Hedera Weekly News Recap - Week of Jan 12, 2024
Zenobia Godschalk
Storyteller | TEDx speaker | Board member | Investor | Startup mentor
Hello Hedera world! Every week is busy in our ecosystem, but this one has been especially so.
On Wed, during their panel discussion ‘Layer 1 Superpowers: Consensus & Execution At Scale’ at CFC St. Moritz, Dr. Leemon Baird, Co-Founder of Hedera and Co-CEO of Swirlds Labs, and John Woods, CTO of the Algorand Foundation, announced that entities from across the Hedera and Algorand Technologies ecosystems, including the The HBAR Foundation, the Algorand Foundation, The Hashgraph Association, Swirlds Labs, the DLT Science Foundation, and industry partners The Building Blocks and BankSocial, are partnering to develop a new interoperability recovery standard which will dramatically simplify the recovery and adoption of crypto and other assets. Leemon and John discuss the news with David A. Johnston in the video here:
More info about joining the Alliance and leveraging the open source protocol can be found at www.derecalliance.org.
Next week in Davos, leaders from around the Hedera ecosystem will be speaking at a number of events, in addition to our own series of panels at the Hotel Belvedere, which are currently sold out.
OnJanuary 16 [12:30PM CEST ] , Hedera CFO Betsabe Botaitis joins the Hub Culture Davos Boardroom [Promenade 109, Davos Platz] for a session on "Trust in a Decentralized World", to share her insights on how #blockchain can enable trust and unlock the potential of the emerging digital economy. Register now ?? https://lnkd.in/dQvaEQwm
On Wednesday, January 17 at 18:50 CEST , Hedera Co-Founder Leemon Baird joins Solana Foundation President Lily Liu, Casper Labs Co-Founder and CTO Medha Parlikar, and DFINITY Founder & Chief Scientist Dominic Williams ∞for a panel discussion moderated by Inacta Ventures Managing Partner Ralf Glabischnig on the transformative potential of blockchain. More info ?? https://thehubdavos.com/
In addition, many members of the Hedera ecosystem, including Hedera Chief Policy Officer Nilmini Rubin, Dr. Leemon Baird, and Wes Geisenberger from the HBAR Foundation will join fellow leading figures in sessions at Global Blockchain Business Council (GBBC)'s BlockchainCentral Davos.
Register your attendance at ?? https://lnkd.in/gE44Kz57
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This week’s news from around the Hedera ecosystem highlights how the Hedera and Algorand ecosystems have joined forces to establish the Decentralized Recovery (DeRec) Alliance, unveiled at CfC St. Moritz. This alliance aims to set an interoperability recovery standard for digital assets, addressing concerns of wallet and asset loss in the Web3 space. This initiative reflects the ongoing efforts in the crypto space to enhance user experience, security, and accessibility. Additionally, Hedera-base platform TuneFM raised $20 million for its artist-friendly music platform, SKUx secured dual U.S. patents for innovative payment processing on Hedera, Archax was highlighted as a platform powering a tokenization revolution in money market funds. The momentum of the Hedera ecosystem was highlighted further with coverage of the upcoming Hedera hackathon in Tunisia and the HBAR Foundation's Vice President of Strategy, Elaine Song, sharing insights into the platform's impressive growth, with a 986% surge in revenue in 2023.
At CfC St. Moritz this week, the Hedera and Algorand ecosystems announced a collaboration to launch the decentralized recovery (DeRec) Alliance. Both projects will work together to create an interoperability recovery standard? for digital assets. This collaborative initiative aims to address a common concern in the Web3 space: the risk of users losing access to their wallets and assets. By leveraging the strengths of both the Hedera network and Algorand’s technology, the partnership seeks to create a robust and user-friendly system for wallet recovery. Hedera is known for its high-performance and secure consensus algorithm, while Algorand is recognized for its scalable and decentralized blockchain infrastructure. Together, both ecosystems? aim to establish a recovery system that prioritizes user control and privacy.
In another piece of coverage looking at the newly established DeRec Alliance, BH News highlighted the shared aim to establish a resilient system that ensures users have control over their crypto assets while maintaining privacy. The introduction of this decentralized recovery system reflects the ongoing efforts within the cryptocurrency space to enhance user experience, security, and accessibility. Dr. Leemon Baird, co-founder of Hedera and co-CEO of Swirlds Labs said said,? “The DeRec Alliance is a group of individuals and organizations committed to making the process of securing and recovering digital assets, accounts, passwords, and other secrets as simple as existing Web2 experiences.” John Woods, CTO of Algorand Foundation added, "Seamless user experience is core to any great product. In order for projects like Hedera and Algorand to bring their benefits to a global audience we need to maximize ease of use, and minimize risk associated with self-sovereignty.”
