Why self-sovereign identity is vital to a safe and user-friendly metaverse

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Article taken fromEdge

A decentralized identity platform should be an integral part of the design of the metaverse to address cybersecurity and cybercrime issues.

Gartner predicts that by 2026, 25% of people will spend at least an hour a day in the metaverse for work, shopping, education and entertainment. The global metaverse market is expected to reach a value of USD 678.000 billion in the next seven years and grow at a CAGR of 39,8% during 2022-2030. The recent PwC report “A Middle East Perspective on the metaverse” highlights the significant potential of the metaverse to energize and transform key sectors in the Gulf Cooperation Council (GCC) countries. According to PwC, the potential contribution of the metaverse to GCC economies is expected to reach $15.000 billion over the next seven years. By 2030, the expected metaverse economic contribution to GCC countries for travel and tourism is around 3.200 billion, followed by gaming with 2.400 billion and retail and e-commerce with 2.200 billion.

The metaverse not only creates the potential for new opportunities, but also paves the way for cybersecurity risks that can result in huge legal and financial losses for companies, businesses and brands. We must be aware of the risks and work to proactively mitigate them. Cybersecurity and privacy are the main concerns regarding the widespread adoption of the metaverse.

Identity theft and misrepresentation in the metaverse

There is considerable potential for misrepresentation through avatars, leading to a trust deficit between entities and individuals in virtual worlds and real-world environments. A decentralized identity platform should be an integral part of the metaverse design to address cybersecurity and cybercrime issues, including virtual identity theft, deep counterfeiting, and data breaches/attacks in the metaverse world.

The metaverse is an online virtual world; designing it with act-sovereignty principles and a consent-based architecture will solve the trust deficit problem. In a decentralized, identity-based metaverse, your online persona will always be associated with your real identity and cannot be stolen or used without your permission. This system would also allow better control of our personal data. The user could choose who has access to their information and revoke access at any time, keeping the data safe from hackers and malicious actors.

The metaverse offers users a unique opportunity to mask their online identity through avatars. Although this allows users to protect their identity from overexposure and misuse, it is still necessary to authenticate users, so that there is no misrepresentation or total lack of authorization. This is where digital identities come into play, playing a critical role in authenticating users whenever required by service providers, third parties and even regulators, while maintaining anonymity in general interactions.

Identity and ownership in the metaverse

Let's see how the metaverse is structured. The technical components of the metaverse can be grouped into three broad categories: interface, identity and property, and infrastructure. User-generated content (UGC) is an integral part of the concept and design of the metaverse. To enable full ownership of UGCs, a self-sufficient native identity construct is needed to ensure that users can control their identity and data across multiple metaverses.

  • Interface: It represents the creative devices and tools that allow the creation of applications and content to interact with the metaverse environment.

Identity and ownership

  • Digital identity – platforms that enable reusable and secure identities, including persistent avatars, leveraging act-sovereign digital identity;
  • Digital assets – Web3 wallets for secure ownership of assets, tokens, digital currencies and digital assets.
  • Payments: tools for the fluid exchange of value in the immersive world.

Infrastructure: The infrastructure level includes solutions relating to connectivity, security, storage and computing.

Self-sufficient identity (SSI) is necessary to enable secure and frictionless access to users in Web 3.0 and metaverse ecosystems.

SSI not only allows users of a metaverse game environment to make their identities interoperable across virtual worlds, but also contributes to monetization and the seamless exchange of assets and game tokens with participants in the game in a way that preserves privacy and complies with the rules.

Cybersecurity in the metaverse

In a digital world, your identity is everything. It allows you to access your online accounts, make purchases and interact with others online. So it's no surprise that keeping control of your identity is a priority for many people.

But as the Internet has evolved, so has the way we manage our identities. It takes more than just a username and password to access our accounts. We now need more sophisticated authentication methods, such as passwordless authentication and biometric or two-factor verification.

And as we move into the digital age, it becomes increasingly difficult to maintain control of our identities. Every day we create new accounts on different websites and services, and it's getting harder and harder to keep track of them all. In addition, with the rise of social networks and other online platforms, our personal data is more exposed than ever.

