blockchain innovation

Vietnam Blockchain Association Signs Strategic Partnership with Binance To Drive Blockchain Innovation

The Vietnam Blockchain Association and Binance crypto exchange co-announced on Monday for establishing a strategic partnership.

Through this strategic partnership, The Vietnam Blockchain Association and Binance will collaborate in the exchange of research and application of Blockchain technology and human Resource training in Vietnam.

The Blockchain application is set to further build more resilient and prosperous lives for Vietnamese users through greater access to financial, business, and technology services.

Two parties will also leverage each other’s network and expertise to advance the development of blockchain technology in Vietnam and build a bridge with other major tech firms around the world.

Mr. Changpeng Zhao, the CEO of Binance exchange, talked about the collaboration and said: “And today, along with the active activities of the Vietnam Blockchain Association, I pledge that Binance will always comply with Vietnamese laws and put users in focus.”

Mr. Phan Duc Trung, Vice President of the Vietnam Blockchain Association, also commented on the development and said that he hopes that the partnership between Binance and the association will bring value to the business community in Vietnam. He further stated that the collaboration will assist in developing a workforce mastering high technology and contributing policy advice to the government’s management agencies.

Trung further said: “In its role, the Association connects and gathers the Blockchain community in the country and a bridge to bring Vietnamese products to the world and attract more international resources to Vietnam. The Association also promotes personnel training and attracts international investment into Vietnam.

High Demands for Blockchain

The Vietnam Blockchain Association, a government entity which launched last month, aims to promote the nation’s digital economy, develop relationships with blockchain firms and communities around the globe and create favourable conditions for local users to share experiences and resources to research, test, apply, and trade blockchain technology in accordance with Vietnamese law.

In recent years, Vietnam has seen the rapid development of Blockchain technology. The number of enterprises, researchers, and engineers seeking to use technology for work has continued to rise. As a result, the need for connection, collaboration, sharing, and support has also continued to increase. This explains the reason why the government formed an official organization with a complete legal entity on May 17 to spearhead the expansion of the Vietnamese Blockchain community.

Vietnam has been a leader in crypto usage for the previous few years. Despite the country’s lack of legal framework for owning, trading, and using crypto coins, the adoption rate of such virtual currencies among its population has been among the highest worldwide (ranked 10th in terms of crypto adoption worldwide). The majority of Vietnamese investors, especially younger ones, are aware of and have expressed positive sentiments towards cryptos as a potential investment.

The Vietnamese government has not banned crypto trading and allows local consumers to hold them as assets. In March, the government announced plans to spearhead research for the implementation of a legal framework governing digital assets.

Lightspeed Faction Unveils $285M Fund for Blockchain Innovation

Lightspeed Faction, a leading venture capital firm with a focus on blockchain, has announced the launch of a $285 million venture fund, according to PR Newswire. This fund is earmarked for early-stage blockchain projects, signaling a significant commitment to advancing crypto technologies.

The newly established fund by Lightspeed Faction is poised to play a pivotal role in the blockchain sector. It aims to invest primarily in early-stage projects, offering not only financial backing but also expert guidance in areas such as tokenomics and business scaling. This initiative comes at a time when the industry is experiencing a shift, with many investors withdrawing from the crypto space.

Lightspeed Faction’s team, composed of experts from Amber Group, Blockchain.com, and Coinbase, brings a wealth of experience to the venture. Their crypto-native insights are expected to be invaluable for the emerging blockchain entrepreneurs they will support.

This venture is a collaborative effort with Lightspeed Venture Partners, blending Faction’s exclusive focus on crypto with Lightspeed’s extensive experience in Silicon Valley and business scaling. Despite the collaboration, Faction maintains its independence, with its own dedicated LP base and complete control over the investment decisions for the $285 million fund.

Co-Founder and General Partner Banafsheh Fathieh emphasizes Faction’s deep belief in the transformative potential of crypto. The firm is set to invest in a wide array of blockchain projects that promise to revolutionize sectors like finance and telecommunications. Faction’s investment strategy extends beyond financial returns, including fostering projects with significant societal impacts.

Faction has a history of investing in diverse blockchain projects, even during market downturns. Its portfolio includes Crossmint, Lens, Narya.ai, and others. The founding partners, Samuel Harrison and Banafsheh Fathieh, have a combined experience of deploying over $500 million in the blockchain and venture capital space, backing major industry players.

Samuel Harrison, Co-Founder and Managing Partner, highlights Faction’s commitment to being a collaborative partner throughout a project’s lifecycle. He underscores the potential of blockchain to bring about positive societal changes, such as more efficient and transparent financial services.

As a leading blockchain-native venture capital firm, Lightspeed Faction is uniquely positioned at the intersection of Silicon Valley venture capital expertise and deep blockchain knowledge. The firm focuses on early-stage startups in their Seed or Series A funding rounds, with a strong commitment to advancing the crypto industry and society.

