China’s Bitmain Makes Plans to Unveil World’s First 1XJ/T Bitcoin Miner

Bitcoin layer-2 project Elastos sees ELA token surgeSingaporean blockchain developer Elastos has unveiled its BeL2 layer-2 network set to run on top of the Bitcoin blockchain, eventually prompting a token price surge.50% increaseThe project aims to address challenges such as transaction volume limitations and the complexity of programmable contracts within the Bitcoin ecosystem. Despite the initial muted response from the crypto community after the late November announcement, Elastos’ native token, ELA, has experienced an extraordinary surge on Wednesday. Over the course of the past 24 hours, the token’s unit price has jumped from $2.06 to $3.09. That represents a 50% increase.Photo by Kanchanara on UnsplashBringing smart contracts to BitcoinOn Dec. 2, the project released its BeL2 whitepaper, describing it as “a transformative approach to enhancing Bitcoin’s functionality.” BeL2 has the potential to bring about significant advancements by leveraging SmartWeb technology to introduce staking solutions and incorporate zero-knowledge proof technology.A zk proof is a cryptographic method through which one party can prove to another party that a particular statement is true, all the while avoiding the leakage of any additional information aside from confirming the statement is true. Up until now, zk proofs have been largely the preserve of Ethereum-centric projects.Alongside zk proofs, BeL2 will utilize Bitcoin-powered Ethereum Virtual Machine (EVM) smart contracts. This approach is expected to expedite transactions within the network and introduce governance through a decentralized model.BeL2 roadmapThe roadmap for BeL2 includes a three-month development phase for a proof-of-concept, followed by an additional three months dedicated to the decentralization of relayers. These relayers, acting as third-party services facilitating communication and data transactions between different blockchain networks, play a crucial role in the overall implementation of BeL2.Elastos envisions BeL2 as a Layer 2 network built on Bitcoin, introducing sophisticated BTC transactions on its blockchain. Beyond staking, the network aims to provide direct yield and affordable transactions on native decentralized applications. The move marks a significant shift, allowing Bitcoin holders to stake their assets directly, unlocking potential value exceeding $700 billion.Looking ahead, Elastos plans to chart the decentralized finance (DeFi) course on BTC by enabling smart contract deployment and irreversible digital agreements between participants.As interest in Bitcoin continues to rise, driven by innovations like inscriptions and spot ETF discussions in the United States, Elastos’ BeL2 initiative is garnering greater attention, relative to the potential to usher in a new era of possibilities for the world’s most popular digital currency.The project was founded in 2017 by Rong Chen, a former senior software engineer at Microsoft. Taking to the X social media platform earlier this month, Chen wrote:“I don’t see any other paths to the final #Web3 destination except:(1) A #BTC merge mining blockchain, plus smart-contract sidechains as needed;(2) A #SmartWeb operating system (OS) to facilitate personal node to own data, plus personal-node to personal-node direct communication links;(3) Personal Cloud Compute (#PC2) Runtime sandbox, so individuals are on the same footing as big brothers;(4) Digital goods software-development-kits (embedded OS #SDKs), entrusting your data to nobody else but yourself, i.e., your own code to check access tickets/tokens before loading and rendering data.”The Elastos ecosystem employs three-layer consensus mechanisms: auxiliary proof-of-work, proof-of-integrity and bonded proof-of-stake. It’s hoped that the project can improve upon the original layer-2 solution for Bitcoin, the Lightning Network, which has had issues in terms of scalability and centralization risk.

Ground X Teams Up with Oasys for Digital Wallet and SDK CollaborationGround X, the blockchain subsidiary of South Korean conglomerate Kakao, announced on Wednesday that it has entered a strategic partnership with Oasys, a Japanese blockchain gaming platform.Through this partnership, Ground X and Oasys aim to collaborate on multiple fronts and onboard each other’s respective Web3 ecosystems. Ground X said that it will participate as a partner company in Oasys’ Web3 ecosystem, collaborating with other Japanese blockchain and gaming firms.Photo by GuerrillaBuzz on UnsplashSDK sharingIn particular, Ground X also plans to provide a software development kit (SDK) that will enable game developers around the world to embed digital asset wallets into their services by leveraging the convenience and technical capabilities of Kakao’s digital wallet, Klip.“By providing the embedded SDK through this partnership, this will serve as an opportunity for Ground X to expand globally by attracting more Klip users,” said Kim Tae-geun, Head of the Business Group Division at Ground X.Dominic Jang, Head of Business Development at Oasys, expressed similar sentiments, stating, “This Klip wallet SDK will allow Oasys’ partners in the gaming industry to operate more smoothly, serving as valuable infrastructure.”NFT allianceOasys will also become a member of GRID — Ground X’s alliance of over 130 local companies aimed at popularizing and fostering non-fungible token (NFT) usage in Korea. Ground X will subsequently share with Oasys the expertise it has gained through success stories of various NFTs on Klip. Through a combination of all these efforts, the company’s goal is to expand the local NFT business ecosystem and increase opportunities for networking and joint marketing between Korean and Japanese companies.“Ground X is at the forefront of Kakao’s blockchain business and has accumulated a wealth of expertise in the blockchain field. Through our collaboration with them, the Oasys ecosystem gains a strong partner,” Jang emphasized.In addition, Ground X is participating as a partner company and panel judge in a blockchain hackathon organized by Oasys and XPLA.

Fair Square Lab to Develop Blockchain-Based Shareholder Meeting PlatformSouth Korean Web3 technology company Fair Square Lab announced on Friday that it is in the process of developing a blockchain-based platform for holding electronic shareholder general meetings. The firm said that it has applied for two patents for technologies related to blockchain-based electronic shareholder meetings. One is related to their operation methods and systems, and the other is associated with the utilization of voting rights tokens.Photo by Benjamin Child on UnsplashEmpowering shareholdersIn shareholder general meetings, many minority shareholders are often unable to attend in person, thereby finding it difficult to effectively exercise their opinions or rights during the decision-making process of a company. Fair Square Lab’s pending patents aim to address this issue by enabling more shareholders to easily participate in shareholder meetings through an electronic medium. Utilizing blockchain technology would also ensure the integrity and security of voting processes.Fair Square Lab’s growing portfolioWith this latest development, Fair Square Lab is now poised to possess a total of eight blockchain-related patents. Its other patents encompass areas like managing wallets in the blockchain network, generating wallet addresses for security token platforms, and preventing erroneous transfers of security tokens on a blockchain network. The company said that it is continuously working to secure intellectual property rights for its blockchain business, including design patents and its own trademark.“We have been consistently striving to secure intellectual property rights by linking research and development with the core blockchain technologies that we have accumulated over the years. We plan to obtain a total of 12 core technology patents by the end of this year,” said Jake Kim, CEO of Fair Square Lab.