Bakkt targets business expansion in Asia

Singaporean Researchers Devise More Effective DAO VotingResearchers at the Singapore University of Social Sciences have come up with a more efficient governance model for decentralized autonomous organizations (DAOs).Photo by Shubham Dhage on UnsplashDAO governance reviewThe scientists presented their work via a paper titled “Voting Schemes in DAO Governance,” which was published earlier this week. The paper is due to appear in the Annual Review of Fintech in due course.The research paper initially sets out with a review of the different forms of voting currently used to affect DAO governance in the various early stage projects that are already up and running. Having taken a deep dive into existing approaches, the research team of Qinxu Ding, Weibiao Xu, Zhiguo Wang and David Kuo Chuen Lee decided that they could go one better themselves.Their review encompassed eight current approaches including the following: token-based quorum voting, knowledge-extractable voting, conviction voting and reputation-based voting. Each voting scheme was then evaluated based on the following factors:Efficiency: An assessment of the speed at which proposals are selected and approved.Fairness: Each voter should have equal rights to vote.Scalability: The degree to which storage, computation and communication needs can be adjusted relative to the number of voters.Robustness: An assessment of the relative resistance of the voting scheme to attacks and collusion.Incentive Schemes: The extent to which DAO members are motivated to vote.Following on from that analysis, the scientists put forward a hypothetical voting mechanism with design considerations relative to fully decentralized and permissionless DAO governance. When it came to ratings, the holographic consensus approach scored highest, with a “high” rating in the categories of efficiency, fairness and robustness, dropping down to medium when it came to scalability. None of the other approaches came close.In trying to go one better, the team took the holographic consensus approach and set out to create their own hypothetical voting mechanism based on this model. As evidenced from the paper, they tried to effect improvements to this approach:“We know that the downside of the conviction voting mechanism is that it takes time to approve an urgent proposal. To address this concern, we introduce a blind betting mechanism: each member could choose whether to bet on any proposals with a certain number of their tokens.”The researcher’s hypothetical model allows stakeholders to gamble their tokens on the likelihood of a proposal passing or failing. The logic with this approach, they claim, is that it would speed up the governance process, while making it more robust at the same time.In concluding remarks, the researchers acknowledged that all approaches were not without their pros and cons. They point out that the further development of DAOs shouldn’t be confined to a static organizational future. While they believe that their own hypothetical scheme is in theory superior, they acknowledge that it too has flaws. With that, the realities of implementing it in the real world may be a challenge.

Rotonda Signs Deal with The Sandbox for Blockchain Ecosystem ExpansionRotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 digital wallet Burrito Wallet, announced that it has signed a memorandum of understanding (MOU) with metaverse platform The Sandbox to expand its blockchain ecosystem.Photo by Shubham Dhage on UnsplashA space for creativity and monetizationThe Sandbox is a global metaverse platform that allows users to easily create and participate in games, avatars, and items. It also provides free three-dimensional content creation tools called VoxEdit and Game Maker, and users can monetize their content. It has partnered with over 400 major companies, including Netmarble, LINE Studio, Ubisoft, and Zynga, securing some five million subscribers worldwide. “We expect that users will be able to enjoy a new Web3 experience within the metaverse, where they can create their own content,” said Max Minchul Shin, CEO of Burrito Wallet.Elevating the metaverse experienceThrough the new partnership, Burrito Wallet will support wallet integration within The Sandbox’s platform by unifying the on-chain experience across services. Burrito Wallet users will thus have more convenient access to various content within The Sandbox, including LAND — the platform’s virtual real estate space for interacting and showcasing creativity — as well as personalized avatars and assets, and an NFT marketplace. Additionally, the company plans to enhance wallet utility by supporting the multi-chain functionality of SAND, The Sandbox’s utility token.“Our partnership with Burrito Wallet will make it easier and more convenient for users to enjoy The Sandbox,” said Cindy Lee, CEO of The Sandbox Korea.“We will continue to collaborate with companies from various fields to advance the Web3 market and establish ourselves as a distinguished wallet service in the global market,” Shin added.Rotonda’s global initiativesRotonda is actively collaborating with global projects to promote the mass adoption of Web3 and blockchain technology. Last month, it launched the iOS version of Burrito Wallet in a move to expand availability for Web3 users on all operating systems. The company also recently co-hosted Next Block 2023 with its parent company Bithumb to promote business collaboration and build an ecosystem for accelerating Web3 projects.

Korean Soccer Fans Can Own Highlight Plays as NFTs through Klip Drops MarketplaceKorean soccer fans will soon have the opportunity to purchase non-fungible tokens (NFTs) showcasing highlight plays from the Korean professional soccer league, known as the K League, through the digital art marketplace Klip Drops.Photo by Chaos Soccer Gear on UnsplashExpanding soccer NFT frontierThis development has been made possible through a memorandum of understanding (MOU) between Blade Creative, the operator of ELVN, a specialized soccer NFT platform, and Ground X, the operator of Klip Drops and a blockchain technology affiliate of Kakao, a well-known social media giant in Korea. That’s according to a report by local news agency Newsis.Mutually beneficial marketingBy combining their respective expertise in the sports and blockchain industries, Blade Creative and Ground X aim to expand the NFT market while promoting their own brands through a mutually beneficial marketing strategy.ELVN has garnered considerable attention from both K League enthusiasts and NFT fans due to its unique offering, allowing users to possess video clips featuring their favorite soccer plays and players.Klip Drops offers limited editions of digital artworks to its users. Purchasers can store their artworks in their Klip wallet and receive corresponding NFTs that serve as proof of ownership. The captivating digital artworks can be enjoyed on smart televisions, providing a visually immersive experience for art collectors.