DLTx ASA and Blockchain Moon Acquisition Corp. Announce Business Combination – World News Report

Blockchain Moon Acquisition Corp. BMAQ has entered into a business combination agreement to acquire substantially all of the assets of DLTx ASA DLTX including all Web 3 infrastructure assets.

  • DLTx builds the infrastructure for Web 3 globally, including decentralized Cloud Computing, Green Bitcoin Mining, and Decentralized Data Relay Services;
  • Transaction will enable further investment in DLTx’s Web 3 infrastructure and portfolio, accelerating the Company’s mission of being a premier provider of Web 3 and decentralized transaction infrastructure to the masses;
  • DLTx management will join and manage the business of the Company;
  • Combined company expected to be listed on the Nasdaq Global Market; and
  • Combined company anticipated to have an implied initial enterprise value of approximately $163.35 million.

JACKSONVILLE, Fla. and OSLO, Norway, Oct. 15, 2022 (GLOBE NEWSWIRE) — DLTx ASA DLTX (“DLTx”) and Blockchain Moon Acquisition Corp. BMAQU BMAQ, BMAQW, BMAQR))) (“Blockchain Moon”), a special purpose acquisition vehicle, have entered into a business combination agreement pursuant to which Blockchain Moon will acquire all of the subsidiaries and substantially all of the assets of DLTx ASA. Upon the closing of the transaction, the new combined company of Blockchain Moon and such acquired subsidiaries and assets (the “Company”) is anticipated to be named DLTx Inc. and expects to trade under the symbol “DLTX” on the Nasdaq Global Market (the “Nasdaq”).

The Company will be based in the United States and will continue to specialize in protocols that provide predictable value both in utility and economics. The Company will build on DLTx’s strong track record in capitalizing on growth opportunities in the Web 3 space, including early investments in one of the largest industrial scale Bitcoin mining operations in North America, Filecoin cloud storage, and Decentralized Data Relay Services. 

Leading Tech Company in Blockchain Space

Based in Oslo and publicly listed on the Oslo Stock Exchange, DLTx is a vertically integrated technology company developing Web 3 and decentralized transactions by deploying blockchain infrastructure at scale across major global industries. DLTx is a tech company run by decentralists who believe in the new economy that is powered by cryptographic digital assets. The DLTx team has been at the forefront of developing and launching of several of the most important protocols in the blockchain space, including Ethereum, developed the first blockchain investment fund in 2014, has built out large-scale mining infrastructure since 2015, and now operates the first publicly traded company focused on powering Web 3.

Transaction Overview

In exchange for the acquired DLTx business, DLTx’s shareholders will receive shares of common stock in the Company with a value equal to the equity value of the acquired DLTx business as set forth in the business combination agreement, at a price per share of $10.00. The special committee and the board of directors of Blockchain Moon (the “Special Committee”) and the board of directors of DLTx have each approved the proposed transaction, which is expected to be completed by the summer of 2023, subject to, among other things, the approval by DLTx’s shareholders and Blockchain Moon’s stockholders, delivery of a fairness opinion to the Special Committee and satisfaction or waiver of other customary closing conditions. The transaction will result in the issuance of approximately 10.6 million common shares in the Company to DLTx’s shareholders, subject to adjustment as set forth in the business combination agreement.

Each holder of common stock of Blockchain Moon will receive one share of common stock of the Company upon the closing of the business combination for each share of Blockchain Moon common stock held immediately prior to closingHolders of Blockchain Moon common stock who elect to redeem their shares will receive $10.00 plus any applicable interest per share at the closing, but will not receive any shares of the public company.

Additional information about the proposed transaction, including a copy of the business combination agreement has been filed as an exhibit to a Current Report on Form 8-K filed by Blockchain Moon with the Securities and Exchange Commission (“SEC”) on October 14, 2022 (available at www.sec.gov).

Management Comments

James Haft, Chairman of DLTx, said, “DLTx’s mission is to be a premiere blockchain and Web3 infrastructure company. The Nasdaq listing will provide access to the global capital markets to accelerate the development of our business and position us to take advantage of the growth of decentralized communications and finance.”

Enzo Villani, Chairman and Chief Executive Officer of Blockchain Moon commented, “The blockchain economy and Web 3 can only thrive if there is infrastructure in place. DLTx is building that infrastructure and we look forward to working with DLTx management to execute that vision.”

Thomas Christensen, Chief Executive Officer of DLTx, commented, “Over the past year, DLTx has made tremendous strides. The move to Nasdaq will allow the company to expand at a greater pace through access to the US capital markets.”

Changes in Executive Management and Board

The technical and management team of DLTx will assume positions at the Company. The Company’s board of directors will also include Enzo Villani, and others to be named prior to the approval of the transaction by shareholders.

Advisors and Other Professionals

Kirkland & Ellis LLP and Advokatfirmaet Thommessen AS are serving as legal advisors to Blockchain Moon. Reed Smith LLP, DLA Piper LLP and Advokatfirmaet CLP, DA are serving as legal advisors to DLTx. BDO US, LLP is serving as the independent auditor for Blockchain Moon. Marcum LLP and Plus Revisjon AS are serving as independent auditors for DLTx. Richards Layton & Finger is serving as legal advisor to the Special Committee. SGI Securities and Chardan Capital Markets are serving as financial advisors to Blockchain Moon.