Today's IAM (Identity and Access Management) and user onboarding systems, built on centralized architectures, are vulnerable to Distributed Denial of Service (DDoS) attacks, password breaches and phishing attacks. A blockchain-based decentralized identity management platform has no single point of failure and cannot be compromised by DDos attacks and credential theft. New emerging threat vectors in the metaverse need a blockchain-native and zero-trust approach to enable a secure and user-centric environment.

Decentralized identity refers to an identification system that does not rely on a central authority to manage user identities. Instead, it uses a distributed network of computers to authenticate users and verify their identities, making it much more difficult for hackers or malicious actors to access user data or impersonate them online.

The metaverse presents a market opportunity of $250.000 billion to $400.000 billion over the next two years. Dubai's metaverse strategy, with a vision to make it a leading metaverse economy, will add $4.000 billion to the economy. The $500.000 billion Saudi city of NEOM has a significant metaverse component. The UAE Metaverse Incubator is expected to spawn innovative early-stage metaverse and web applications. These initiatives are likely to significantly accelerate the growth of the metaverse in the region.

Business leaders and technologists must recognize that in order to realize the full economic potential, it is necessary to create secure and easy-to-use digital environments that allow users to participate, interact and transact securely.

If you have comments on any of the content of the CBCat newsletter, if you would like to discuss a topic, or if for some reason any of the links above do not work, please contact us at: info@cbcat.io

CBCat articles are carefully written and selected to promote developments in the blockchain and Digital Asset sectors, but readers are advised to seek professional advice before taking any action based on any of the above links and information . The Blockchain Center of Catalonia assumes no responsibility for any action that readers of the article may take.

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Lloret de Mar Castle experiences climate change with virtual reality glasses

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News taken from the medium meta data

The historic building hosts an immersive experience combined with 4D cinema to experience firsthand the impact of humans on the planet.

Lloret de Mar Castle (La Selva) opens its doors again with an experience immersive to approach local and international visitors with the new technological tools. The proposal aims to raise awareness of the challenge of protecting the environment and curbing it climate change through an activity that combines the use of the glasses of virtual reality and the projections in 4D.

The exhibition is structured from a representation of the bottom of the sea, a forest and the sky to show the changes that the environment has undergone due to human impact, such as the dumping of waste. The reality glasses allow, on the one hand, to experience this negative evolution while enjoying the views of the sea front from the terrace. Another of the initiatives consists of a 4D projection where you can experience natural disasters such as fires or episodes that are common these days such as the collection of plastics from the oceans. Both cases allow visitors to experience first-hand the changes the planet is undergoing.

The Castle will be open for six months, coinciding with the tourist season, but the organizers hope to be able to keep it open all year with visiting schools.

 

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CBCat articles are carefully written and selected to promote developments in the blockchain and Digital Asset sectors, but readers are advised to seek professional advice before taking any action based on any of the above links and information . The Blockchain Center of Catalonia assumes no responsibility for any action that readers of the article may take.

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Europe is as of yesterday the 1st major jurisdiction with Crypto Assets Law

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Article taken fromBlockchain Observatory

Europe is as of yesterday the first major jurisdiction to have a crypto-asset law, after the European Parliament approved the first legal framework for the transfers of crypto-assets "such as bitcoins and electronic money tokens", in the 27 countries of the EU The law went ahead with 529 votes in favor, 29 against and 14 abstentions. In its press release, the European Parliament reports on the approval of the first rules to track crypto-asset transfers, prevent money laundering, as well as common rules on supervision and customer protection.

Europe cryptocurrency law

The text, tentatively agreed in June 2022, aims to ensure that cryptocurrency transfers can be traced and suspicious transactions blocked, just as it happens with any other financial operation, The so-called "travel rule", used in traditional finance, will cover crypto asset transfers in the future. Information about the origin of the asset and its beneficiary will have to “travel” with the transaction and be stored on both sides of the transfer.

The law would also cover transactions above €1.000 from so-called self-hosted wallets (a private user's crypto-asset wallet address) when interacting with hosted wallets administered by crypto-asset service providers. The rules do not apply to person-to-person transfers made without a provider or between providers acting on their own behalf.

The Plenary also approved, with 517 votes in favor, 38 against and 18 abstentions, the new rules on supervision, consumer protection and environmental safeguards of crypto-assets, including cryptocurrencies (Mica). The bill was informally agreed with the Council in June 2022.

