Mon 01/16

Good Morning. A startup called Dygnify is using blockchain to solve SME credit needs, the Bank of Thailand will allow virtual banks by 2025 and there is a new crypto scam going around ( we have written in detail about it, please read it !!)

• Dygnify Aims To Bridge SME Credit Gap, Solve Volatility For Crypto Investors: Instead of being a lender ourselves, we could leverage Web3 to solve for other lenders. With blockchain, we could channelise crypto liquidity into the SME market while ensuring the process is transparent, immutable, and operationally efficient,” Nishant, Founder. In simple terms, Dygnify is building a credit infrastructure for capital to flow from crypto and digital asset investors to small business lenders (and consequently, to SMEs). Dygnify’s solution aims to solve both. Its Minimum Viable Product (MVP) is live on the Polygon testnet, which is Ethereum Virtual Machine (EVM) compliant. This means the platform can be accessed by all run-time environments and projects built on the Ethereum network.

• RBI Governor Calls Crypto "Gambling," Asks for Blanket Ban Again: Speaking at a Business Today event, Shaktikanta Das claimed cryptocurrencies don't have any intrinsic value and their perceived “value is nothing but make-believe." He said cryptos are not even a tulip, alluding to the well-known Dutch tulip mania blow-up in the early part of the past century. Das added that crypto is "100% speculation or to put it very bluntly, it is gambling." He then argued that since gambling is banned in India, cryptos should not be allowed too — or the government should lay the rules for gambling. Another reason why RBI should ban crypto is that they pose a threat to central banks, Das said, noting that if cryptos gain mainstream adoption, they would impact central banks' ability to decide on monetary policy. He however expressed his support for Central Bank Digital Currencies (CBDCs), calling them "the future of money."

• Bank Of Thailand To Allow First Virtual Banks By 2025: The “Consultation Paper on Virtual Bank Licensing Framework” published by the central bank says that applications will be available later in 2023 allowing virtual banks to act as financial services providers. The Bank of Thailand will issue three different licenses for interested companies by 2024. There are at least 10 parties interested in granting permissions, the report states. Thailand recently entered into a technology cooperation agreement with Hungary to support the adoption of blockchain technology, amid a fast growth of demand for mobile payments, e-commerce, and cryptocurrencies in the country.

• One Of The Largest US Colleges Has Begun Teaching Students About Bitcoin: Classroom adoption of Bitcoin and cryptocurrency courses continue to skyrocket, with Texas A&M now being the latest United State College to offer a Bitcoin course to some of its 74,000+ students. The news was announced on Jan. 13 by Associate Professor Korok Ray of Mays Business School at Texas A&M, who will be teaching the “Bitcoin Protocol” course to students in the College of Engineering and Mays Business School when the Spring Semester starts on Jan. 17.

• Metamask Warns Of ‘Address Poisoning’ Wallet Scam: MetaMask notified the crypto community of a new type of scam called “address poisoning” in a recent post. Crypto addresses are often shortened to show the first few characters, a blank, and then the last few. Scammers exploit the tendency to trust the familiarity of the first and last few characters. When transacting, the usual routine consists of copying and pasting an address. Many wallet providers feature a one-click function to copy an address. Address poisoning exploits users’ inattention at this point in the transaction process. Scammers observe and track transactions of particular tokens, with stablecoins commonly targeted. Then, using a “vanity” address generator, the scammer will create an address that closely matches the target address, especially the first and last few characters. The scammer sends a transaction of nominal value from the newly generated address to the target address; at this point, the latter becomes poisoned. In the future, when wishing to send a transaction, the user may mistakenly copy the wrong address based on the familiarity of the first and last few characters. Once executed, the funds end up with the scammer.

Full Stack Developer At Polygon

What Is A Fork?: A fork is a radical change to a blockchain’s underlying protocol by a new block, usually resulting in the formation of two different blockchains. The blockchain continues on whichever chain the majority adopts.