About DLTx

DLTx is a vertically integrated technology company expanding Web 3 capabilities by deploying blockchain infrastructure at scale across major global industries. The DLTx team is comprised of decentralists who believe in the new economy that’s powered by cryptographic digital assets. The DLTx team has been at the forefront of developing and launching several of the most important protocols in the blockchain space including Ethereum, developed the first blockchain investment fund in 2014, has built out massive scale mining infrastructure since 2015, and now operates the first publicly traded company focused on powering Web 3.

Learn more at https://www.DLTx.com

About Blockchain Moon

Blockchain Moon is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Blockchain Moon seeks to capitalize on the extensive experience of its management team, board of directors and advisors who are both blockchain industry investors and entrepreneurs to pursue prospective targets that are high growth businesses in blockchain technologies in North America, Europe, and Asia. Blockchain Moon is led by Chairman and Chief Executive Officer Enzo Villani and Chief Financial Officer Wes Levitt.

Learn more at https://www.BMAQ.IO

Important Information and Where to Find It

On October 4, 2022, Blockchain Moon filed a definitive proxy statement (the “Extension Proxy Statement”) for a special meeting of its stockholders to be held on October 19, 2022 to consider and act upon a proposal to extend the date (the “Termination Date”) by which Blockchain Moon must complete an initial business combination to January 21, 2023 (the “Charter Extension Date”) and to allow Blockchain Moon, without the need for another stockholder vote, to elect to extend the Termination Date to consummate a business combination on a monthly basis, up to six times, by an additional one month each time, after the Charter Extension Date, by resolution of Blockchain Moon’s board of directors (the “Extension Proposal”), if requested by Jupiter Sponsor LLC, a Delaware limited liability company and Blockchain Moon’s sponsor. The Extension Proxy Statement was mailed to Blockchain Moon stockholders of record as of September 27, 2022. Stockholders may obtain a copy of the Extension Proxy Statement at the SEC’s website (www.sec.gov).

Malibu Parent, Inc., a Delaware corporation and a newly formed subsidiary of Blockchain Moon (“New BMAC”), intends to file a registration statement on Form S-4 with the SEC, which will include a prospectus with respect to New BMAC’s securities to be issued in connection with the proposed business combination and proxy statement with respect to Blockchain Moon’s stockholder meeting to vote on the proposed transaction (the “Business Combination Proxy Statement”). The Business Combination Proxy Statement will be sent to all Blockchain Moon stockholders. Blockchain Moon and New BMAC also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Blockchain Moon are urged to read the Extension Proxy Statement, registration statement, Business Combination Proxy Statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and securityholders will be able to obtain free copies of the Extension Proxy Statement, registration statement, the Business Combination Proxy Statement and all other relevant documents filed or that will be filed with the SEC by Blockchain Moon or New BMAC through the website maintained by the SEC at www.sec.gov. The documents filed by Blockchain Moon or New BMAC with the SEC also may be obtained free of charge upon written request to Blockchain Moon Acquisition Corp., 4651 Salisbury Road, Suite 400, Jacksonville, FL 32256.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED OF THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management for future operations of DLTx Inc., market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Blockchain Moon and its management, and DLTx and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement with respect to the proposed business combination; (2) the outcome of any legal proceedings that may be instituted against DLTx, Blockchain Moon, the Company or others following the announcement of the proposed business combination and any definitive agreements with respect thereto; (3) the inability to complete the proposed business combination due to the failure to obtain approval of the stockholders of Blockchain Moon or the shareholders of DLTx, or to satisfy other closing conditions of the proposed business combination; (4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed business combination; (5) the ability to meet Nasdaq’s listing standards following the consummation of the business combination; (6) the risk that the announcement and consummation of the proposed business combination disrupts the current plans and operations of DLTx; (7) the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the proposed business combination; (9) changes in applicable laws or regulations; (10) the possibility that DLTx or the Company may be adversely affected by other economic, business and/or competitive factors; (11) the inability to obtain PIPE financing; (12) the risk that the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Blockchain Moon’s securities; (13) the risk that the proposed transaction may not be completed by Blockchain Moon’s business combination deadline and the failure to obtain an extension of the business combination deadline if sought by Blockchain Moon; (14) the impact of the COVID-19 pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; (15) volatility in the markets caused by geopolitical and economic factors; and (16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Blockchain Moon’s Form S-1 (File No. 333-259770), its most recent Quarterly Report on Form 10-Q and registration statement on Form S-4 that New BMAC intends to file with the SEC, which will include a prospectus and proxy statement of Blockchain Moon, referred to as a proxy statement/prospectus, and other documents filed by Blockchain Moon from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Blockchain Moon nor DLTx gives any assurance that either Blockchain Moon or DLTx or the Company will achieve the expected results set forth in any forward-looking statements. Neither Blockchain Moon nor DLTx undertakes any duty to update these forward-looking statements, except as otherwise required by law.

