Posts in category: Blockchain

Dogecoin (DOGE), the popular cryptocurrency that began as a joke, is set for a significant upgrade to enhance its user-friendliness and accessibility to non-developers. In a recent tweet, a core developer announced that one of the most significant upgrades would be supporting BIP39 seed phrases, allowing users to generate mnemonic phrases for securing their private keys.

This update is great news for Dogecoin users searching for an easier way to secure their private keys without being a technical expert. With the support for BIP39 seed phrases, users can now generate secure and easy-to-remember phrases that can be used to recover their private keys if they are lost or stolen.

In addition to supporting BIP39 seed phrases, the upcoming Dogecoin update will introduce QR code support, message signing, and support for BIP32/44 and SLIP44 HD addressing for enhanced security and organization. With these features, users can easily and securely send and receive Dogecoin, sign messages to verify ownership and organize their addresses more efficiently.

Moreover, the update will provide users with the current moon phase Unicode, a fun addition to the Dogecoin experience. This new feature adds to Dogecoin’s quirky and humorous nature, which has always been a significant part of its appeal.

Overall, the upcoming upgrade is a significant step forward for Dogecoin, making it more accessible and user-friendly. These new features will make it easier for people to use and store their Dogecoin, and the enhanced security measures will give users greater peace of mind. With these upgrades, Dogecoin will continue to grow in popularity and cement its place in cryptocurrency.

It is worth noting that Dogecoin has enjoyed renewed interest lately, with its value rising significantly in recent months. This surge in popularity has been attributed to several factors, including endorsements from celebrities and major companies, as well as a growing interest in cryptocurrencies in general. With the upcoming upgrade, more people will likely become interested in Dogecoin, further fueling its growth and popularity.

However, as of this writing, the Memecoin was trading in a bearish sentiment where the price had decreased by approximately 1.48% leading to DOGE to trade at $0.07447.

In conclusion, the upcoming upgrade to Dogecoin is exciting news for users and investors alike. The new features will make it easier and more secure to use and store Dogecoin, while the addition of the moon phase Unicode adds a fun and quirky touch. As Dogecoin continues to gain popularity, we will likely see even more exciting developments.

A recent Boston Consulting Group (BCG) study, 13% of Web3 founding teams include a female member. However, women founders of Web3 companies are at a staggering low of 7%.

Web3 blockchain technology is estimated to become a $6 trillion industry in 2023, with a compound annual growth rate (CAGR) of 44.6% by 2030. Clearly, the world sees potential in this industry, as reported by Analytics Insight. And yet, Web3 appears to be a male-dominated segment.

The question is: how far will nations progress in encouraging women’s empowerment via blockchain and Web3? Here’s what statistics suggest.

Apparently, men raise more funds than women founders

The BCG report specified potential reasons for such a wide gender gap. Surprisingly, the main reason was capital. Apparently, Web3 startups founded by men raised more capital compared to mixed and only-women founders.

Thus, the average funding capacity of all three categories stands at:

• All-men team: $29.2 million
• Mixed team: $26 million
• All-women team: $7.8 million

If this is the situation with founders, is the gender gap better or worse among investing teams?

The study stated that only 15% of Web3 investing teams are women. Moreover, 6 out of the 10 major funding entities in the industry don’t comprise even a single woman partner.

These figures raise another question—are women present more in mixed teams or single-gender ones?

Metrics of mixed teams

As per the figures mentioned before, teams comprising both female and male members also have a comparatively good capacity to raise capital in Web3 startups. Although a positive metric, it exposes another issue.

The report indicated that in 78% of cases, women founders of Web3 startups are present in mixed teams, but the same is not present in the case of male founders.

In fact, it’s the exact opposite. There is a 74% chance that a male founder may not be a part of a mixed setup. However, for representation’s sake, including one woman in an all-male team cannot be termed as “mixed.” Neither is it the right kind of women empowerment. Rather, it might just reek of token representation.

