Mon May 29

29 May, 10 AM

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In the news today; SIDBI Completes Pilots For Asset Tokenization, Ethereum Gets Private On-chain Voting Tool, Hong Kong Police Launch Metaverse Platform, ‘Cyberdefender’

⛓️ SIDBI Completes Pilots For Asset Tokenization: The Small Industries Development Bank of India (SIDBI) has recently announced the successful completion of a pilot project that explored the use of blockchain technology to improve processes in the financial sector. SIDBI partnered with Infosys to develop a tokenized collateral network (TCN), which aims to enhance trust among lending participants. Paramendra Tiwary, the CTO of SIDBI, explained that the study aims to expand opportunities for Indian micro, small, and MSMEs by leveraging VC funding and loans. To further strengthen security measures, loan applications will undergo additional verification checks conducted by the credit bureau, while taking advantage of the immutability of blockchain technology. SIDBI and Infosys will create digital representations of real-world assets (collaterals), which will be manifested as NFTs.

💻 Ethereum Gets Private On-chain Voting Tool: Andreessen Horowitz (a16z) has unveiled a new tool called "Cicada," designed for Ethereum developers to facilitate private and secure on-chain voting. Michael Zhu, a developer at a16z, acknowledged the existence of on-chain voting features but pointed out that many of these systems are completely public and lack transparency. Cicada, on the other hand, offers a unique feature known as running tally privacy, ensuring that the number of votes for each option remains hidden until the voting process concludes. This privacy mechanism is achieved through the utilization of time-lock puzzles, which keep individual votes concealed for a specific duration, and homomorphic time-lock puzzles, which combine the different puzzles and conceal the overall vote count. Zhu further highlighted that Cicada can enhance voter anonymity and ballot privacy by incorporating zero-knowledge group membership proofs.

🙅🏻‍♂️ Hong Kong Police Launch Metaverse Platform, ‘Cyberdefender’: The cybersecurity division of the Hong Kong Police Force has introduced CyberDefender, a novel metaverse platform aimed at educating the public about the potential risks associated with Web3 and the metaverse. In an announcement on May 27, the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force unveiled this new metaverse platform as part of their efforts to prepare citizens for the upcoming challenges in the digital era, with a specific focus on preventing technology-related crimes. Simultaneously with the launch, an event called "Exploring the Metaverse" took place on the platform, spanning three virtual venues, where discussions on crime prevention strategies within the metaverse were held.

What Is Loopring?: Founded by ex-Google software engineer Daniel Wang, Loopring seeks to make trading assets and making payments on Ethereum faster and cheaper, without sacrificing security.

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