The New Wyoming Law on decentralized and unincorporated non-profit organizations (DUNA) enables the formation of US-based nonprofits suited to the multi-billion dollar blockchain mergers currently taking place in Asia, such as Kaya with an Abu Dhabi foundation or the Alliance for Artificial Superintelligence in Singapore.

The law, effective July 1, is also written to give blockchains that use its framework a regulatory advantage under U.S. law. In theory, DUNA would make Wyoming the best place for blockchains with (or wanting) a U.S. footprint to legally locate their governance.

However, the current state of federal regulation of decentralized finance and digital assets means that…

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Elon Musk Gets Surprising Offer From Cardano’s Charles Hoskinson

Ben Goertzel, a prominent AI developer and founder of the Cardano-based SingularityNet project, recently suffered a hacking incident on X, the social media platform formerly known as Twitter. In response, Cardano’s creator Charles Hoskinson solicited Elon Musk to implement decentralized identifiers (DIDs) on X to improve security.

Hoskinson proposed that integrating DIDs would solve numerous security problems on X. He suggested to Musk that DIDs could help verify and protect digital identities, reducing the risk of hacks and unauthorized access. Cardano The founder even offered to implement the solution for free, emphasizing the importance of improved identity solutions for the social network.

The proposal caught the attention of Timothy Ruff, a general partner at Digital Trust Ventures with experience in decentralized identity solutions. Ruff took issue with Hoskinson’s proposal, arguing that true decentralization requires a different approach than that offered by DIDs.

He stressed the need for a truly decentralized identity solution, rather than embedding one platform within another.

How is it possible?

Hoskinson clarified that his reference to DIDs was in line with the W3C standard, highlighting a blockchain-agnostic hyperledger project designed to issue and manage DIDs and other parts of the identity stack.

He argued that X, which aims to become a financial services company, needs a better identity solution for better security, access control and compliance. He reiterated his offer to integrate the framework into X’s infrastructure, which would then be managed by the development team.

Despite Ruff’s concerns about DID and its perceived limitations, Hoskinson continued to be committed to helping X evolve as a platform. He proposed creating an industry working group to bring together leading experts to address identity issues for X and position it as essential public infrastructure.

About the author

Financial analyst, trader and cryptocurrency enthusiast.

Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.

He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.

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BVM Studio was introduced as a new tool to simplify blockchain implementation with a no-code solution that aims to make blockchain technology more accessible.

The tool will provide a visual programming editor interface that will allow users to deploy their own blockchains using drag-and-drop blocks, similar to Lego bricks.

The approach promises to make it easy to build a zero-knowledge (ZK) rollup blockchain for any project, without any coding knowledge, computational setup, storage, or hardware nodes.

Speaking to Cointelegraph, the team at BVM, a blockchain-as-a-service infrastructure provider and creator of BVM Studio, explained that while the tool is “highly convenient,” it also has its drawbacks.

“[…] may not offer the same depth of customization as fully custom-coded solutions. However, we are constantly adding new modules and options to improve flexibility.”

Related: Web3 Game Center Makes It Easy to Release Minigames on Telegram

Self-service blockchain without code

Traditionally, implementing a blockchain requires technical knowledge, funding, and a solid basic understanding of coding and security measures.

Speaking to Cointelegraph, the BVM team clarified the functionality of the new self-service tool.

“[It] It requires no technical setup or coding skills, making it accessible to everyone. It offers a code-free drag-and-drop interface that allows anyone to deploy a blockchain in less than 2 minutes.”

The team explained that the tool allows for customization of “core layer, hardware, processing, data availability, block gas limit, withdrawal time, ZK prover” and pre-installed decentralized applications (DApps).

Safety and regulatory standards

As with all blockchain technologies, security is paramount, and it starts with the code behind the blockchain infrastructure.

The tool uses ZK-rollup technology to secure distributed blockchains “through three key components.”

“ZK-proofs stored on Bitcoin, ZK Provers to ensure correct execution, and ZK Light Nodes to verify the ZK-proofs. This is important because anyone can run a ZK Light Node on an old laptop.”

Speaking of regulatory considerations, the BVM team explained that “currently, building a blockchain does not conflict with any regulatory standards.”

“BVM Studio is just a tool that makes building a blockchain a lot easier.”

Users can deploy layer 2 and layer 3 blockchains using the tool on both Bitcoin and Ethereum.

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The TON Foundation, which supports The open network (TON), announced on Wednesday that it will soon launch TON Teleport BTC, a trustless bridge designed to facilitate security Bitcoin transfers to and from the network connected to Telegram.

The new system aims to allow Bitcoin holders to participate in decentralized finance (DeFi) activities on TON while maintaining the security of their original assets, the Foundation said.

TON Teleport BTC will allow users to interact with decentralized exchanges, lending platforms, and other DeFi applications within the TON ecosystem. The Foundation said the process will be completely trustless and transparent, operating without a centralized issuer.

“All transactions are executed via smart contracts and verified by validators on the TON blockchain,” Anatoliy Makosov, TON’s chief technical officer, said in a statement. “Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient.”

According to the foundation, every Bitcoin on TON will be fully backed by actual Bitcoins, pegged via the teleportation process to ensure safe and reliable transactions.

Open Network is closely aligned with the popular messaging app Telegram, as the messaging platform uses TON for ad revenue sharing payments with channel owners and other purposes. Telegram originally built TON internally before abandoning the project in 2020 amid regulatory scrutiny, with development continuing externally via a community of builders.

TON has seen growing attention and a surge in the price of its token this year amid that growing embrace from Telegram itself, along with a crypto gaming boom that has produced hits with Telegram-based games like Not money AND Hamster Fight.

Editor’s note: This article was written with the assistance of AI. Edited and verified by Andrea Hayward.

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