The more pertinent question to ask, however, is what can be the reason behind this wide gender gap in Web3 industry? Some say the reason has more to do with women’s investment behavior. Others blame the current use cases of blockchain and Web3 technology.

Digital currency: 2nd most widely-owned asset among women

Latest data by eToro and highlighted by Cointelegraph points to a surprising fact—digital currency is currently the second-most widely-owned asset among women, particularly within the 18-34 age group. Cash, however, remains the leading asset.

This statistic is part of eToro’s latest Retail Investor Beat initiative, which surveyed 10,000 retail investors spread across 13 countries.

Survey data reveals that digital currency ownership among women has been on a steady rise in the past four quarters of FY2022.

• Q1: 24%
• Q2: 25%
• Q3: 29%
• Q4: 34%

From this increased adoption, it’s safe to assume two things—a, Women have become more interested in digital assets like digital currency, non-fungible tokens (NFTs), etc., and b, Their understanding and awareness of blockchain technology are also on the rise. This is a clear indication that women’s investment behavior is evolving.

Now, let’s consider the issue of use cases.

Current use-cases limited to gaming

The BCG report states, “If you take the gaming and immersive gaming industry as a proxy of what the metaverse could become, the experiences offered in the metaverse will be very gender stereotypical.”

Currently, several use cases of the metaverse, blockchain, and Web3 are being tried and tested. But those about gaming have gained the most amount of traction.

Undeniably, a considerable chunk of women are interested in gaming. But these use cases mostly attract the male gender and signal no women-centric utility. If this situation is improved, more women might climb onto the bandwagon of Web3 technology.

This suggestion can be added to creating a trifecta—more awareness, opportunities, and role models.

Watch: Web3 and BSV Blockchain

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New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

Technology for MSMEs: Blockchain has the potential to improve security, enhance efficiency and reduce costs when it comes to receivable financing. This could particularly be good news for MSMEs that face significant hurdles in accessing credit. Let us see how. 

Improved security

As per RBI, online fraud cases amounted Rs 128 crore to businesses in  the year 2022. An increasing trend that is seen is smaller businesses are frequently becoming the target of cyberattacks as they cannot afford comprehensive security solutions. Here blockchain can help these businesses as it  involves decentralised transaction records, so the data cannot be manipulated for any fraud.

Also Read: SMEs are losing confidence as sales decline and profits shrink: ASSOCHAM and D&B survey

Blockchain consists of numerous blocks of data, which in turn are stored across nodes. Data that is stored across a network of nodes is more difficult to hack into than data that is stored at a central location. Even if fraudsters hack into some nodes and alter the data, it would give rise to suspicion as the data would differ from other copies across the network. The ability to automatically identify suspect data helps to streamline the receivables transactions. There is no need to manually track or navigate paper trails and emails.

Enhancing efficiency

Another area where it can help is in reducing paper work. Each transaction in trade finance requires authentication and that can give rise to a lot of paperwork and delays. However, blockchain uses digital tokens. Each participant in the supply chain is issued a token to authenticate the movement of goods. In this process, it becomes harder to steal or hack such tokens compared to paper or digital files. It also allows all parties to track and receive information about traded goods, monitor the process and verify completion of steps in real time. This reduces risk to the lender and brings about transparency. 

All involved parties can thus remain aligned and be in a position to access the most up to date information. Here is where smart contracts can play an important role. Smart contracts are developed on blockchain to automate one-time or recurring transactions without any human intervention. Since they are built into blockchain to execute contracts with pre-set conditions, these contracts can be carried out as soon as the conditions are met, there are no required follow-ups or delays, or the requirement of third-party trusted entities to do follow-ups. 

Also Read: No proposal to implement MSME rating system: MSME ministry

A 2019 report on fintech by the Department of Economic Affairs, Ministry of Finance, said that blockchain technology is helping solve the problem of double discounting and transparency of invoices in trade finance through RBI’s Trade Receivables Discounting System (TReDS) scheme, thereby reducing the cost of credit, as all transactions on the ledger are verified and transparent.