Mandatory registration

Parliament reports that Mica will cover crypto-assets that are not regulated by existing financial services legislation. Key provisions for those issuing and trading crypto-assets (including asset reference tokens and e-money tokens) cover transparency, disclosure, authorization and monitoring of transactions. The new legal framework also regulates public offerings of cryptoassets.

In concrete terms, crypto-asset service providers (CASPs), such as trading platforms and custodians, will be required to register and provide accurate data about their identity if they wish to operate in the EU. Before new currencies are authorized, it will be ensured that their business models do not endanger financial stability.

The agreed text includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities. To counter the risks of money laundering, the European Securities and Markets Authority (ESMA) is to establish a public register of non-compliant crypto asset service providers operating in the European Union without authorization. Likewise, to reduce the high carbon footprint of cryptocurrencies, major service providers will have to disclose their energy consumption.

Competitive advantage over the US

On Mica's approval, Stefan Berger, MEP from the European People's Party group and leader of the Mica regulation, said that the approval places the EU at the forefront of the token economy, where they exist 10.000 different cryptoassets. Berger assures that the regulation provides a competitive advantage for the EU, compared to countries like the USA, where there is no regulatory basis. "The regulation turns Europe into a pioneer and creator of global standards in the Blockchain world," Berger said.

Berger says that with millions of Europeans already using bitcoin and other digital assets, it was time to establish clear rules to prevent abuses such as fraud, money laundering and tax evasion. "We are paving the way for a harmonized market that will provide legal certainty for issuers of cryptoassets, guarantee equal rights for service providers and ensure high standards for consumers and investors," he said.

The MEP recalled that until now, there have been no EU-wide rules for crypto-assets, only divergent national laws. With this regulation, we are providing the confidence that young technologies need to continue developing. We are bringing stability to a young and unpredictable industry, Berger said.

Mica still has a lot to do

For his part, Ernest Urtasun, MEP for En Comú Podem (Catalonia, Spain) and vice-president of the Greens/ALE, indicated that with the entry into force of the reform, cryptocurrencies will cease to be a suitable vehicle for money laundering money and crime. "Two years of work. Probably the most difficult legislative negotiation I have done as a parliamentarian, due to its extremely high technical complexity. I feel enormous pride for what we fought for and achieved," he said on his Twitter profile.

Urtasun indicates in a statement that in the case of MICA there is still much to be done. In this regard, he cites lending and betting, decentralized finance, NFTs and the environmental impact of cryptocurrency mining. It also cites antitrust oversight of cryptocurrency conglomerates. Urtasun indicated on his Twiiter profile yesterday that today would end the era of the Far West for the unregulated world of cryptocurrencies.

From now on, the texts will have to be formally approved by the Council, before their publication in the Official Journal of the EU. They will take effect 20 days later.

 

If you have comments on any of the content of the CBCat newsletter, if you would like to discuss a topic, or if for some reason any of the links above do not work, please contact us at: info@cbcat.io

CBCat articles are carefully written and selected to promote developments in the blockchain and Digital Asset sectors, but readers are advised to seek professional advice before taking any action based on any of the above links and information . The Blockchain Center of Catalonia assumes no responsibility for any action that readers of the article may take.

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What is CryptoGPT, AI on blockchain sharing resources and profits

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Article taken fromBlockchain Observatory

CryptoGPT is a project focused on creating a decentralized platform that allows developers to build and run artificial intelligence (AI) models on the blockchain efficiently and securely. Its proposal allows users to create, train and monetize natural language models (Natural Language Processing – NLP) using blockchain technology. NLP models are algorithms that can understand and generate human text, such as those used by Google, Amazon or Microsoft to offer services such as translation, search or virtual assistants.

CryptoGPT

AI is a technology that has revolutionized the way companies manage their data and business processes. However, their development requires a lot of energy and resources, which makes their implementation expensive and difficult for many companies. In addition, the lack of transparency and security in the handling of data has been and is a recurring problem.

The ecosystem of AI companies has grown exponentially in the past two years

However, many of these services have some problems: they are centralized, opaque and expensive. This means that users are dependent on large corporations that control data and algorithms, without knowing how they work or what they do with their information. In addition, users must pay to use these services, which limits their access and potential. CryptoGPT wants to change this situation by offering an alternative based on blockchain, a technology that makes it possible to create distributed and secure networks, where participants can exchange value and information without intermediaries. All this while ensuring data traceability and immutability, which increases trust and transparency.