Participants in the Solicitation

Blockchain Moon, New BMAC and DLTx and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Blockchain Moon’s stockholders in connection with the proposed transactions. Blockchain Moon’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and executive officers of Blockchain Moon from the proxy statement/prospectus included in the registration statement on Form S-4 to be filed by New BMAC with the SEC in connection with the business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Blockchain Moon’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus included in the registration statement on Form S-4 for the proposed business combination to be filed by New BMAC with the SEC in connection with the business combination.

No Offer or Solicitation

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Contacts:

DLTx – Media and Investor Relations Contact

Thomas Christensen: thomas(a)dltx.com

Dulce Mercado: dulce(a)dltx.com

Blockchain Moon Acquisition Corp. – Investor Relations Contact

Enzo Villani: evillani(a)bmac.group

Wes Levitt: wlevitt(a)bmac.group




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Should Hollywood Have Its Own Blockchain?

Blockchain heralded the coming of Web 3.0, a follow-on to the intricacies of the World Wide Web. As it grew in popularity and adoption, there have been records of substantial investments in blockchain and its consequent asset classes like cryptocurrencies and NFTs. This surge of investments has not eluded big names in Hollywood. The likes of Shawn Mendes, Snoop Dogg, Floyd Mayweather, Jim Carrey, Paris Hilton, and Eminem are heavily invested in blockchain-powered asset classes.

The finance industry is arguably the biggest adopter of blockchain technology, with everyone from private financial companies, to central banks of entire countries, adapting their processes to integrate blockchain. But the possibilities that exist with blockchain make it adaptable to every industry.

Deepak Thapliyal is the CEO of Chain, a company dedicated to institutionalizing blockchain. “Blockchain is definitely the future of mainstream finance, but it has a lot more uses beyond monetary transactions,” says Thapliyal. “To get the best out of blockchain, we need to scale it down, not up.”

Hollywood’s data menace is costing the industry

From hacking unreleased content to extorting production finances, security breaches in Hollywood are more common than some may think. Big production studios and companies like Disney, Sony, and Netflix
NFLX
have been on the wrong side of these intrusions before, and the problem doesn’t seem to be abating.

One of the reasons for this is that Hollywood’s production houses love to outsource a lot of their work to vendors, fighting to provide them with top-quality results at competitively low prices. From crafting engaging and eye-catching trailers to top-of-the-line editing and 3D visual effects, work from Hollywood’s biggest studios is often the lifeblood of these vendors and a massive boost for their portfolios.

Thapliyal revealed that this steady exchange of sensitive information between the studios and vendors exposes huge cybersecurity loopholes, especially at the vendors’ end. “These third-party production outfits often don’t have network security measures as robust as the big studios, and hackers have figured this out, so they typically attack these vendors to get access to sensitive unreleased content and either release them on torrent sites or demand ransom from the studios. Either way hacks like this spell a colossal financial loss for the studios.”

The sentiment aligns with the hack of Disney and Netflix, in particular. Netflix’s Orange is the New Black, and Disney’s Pirates of the Caribbean sequel were both hacks that occurred at a post-production facility. Going back as far as the Sony Pictures hack in 2014, there have been numerous hacking attempts on major studios for years, and whether by ransom or unplanned releases, these companies are losing serious money.

“In entertainment, an unplanned early release of a movie or documentary could set opening weekend box office projections back by over $15 million. It is preventing situations like this that the blockchain was built for, and it’s what we’re trying to achieve also—a world of guaranteed data security across any given supply chain.” Thapliyal’s Chain has worked with heavyweights NASDAQ
NDAQ
, Tiffany & Co., Citibank, and other brands across retail, banking, sports, and entertainment to create fully customizable blockchain solutions that fit their particular needs.

Blockchain as a solution; only smaller

Blockchain technology uses a “strength in numbers” approach to security. Its decentralized ideology means that the records on the blockchain are immutable since the records of every transaction on the chain exist across hundreds of thousands of devices in a linked peer-to-peer network. The blockchain is anonymous, open-source, and permissionless, giving complete freedom to users to carry out their transactions safely and anonymously. But this also makes it possible for users to carry out nefarious activities on the network, just like Ransomware used Bitcoin
BTC
to collect ransom from its victims.

Thapliyal doesn’t believe that this iteration of the blockchain is a one-size-fits-all solution to safeguarding data and financial transactions. According to him, “Public blockchains like Ethereum
ETH
and Bitcoin are fine for everyday personal use and individuals transacting cryptocurrencies and NFTs, but corporations and industries need something more exclusive with an agreeable level of access control. We look beyond the mainline of blockchain operations. Without reinventing the core of how the blockchain operates, we have created a set of tools that allow us to duplicate its framework and niche it down so it makes sense for unique businesses on a case-by-case basis.”

On the private blockchains there is no public access or public miners, and the users are not anonymous. “It may sound counterproductive that we’re championing the adoption of private blockchains, especially since on the surface it seems to stand against the foundational principles of security, privacy protection, and transparency,” Thapliyal admits, “but this isn’t the case.”