At the same time, it also provides confidence to the financier that there is very less probability of invoice-related fraud. Also, there are multiple issues that are associated with receivable financing, namely falsified receivables, multiple invoices secured against the same collateral and so on. Use of blockchain can increase transparency, security, and allow for real time merchant tracking.

Reduced costs

A large number of intermediaries and corresponding administrative costs affect MSMEs the most as it makes MSME financing less attractive to banks. Improved security and enhanced efficiency essentially help to lower costs. With increased efficiency, parties can engage in greater volumes of deals with more clients, while a stronger security means that fewer of these deals have a chance to be compromised. When it comes to trade receivables, a lot of time can be wasted in reconciling the data of the supplier with that of the buyer. When all parties concerned have access to a single source of information, the need to constantly verify and reconcile transactions is reduced and this further helps in lowering costs. 

Anurag Chaturvedi is the CTO of M1xchange. Views expressed are the author’s own.

Subscribe to Financial Express SME (FE Aspire) newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises 

Technology can be a topic difficult to understand and make predictions on, even for those with a strong technical background and perceived expertise. From Ethernet’s creator Robert Metcalfe’s 1995 prediction that the internet would “catastrophically collapse” by the next year to Intel’s prediction that 3D TV was the future, it is clear that predicting tech trends is a difficult endeavor. AI is no different.

No matter how hard predicting the future of technology is, every new technology that creates disruption will go through this cycle. Most recently, we have gone through multiple hype cycles with innovations like blockchain, cryptocurrency, the metaverse, VR, and now, AI. Every single of these technologies has captivated not only the public but also developers and investors, blurring the line between facts and fiction.

Once a new technology captivates the public and the media, funding from venture capitalists, angel investors, and crowdfunding starts to pour in. With new projects emerging by the day and all of them promising to change the world forever, a hype bubble continues to form as both experts and non-tech-savvy individuals join in. Eventually, differentiating between projects with actual potential and those destined to fail becomes an impossible task.

Blockchain and crypto are great examples of how these hype cycles can negatively impact a technology. For years, it seemed that blockchain was being integrated into every piece of software and hardware,  getting to the point where the idea of a Bitcoin-mining toaster maybe didn’t sound that ridiculous.

As soon as the blockchain and crypto hype cycle cooled down and speculators started to move elsewhere, the ecosystem started to heal. Today, it is easier to find projects that are truly looking to disrupt through real-life applications, which is great news for founders and developers looking to build an actual product.

Last year saw the start of the AI hype cycles as news of DALL-E, Stable Diffusion, Midjourney, and ChatGPT started to go mainstream. With the models being easily accessible and offering real-life applications to casual users, the cycle is still strong. It is difficult to predict how long this cycle will last as tech giants and startups continue to invest heavily in the technology and to promise it will change everything (which it may very well do).

With blockchain technology already having survived its own hype cycle, developers are looking into ways to integrate it with AI to better address some of the drawbacks both technologies possess. This integration is especially promising when it comes to areas like data sovereignty, which have been a matter of debate with the rise of generative AI models.

This year’s edition of Grit Daily House at SXSW saw Tune.FM’s Co-Founder & President Andrew Antar, Bennu Solution’s CISO John Godfrey, and Anker Innovations’ Head of Global Communications Eric Villines to talk about the latest AI cycle. The “Future of AI & Blockchain” panel was moderated by Grit Daily’s Editor John Biggs and touched on topics like the role that human empathy has to play when it comes to AI, the technology’s ability to disrupt existing monopolies, the possibility of an upcoming AI singularity, the future of blockchain technology when paired with AI, and much more.

Most people have heard what the media and the general public have said about the latest developments in AI. To hear what those with a technical background and expertise in business development have to say, make sure to watch the video.