A decentralized network for building AI

The idea behind CryptoGPT is to build a network of nodes that host and run NLP models on their devices, sharing resources and benefits. CryptoGPT wants to create a decentralized network to build AI models with the help of the work of users, who will be able to upload their data and train their own models or use existing ones in the network. Also, the models will be stored in a public and immutable register, where their quality and performance can be verified.

In addition, users will be able to monetize their models, offering them as services to other users or third parties. Developers can also build AI models by programming in popular programming languages, such as Python. Once the model is built, it can be loaded into the CryptoGPT platform for execution. In this way, CryptoGPT aims to democratize the access and development of AI, generating an open and collaborative ecosystem. Users will be able to harness the power of AI to solve their problems, generate income or contribute to the advancement of knowledge. NLP models will be able to continuously improve with community feedback and data, creating collective intelligence.

Community AIs

What impact can CryptoGPT have on AI development? CryptoGPT's proposal can open the door to the generation of more open, trusted, community-based and accessible AIs. These options have a profound impact on AI development and access to this technology at its lowest level, allowing models to be modified and extended for optimization as needed.

This reality is what has led CryptoGPT to obtain funding for its project. Recently, DWF Labs, one of the largest investors in Web3 business, invested 10 million dollars in the project. After the investment, CryptoGPT has achieved a valuation of $250 million. However, it is worth remembering that this is a project under construction and that its final launch is not expected until the end of 2023 (Q4 2023), according to its roadmap.

CryptoGPT Project Roadmap

The CryptoGPT team has already put a token (GPT) into circulation using the Ethereum blockchain. It has also released a number of products, including Alex, an already available AI that can be accessed from this link

Features and benefits of CryptoGPT

The platform aims to differentiate itself from other AIs by offering features and benefits that traditional AI platforms do not offer. First of all, it seeks to be a highly secure and transparent platform, thus guaranteeing the privacy and security of user data. Second, it wants to be highly scalable, meaning developers can run AI models quickly and efficiently. This would be thanks to the use of a Layer2 built with the purpose of speeding up this type of operations and making them very economical. The platform also aims to allow developers to create AI models based on their needs.

To achieve all these goals, the platform must overcome important challenges and limitations. It's a relatively new platform and still in development, which means it still has limitations in terms of its functionality. Likewise, the platform requires a certain level of technical knowledge for its use, which may represent a problem for some users.

The biggest challenge

CryptoGPT also faces the enormous speed of development of the Artificial Intelligence sector. The industry has changed so much in such a short time, that their proposition could become completely obsolete if developers manage to bring AI adoption to the masses without having to pay the companies that provide these services at the moment.

Projects like Stable Diffusion make open source image generative AIs available to anyone. Another project in this regard is Open Assistant, a kind of open source ChatGPT that has already released its first version publicly and can be used by people all over the world for free and without any limitations. In fact, Open Assistant aims to provide the necessary recipe for anyone to build a custom AI from their home, following the necessary instructions for this. A level of decentralization and generative capacity that directly challenges the CryptoGPT proposal. A platform that still has a lot to offer, but also a long way to go to demonstrate its potential.

Open Assistant aims to generate everything necessary to democratize access to AI. Its first version is free

Undoubtedly, the fight to conquer the world of AI will be fierce. The huge business investments in the sector are an example. Predictions point to investments in excess of $1.200 billion in 2023 alone.

 

If you have comments on any of the content of the CBCat newsletter, if you would like to discuss a topic, or if for some reason any of the links above do not work, please contact us at: info@cbcat.io

CBCat articles are carefully written and selected to promote developments in the blockchain and Digital Asset sectors, but readers are advised to seek professional advice before taking any action based on any of the above links and information . The Blockchain Center of Catalonia assumes no responsibility for any action that readers of the article may take.

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You can now store your NFTs on MetaMask

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Article taken from BeInCrypto

The widely used MetaMask cryptocurrency wallet has in its browser extension the ability to store Non-Fungible Tokens (NFTs). This update could prove useful for NFT owners, and make trading a little easier and safer.

