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Urban Clouds
    • Aug 23

👉Issue #80 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.


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[Blockchain] Sygnum Bank Issues First $50M Bitcoin-Backed Loan; AIIB' $300 million Digital Bond on Euroclear; MercadoLibre Launches Dollar Stablecoin in Brazil; Sony Launches Ethereum L2. Sygnum, a digital asset banking group, has issued the first-ever $50 million Bitcoin-backed syndicated loan to digital asset lender Ledn. This transaction aims to fuel Ledn’s lending growth and introduce liquidity to the digital asset sector and the syndicated loan market. This milestone is expected to boost confidence in Bitcoin-collateralized lending among traditional financial institutions. Both Sygnum and Ledn view this as a significant step towards integrating digital assets into mainstream finance, emphasizing transparency, security, and regulatory compliance. Meanwhile, the Asian Infrastructure Investment Bank (AIIB) has issued its first digitally native note, raising $300 million on Euroclear's D-FMI platform (Corda-based). This marks the first digital USD issuance for Euroclear and the first by an Asia-based issuer. The AAA-rated bond is listed on the Luxembourg Stock Exchange and cleared on HKMA's CMU and SIX Swiss Exchange. BMO Capital Markets and Citi facilitated the issuance, with Citi serving as the issuing and paying agent. This milestone demonstrates the growing adoption of digital assets in financial markets and Euroclear's commitment to innovation. Also, e-commerce giant MercadoLibre has launched a dollar-backed stablecoin called Meli Dolar in Brazil, its largest market. The stablecoin pegged 1:1 to the US dollar, is available to all Mercado Pago clients through the company's app. This addition expands Mercado Pago's digital asset offerings, which already include Bitcoin and Ether trading. Meli Dolar transactions will be fee-free for clients, with Ripio serving as the exchange and market maker. And, Sony is developing "Soneium", an Ethereum Layer 2 leveraging the OP Stack. Soneium will enable decentralized management of user activity and support various applications, including games, NFT marketplaces, and entertainment services. Sony plans to leverage its group's businesses and IP to develop Soneium-compatible apps, focusing on creator rights, profit-sharing mechanisms, and cross-digital/real-world engagement. 


[AI] NVIDIA Launches Efficient Mistral-NeMo-Minitron AI Model, Luma Labs Enhances Dream Machine AI Video Generator, and Epoch AI Predicts Continued AI Scaling Through 2030. NVIDIA has released Mistral-NeMo-Minitron 8B, a compact language model that offers state-of-the-art accuracy while being small enough to run on GPU-powered workstations. This model, a miniaturized version of the Mistral NeMo 12B, excels in multiple benchmarks for AI-powered applications. Created using pruning and distillation techniques, it maintains comparable accuracy to the original 12B model with reduced computational cost.. It leads in nine popular benchmarks for its size category and can be further optimized for specific applications using NVIDIA AI Foundry. Meanwhile, Luma Labs has upgraded its Dream Machine AI video generator to version 1.5, enhancing realism, motion following, and prompt understanding. The update improves text rendering capabilities, allowing for better logo screens and graphics generation. While text generation can be hit-or-miss, it generally produces legible results. The new version offers improved visual and motion quality, faster generation times, and better character consistency. It also maintains prompt adherence and realistic human movement. Although not as significant as Runway's Gen-2 to Gen-3 leap, this upgrade keeps Dream Machine competitive in the rapidly evolving AI video landscape, alongside rivals like Runway, Kling, and Pika. Also, Epoch AI  has released a report examining the feasibility of continued AI scaling through 2030, focusing on four key constraints: power availability, chip manufacturing capacity, data scarcity, and computational latency. The authors conclude that training runs of 2e29 FLOP will likely be possible by 2030, representing a scale increase similar to the difference between GPT-2 and GPT-4. Power constraints and chip manufacturing capacity are identified as the primary limiting factors. While significant challenges exist, the current 4x annual growth in AI training compute could potentially continue through the decade, potentially leading to significant advances in AI capabilities by 2030.


[Quantum Technology] India Advances in Quantum Computing with New Initiatives, UK's Phasecraft Calls for Continued Tech Funding, and SpinQ Launches One-Stop Quantum Platform. India is nearing completion of its first small-scale quantum computer at the Tata Institute of Fundamental Research in Mumbai, part of the National Quantum Mission. The project aims to develop a 24-qubit computer in three years and a 100-qubit system in five years. Bengaluru-based startup QpiAI is also building a 25-qubit quantum computer. These initiatives mark India's entry into quantum technology, with the government allocating about $720 million to the field. While significant challenges remain, including qubit stability, researchers are working to overcome these issues. The development of quantum computers in India could potentially drive innovation in various industries, including chemicals, life sciences, finance, and sustainable energy. Meanwhile, UK quantum computing startup Phasecraft warns against shelving government tech funding, stating it could lead to companies investing overseas. The Labour government's decision to halt £1.3bn funding has raised concerns in the industry. Phasecraft co-founder Ashley Montanaro emphasizes the importance of stable funding for UK's quantum leadership. Montanaro notes the US as a world center for quantum computing expertise and suggests Phasecraft may open offices in Europe or Australia in the future. Also, SpinQ has launched the Gemini Lab, a 2-qubit quantum computing platform designed for university education and research. This "one-stop" experimental platform allows users to explore the entire quantum computing process through an open, interactive experience. Based on NMR technology, it offers a compact, desktop-sized quantum computer that is easy to operate and maintain. The platform provides visualization of quantum phenomena, hands-on control of RF pulses, and various lab classes for different teaching levels. SpinQ aims to address the shortage of quantum education resources by offering an accessible, comprehensive solution that can be integrated into existing university courses, from basic principles to advanced quantum algorithms and technologies.


[General technology] Qilin Ransomware Exploits Chrome for Credential Theft; China Tests Heavy-Lift Cargo Drone; Hugging Face Democratizes Robotics. Sophos X-Ops discovered a new tactic by the Qilin ransomware group: stealing credentials stored in Google Chrome browsers. The attackers used compromised VPN credentials to access a network, then deployed a Group Policy Object to execute a script harvesting Chrome passwords on user logins. This activity persisted for three days, potentially affecting numerous third-party accounts. The attackers then deleted evidence and encrypted files. This technique expands the impact of ransomware attacks beyond the initial target organization. Sophos recommends using dedicated password managers instead of browser-based storage and implementing multifactor authentication to prevent such breaches, especially for smaller businesses where MFA adoption rates are lower. Meanwhile, Chinese aviation achieved a new milestone with the test flight of an unmanned civilian drone capable of carrying 3.2 metric tons of cargo. The SA750U, developed in Hunan province, completed a 40-minute flight, operating at altitudes up to 7,300 meters and distances up to 2,200 km. This test follows recent trials of other large-capacity drones in China, reflecting the country's push to develop its low-altitude economy. The government aims to grow this sector into a 2-trillion-yuan industry by 2030. Cargo drones promise faster deliveries and lower costs, with potential applications in urban settings. Also, Hugging Face has released a tutorial for building AI-powered robots, aiming to democratize robotics development. The tutorial teaches how to train neural networks to convert camera feeds into motor functions, using the affordable Koch v1.1 robotic arm. Hugging Face encourages community participation through dataset sharing and visualization tools. A future project, the Moss v1, promises even greater affordability with two robotic arms for $150. This initiative aligns with growing industry automation trends and makes advanced robotics accessible to a wider audience. 






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