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Argo Blockchain Plc, Inc. (“Argo” or the “Company”) ARBK in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired Argo securities pursuant to the September 23, 2021 IPO and/or between September 23, 2021 and October 10, 2022, both dates inclusive (the “Class Period”). Investors have until March 27, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

Argo, together with its subsidiaries, purports to engage in the cryptocurrency mining business worldwide, including the mining of Bitcoin or Bitcoin equivalents (together, “BTC”).

Argo maintains a fleet of thousands of BTC mining machines at facilities located in Canada and Dickens County, Texas. The Company’s Texas facility is referred to as its “Helios” facility.

On August 19, 2021, Argo filed a registration statement on Form F-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on September 22, 2021 (the “Registration Statement”).

On September 23, 2021, Argo filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, together with the Registration Statement, the “Offering Documents”).

On or about September 23, 2021, pursuant to the Offering Documents, Argo conducted the IPO, issuing 7.5 million ADSs to the public at the Offering price of $15 per ADS for approximate proceeds of $105 million to the Company before expenses and after applicable underwriting discounts and commissions.

The Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Argo was highly susceptible to and/or suffered from significant capital constraints, electricity and other costs, and network difficulties; (ii) the foregoing issues hampered, inter alia, Argo’s ability to mine BTC, execute its business strategy, meet its obligations, and operate its Helios facility; (iii) as a result, Argo’s business was less sustainable than Defendants had led investors to believe; (iv) accordingly, Argo’s business and financial prospects were overstated; and (v) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

On June 7, 2022, Argo issued a press release providing an operational update, in which it disclosed that it had mined approximately 25% fewer BTC in May 2022 compared to April 2022 because of, inter alia, increased network difficulty, higher electricity prices, and the curtailment of mining operations at its Helios facility.

On this news, Argo’s ADS price fell $0.28 per ADS, or 4.4%, to close at $6.09 per ADS on June 7, 2022.

On October 7, 2022, Argo issued a press release “announc[ing] several strategic actions that are intended to bring in additional capital to the business and ensure that the Company has the working capital necessary to execute its current strategy and meet its obligations over the next twelve months.” Argo stated that in addition to measures being undertaken to reduce costs and preserve capital, the Company had signed a non-binding letter of intent with an affiliate of New York Digital Investment Group (“NYDIG”) to amend an existing equipment financing agreement, plans to sell 3,400 mining machines for cash proceeds of £6 million, and intends to raise approximately £24 million via a proposed subscription with a strategic investor.

On this news, Argo’s ADS price fell $0.97 per ADS, or 23.26%, to close at $3.20 per ADS on October 7, 2022.

Then, on October 11, 2022, Argo issued a press release providing an operational update, in which it announced that “[d]uring the month of September, Argo mined 215 [BTC] compared to 235 BTC in August 2022” which was “primarily due to a 12% increase in average network difficulty during September.” Argo also stated that it “is continuing to curtail operations at its Helios facility in Dickens County, Texas during periods of high electricity prices” and was replacing the Company’s Chief Technology Officer (“CTO”).

On this news, Argo’s ADS price fell $0.27 per ADS, or 10.98%, to close at $2.19 per ADS on October 11, 2022.

As of the time this Complaint was filed, Argo’s ADSs continue to trade below the $15 per ADS Offering price, damaging investors.

As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

If you purchased or otherwise acquired Argo shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230324005406/en/

For millennia,
art has been respected and revered as a form of expression. Collectors,
museums, and art fans frequently see a painting, sculpture, or other type of
artistic creation as a major investment.

However, one of
the most difficult issues confronting the art industry is the issue of
authenticity and provenance. The good news is that blockchain technology is now
being used to remedy this issue.

In this post,
we’ll look at how blockchain technology is being used to authenticate and prove
the provenance of art.

What exactly
is Blockchain Technology?

Blockchain
technology is a distributed ledger system that enables transactions to be safe,
transparent, and tamper-proof. It is made up of a network of computers that
collaborate to produce a shared information database.