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How AI can improve the security of smart contracts

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Article taken fromBlockchain Observatory

Artificial intelligence (AI) is revolutionizing the blockchain technology sector by providing new and better ways to secure smart contracts. Thanks to AI, blockchain developers can identify and prevent potential security breaches in seconds, thereby improving the overall security of the blockchain ecosystem.

AI smart contracts

Smart contracts have undoubtedly played a pivotal role in the growth of the blockchain industry. These are self-executing digital contracts that are stored on the blockchain and automatically enforce the terms of the agreements reached. They are unbreakable and transparent, making them an ideal tool for companies and organizations looking to automate their operations and reduce costs The future of smart contract security is bright and AI is expected to play an important role to ensure that the blockchain sector continues to grow and prosper.

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Polygon releases the core network of its Polygon zkEVM scalability solution in Beta

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Article taken from the medium crypto trends

Polygon Labs launched yesterday Polygon zkEVM in Beta on Polygon's main network. Polygon zkEVM is a scalability solution led by Catalan jordi baylina, and based on the rollups of zero knowledge (zero-knowledge, or ZK), and fully compatible with the Ethereum Virtual Machine (EVM), and is shaping up to be a powerful scalability solution for Ethereum thanks to the optimization of its transactional process and cost reduction.

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The CBCat awards two projects that propose applying blockchain technology to reverse climate change

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The third edition of the BlockchainxODS challenge by the CBCat and Bitcoin Association for BSV rewards innovative solutions that encourage sustainable forest management using blockchain technology.

From the CBCat, let's go hold an award ceremony last Thursday for the participants of their third challenge BlockchainxODS, a program aimed at university students that encourages training in blockchain technology, and its subsequent application in real projects, always focused on achieving the Sustainable Development Goals (SDGs). 

Retrieve the video of the award ceremony here:

https://youtu.be/_NwnNmD0JWo?t=2

This third edition was born together with the company Bitcoin Association for BSV, a non-profit association, which supports the BSV Blockchain protocol and advocates for the construction of an ecosystem favorable to the regulation of cryptocurrencies, which encourages legal conduct and, at the same time, promotes digital currency and blockchain innovation. 

"For the first time, in this challenge the talent of Catalan students has been combined with others from international universities," he explained Carles Agustí, BlockchainxODS Program Director, "Being a challenge of an international dimension we had to overcome some difficulties such as the different time slots, but in the end the experience has been positive with multidisciplinary contributions and from all over the world's geography". 

At first, more than eighty university students signed up for the challenge, and after a selection process, fifteen of them ended up participating, divided into two teams, who last Thursday presented their solutions to the audience . 

In the award ceremony, apart from the CBCat and Bitcoin Association for BSV, also participated Bet Piella, councilor for economic promotion, trade and culture of Vic, city ​​where the CBCat has an important presence with a vertical that applies blockchain technology to the agri-food sector. "The city of Vic is becoming a point of reference in the implementation of blockchain technology, even beyond the borders of Catalonia as this challenge demonstrates," emphasized the councilor, "together with the CBCat, the City Council of Vic is carrying out an important project with some of the main companies in Osona, to build a standard for measuring the carbon footprint and then redeem it, a project very much in line with the solutions awarded today".

In this edition, in order to make possible a meeting between the different members of the challenge, from students and organizers to mentors and members of the jury, the award ceremony took place in CatVers, the Catalan metaverse developed by CBCat.

At the event, the two team captains, Alvaro Bravo student at the University of Oviedo, i Britt Trago, of the Wageningen University in the Netherlands, have presented the solutions of the teams they lead, which pursue the objective of calculating and incentivizing the decarbonization provided by wooded areas, thus responding to ODS 13, of adopting urgent measures to combat climate change and its effects, and also in the 15th, to sustainably manage forests, fight desertification, stop and reverse land degradation, stop the loss of biodiversity. 

Bryan Daugherty, director of global public policy at The Bitcoin Association for BSV, declared that "the international challenge of the BlockchainxODS program has successfully brought together students from Catalonia and all over the world. It has enabled a multidisciplinary approach to finding solutions, promoting legal conduct and innovation in the blockchain technology industry. The collaboration between the CBCat and other entities highlights the importance of building a support ecosystem, and the growth of digital innovation, paving the way for a favorable regulatory ecosystem." 