The major difference between a customized blockchain and public blockchains is the level of access. It’s important that companies and institutions always keep their sensitive company and client information safe, and leaving these to the mercy of a public blockchain doesn’t make much business sense.

“In any major business transaction, the identities of all the involved parties have to be known, the transaction has to be verified by a trusted and credible central authority and be trackable across the network. Of course, just like public blockchains, transaction records are also distributed across the blocks in the private network and can’t be manipulated by any party. When none of the parties are anonymous, it helps to build trust and foster strong partnerships. Different businesses operate by different policies and have varying client needs, so they each need a regulated blockchain developed to cater to these needs and adhere to their policies and ethos.”

There’s also the efficiency debate between private and public blockchains. Mining on a public blockchain is an extreme sport in terms of energy consumption. For example, one second is enough to complete only around seven Bitcoin transactions. The speed is caused by too many users initiating too many transactions on public blockchains. You only need to compare this with the transaction speed on private blockchains like Hyperledge and Ripple—they can process and validate thousands of transactions per second. The fees and energy costs on private blockchains are significantly less as well, allowing companies to create their own tokens and digital merch, carry out financial transactions, transfer sensitive documents and build out their own security parameters in ways that align with their best interests.

If the adoption of custom blockchains becomes a mainstream practice, beyond helping Hollywood curb its piracy and hacking problems, the economic benefits could be disruptive on a global scale.


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Smart Contracts & their implementation in Blockchain technology

Smart Contracts are the new revolution that will change how agreements and contracts are executed. It plays a key role as it aids in making transactions safer and secured, operating most effectively as it establishes itself as part of the digital currencies.

Let’s unfold more details on the smart contract

Overview of Smart Contracts

Smart contracts are computerized protocols or programs focusing mainly on automated transactions on a blockchain network and operating to meet a few specific conditions. Blockchain gives it additional features like decentralization, transparency and security.

Specifically, smart contracts mainly automate the enactment of agreements allowing every participant to avail better outcomes without any time delays or a mediator’s involvement.

In smart contracts, the agreement part between buyer and seller is directly written into the LOC or the Lines of Code since these are independent contracts working on blockchain technology.

Smart Contracts were initially devised by American computer scientist Nick Szabo, as a virtual currency termed in 1998 as “Bit Gold.” Smart contracts are the transaction protocols met through computerized networks executing the contract conditions. Using this makes the transactions transparent, permanent, and traceable.

What Are The Perks Of Smart Contracts?

There is more likelihood of data breach whenever a mediator is involved. However, smart contracts claim their agreements without the involvement of any mediators or brokers, so the risk of a data breach is negligible.

  • Improved efficiency & accuracy

Whenever you are into crypto trading, the entire process of transactions becomes faster and more accurate with the help of smart contracts. Smart contracts do not involve any paperwork as these are automated and digitalized; therefore, the entire process time is much faster than conventional trading. If you are into crypto trading, check https://crypto-revolution.app/, which will offer you more options to trade safely.

Every document in the blockchain network is copied numerous times, ensuring that you get your data back due to the ease of accessibility and digital backups whenever there is a data loss.

Blockchain transactions are extremely tough to hack since they are encrypted. Additionally, every entry made gets registered in the previous and the block after in a distributed arranged ledger. Therefore, a hacker must hack through the entire chain to alter one data record.

Changing the data for personal benefits becomes a tough job since the data record gets distributed throughout the blockchain due to the lack of involvement of a third party. It builds trust amongst every member included in this contract.

Application of Blockchain of Crowdfunding & Smart Contract

Smart contracts based on Ethereum are used for creating digital tokens to perform transactions. You can use and design your cryptocurrency, establishing a tradable computerized token.

The platform is a central financial institution of varieties involved in the issuance of digital money. Standardizations are included in Ethereum, if you take that as an example, allowing the contract to use any wallet for automatic exchanges. As an outcome, you are structuring a tradable token, a fixed supply.

For instance, you plan to establish a business that involves capital financing. However, do you know anyone who will lend you the funds they do not rely on?

Here, smart contracts play the most integral role. You can set up a smart contract to retain the funds of a contributor till the passing of the given date or the goals is met in Ethereum.

The contract is disbursed to the owners or returned to the contributor based on the outcome. The streamlined crowdfunding system has several management issues, and using Decentralized Autonomous Organization DAO can help overcome this issue.

Blockchain Technology enabled Smart Contract.

Whenever blockchain technology authorizes smart contracts, it automatically executes multiparty agreements and maintains a hearty transaction system for finances.

A used case of blockchain technology-enabled smart contracts involves developing an application by a German start-up. The application opens the doors automatically whenever the renter pays their deposit, shows up on the committed date, and submits proof of identity. The opportunities open up after these facts get verified.

The second instance is the application allowing vehicles to sell a small amount of electricity, relying mainly on battery needs whenever it fails on the road. The contract here gets processed instantly.