Before being
added to the blockchain, each block of data is encrypted, and each transaction
is validated by a network of computers. This makes altering or hacking the data
nearly hard, offering a high level of security and openness.

For years, the
art world has wrestled with the question of authentication. Provenance, or the
history of ownership and documentation of a work of art, is one of the most
important aspects in determining its worth.

However,
determining the authenticity of a work of art can be a difficult and
time-consuming procedure that requires the analysis of numerous papers and
other variables.

Blockchain
technology can help to speed this process by providing a safe and transparent means
to record and authenticate a work of art’s ownership and history.

Each piece of
art can be given a distinct digital identity that can be registered on the
blockchain. This identity can include details such as the artist’s name, the
year the piece was made, and the identity of the owner.

Every time
ownership of an artwork changes hands, the transaction can be recorded on the
blockchain, resulting in an unbreakable chain of ownership.

This creates a
clear and transparent record of the artwork’s history, making establishing its
legitimacy and provenance easier.

Art
Provenance and Blockchain

Provenance is
an important component of the art world, and it is frequently used to determine
the validity and value of a work of art. However, determining provenance can be
difficult, especially for older works of art that may have inadequate or
erroneous paperwork.

Blockchain
technology can assist in addressing this issue by providing a safe and
transparent method of documenting and verifying the history of an artwork.

Each
transaction on the blockchain can be recorded, resulting in an unbreakable
chain of ownership that offers a clear and transparent record of the artwork’s
history.

This can assist
establish a work of art’s origin, which can increase its value. Collectors and
museums can utilize blockchain technology to authenticate the authenticity and
provenance of artworks, delivering hitherto unattainable levels of confidence.

Art Markets
and Blockchain

The art market
can be complicated and opaque, making it difficult for artists and collectors
to determine the worth and authenticity of artworks.

However, by
providing a secure and transparent mechanism to document and verify the
ownership and history of artworks, blockchain technology can assist to build a
more transparent and efficient marketplace.

Blockchain
technology can be utilized to build a safe and transparent marketplace for
buying and selling artworks.

Each piece of
art can be given a distinct digital identity that can be registered on the
blockchain. This identity can include details such as the artist’s name, the
year the piece was made, and the identity of the owner.

By giving a
clear and open record of the artwork’s history, this can help to build a more
transparent and efficient marketplace.

Buyers and
sellers can utilize blockchain technology to authenticate the authenticity and
provenance of artworks, delivering hitherto unattainable levels of confidence.

The
difficulties

Art Provenance is
a crucial aspect of the art world as it helps to verify the authenticity of
artwork and to prevent fraud. Blockchain technology has become an increasingly
popular way to track art provenance due to its secure, immutable, and
decentralized nature. However, while there are many benefits to using
blockchain for art provenance, there are also several liabilities to consider.

The most important
issue is that blockchain technology is only as reliable as the data that is
inputted into it. In the art world, provenance information is often based on
documentation such as receipts, certificates of authenticity, and invoices. If
this information is inaccurate or fraudulent, it can compromise the reliability
of the blockchain-based provenance. If, for example, a fraudulent certificate
of authenticity is used to establish a piece of art’s provenance, it could be
entered into the blockchain, making it difficult to detect the fraud later.

Another counterpoint
to provenance information via blockchain is that this tech is still relatively
new and untested in the art world. While blockchain technology has been used in
other industries, the art world has unique challenges, such as the difficulty
in verifying the authenticity of certain types of art, such as sculptures and
installations. It is also unclear how blockchain technology will interact with
existing art market practices, such as auction houses and galleries.

Moreover,
blockchain technology is not foolproof. While blockchain technology is secure
and immutable, it is not immune to hacking and other cyber threats. If a
blockchain-based provenance is compromised, it could cause significant damage
to the art world and its participants.

There may also be
concerns about the centralization of blockchain-based art provenance. While
blockchain technology is decentralized in nature, the actual implementation of
blockchain-based art provenance may be centralized around certain entities,
such as art marketplaces or galleries. This could create a power imbalance in
the art world, where certain entities have more control over the provenance of
art than others.