Finally, the jury declared both teams winners equally, and recommended the merger of the two proposals, in order to reach a solution that encourages sustainable forest management thanks to a system of tokenization of data that blockchain technology allows.

Why incorporate Web3 and NFTs into our lives?

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Article taken from CoinTelegraph 

The CEO of the Egenfy company, Ruan Rodrigues, shared with Cointelegraph his vision on the incorporation of Web3 and NFTs as solutions for everyday life.

Technology is constantly evolving and we are witnessing the transition from Web2 to Web3.

Web3, with the help of blockchain technology, proposes a decentralized management of the internet, where users can regain control of their data and their digital works.

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"Flying" between metaverses

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Article taken from Bitcoin territory

Vueling, through its Innovation Lab, seeks to participate in the definition of standards that allow interoperability between metaverses.

Vueling, a company belonging to the IAG group, is currently working through its Innovation Lab on the development of new technologies to identify opportunities and adapt its services to the new needs of its customers for the future, in a clear commitment to innovation in the aviation sector.

The company is working to be able to offer in the future the option to 'fly' between metaverses.

The airline has presented this project as part of the 4YFN that is being held these days in Barcelona within the Mobile World Congress, in which Vueling has been present for another year through different presentations and with a stand.

"We believe that in the future there will not be a single metaverse, but more than one created by different entities"

"Today there are two actors working on standards to allow interoperability between metaverses and Vueling is working to have representation in these bodies with the aim of being able to participate in the development of these standards because, when they cross, as at the airline we can offer the service of 'flying' from one metaverse to another with all your assets and your avatar", Àlex Corretgé, Head of Innovation at Vueling.

In its practical application, the development of these standards would allow the ability to go from one metaverse to another, making it possible for the same avatar to carry all its digital assets with it. One of these assets could be, for example, the NFT of sports shoes, which the avatar of each user can transport from one metaverse to another.

"This could mean a new business model for an airline like Vueling, in a completely new scenario that is still being defined", highlighted Corretgé.

Even if the metaverse is a scenario still in development, the potential it presents for both people and companies makes it a great accelerator of technological development. For this reason, more and more companies are betting on the metaverse by creating their own digital space. In fact, reference brands in different sectors already have projects in the metaverse and it is expected that in 2024 the global business will reach 800.000 million dollars.

Vueling is betting on its presence in spaces like the 4YFN to be able to meet and develop contacts with the aim of moving forward in the search for a technological partner to help it continue to develop its initiatives in this area of ​​innovation.

Horizons and innovation

The regional company is constantly developing new solutions to improve its services. With regard to technological innovation, all of them are encompassed under the concept of ELI, the multidisciplinary path of research and development, which ensures that all initiatives in this field work under this common purpose.

The ELI concept was developed in collaboration with a group of vocational training students from Barcelona as part of the '24h Innovation' program, in which students must solve challenges posed by companies from different sectors .

This multidisciplinary research and development path covers seven areas of innovation: hyperreality, gadgets, people, operations, robotics, sustainability and information.

The airline also works with four Temporal Horizons, from 0 to 3.

Horizon H0 works in the current space with a focus on digital transformation projects; Horizon H1 focuses on quantum computing and envisages the development of real application projects within two to five years; the H2 Horizon delves into application development opportunities through artificial intelligence, with an expected launch within six to twelve years; and Horizon H3 works in disruptive environments such as the metaverse, which allow, for example, the development of new business models, with a temporary application forecast of more than 12 years.

Innovation in DNA

Vueling is a digitally native company with innovation in its DNA. True to its origin and in its commitment to continue being a pioneer in the aviation sector, the airline also works to promote innovative projects through collaboration with start-ups through Hangar 51.

This IAG start-up acceleration project connects global innovators with group companies to solve different challenges using emerging technology and new approaches.

 

If you have comments on any of the content of the CBCat newsletter, if you would like to discuss a topic, or if for some reason any of the links above do not work, please contact us at: info@cbcat.io

CBCat articles are carefully written and selected to promote developments in the blockchain and Digital Asset sectors, but readers are advised to seek professional advice before taking any action based on any of the above links and information . The Blockchain Center of Catalonia assumes no responsibility for any action that readers of the article may take.

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