Conclusion

With the advancement of technology entering every domain of our life today, smart signing with their abilities to transform how we function is made possible. Smart contracts can easily execute transactional connections safely and securely.

They are permanent and make sure they are carried out binding by the legal rules.

Industries are making this technological shift to the smart contract, and Blockchain technology is preferably suited to alter those complex legal agreements into well-processed guides stored within the software!


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Layoffs and H1-B visas, SaaS growth levers, blockchain startup tips • TechCrunch

For cash-strapped SaaS startups trying to reach scale, the math doesn’t look great.

A slump in the public markets has dragged the entire sector down, but customer acquisition isn’t getting any cheaper. In the meantime, runways are shrinking like a wool sweater in an electric dryer, and teams that hope to fundraise better have some good news to show potential investors.

So, what’s the plan?

“The key is to focus on scaling sustainably by tapping into more overlooked and underrated sources of revenue,” says Paddle CEO Christian Owens.


Full TechCrunch+ articles are only available to members
Use discount code TCPLUSROUNDUP to save 20% off a one- or two-year subscription


In his TC+ guest post, Owens shares several tactics “SaaS leaders can use to supercharge their expansion revenue,” such as adding upsell tiers and charging customers for priority support.

Just for a moment, forget about onboarding new customers.

Seed-stage startups that demonstrate strong gains in expansion revenue, i.e., money “generated after the customer’s initial purchase,” will always get a second look from investors.

And boosting expansion revenue during a downturn? Well, that’s even more impressive.

I won’t be sending a TC+ newsletter on Tuesday, October 18, but will return a week from today with more resources for founders and early recaps from TechCrunch Disrupt.

Thanks very much for reading,

Walter Thompson
Editorial Manager, TechCrunch+
@yourprotagonist

Dear Sophie: How can I protect my H-1B and green card if I am laid off?

lone figure at entrance to maze hedge that has an American flag at the center

Image Credits: Bryce Durbin/TechCrunch

Dear Sophie,

I am considering leaving my current, steady job for a job with a big name in tech. I’m excited, but nervous.

I’ve been hearing that you can lose your H-1B status if you are laid off. Is there any way I can protect my immigration status while making a bold job move?

— Leap of Faith

Dear Sophie,

My early stage startup hasn’t been able to hire as quickly as I would like due to fierce competition. Now that we’re seeing some movement in the job market, we think we can probably finally compete for some top engineering talent in our budget.

How can I hire people who were recently laid off on H-1B?

— Strategic Sponsor

DIY: 5 ways disruptive component startups can win over OEMs

A skilled blacksmith works in his workshop hammering an iron at high temperature on his anvil to create a new piece by making many sparks fly in the dark; hardware startups

Image Credits: Alan Rubio (opens in a new window) / Getty Images

Hardware startup founders have a uniquely hard time.

Only a small fraction of tech investors will even take meetings with them, and building product pipelines is often an irregular, chaotic process.

Instead of relying on sales and marketing teams to build a customer base for his hardware components startup, Ori Mor’s company started building devices that used his company’s tech.

“There’s no point rushing when building a hardware startup,” says Mor. “Instead, start by making just a single prototype that you can use to show OEMs.”

‘Me too’ investing is eating returns

Considering the number of investors who are all-in on e-commerce, fintech, cybersecurity, cloud infrastructure, crypto and B2B SaaS, a room full of VCs might look like a crowd of Spider-Man clones pointing at each other.

“Marc Andreessen once said that ‘software is eating the world,’” writes Alan Feld, founder and managing partner of Vintage Investment Partners.

“Unfortunately, ‘me-too’ investing is eating returns,” he says, suggesting that investors get out of their rut and explore “four relatively underfunded areas that could produce huge winners over the next 10 years.”

How to go from popular to profitable during a downturn

Paparazzi

Image Credits: Patrik Giardino (opens in a new window) / Getty Images

Product-led growth startups are like a car with a manual transmission that needs a push to get going: one driver just can’t do it all on their own.

According to Nick Mills, whose sales experience includes stints at Stripe, Facebook and CircleCI, “all companies eventually face a similar challenge: To keep growing, sales teams must be hired and a pipeline must be built.”

After explaining how to calculate your serviceable addressable market, AKA “the piece of that pie you can win right now,” Mills shows how to define product-qualified leads that will get sales engines firing on all cylinders.

“Telling investors about your viral user growth is no longer enough,” says Mills. “They want to know how it translates to revenue, resilience and runway.”

TechCrunch Disrupt 2022: Taking the BS out of your TAM

Every founder must understand the sector in which they intend to compete, but calculating Total Addressable Market (TAM) is a daunting process, especially for first-timers.

In reality, TAM just is a planning tool that gives potential investors a better understanding of a company’s upside potential.

Next Wednesday, at TechCrunch Disrupt in San Francisco, I’m moderating a discussion with three investors to find out how they approach TAM and what they’re looking for during a pitch:

  • Kara Nortman, managing partner, Upfront Ventures
  • Aydin Senkut, founder and managing partner, Felicis Ventures
  • Deena Shakir, partner, Lux Capital

I’ll ask them to share tactics and strategies for finding TAM, how to calculate it for new products and services, and the red flags they see most often from novice entrepreneurs.

