Cartesi Launches Inaugural dApp on Ethereum Mainnet

Web3 chatting app Beoble launches beta version with 50,000 usersWeb3 social messaging app Beoble has secured over 50,000 users in just one day since the beta version of the app was released on Saturday (KST), according to a post on its official X account. This comes after pre-registration applications closed on Nov. 30, which saw over 100,000 sign-ups.Photo by Andrej Lišakov on UnsplashEmpowering Web3 connectivityBeoble is a Web3-based social messenger platform that employs a decentralized encryption network called the Communication Delivery Graph. It allows users to engage in end-to-end encrypted chatting between their digital wallets and offers a communication toolkit for integrating decentralized applications (dApps). The app currently supports all EVM-compatible blockchains like Ethereum and Polygon and plans to add others like Solana, Aptos and Sui in the future.“Beoble is essentially the first Web3 messaging app with the complete user experience,” said Cho Sung-min, CEO of Beoble.In particular, Beoble has gained attention for having a low barrier to entry due to its user-friendly user interface and experience (UI/UX). Notably, the platform facilitates direct communication between Web3 wallet owners and allows them to conduct non-fungible token (NFT) and peer-to-peer (P2P) transactions.Incentivizing community engagementThe Beoble team explained that the ongoing beta test will be an opportunity to incorporate user feedback and improve services. It will also be a period during which users can receive rewards based on their chat room engagement.“The more active users are in the community, the higher their rewards. Rewards can be obtained through activities like completing quests, following others, reacting to messages and logging in,” the firm explained. The Beoble rewards system distributes “cat points” to users based on their participation and contribution to the ecosystem, which are then used to determine their eligibility for rewards like token airdrops.Beoble also previously raised $2 million in pre-seed funding, backed by investors like Digital Currency Group, HashKey Capital and Genesis Blockchain Ventures. The platform’s public launch is scheduled for Q1 2024.

The Hashgraph Association, a non-profit organization that focuses on building an ecosystem of startups and enterprises relative to the use of the Hedera Hashgraph public ledger, has announced that it intends to explore use cases for the technology in Qatar. Hedera Hashgraph was first created in 2015 by Leemon Baird and Mance Harmon. The network is designed such that anyone can transact using it and deploy applications on it. However, governance is separated from consensus, with a group of businesses overseeing the network protocol.Photo by Hongbin on UnsplashFive key use casesIn a LinkedIn post published on September 19, the Hashgraph Association outlined that within the next 12 months, it would explore the implementation of five key use cases relative to the Hashgraph network in Qatar, collaborating with stakeholders within the Middle Eastern country in order to do so. First on its list is the tokenization of equities. During the TOKEN2049 event in Singapore earlier this week, the HBAR Foundation, another entity which supports the creation of Web3 communities on the Hedera network, launched the Hedera Asset Tokenization Studio.  According to the HBAR Foundation, the initiative “enables the seamless issuance and management of tokenized bonds and equities on the Hedera network.” The move, when considered in the context of the Hashgraph Association’s intentions relative to the pursuit of the tokenization of equities as a use case in Qatar, demonstrates that the distributed ledger technology (DLT) network’s most prominent stakeholders are homing in on this particular use case in furthering the use of the network.  Dr. Sabrina Tachdjian, the HBAR Foundation’s head of fintech and payments, stated that the  Asset Tokenization Studio will lower technical barriers to the tokenization of bonds and equities, along with the recording of their underlying data on the ledger. Sukuk tokenizationOther use cases up for exploration in Qatar are real estate tokenization and sukuk tokenization. A sukuk is an Islamic financial certificate. It’s a bond-like financial instrument which is sharia-compliant. The world’s first tokenized sukuk, linked to a sovereign instrument, was created in Malaysia in 2023.  Fusang Exchange listed the product, as a digitized version of a sukuk issued by the International Islamic Liquidity Management Corporation (IILM), represented via an ERC-20 token. Shariah-compliant finance represents a $4 trillion opportunity. Additionally, the Hashgraph Association is looking to exploit the carbon credit sector as a use case, while also looking towards the use of the Hedera Hashgraph ledger for the purpose of consumer engagement and loyalty programs. Digital assets frameworkOn September 1, the Qatar Financial Centre (QFC) announced that the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) had launched the QFC digital assets framework. The Hashgraph Association believes that the regulations strengthen its role in “fostering innovation and trust within the digital assets ecosystem, further solidifying the region’s position as a global leader in fintech.” In May, the Hashgraph Association announced at the Qatar Economic Forum a $50 million partnership with the QFC, with the goal of creating a digital assets venture studio in Qatar to support solutions built on the Hedera network.

India’s RBI Cites Stablecoin Risks With Call for Global RegulationIn its latest Financial Stability Report released on Wednesday, the Reserve Bank of India (RBI) expressed concerns about the potential harm stablecoins could inflict on emerging markets and developing economies (EMDE).Photo by rupixen.com on UnsplashPerennial criticThe RBI has been a consistent critic of cryptocurrencies, but particularly so in the case of stablecoins, from an EMDE perspective. However, the lack of authenticated data and inherent data gaps in the crypto ecosystem hindered a comprehensive assessment of financial stability risks.According to the report, one of the ways stablecoins could pose a threat to an EMDE is through currency substitution. Since the underlying assets of stablecoins are generally denominated in freely convertible foreign currencies, the widespread adoption of stablecoins could lead to currency mismatches on the balance sheets of banks, firms, and households, resulting in an increased risk to the economy.Monetary policy headacheFurthermore, the presence of stablecoins in the economy could create challenges for an EMDE’s central bank in setting domestic interest rates and managing liquidity conditions. The decentralized, borderless, and pseudonymous characteristics of crypto-assets make them potentially attractive instruments for circumventing capital flow management measures.Another concern highlighted by the RBI is that stablecoins could undermine credit risk assessment and interfere with banks’ ability to mobilize money and create credit by offering an alternative to the domestic financial system. Additionally, the report emphasized the difficulty in tracking peer-to-peer transactions, on the basis that they increase the potential for illicit activities.In light of these risks, the RBI reiterated its call for global coordination and regulation. It emphasized the need for a globally coordinated approach to analyze the risks posed to EMDEs compared to advanced economies (AEs). As India holds the G20 presidency, one of its priorities is to establish a framework for the global regulation of unbacked crypto-assets, stablecoins, and decentralized finance (DeFi).Establishing a CBDCWhile the RBI has been cautious about cryptocurrencies, it has shown more enthusiasm for central bank digital currencies (CBDCs). In November, the RBI launched a wholesale digital rupee pilot project. It followed that up in February with a retail digital rupee pilot project. In March, it signed an agreement with the Central Bank of the United Arab Emirates to study a CBDC bridge aimed at facilitating trade and remittances.By calling for global regulation and highlighting the risks associated with stablecoins, the RBI aims to foster a safer and more secure environment for financial transactions while exploring the potential benefits of CBDCs in facilitating trade and remittances.As the discussions around stablecoins and CBDCs continue, we’re likely to see ever greater collaboration between regulators, policymakers, and international organizations with a view towards establishing a comprehensive regulatory framework that addresses the challenges and harnesses the potential of digital assets on a global basis.