Finally,
blockchain-based art provenance may not be accessible to everyone. While
blockchain technology has the potential to democratize the art world, it may
also create barriers for those who do not have access to the technology or the
knowledge to use it effectively. This could lead to a situation where only
certain segments of the art world are able to participate in blockchain-based
art provenance, creating further inequality for artists.

Conclusion

For years, the
art world has wrestled with the issue of authenticity and provenance.
Blockchain technology, on the other hand, is currently playing a critical role
in addressing this issue.

Blockchain
technology is assisting in the establishment of a more efficient and
trustworthy art marketplace by providing a safe and transparent mechanism to
document and verify the ownership and history of artworks.

Blockchain
technology has numerous potential uses in the art business, ranging from
authentication and provenance to the creation of secure digital identities for
artworks. As blockchain technology advances, we should expect to see more
imaginative applications of this technology in the art world.

To summarize,
blockchain technology is revolutionizing the art market by enabling the safe
and transparent authentication and provenance of artworks.

This technology
is assisting in the development of a more efficient and trustworthy marketplace
for art, thereby increasing the value and significance of this vital form of
human expression.

For millennia,
art has been respected and revered as a form of expression. Collectors,
museums, and art fans frequently see a painting, sculpture, or other type of
artistic creation as a major investment.

However, one of
the most difficult issues confronting the art industry is the issue of
authenticity and provenance. The good news is that blockchain technology is now
being used to remedy this issue.

In this post,
we’ll look at how blockchain technology is being used to authenticate and prove
the provenance of art.

What exactly
is Blockchain Technology?

Blockchain
technology is a distributed ledger system that enables transactions to be safe,
transparent, and tamper-proof. It is made up of a network of computers that
collaborate to produce a shared information database.

Before being
added to the blockchain, each block of data is encrypted, and each transaction
is validated by a network of computers. This makes altering or hacking the data
nearly hard, offering a high level of security and openness.

For years, the
art world has wrestled with the question of authentication. Provenance, or the
history of ownership and documentation of a work of art, is one of the most
important aspects in determining its worth.

However,
determining the authenticity of a work of art can be a difficult and
time-consuming procedure that requires the analysis of numerous papers and
other variables.

Blockchain
technology can help to speed this process by providing a safe and transparent means
to record and authenticate a work of art’s ownership and history.

Each piece of
art can be given a distinct digital identity that can be registered on the
blockchain. This identity can include details such as the artist’s name, the
year the piece was made, and the identity of the owner.

Every time
ownership of an artwork changes hands, the transaction can be recorded on the
blockchain, resulting in an unbreakable chain of ownership.

This creates a
clear and transparent record of the artwork’s history, making establishing its
legitimacy and provenance easier.

Art
Provenance and Blockchain

Provenance is
an important component of the art world, and it is frequently used to determine
the validity and value of a work of art. However, determining provenance can be
difficult, especially for older works of art that may have inadequate or
erroneous paperwork.

Blockchain
technology can assist in addressing this issue by providing a safe and
transparent method of documenting and verifying the history of an artwork.

Each
transaction on the blockchain can be recorded, resulting in an unbreakable
chain of ownership that offers a clear and transparent record of the artwork’s
history.

This can assist
establish a work of art’s origin, which can increase its value. Collectors and
museums can utilize blockchain technology to authenticate the authenticity and
provenance of artworks, delivering hitherto unattainable levels of confidence.

Art Markets
and Blockchain

The art market
can be complicated and opaque, making it difficult for artists and collectors
to determine the worth and authenticity of artworks.

However, by
providing a secure and transparent mechanism to document and verify the
ownership and history of artworks, blockchain technology can assist to build a
more transparent and efficient marketplace.

Blockchain
technology can be utilized to build a safe and transparent marketplace for
buying and selling artworks.

