Wemade joins hands with Dubai Chambers to expand Web3 and gaming endeavors in Middle East

Antpool overtakes Foundry as largest bitcoin mining poolAntpool, a Singapore-headquartered open access mining pool that supports ten cryptocurrencies, has recently surpassed Foundry USA to become the foremost bitcoin mining pool in terms of monthly blocks mined.That’s according to a report published by TheMinerMag, a bitcoin mining industry publication run by New York public relations firm BlocksBridge Consulting.This development indicates a shift in bitcoin mining pool dynamics since January 2022. According to Bitcoin network data, Antpool mined 1,219 blocks in November, slightly edging out Foundry USA’s 1,216 blocks. The total rewards for Antpool’s miner clients reached 8,672 BTC, excluding the 83.6 BTC designated for refunds.Photo by Norman Wozny on UnsplashBitmain affiliateAntPool is an affiliate company of leading crypto mining equipment manufacturer, Bitmain. This surge in Antpool’s hashrate aligns with Bitmain’s substantial importation of over 4,800 metric tons of Antminer S19XP and S19XP Hydro to its U.S. subsidiary in Georgia between June and November. These imports have contributed to an estimated total hashrate exceeding 37 EH/s. The exact activation status of Bitmain’s imported hashrate and whether it is utilized for its own purposes, remains unclear.Foundry USA had previously held the leading position in mining pools since early 2022, benefiting from the rise of North American mining operations following China’s crackdown in 2021. While Antpool consistently secured the second position, its hashrate began closing the gap on Foundry USA around June this year.China vs. U.S. competitive dynamicThe two companies dominate bitcoin mining. With one having a parent company headquartered in China and the other being U.S.-centric, their positioning in terms of overall blocks mined is being seen by some as a reflection of competition between entities in China and the United States in terms of bitcoin mining dominance. Addressing that dynamic in response to CoinDesk recently, CryptoQuant Web3 Analyst Bradley Park wrote:“China is aggressively mining ahead of the approval of a Bitcoin ETF. As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity. This is because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty.”The bitcoin hashrate has been climbing continuously throughout 2023, reaching new all-time highs along the way.It’s worth noting that despite Antpool’s dominance in blocks mined, data from BTC.com reveals that the company’s self-reported real-time hashrate consistently lags behind Foundry USA’s over the past three months. The cause of this discrepancy remains uncertain, raising questions about variance or reporting errors affecting Antpool’s real-time hashrate.Bitmain established Antpool in 2014, and it was later spun out of Bitmain to become an independent entity in 2021. Meanwhile, Foundry is a wholly owned subsidiary of Digital Currency Group (DCG). Both Bitmain and DCG have been facing financial challenges over the course of the past year.In a separate development, Foundry took to social media platform X on Thursday to confirm that it is discontinuing support for The Graph protocol, Axelar Network, Polkadot and Flow. The firm said that the changes were decided upon in order to better align the business with its strategic business goals.

The Korea Federation of Banks (KFB) Chairman Cho Yong-byoung paid a visit to Poland yesterday to sign a memorandum of understanding (MOU) on financial cooperation between South Korea and Poland, Korean news media The Korea Economic Daily reported. The MOU was signed by Chairman Cho and the Polish Bank Association (ZBP) President, Tadeusz Białek. The partnership aims to strengthen bilateral financial collaboration, which will be backed by holding joint financial conferences, sharing information on financial regulations and training financial experts. Photo by Lukasz Radziejewski on UnsplashJoint seminar on digital finance, blockchain and AI Following the MOU signing ceremony, the two associations conducted a joint seminar on digital finance, economy and the banking industry. The event was attended by Korea's Financial Services Commission (FSC) Chairperson Kim Joo-hyun, representatives of KFB members, President Białek and executives of Polish banks.  Among the mainly discussed topics were Korea's digital financial landscape and its digital banking industry, along with the Polish economy and its banking industry. In particular, the participants focused on innovative changes in the financial industry brought by cutting-edge technology such as blockchain, AI and big data.  During the conference, Chairman Cho expressed his commitment to bolstering the bilateral partnership, stating that the Korean banking industry will support local companies in expanding their businesses in Poland.  

China Furthers Efforts to Shape the MetaverseFindings by US political media outlet POLITICO suggest that Chinese authorities and state-owned companies are seeking to mold the metaverse in line with existing systems in China such as the country’s social credit scoring system.The concept of the metaverse entails a network of interconnected immersive virtual worlds powered by virtual reality, augmented reality, and simulations. Development in this area is centered around applications such as online gaming and virtual events.Photo by Hanson Lu on UnsplashDigital Identity SystemIn a report published on Sunday, POLITICO referenced recently drafted proposals put forward by China Mobile, a state-owned telecoms operator. The proposals outline a “Digital Identity System” for users within online virtual worlds and metaverses.These proposals recommend the use of “natural characteristics” and “social characteristics” within digital IDs, encompassing personal data such as occupation, “identifiable signs,” and other attributes. Moreover, they suggest storing this information “permanently” and sharing it with law enforcement to ensure order and safety within the virtual realm.Setting agreed benchmarks for emerging techThe proposals present a hypothetical scenario involving a disruptive user named Tom, who causes turmoil in the metaverse. The digital identity system, according to these proposals, would facilitate prompt identification and punishment by law enforcement.These discussions are occurring within the framework of the International Telecommunication Union (ITU), a United Nations (UN) agency responsible for establishing global technology standards. This strategy echoes China’s endeavor to set worldwide benchmarks for emerging technologies.The ITU, as a UN agency, holds significant sway in defining global telecommunications and technology infrastructure standards. Given that the US and China have quite different outlooks when it comes to technology governance, particularly the future development of the internet and related technologies, the ITU has become a means through which common ground can be found and differences resolved.Upcoming vote on proposalsChina Mobile’s proposals, presented during the ITU’s metaverse focus group meeting, are poised to be voted on during the next meeting in October in Geneva. The company is the largest mobile operator by subscriber base. Demonstrative of ongoing tensions that exist between the US and China, the company was delisted from the New York Stock Exchange in 2021 following a US executive order.Chinese organizations are reportedly submitting more proposals than their Western counterparts, demonstrating that China is very much taking a lead in metaverse development. It’s evident that there is a clear strategy for China to establish itself in furthering this technology.In May, Alibaba Cloud, a subsidiary of Chinese e-commerce giant Alibaba Group, entered into a partnership with layer one blockchain Avalanche to better enable businesses to deploy metaverses. Around the same time, an administrative body within China’s Henan Province established a $22 million dollar investment fund, focused on financing metaverse-related ventures.Later that month, the city of Zhengzhou announced a set of policy proposals designed to support the growth and development of metaverse companies in the region.Within the Chinese autonomous territory of Hong Kong too, there has been plenty of metaverse-related activity. Metaverse start-up Artifact Labs completed a funding round with a view towards expanding its operations. The city is home to Animoca Brands, a prominent player in metaverse-related development.