The Seoul AI Innovation Tour 2024 comes to an end, sharing insights on digital finance

India Launches Crypto-Enabled Web Browser InitiativeIn a further leap into the digital frontier, the Indian Ministry of Electronics and Information Technology (MeitY) has unveiled the Indian Web Browser Development Challenge (IWBDC), signaling a significant move towards reducing the nation’s reliance on foreign technology.Photo by Julian Yu on UnsplashIndigenous web browserCentral to this ambitious initiative is the creation of an indigenous web browser with an innovative twist — the integration of cryptographic features for digitally signing documents. This advancement is poised to heighten the security and efficiency of online transactions, elevating India’s digital landscape.The launch event for the challenge took place at the India Habitat Centre and showcased a collaborative endeavor involving MeitY, Controller of Certifying Authorities (CCA), and the Centre for Development of Advanced Computing (C-DAC).Harnessing blockchain technologyAt its core, this initiative aims to bridge the traditional internet framework with the burgeoning potential of blockchain technology. A press release published by MeitY on Wednesday clarified that the web browser will boast an embedded CCA India root certificate, bolstering the browser’s security framework and upholding the sanctity of data privacy.Sunita Verma, Research & Development Group Coordinator at MeitY, underscored the profound significance of this initiative in India’s digital narrative. She conveyed the message from Alkesh Kumar Sharma, MeitY’s Secretary, emphasizing that this challenge embodies a pivotal stride toward realizing the vision of an “Aatmanirbhar Bharat” or self-reliant India.Further echoing this sentiment, Verma stated:“Digital India has orchestrated a transformative shift in our nation’s operational fabric. As we journey forward, the convergence of technology and homegrown innovation stands as a critical waypoint. More than just a browser, this is a symbol of a self-sufficient, digitally empowered India.”Progressive use caseIn line with the drive towards digital sovereignty, Arvind Kumar, MeitY’s CCA, illuminated the paramount significance of trustworthiness and security in the realm of digital interactions. He expressed his confidence that the forthcoming browser, fortified with the India Root Certificate, will render the nation more resilient against internet vulnerabilities, ultimately curbing dependence on foreign technology players.The IWBDC extends an open invitation to innovators across diverse domains, encompassing academia, industry, startups, and individuals, to contribute their ingenuity to this groundbreaking venture. The challenge brings with it a substantial prize pool of Rs. 3.41 crore ($0.4 million), offering not only financial incentives but also a chance to shape the trajectory of India’s digital future.While establishment agencies in India have largely been opposed to the legalization of cryptocurrencies, this initiative demonstrates that others are looking to exploit the blockchain and cryptocurrency innovation.While the Indian government has been active in calling for global crypto regulation, the country itself has not as yet finalized any such legislation relative to Web3 and cryptocurrency. Initiatives like this one help to showcase the possibilities that this innovation can bring about. That should serve to steer regulation in India towards a set of rules that enable the further development of that innovation.As the curtains rise on the Indian Web Browser Development Challenge, the world’s most populous nation is taking a decisive stride towards asserting its tech self-reliance, intertwining innovation with security, and laying the foundation for a digitally progressive India.

OKX Ventures, the investment arm of the well-known crypto exchange and Web3 technology company OKX, has recently disclosed a strategic investment in Singapore’s Orbiter Finance. Developing ZK-proof technologyThe investment marks a significant step forward in advancing the evolution of blockchain infrastructure, given that Orbiter Finance has achieved recognition for its innovation in the process of developing its zero-knowledge (ZK) technology-based omni-chain rollup on the Ethereum network. This initiative goes beyond Orbiter Finance's initial role as an asset cross-rollup bridge. Over the last two years, Orbiter has processed over 12 million transactions with a total transaction volume surpassing $7.8 billion. The protocol has amassed a user base of over three million and cultivated a community exceeding 700,000 users and enthusiasts.Photo by Shubham Dhage on UnsplashOrbiter Rollup announcementAccording to a series of posts on the X social media platform over the course of the weekend, the project is gearing up to launch a ZK-tech-based instant omni-chain rollup on Ethereum. A standout feature of the protocol is the integration of ZK Simplified Payment Verification (SPV) to authenticate Layer 2 transactions on the mainnet and combat fraudulent re-layers via the Ethereum Virtual Machine (EVM).  This development introduces a secure, efficient, low-cost and rapid communication mechanism for Ethereum, with the added security benefits of ZK-SPV enabling Orbiter Finance to grant complete access to the "Maker" role. This marks a significant milestone in achieving decentralization within blockchain infrastructure. Dora Yue, founder of OKX Ventures, expressed enthusiasm about spearheading the strategic investment in Orbiter Finance. She highlighted the protocol's ability to overcome traditional bridge limitations, specifically in terms of speed, and its crucial role in enhancing the efficiency of cross-chaining between various Layer 2s and the Ethereum mainnet. Other investors in the project include Redpoint China, Hash Global and Skyland Ventures. Supporting 19 networksCurrently supporting over 19 Layer 2 rollups and a multitude of native Ethereum assets, Orbiter Finance is positioning itself as a vital infrastructure component for the Layer 2 ecosystem. Yue commended the team's ongoing commitment to product upgrades and their dedication to ensuring a more decentralized and trustless foundation for the Layer 2 ecosystem's growth in 2024. With an initial capital commitment of $100 million, OKX Ventures is focused on exploring and supporting the best global blockchain projects, fostering cutting-edge technology innovation, and investing in projects that provide long-term structural value. The venture aims to nurture innovative companies by offering global resources and leveraging historical experience in the blockchain industry. Orbiter Finance also maintains an openness to incorporating additional networks. It has established strategic partnerships with key players such as Arbitrum, Optimism, Polygon, Linea, zkSync, Base, Starknet, Scroll, Manta Network and others. In this manner, it has solidified its position in the ecosystem. Notably, the protocol announced a collaborative strategic partnership with Ingonyama earlier this month, taking a step forward in advancing ZKP acceleration. Ingonyama is a next-generation semiconductor company specializing in ZK-proof technology. With that, it is actively exploring the integration of ICICLE, a GPU library for zero-knowledge acceleration, into Orbiter's ZKP system through multiple meetings and code-sharing initiatives.  

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.