Each piece of
art can be given a distinct digital identity that can be registered on the
blockchain. This identity can include details such as the artist’s name, the
year the piece was made, and the identity of the owner.

By giving a
clear and open record of the artwork’s history, this can help to build a more
transparent and efficient marketplace.

Buyers and
sellers can utilize blockchain technology to authenticate the authenticity and
provenance of artworks, delivering hitherto unattainable levels of confidence.

The
difficulties

Art Provenance is
a crucial aspect of the art world as it helps to verify the authenticity of
artwork and to prevent fraud. Blockchain technology has become an increasingly
popular way to track art provenance due to its secure, immutable, and
decentralized nature. However, while there are many benefits to using
blockchain for art provenance, there are also several liabilities to consider.

The most important
issue is that blockchain technology is only as reliable as the data that is
inputted into it. In the art world, provenance information is often based on
documentation such as receipts, certificates of authenticity, and invoices. If
this information is inaccurate or fraudulent, it can compromise the reliability
of the blockchain-based provenance. If, for example, a fraudulent certificate
of authenticity is used to establish a piece of art’s provenance, it could be
entered into the blockchain, making it difficult to detect the fraud later.

Another counterpoint
to provenance information via blockchain is that this tech is still relatively
new and untested in the art world. While blockchain technology has been used in
other industries, the art world has unique challenges, such as the difficulty
in verifying the authenticity of certain types of art, such as sculptures and
installations. It is also unclear how blockchain technology will interact with
existing art market practices, such as auction houses and galleries.

Moreover,
blockchain technology is not foolproof. While blockchain technology is secure
and immutable, it is not immune to hacking and other cyber threats. If a
blockchain-based provenance is compromised, it could cause significant damage
to the art world and its participants.

There may also be
concerns about the centralization of blockchain-based art provenance. While
blockchain technology is decentralized in nature, the actual implementation of
blockchain-based art provenance may be centralized around certain entities,
such as art marketplaces or galleries. This could create a power imbalance in
the art world, where certain entities have more control over the provenance of
art than others.

Finally,
blockchain-based art provenance may not be accessible to everyone. While
blockchain technology has the potential to democratize the art world, it may
also create barriers for those who do not have access to the technology or the
knowledge to use it effectively. This could lead to a situation where only
certain segments of the art world are able to participate in blockchain-based
art provenance, creating further inequality for artists.

Conclusion

For years, the
art world has wrestled with the issue of authenticity and provenance.
Blockchain technology, on the other hand, is currently playing a critical role
in addressing this issue.

Blockchain
technology is assisting in the establishment of a more efficient and
trustworthy art marketplace by providing a safe and transparent mechanism to
document and verify the ownership and history of artworks.

Blockchain
technology has numerous potential uses in the art business, ranging from
authentication and provenance to the creation of secure digital identities for
artworks. As blockchain technology advances, we should expect to see more
imaginative applications of this technology in the art world.

To summarize,
blockchain technology is revolutionizing the art market by enabling the safe
and transparent authentication and provenance of artworks.

This technology
is assisting in the development of a more efficient and trustworthy marketplace
for art, thereby increasing the value and significance of this vital form of
human expression.

The project is seen as a first step with the potential for additional functionality, the note said. These may include the ability to record repairs within the NFT, to use stablecoins as the payment leg for “atomic title transfers” and allow vehicle-licensing agencies from other states to join the platform so they can benefit from the same efficiencies as well as producing incremental efficiencies related to cross-state vehicle sales.

The Law Offices of Frank R. Cruz reminds investors of the upcoming March 27, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of Argo Blockchain plc (“Argo” or the “Company”) ARBK investors who purchased: (a) American Depository Shares (“ADSs”) pursuant and/or traceable to the Company’s September 2021 initial public offering (“IPO”); and/or securities between September 23, 2021 and October 10, 2022, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On or about September 23, 2021, Argo conducted its initial public offering (“IPO”), selling 7.5 million American Depository Shares (“ADSs”) at $15 per ADS.

