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Urban Clouds
    • Aug 9

👉Issue #78 of QX Snapshots is out!



Welcome to QX Snapshots - a weekly recap of the key news on emerging technologies. In this newsletter, you will get a "digest" of the latest info on Enterprise Blockchain, AI, Quantum Technology. Hope it brings you value :)


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Every Friday we share key snapshot news on AI, Quantum Technologies, Metaverse, and Enterprise Blockchain/DLT.


Join our +450 trusted readers at U.S Bank, Eurasian Development Bank, EY, Morgan Stanley, BNY Mellon, Microsoft, Verizon, Facebook, ServiceNow, ConsenSys, Polygon Labs, Duke University, Sky, Informa, Freshfields Bruckhaus Deringer, Santander, and others.





[Blockchain] Franklin Templeton’ FOBXX on Arbitrum; AFME Advocates for DLT in Finance; Lido Launches Institutional Staking; Ripple and DIFC Partnership. Franklin Templeton's U.S. Government Money Fund (FOBXX) is now available on Arbitrum, an Ethereum Layer 2 blockchain.  Individual investors can access FOBXX using the Benji Investments mobile app on Apple and Android devices, while institutional investors can it through the Benji Institutional web portal. This collaboration aims to integrate decentralized finance with traditional financial services.  Meanwhile, the Association for Financial Markets in Europe (AFME) has published its “Digital Finance in the EU Priorities for fostering resilient, innovative, and competitive financial markets” report, providing its recommendations to enhance the adoption and scalability of Distributed Ledger Technology (DLT) in capital markets. These recommendations aim to address regulatory challenges, improve interoperability, and foster innovation within the financial sector.  Also, Lido, the largest liquid staking platform, is launching Lido Institutional, a B2B white-glove service for institutions like crypto funds and asset managers. This service addresses AML and KYC concerns, allowing institutional clients to mint new stETH without transaction history. Lido aims to grow from its current 25% institutional TVL to 50%. Lido's approach offers a more decentralized alternative to centralized staking services while providing institutional-grade support, targeting major institutional players. And, Bhutan has migrated its National Digital Identity (NDI) system from Hyperledger Indy to Polygon. The system now uses the CREDEBL protocol layer, an open-source platform recognized by the UN-endorsed Digital Public Goods Alliance. Bhutan plans to use the digital wallet as a single sign-on for government services, enable data exchange, and support complex proof requests like KYC and cross-border uses. Ripple is partnering with Dubai International Financial Centre (DIFC) Innovation Hub to promote blockchain and crypto adoption in the UAE. This collaboration aims to foster innovation among early-stage companies and large institutions. Ripple has allocated one billion XRP to support developers on the XRP Ledger.



[AI] Tencent Invest $300 Million in Moonshot; Meta Launches Llama 3.1 Impact Grants; Microsoft and Palantir Enhance AI for U.S. Defense; Google Expands Gemini AI Platform Access. Tencent has joined a $300 million financing round for Moonshot, a Chinese AI startup, valuing it at $3.3 billion. Alibaba and Gaorong Capital also participated. This investment is part of a broader trend of capital inflow into Chinese AI firms, with major tech companies vying for dominance in the AI market. Moonshot is one of the "Six Little Dragons," startups aiming to become China's equivalent of OpenAI. Both Alibaba and Tencent have stakes in most of these companies. This investment push comes as China launched a $40 billion state fund for its semiconductor industry to support domestic AI development amidst US export restrictions. Meanwhile, Meta has announced the Llama 3.1 Impact Grants, offering up to $2 million USD for innovative projects using their open-source AI model to address social challenges. The program includes an open call for global proposals and regional events with specialized awards. Key focus areas include economic development, science, and public service. Also, Microsoft and Palantir are expanding their partnership to integrate cloud-enabled AI  for U.S. defense and intelligence agencies. The new suite will be available on Microsoft’s Azure Government and Azure Government Secret and Top Secret clouds, combining Microsoft’s Azure OpenAI with Palantir’s Foundry, Gotham, Apollo, and AI Platform products. This collaboration aims to enhance AI and machine learning capabilities for federal customers, supporting operations such as logistics and contracting. The partnership underscores ongoing efforts to incorporate robust AI solutions into federal operations, with the NSA confirming over 7,000 analysts using generative AI tools. And, Google has announced significant updates to its Gemini AI platform. It is now available to all developers; Gemini 1.5 flash pricing has been reduced by 71-78% for input and output tokens. Also, the Gemini API expanded to support 100+ additional languages and the  AI Studio access has been extended to Google Workspace customers.