Make sure to bring warm layers if you’re visiting SF for Disrupt — if you can’t make it, please join us online.

6 tips for launching a blockchain startup

It will take much more than a downturn in the public markets, record inflation and global instability to get between blockchain founders and their dreams.

Unfortunately, “having a solid roadmap, real-world use cases and a war chest are only a small part of a blockchain startup’s survival strategy,” advises Wolfgang Rückerl, co-founder and CEO of Istari Vision and Entity.

Although it’s true that many of the skills required to launch an early stage startup also apply to web3 companies, “the road to achieving success in the blockchain industry is paved differently,” he writes.




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Alberta shaping up for blockchain-friendly future – NAIT Nugget

At the forefront of a rapidly accelerating area of technology is the Alberta-based Canadian Blockchain Consortium, a national organization dedicated to the advocacy of blockchain and cryptocurrency in Canada. The Consortium consists of individuals across diverse industries working together to ensure that the country utilizes the technology with proper regulations, education and cooperation with the public sector. 

Blockchain technology involves blocks of electronic data linked together across a network of many devices. These electronic lists may then be verified or rejected by other network participants, and this tamper-proof feature is commonly used worldwide for safety and security purposes. However, many individuals will likely know about blockchain through its association with digital assets, such as cryptocurrencies and NFTs. 

Cryptocurrency alone is projected to hit 1 billion users by the end of 2022, but more and more industries are adopting blockchain technology outside of digital assets. 

“One of the first adapting industries to do it [use blockchain] was supply chain,” said Jade Alberts, Vice President of the Canadian Blockchain Consortium. “One of the biggest players in that is right out of Edmonton, TrustBIX.” 

TrustBIX is a technology and services company that uses blockchain technology to help people trace cattle from gate to plate. Users can see how the animal was cared for, fed and shipped, which allows for better transparency between suppliers and consumers. 

“You’re also getting into the security side of things now for transferring goods, and the medical industry is looking at putting all of their documents onto blockchain because it’s safer and easy to transfer.”

However, no significant change can be made without some cooperation with the government. 

“We’re really focused on regulation and making sure we have the best relationship with the Alberta government … so that these regulations are moved forward federally and provincially. I would like to say it’s gonna be in the next 6 months or 1 year, but I really don’t know. We try to be politically agnostic, and everybody that sits at the table tell us they’re working with all parties, so we take their word for that,” Alberts explained. 

Most of the regulations that would benefit blockchain will inevitably be on the financial side. White-collar crimes concerning the stock market, such as fraud and market manipulation, are punishable by law in today’s society. However, there are currently no regulations against people manipulating the crypto market. For example, if a celebrity tweets about Bitcoin and the coin’s value skyrockets, there is nothing that fraud investigators or lawyers can do right now to cut down on that behaviour. 

Alberts believes that Alberta could be one of the first provinces to fuel those good regulations. Binance, the world’s largest cryptocurrency-trading platform by volume, moved their company to Calgary. iMining, which deals with blockchain investments, also announced that they will be moving their head offices to Alberta. The province recently started pushing for a more crypto-friendly environment, and if this continues, Alberts believes that it will “create jobs, a lot more taxes and revenue for our government.” 

With such vast opportunities, students might wonder how they can get started on their blockchain journey. The Canadian Blockchain Consortium has a lot of resources on its website, as well as a monthly magazine that they release for free. They host industry events for businesses and enthusiasts and even partnered with NAIT to offer a Blockchain Certificate. They are also hosting the first annual Canadian Blockchain Summit at a discounted price for students.

As for the summit itself, Alberts says he’s looking forward to the lawyer panel. “I know it’s not gonna be the most exciting or charismatic talk, but it’s about crypto changing the legal and regulatory landscape,” said Alberts. “Just little things, right? … I think it’s gonna be a very interesting conversation.”

The Canadian Blockchain Summit will be held from October 19th to 20th at the Contemporary Calgary in downtown Calgary, AB. 


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Dominica enters agreement with TRON to adopt blockchain technology

The Government of Dominica has entered into an agreement with TRON following the passage of Virtual Asset Business legislation in May 2022.  

This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure.  

TRON Protocol is one of the leading global blockchain platforms, known for its efficient and cost-effective crypto settlement system.  

TRON has obtained the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare for its natural heritage and tourism attractions.  

“Dominica is committed to building a more inclusive and diversified economy with the help of new technologies. The open and cost-effective nature of the TRON blockchain infrastructure will play a vital role to better integrate Small Island Developing States like Dominica into the global economy in the future,” said Prime Minister, Roosevelt Skerrit. 

Following the announcement, Tech entrepreneur and TRON founder Justin Sun tweeted the following:  

“Dominica is the first country in the world to designate blockchain as their national infrastructure and it is #TRON. I changed my name ticker into Dominica flag. I may suggest to move @HuobiGlobal exchange to Dominica as the national exchange.”  