On June 7, 2022, Argo issued a press release disclosing that it had mined approximated 25% fewer Bitcoin (“BTC”) in May 2022 compared to April 2022 due to increased network difficulty, higher electricity prices, and the curtailment of mining operations at its Helios facility.

On this news, Argo’s stock price fell $0.28, or 4.4%, to close at $6.09 per ADS on June 7, 2022, thereby injuring investors.

Then, on October 7, 2022, Argo announced “several strategic actions that [intend] to bring in additional capital to the business and ensure that the Company has the working capital necessary to execute its current strategy and meet its obligations over the next twelve months.” In addition to measures being undertaken to reduce costs and preserve capital, the Company had signed a letter of intent with an affiliate of New York Digital Investment Group to amend an existing financing agreement, planned to sell 3,400 mining machines, and intended to raise money via a proposed subscription with a strategic investor.

On this news, Argo’s stock price fell $0.97, of 23.3%, to close at $3.20 per ADS on October 7, 2022, thereby injuring investors further.

Then, on October 11, 2022, Argo issued a press release stating that “[d]uring the month of September, Argo mined 215 [BTC] compared to 235 BTC in August 2022” which was “primarily due to a 12% increase in average network difficulty during September.” Additionally, Argo disclosed that it was “continuing to curtail operations at its Helios facility […] during periods of high electricity prices” and was replacing the Company’s Chief Technology Officer.

On this news, Argo’s stock price fell $0.27, or 11%, to close at $2.19 per ADS on October 11, 2022 – 85.4% below the Company’s IPO price.

The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Argo was highly susceptible to and/or suffered from significant capital constraints, electricity and other costs, and network difficulties; (2) the foregoing issues hampered, inter alia, Argo’s ability to mine BTC, execute its business strategy, meet its obligations, and operate its Helios facility; (3) as a result, Argo’s business was less sustainable than Defendants had led investors to believe; (4) accordingly, Argo’s business and financial prospects were overstated; and (5) as a result, the Offering Documents and Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Argo securities during the Class Period, you may move the Court no later than March 27, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230324005101/en/

Yudiz Solutions, a blockchain, artificial intelligence and game development company, has filed draft papers with the NSE’s SME Platform, NSE Emerge, for its initial public offering (IPO).

The IPO will make Yudiz the first company in the blockchain segment to go public.

The public issue consists of a fresh issue of 27,17,600 equity shares.

Yudiz will use the proceeds of the IPO to develop new products and technology and for branding and marketing. It will also use the funds for exploring acquisition of technology companies in India and abroad, capital expenditure and working capital requirements.

Founded in 2011, Yudiz offers enterprise solutions through synergised trending technologies. The company, headquartered in Ahmedabad, is a global IT services provider and consultant that offers solutions in web and mobile app development, AI/ML, AR/VR, IoT, and blockchain.

Ability Games, which is engaged in the business of online fantasy gaming and development of innovative gaming products, is the holding company of Yudiz. The IPO-bound company has a team of 400 people and claims to have catered to and delivered over 6,000 projects for several clients globally.

Yudiz’s consolidated net profit declined to INR 73.89 Lakh in the financial year 2021-22 (FY22) from INR 80.57 Lakh in FY21, while operating revenue grew to INR 18.76 Cr from INR 12.82 Cr in the previous year.

Yudiz will become the second company from the gaming space, after Nazara Technologies, to list on an exchange. Nazara Technologies made its debut on the stock exchanges in 2021.

In December last year, another new-age tech startup, DroneAcharya Aerial Innovations, got listed on the BSE’s SME platform.

Amid the funding winter and global macroeconomic uncertainties, inflationary pressure, and fears of an impending recession, the year 2022 saw many startups like PharmEasy, Snapdeal and MobiKwik postponing or cancelling their plans to go public.

Moreover, the listed startups also performed poorly in the stock market last year making tech startups cautious about IPO.