[Quantum Technology] IonQ to Design Blind Quantum Computing System for U.S. Defense, New EuroHPC JU Tender, Riverlane Secures $75M for Quantum Error Correction. IonQ has been awarded a contract by the Applied Research Laboratory for Intelligence and Security (ARLIS) to design a first-of-its-kind, multi-node, blind quantum computing system for the Department of Defense (DOD). The initial phase of the project, valued at $5.7 million, will focus on the design of the quantum system. Future phases will include construction, delivery, and maintenance. This project aims to enhance the cybersecurity of multi-party quantum computation and is funded by the Secretary of the Air Force Concepts, Development, and Management Office. IonQ's collaboration with ARLIS extends its work with the federal government on quantum initiatives and technical advancements. Meanwhile, the European High Performance Computing Joint Undertaking (EuroHPC JU) has initiated a tender process for the installation of EuroQCS-Italy, a new quantum computer to be integrated into the EuroHPC pre-exascale system Leonardo. The system, hosted by CINECA in Bologna, will provide at least 50 physical qubits in digital mode or 140 qubits in analogue mode. The total cost is EUR 13 million, with the Digital Europe Programme covering up to 50% of the acquisition, integration, and operating costs. The tender closes on September 5, 2024. And, Riverlane, a leader in quantum error correction (QEC) technology, has raised $75 million in Series C funding. The company aims to achieve one million error-free quantum operations by 2026 with its Deltaflow™ product. This technology is crucial for advancing quantum computing from small, error-prone machines to large, reliable systems. The funding, led by Planet First Partners, will help Riverlane expand operations to meet growing global demand. Riverlane partners with major quantum computing companies and plans to use the investment to deliver its QEC roadmap. This advancement could enable transformative applications in various industries and contribute to solving social and environmental issues.



[General technology] Interpol Recovers $41 Million in Largest-Ever BEC Scam Recovery; BMW Tests Humanoid Robots in Auto Manufacturing; Dell Announces Major Layoffs Amid Restructuring. Interpol has recovered $41 million in the largest-ever recovery of funds defrauded in a business email compromise (BEC) scam. The scam involved a commodity firm that transferred $42.3 million to a fraudulent bank account. Authorities used Interpol's Global Rapid Intervention of Payments (I-GRIP) mechanism to detect and freeze the counterfeit account, recovering $39 million. Seven suspects were arrested, leading to the recovery of an additional $2 million. This operation highlights the effectiveness of I-GRIP in combating cybercrime and the need for businesses to take preventive measures against BEC scams. Meanwhile, the BMW Group has successfully tested the use of humanoid robots in production at its Plant Spartanburg. The latest generation of robots, Figure 02, from California company Figure, demonstrated its ability to insert sheet metal parts into fixtures, a task requiring high dexterity. This trial aims to determine the potential applications of humanoid robots in automobile production, focusing on improving ergonomics and safety for employees. The collaboration between BMW Group and Figure will continue to develop and integrate these robots into existing production systems. Also, Dell Technologies is undergoing a significant restructuring, laying off thousands of employees in its sales and marketing teams. While the exact number is unconfirmed, sources suggest it could be as high as 12,500, representing about 10% of Dell's global workforce. The reorganization includes the creation of a new group focused on AI services. This move follows disappointing quarterly results and concerns about the impact of AI server demand on the company's profitability. Dell's leadership emphasized becoming "leaner" and streamlining management layers to prioritize investments and innovation.






🚀 𝐄𝐱𝐜𝐢𝐭𝐢𝐧𝐠 𝐍𝐞𝐰𝐬: 𝐖𝐞 𝐚𝐫𝐞 𝐭𝐡𝐫𝐢𝐥𝐥𝐞𝐝 𝐭𝐨 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐞 𝐭𝐡𝐞 𝐫𝐞𝐥𝐞𝐚𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: 𝐃𝐞𝐞𝐩 𝐃𝐢𝐯𝐞 𝐢𝐧𝐭𝐨 𝐄𝐑𝐂-6123: 𝐑𝐞𝐭𝐡𝐢𝐧𝐤𝐢𝐧𝐠 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐃𝐞𝐫𝐢𝐯𝐚𝐭𝐢𝐯𝐞𝐬. 


👉 Download and read the full report here: https://www.qualitax.io/erc6123


According to the BIS, the over-the-counter (OTC) derivative markets experienced significant growth in 2023, with outstanding derivatives increasing by 8% to reach $667 trillion. This expansion was primarily driven by interest rate derivatives, which grew by 8% year-over-year, and foreign exchange derivatives, which saw a 10% increase. Meanwhile, managing and settling derivatives contracts in the traditional OTC derivatives market is complex, manual, and inefficient, leading to high operational costs for market participants. Counterparty credit risk is a major concern for both parties in a derivatives contract. 



ERC-6123: Rethinking Financial Derivatives is a deep dive into the ERC-6123, an open-source standard for creating and managing derivative contracts on Ethereum and EVM-compatible networks. By leveraging ERC-6123, market participants can benefit from a more streamlined, secure, and efficient approach to derivatives management, addressing many of the challenges present in traditional OTC markets.


A special thanks to the experts who have contributed! Starting with Peter Kohl-Landgraf and Christian Fries from DZ BANK AG, for sharing their expertise and reviewing the paper. But also, Charles "chaals" Nevile, Enterprise Ethereum Alliance, Richard Baker and Ciarán McGonagle from Tokenovate, Yevheniia Broshevan, Valeriia Skorik, Andrew Richardson, Brindrajsinh Chauhan, Sophia Lopez, Kaleido, Stefan Haupt, Malcolm Moreno Beningo and of course, Gwlas Ed and Bradley Stone!


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