This piece of coverage in the Bankless Times further highlights the strategic partnership between Algorand and Hedera to facilitate cross-protocol digital asset recovery. This collaboration underscores the commitment to advancing decentralized technology, emphasizing user empowerment, security, and the practicality of crypto asset management in the evolving landscape of digital finance.
This week TuneFM, a Web3 music platform built on the Hedera network, successfully raised $20 million USD in a funding round. The TuneFM platform aims to revolutionize the music industry by providing artists with a more equitable and artist-friendly ecosystem. Built on the Hedera network, TuneFM offers transparency, security, and efficiency in royalty distribution, ensuring fair compensation for musicians. The funding round's success demonstrates the significant interest and support for the innovative Web3 approach to the music business, where decentralized technology addresses long-standing issues related to copyright, royalties, and transparency. With the help of this funding, Tune.FM wants to shake up the current standard by offering artists 90% of their streaming revenue, a significant increase compared to traditional streaming services. The platform has positioned itself as a conduit for artists seeking greater control over and compensation for their creative works, where artists can receive 10 to 100 times more for their music. TuneFM will virtually eliminate intermediaries and empower artists to have greater autonomy, enabling them to monetize and distribute their music directly to their fans.
This article takes a look at? the inaugural Hedera hackathon, which will be held in collaboration with Dar Blockchain, the Hashgraph Association (THA), and two prominent universities in Tunisia later this month. The event will bring together an conglomerate of enthusiasts and showcase the envolutionary amalgamation of technology and education, bringing together developers, Web3 and blockchain experts. Participants will collaborate to explore innovative applications and solutions using Hedera's advanced network. This event aims to not only foster a vibrant ecosystem for decentralized technology development but also highlight Tunisia's commitment to embracing cutting-edge technologies. The hackathon will also serve as a platform for knowledge exchange, networking, and the exploration of the potential use cases for decentralized technologies in the region.
SKUx, a digital payments firm operating on the Hedera network, has secured two U.S. patents for innovative payment processing technology. The first patent focuses on item-level promotional offers and payments, targeting a market that reached $200 billion USD in 2023. The second patent addresses coupon and gift card integration, projecting a market size of $1 billion USD by 2026. SKUx aims to enhance its payment solutions, leveraging the patents to enable merchants to improve consumer experiences and product-level promotions. The company's use of the Hedera network and zero-knowledge proofs enhances customer experiences and mitigates payment fraud, aligning with the rising demand for improved item-level payment processes amid the shift to mobile payments and digital wallets. The patents reinforce SKUx's commitment to digital payment innovation and underscore its position among startups building solutions on Hedera’s proof-of-stake (POS) network, including industry giants like Google, IBM, L.G., and Ubisoft.
This article discusses how the Hedera token service, is driving a tokenization revolution in money market funds. Duncan Moir, Senior Investment Manager at abrdn, believes that blockchain technology is transforming money market funds. The Hedera network facilitates the issuance of tokenized assets, particularly in the money market sector. Hedera's robust infrastructure, known for its speed and security, plays a crucial role in facilitating efficient and secure tokenization processes. The article also emphasizes the significance of tokenization for transforming traditional financial instruments, enabling greater accessibility and liquidity through tokenized representations. This showcases Hedera’s commitment to advancing decentralized technology and contributing to the evolution of decentralized finance (DeFi).
In a recent interview with Blockster, The HBAR Foundation's Vice President of Strategy, Elaine Song, shared insights into the platform's impressive momentum, citing 106 innovations and a significant 986% surge in revenue in 2023. Elaine highlighted the Foundation’s commitment to innovation, emphasizing its robust ecosystem and collaborations. She discussed the Hedera network's ability to support various use cases, ranging from decentralized finance (DeFi), non-fungible tokens (NFTs), as well as supply chain solutions, and more. Elaine pointed out the growing interest from enterprises and developers could be attributed to Hedera's inherent protocol benefits including it’s low fees, fast transaction speeds, and environmental sustainability. Looking ahead into the next few months, Elaine said: “In 2024, we're going to see a transformative landscape in the crypto sphere with institutional capital riding the wave of ETFs. With a surge in institutional investments, particularly from older demographics, an influx of capital propelled by the institutional embrace of cryptocurrencies will be seen.“ Further to this, she mentioned that the covergence of institutional capital, regulatory clarity, and consumer-friendly applications is expected to define the crypto landscape in 2024, marking a crucial step toward increasing Web3 adoption.
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