 

 




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World Blockchain Summit to create opportunities for crypto and metaverse innovators

World Blockchain Summit Dubai is set to take place on October 17 and 19 at Atlantis, The Palm. It is one of the most elite gatherings of the global crypto and blockchain ecosystem.

Dubai has set its sights on becoming a global tech hub by attracting entrepreneurs, investors and even crypto influencers as the sector’s market capitalisation hit $1.4 trillion, up to 86 per cent year-on-year, with the Middle East’s blockchain market anticipated to be worth $3.2 billion by 2023.

The UAE has begun implementing crypto regulation in the past year, issuing more than 30 exchange licenses and establishing a devoted regulatory body. But will UAE’s new regulatory structure make the market grow even faster? Will the Emirati government be able to regulate cryptocurrency quickly and effectively? World Blockchain Summit aims to answer the most pressing questions and bring together industry experts and thought leaders to understand what the future of blockchain and crypto looks like — not just in the case of Dubai, but also in the world.

In line with Dubai’s vision of being a global Web3 hub, leadership backer and provider of a digital asset regulatory framework, the summit will feature presentations, use-case studies and educational sessions by global technology providers who will be showcasing their latest innovations designed with the primary focus of enabling businesses and organisations to adopt blockchain and crypto solutions.

Mohammed Saleem, the founder of the World Blockchain Summit, said: “The government’s focus on blockchain is evident in the UAE, with various initiatives and ventures related to the technology. The event will essentially explore what lies ahead for the UAE in terms of blockchain adoption in various industries as well as technological and regulatory advancements.”

Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).


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Samsung’s Knox Matrix Explained: Smart Home Security via Private Blockchain

Wednesday at the Samsung Developer Conference keynote, the company unveiled its new smart home security strategy: link all of your devices to a private blockchain so they’re all monitoring each other. If one smart appliance gets compromised, the others kick it out of the smart home club.

As Samsung expects bad actors to compromise personal devices at an increasing rate, the company considered several options to protect the many parts of a smart home, like phones, routers, TVs, and even appliances that could serve as vectors for attack. Currently, some Samsung devices have dedicated hardware like Knox chipsets on Galaxy phones that keep data safe, but even more complex security solutions would mean higher manufacturing costs and product price hikes. 

The company’s solution, called Knox Matrix, is a novel application of blockchain tech on a very small scale, which could be an effective safeguard as people make their homes smarter. 

To be clear, home devices that use Knox Matrix are only linked to a private blockchain, not any of the public ones tied to cryptocurrencies. It’s a local arrangement meant as an alternative to cloud-based verification: Instead of needing to verify software online, the devices themselves look out for cyberattacks.

Ahead of their presentations at the Samsung Developer Conference, Samsung principal engineer Bumhan Kim and senior product security engineer Shin-Chul Baik spoke to CNET through interpreters to explain how Knox Matrix works and how it can help users build a safer smart home. 

“We want to ensure that people feel safe in the comfort of their own homes,” Kim said. “It’s not enough to think about security on every single device — we wanted to look at it more holistically.”  

How a blockchain-protected home works

Knox Matrix-supporting devices, which will start arriving in 2023, form a trust chain. If you have, say, a smartphone, TV, router, smart refrigerator, air conditioner and washing machine, each checks on the other to verify that they’re all in working order. 

It’s not likely that someone’s smart home will be targeted by the kinds of cyberattacks that befall big companies, but something like downloaded malware might make its way on to one device and attempt to spread through a network. Knox Matrix is designed to automatically detect intrusions and cut out devices that have been compromised to protect the rest.

To spot new types of malware and other harmful intrusions, Samsung formed a Threat Intelligence Team to monitor and detect new security threats to Galaxy devices and patch vulnerabilities. The relatively new team tracks threats on the dark web and deep web to watch for hacking trends and other vectors of attack. For instance, as more people turned to remote work during the COVID pandemic, the team saw more spyware and Trojan malware that piggybacks off innocuous messages to covertly install backdoors.

“We hope to gradually grow the team to increase the number of channels where they conduct monitoring so they can more proactively secure intelligence in order for us to quickly patch and respond to these possible threats,” Baik said. 

To make sure a home network of devices is up to date, the Knox Matrix blockchain sees if each is using the latest software, and if not, prompts an update — or even downloads the file on one device and sends it over to the other that needs it. 

Samsung currently updates phone and router software in monthly, quarterly and semi-annual patches, but will “also be integrating other devices into the security patches, including household appliances like TVs or refrigerators,” Kim said.

A network of trusted devices in a private blockchain has other benefits. They can share credentials, so if you want to sign into your Samsung account on your laptop but your ID and password are saved on your Galaxy Phone, you can — after verifying with biometrics like a fingerprint scanner — send those credentials over seamlessly.

Spreading Knox Matrix

The first wave of Knox Matrix products coming in 2023 will be exclusively from Samsung, but the company plans to make it an open ecosystem afterward. In two to three years, products from Samsung’s partners will be released that also tap into Knox Matrix protection.

