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Tag: initiative

  • UN approves NFT standards initiative led by Tencent

    UN approves NFT standards initiative led by Tencent

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    Chinese entertainment conglomerate Tencent has been approved by the United Nations to lead a project exploring the creation of a standard technical and security framework for non-fungible tokens (NFTs) .

    The project, dubbed a “technical framework for DLT-based digital collection services” will be the world’s first U.N.-approved standards initiative for NFTs, according to state-owned local media.

    The U.N. agency for information and communication technologies, The International Telecommunication Union (ITU) approved the project, which is expected to complete an initial draft by the end of 2022, according to a report from the South China Morning Post.

    Currently, any recommendations advised by the ITU only become mandatory and enforceable when nations adopt them as law.

    “The international standard aims to specify the technical architecture, technical flows, functional requirements, and security requirements for blockchain-based digital collectibles,” wrote Tencent in a statement released on Tuesday.

    “It could help drive a consensus and common understanding around the world on the formation of a technical framework for digital collection services.”

    Meanwhile, the Chinese government is in the process of developing its own state-backed Blockchain Services Network (BSN).

    This will help the Chinese Government to support the deployment of NFT projects unrelated to cryptocurrency, which it banned once again in Sep 2021.

    Tencent will collaborate with a number of other companies on the initiative, including Alibaba affiliate Ant Group, The Chinese Academy of Information and Communications Technology, Beijing University of Posts and Telecommunications and Zhejiang Lab.

    Related: China aims to separate NFTs from crypto via new blockchain infrastructure

    In China NFTs are often referred to as “digital collectibles” in order to avoid criticism from the anti-crypto media and government. For this reason, Chinese NFT-creators tend to avoid public or decentralized blockchains such as Ethereum or Solana, opting to create their collectibles on permissioned blockchains.

    Despite the country’s apprehension for crypto, it’s clearly very keen on exploring potential use cases for blockchain technology.

    At the end of last month, China announced the commencement of a national plan to expedite blockchain development and innovation across key areas including manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal trials, inspection and cross-border finance.

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  • Project Dawn initiative and upcoming mainnet upgrade back LUNA’s new ATH

    Project Dawn initiative and upcoming mainnet upgrade back LUNA’s new ATH

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    In the last 24-hours, Terra (LUNA), a blockchain protocol focused on building a global payments system powered by the UST stablecoin, rallied to a new all-time high at $45. 

    LUNA/USDT 1-day chart. Source: TradingView

    Data from Cointelegraph Markets Pro and TradingView shows that since bottoming at a low of $5.61 on July 20, the price of LUNA has ripped 720% higher to a record high at $45 on Sept. 10.

    The swift rally also lifted the total value locked (TVL) on the Terra protocol to a new all-time high at $7.83 billion on Sept. 5, making Terra the fourth-ranked blockchain platform by TVL according to Defi Llama.

    Total value locked on Terra. Source: Defi Llama

    Related: Altcoin Roundup: Layer-one protocols chip away at Ethereum’s dominance.

    A new funding initiative boosts LUNA price

    A scroll through the project’s Twitter feed shows that the surge in price followed the announcement of ‘Project Dawn’, a new funding initiative for the Terra ecosystem meant to help improve critical infrastructure and accelerate the growth of the ecosystem.

    According to Terra co-founder Do Kwon, Project Dawn has allocated $150 million to “build a core Cosmos contributor organization, invest in the ecosystem’s node infrastructure, and diversify the validator and oracle infrastructure.”

    Another source of excitement for the Terra community is the upcoming launch of its Colombus-5 mainnet upgrade on Sept. 29, which is “Terra’s most significant mainnet upgrade” according to the project.

    On top of developments to the main protocol, LUNA price has also benefited from the expansion of the Terra ecosystem which has seen new DeFi protocols like AlphaDeFi launch and begin to attract liquidity.

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