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Machine Learning Network Fetch.ai Shares Vision of Interoperable Blockchains

Fetch.ai has an interoperability vision to bring machine learning services to every ledger and blockchain.

In an email to Blockchain.News, Fetch.ai today announced its interoperability vision to bring machine learning services to every ledger and all chains. The AI network also gave us an update on their imminent upgrade to the Fetch.ai test network to incorporate a new performance-focused FET virtual machine, based on WebAssembly.

Fetch.Ai Upgrade

The Fetch.ai Virtual Machine (VM) went live in February 2019—and is a computer program that emulates a processor and is used to execute a smart contract when transactions are made across the network.

In the case of Fetch.AI and other distributed ledgers, the VM is critical as it enables smart contracts to be deployed and transactions to run in multiple places. In short, it enables a massively replicated execution of the smart contract across all computers on the Fetch.AI network, accounting for different types of hardware that may be involved. The VM is fully integrated with the Fetch.AI Smart Ledger so a record of each smart contract is stored.

Per the announcement on July 21, the Fetch.ai virtual machine will be upgraded on the test network later this week, along with new documentation to enable agent developers to prepare for the migration onto the live network.

Commenting on the announcement, Fetch.ai CEO, Humayun Sheikh said:

“This evolution in our network will in time unlock huge value for the Fetch.ai services, with new opportunities opening for every chain to access AI and machine learning services, powered by the FET token”.

Interoperability of Version 2.0

Fetch.ai is an artificial intelligence lab based in Cambridge, building an open access, tokenized, decentralized machine learning network. This open-source software stack allows organisations to build or configure applications on top of a digital representation of the world in which “software agents”, autonomously search, negotiate and transact. The planned version 2.0 of the Fetch.ai main net will be interoperable with Cosmos Hub and other chains such as Ethereum via Cosmos’ IBC bridge, with a roadmap to enable full cross-chain compatibility. Jonathan Ward, Fetch.ai, Head of Research said:

“This move allows our AI technology to be applied in areas where it has had greatest impact in the centralized world such as social networks, gaming and, of course, finance.”

Trust Wallet Discloses Security Flaw Resulting in $170k Loss

The popular cryptocurrency wallet known as Trust Wallet has acknowledged that it had a security weakness that resulted in the loss of over $170,000 for some of its customers. The firm has said that the vulnerability has been fixed, and that it has sent notifications to all of the people who were impacted.

The Trust Wallet bug bounty program is credited with the discovery of the vulnerability, as stated by the company. In November of 2022, a security researcher disclosed a WebAssembly flaw that was present in the open-source framework known as Wallet Core. Trust Wallet additionally noted that new wallet addresses issued by the Browser Extension between November 14 and November 23 included this vulnerability.

On the other hand, the organization reminded its customers that any email addresses that were established before or after those dates are completely secure. Users of Trust Wallet were encouraged to upgrade their apps and establish new addresses in order to strengthen the security of their accounts.

Popular mobile cryptocurrency wallet Trust Wallet supports over 20 different blockchains, including Bitcoin, Ethereum, and Binance Smart Chain, among others. Binance, which is one of the biggest cryptocurrency exchanges in the world, is the owner of the platform.

The bug bounty program is an effort that gives researchers in the field of cybersecurity the opportunity to search for and disclose security flaws in return for financial compensation. Researchers are incentivized via the initiative to discover and disclose vulnerabilities, which paves the way for businesses to strengthen their own security protocols.

Both the promptness with which Trust Wallet addressed the problem and the openness with which it disclosed the existence of the security flaw have earned the company accolades. This event brings to light the need of taking precautions while dealing with cryptocurrencies, and it should serve as a warning to users that they need to be extra watchful when it comes to protecting the assets they have.

In summing up, the security flaw that was found in Trust Wallet thanks to its bug bounty program has been fixed. The impacted customers have been notified by the firm, who has also suggested that they update their app and establish new wallet addresses. The necessity of taking precautions to protect one’s bitcoin holdings is highlighted by Trust Wallet’s openness on the issue and its prompt response in trying to resolve it.

Fireblocks Integrates Astar Network, Boosting Secure DeFi Access for Institutions

Digital asset management platform, Fireblocks, has now incorporated Astar Network, Japan’s leading blockchain, marking an expansion in the company’s secure services for institutional investors. With the new integration, over 650 banks and financial institutions can now tap into Astar’s thriving DeFi ecosystem, as well as trade, swap, and lend digital assets on Astar via Fireblocks.

Astar Network has rapidly become a preferred choice in Japan owing to its support for the popular Ethereum Virtual Machine (EVM) environment, as well as the addition of WebAssembly (WASM), transforming it into a multi-chain platform supporting interoperable applications.

Fireblocks, well-known for its commitment to security, has managed to have its digital asset infrastructure system certified by the Cryptocurrency Certification Consortium (C4), making it the first service provider to receive such recognition. Its multi-party computation (MPC) technology has won over traditional financial clients including BNY Mellon, ANZ Bank, and NAB, as well as Japanese trading platforms such as CoinTrade.

Stephen Richardson, Managing Director, Financial Markets and Head of APAC at Fireblocks, commented on the integration saying, “Fireblocks has always focused on facilitating institutional adoption in the digital assets industry. By leveraging our highly secure network and MPC-based wallet infrastructure, banks, exchanges, OTCs, and hedge funds can now seamlessly access Astar’s assets.”

The integration was celebrated at a special event during WebX in Tokyo, attended by more than 200 guests, including executives of global enterprises, web3 founders, and venture capitalists. The attendees gained valuable insights into the application of web3 technology in the corporate sphere, and the growing role enterprises play in web3, particularly in Japan, where the government is progressively exploring ways to utilize web3 technology.

Maarten Henskens, CEO of Astar Foundation, emphasized the impact of the integration stating, “We’re looking forward to leveraging this integration to enhance adoption while giving institutions looking to build on Astar a secure and robust way to safeguard their digital assets.”