This raises a big question: How many Knox Matrix-supporting devices will you need to buy to benefit from the private blockchain security? You only need two, Kim said. Internally, Samsung has decided how many devices for the blockchain concept work best, but it’s still finalizing what it will announce publicly. Examples mentioned in press materials include up to six devices.

Samsung isn’t rushing Knox Matrix out to deter a present threat, just to prepare for a more connected future.

“We’re not currently experiencing any increased attacks. We just want to stay a step ahead of potential attacks,” Kim said. 

A Knox Matrix network could even better protect your smartphone. While Samsung says its phones are highly secure, mobile devices connected to the internet have more ways they can be attacked.

“If it’s connected with a large number of [Knox Matrix] nodes, which can mutually monitor each other for threats, then definitely there could be a high level of security in your phone,” Kim said. “It’s always better to go together than alone.”


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Dominica Adopts TRON as “National Blockchain”, Setting a Path for More to Follow

GENEVA, SWITZERLAND –
Media OutReach – 14 October 2022 – The recent high-level collaboration between TRON and the Caribbean island country Dominica marks a crucial breakthrough in the history of blockchain. It is also expected to pioneer a model for sovereign states to develop the blockchain industry.

On October 7 (AST), the Government of Dominica announced on its official website that it had entered into an agreement with TRON, appointing TRON Protocol as its designated national blockchain infrastructure. Meanwhile, TRON has obtained the government’s endorsement to issue Dominica Coin (DMC), a blockchain-based fan token, to promote Dominica’s global fanfare for its natural heritage and tourist attractions while boosting its economic growth. This agreement is, to date, the highest level of cooperation between a sovereign state and a blockchain platform, which cements TRON’s legal status as the national blockchain infrastructure of Dominica. Industry experts thought highly of this move and believed that such an alliance will provide an excellent model for small and medium economies to develop the digital economy.
Roosevelt Skerrit, Prime Minister of Dominica, set a high value on this partnership. According to him, the Government of Dominica has been committed to building a more inclusive and diversified economy with the help of new technologies. Benefiting from TRON’s openness and cost-effectiveness, Small Island Developing States such as Dominica will be better integrated into the global economy in the future.
An island country in the Caribbean region, Dominica is member of several regional organizations including the Caribbean Community, the Organization of Eastern Caribbean States, the Association of Caribbean States, and the Bolivarian Alliance for the Americas. It has an economy based on agriculture and tourism and shows huge untapped potential. As the Caribbean rises to be a star region for global blockchain adoption, countries here have been actively embracing blockchain and cryptocurrency one after another, and Dominica is no exception. This May, the Parliament of the Commonwealth of Dominica passed the Virtual Assets Business Act. It is believed by local officials that the bill will create fresh opportunities for employment, trade, and investment, catalyzing economic transformation and all-round development for Dominica.
However, it is challenging for small and medium economies with limited technological power to develop blockchain and cryptocurrency on their own. This is testified by the failure of Sango Coin issued by the Central African Republic (CAR) this year: only 5% of the supply was sold after the token launch, according to Reuters.
Working with prestigious blockchains, which have enormous user bases and state-of-the-art technology, may be the best way for these countries to embrace cryptocurrency and blockchain at large.
The statement by Dominica describes TRON Protocol as one of the leading global blockchain platforms renowned for its efficient and cost-effective crypto settlement system. Statistics show that TRON is one of the world’s three largest public chains. As of writing this article, its number of users has exceeded 115 million with over 4 billion transactions and more than $50 billion assets on the blockchain. Therefore, this cooperation will allow TRON to assist the Government of Dominica in technological development and crypto user acquisition with its expertise and experience in the digital economy.
Moreover, the Virtual Asset Business Act was drafted with the support of the Eastern Caribbean Central Bank (ECCB), which means that the cooperation is likely to open a gate for TRON to enter the Caribbean, facilitating the region’s infrastructure construction needed for the digital economy. The promising prospect of Dominica may be replicated in more Caribbean countries.
TRON and its founder Justin Sun have long been concerned about the digital transformation of Caribbean countries. He was appointed the new Ambassador and Permanent Representative of the Government of Grenada to the WTO at the end of 2021, and in June 2022, he attended the WTO’s 12th Ministerial Conference (MC12) in Geneva, Switzerland as head of the Grenada delegation. Sun stated at the conference that blockchain and stablecoins can empower trade, e-commerce, and many other industries, and that blockchain and crypto technologies can inject impetus into the economies of Small Island Developing States in the Caribbean region. As TRON furthers its partnership with sovereign states such as Grenada and Dominica, Sun’s vision of driving economic growth for small and medium economies and achieving financial inclusivity with blockchain and crypto technologies is becoming a reality.
Founded by Justin Sun in 2017, TRON is dedicated to building the next-generation infrastructure for the global Internet and finance. It is believed to be one of the largest and most active communities in the blockchain world. The TRON blockchain is one of the world’s three largest public chains today. In addition to the public chain, TRON’s comprehensive blockchain ecosystem also covers the NFT, DeFi, and distributed storage protocol, among others. Its aim is to become a mainstream financial service provider, according to Sun’s plan.
Hashtag: #TRONDAO

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