Lightspeed Venture Partners, a multi-stage venture capital firm, has been instrumental in fostering innovations across various sectors. With a global team and $25B in AUM, Lightspeed has been a key player in the growth of over 500 companies worldwide.

Explosive Growth in TON Developer Community: A Comprehensive Analysis

In recent times, the blockchain sector has observed a significant surge in developer activity, with The Open Network (TON) standing out prominently. The TON Developer Report for Q4 2023 has unveiled notable developments, showcasing the rapid expansion of its developer community and the increasing engagement across various facets of the network.

Growth Trajectory: A Look at the Numbers

The TON blockchain has witnessed an extraordinary increase in developer activity, especially noteworthy during a period marked by a bearish trend in the broader crypto market. The Q4 2023 report highlights a remarkable 22.8% rise in the number of TON developer community members on Telegram. This growth is part of a broader trend observed over the last year, where TON has seen its monthly active developers increase by over 500% since Q2 2022, as reported by the Ton Foundation. Such a surge is indicative of the growing interest and confidence in the TON blockchain’s capabilities and potential.

Driving Forces Behind the Surge

Several factors contribute to this burgeoning interest. Firstly, TON’s approach to organizing a variety of hackathons, challenges, meetups, and grant programs has fueled developer engagement. Events like the March DoraHacks and the Hack-a-TON have been pivotal in maintaining a high level of engagement within the community. Additionally, initiatives like TON Breakfasts and TON Hubs in the EU and Asia have played crucial roles in spreading awareness and strengthening local communities.

Educational and Financial Support

TON has ramped up its efforts in providing educational resources and documentation for developers. The launch of Awesome Lists, video courses, and improved documentation on docs.ton.org are steps towards making TON development more accessible to newcomers and seasoned developers alike. Moreover, the TON Grants program has been instrumental in funding diverse projects, distributing around $66,000 in Q2 to support 34 initiatives. These projects encompass a wide range of applications, from wallets and developer tools to DeFi protocols and NFT platforms.

Technical Appeal: Speed and Efficiency

A key aspect attracting developers to TON is its exceptional transaction speeds, which reached over 55,000 transactions per second (TPS) during a stress test in Q2. This speed is achieved through sophisticated sharding techniques, allowing TON to handle the transaction loads required by large-scale commercial applications efficiently.

Community and Ecosystem Development

The development of TON is not just limited to technical advancements. The project has successfully built a thriving global developer community, with over 9,000 members across various language communities. This international outreach is further supported by a diverse range of tools and platforms available on the TON blockchain, catering to various needs like crypto ads, testnet faucets, over-collateralized stablecoins, and cloud scanning services.

As the blockchain ecosystem continues to evolve, TON’s growing developer base and expanding toolkit position it favorably for increased adoption and impact. The market capitalization of TONcoin has grown significantly, reflecting the network’s potential and the developer community’s trust. With continued support and collaboration within the ecosystem, TON is well-placed to drive mainstream blockchain adoption and innovation.

Metis Launches Decentralized Liquid Staking in Layer 2 Revolution

Metis is making a leap in the Ethereum Layer 2 space with its Liquid Staking Blitz (LSB) and the development of a Decentralized Sequencer. The LSB initiative is designed to accelerate the growth of Liquid Staking Derivatives (LSDs) and LSD-focused products within the Metis ecosystem. By leveraging the 4.6M METIS Ecosystem Development Fund, Metis aims to foster innovation and broaden participation in the decentralized finance (DeFi) sector. This is particularly noteworthy as it represents a pioneering move towards unlocking the liquidity of staked assets on a Layer 2 network, offering enhanced security, versatility, and the potential for broad user adoption.

The Metis Decentralized Sequencer marks a transformative step towards decentralization in the Layer 2 rollup space. Unlike traditional single-sequencer models that pose centralization and security risks, Metis’s approach involves community testing of a Proof-of-Stake Sequencer Pool, set to officially launch on the mainnet later in 2024. This development aims to enhance network security, censorship resistance, and community governance participation, setting a new standard for Layer 2 rollup architecture.

Furthermore, Metis’s strategy includes significant community involvement in its governance structure, ensuring that the decision-making process regarding funding, network enhancements, and collaborations is democratized and community-driven. The introduction of a native liquid staking protocol for METIS tokens expands the platform’s capabilities, promising an inclusive and participatory blockchain ecosystem.

Overall, Metis’s initiatives like the LSB and the decentralized sequencer pool not only aim to improve liquidity and innovation within its ecosystem but also reflect a broader commitment to advancing the Ethereum network’s scalability and decentralization. This could potentially set a precedent for other Layer 2 solutions and play a crucial role in shaping the future of Ethereum’s Layer 2 landscape.