enhancements to the…

Ankr, a leading name in blockchain infrastructure solutions, is set to transform blockchain development with its groundbreaking partnership with the XDC Network. This collaboration will see Ankr integrate the XDC Network into its Remote Procedure Call (RPC) service, making it easier than ever for developers to harness the full potential of the XDC Network. This integration is poised to revolutionize the way developers build decentralized applications (dApps), with a particular focus on trade finance and real-world asset tokenization use cases. Billy Sebell, Executive Director of XDC Foundation, emphasized the importance of Ankr’s integration, stating, “Continuous development of both protocol and…

A group of developers working on a Layer 1 network Initia transitioned from stealth mode today, securing a pre-seed investment from Binance Labs, the venture capital and incubation arm of the crypto exchange Binance. With the newly raised capital, the development team behind Initia aims to enable developers to build Layer 2 scaling solutions that are interconnected with each other. The team did not disclose the investment amount from Binance Labs. Initia will operate as a Layer 1 and host scalable application-specific Layer 2s developed using optimistic rollup technology. The Layer 1 Initia will also facilitate cross-chain interactions between these…

Cross-chain messaging protocol LayerZero has revealed a “gas abstraction” tool to facilitate cross-chain NFT swaps. The news coincides with the integration of NFT marketplace, Magic Eden, with the LayerZero protocol. This means traders can now purchase and sell Omnichain non-fungible tokens (ONFTs) across supported chains. At launch, these capabilities will be available to Ethereum and Polygon, though they will soon be available to more chains. In an interview with Blockworks, LayerZero’s head of strategy Irene Wu said that the gas abstraction tool, which they have named “Gas Station,” was designed to help users create a more seamless experience when purchasing…

Teaming up with Binance yet again, Christiano Ronaldo has kickstarted a new NFT initiative, introducing 50,000 free ‘CR7 ForeverZone’ mystery boxes to old and new users of the crypto and NFT exchange behemoth.Created to bolster fan engagement, the NFT collectibles pay homage to Ronaldo’s illustrious football career, with 50,000 giveaway surprises in store, including 50 shirts and footballs signed by the legend himself.On top of that, these ‘boxes’ open more memorable experiences: 50 lucky CR7 ForeverZone collectors will be granted complimentary access to Binance Blockchain Week, taking place in Istanbul from November 8-9. Considering tickets are on sale for $450, this is…