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KIP Protocol Closes Strategic Funding Round Led by Animoca Ventures

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Hong Kong, 1 February 2024KIP Protocol, the Web3 base layer for artificial intelligence (AI), has successfully closed its strategic funding round led by Animoca Ventures.

KIP Protocol builds secure and gas-efficient Web3 infrastructure that makes it possible for AI creators – whether app developers, model makers or data owners – to:

  • deploy their work on Web3, thus retaining full ownership,
  • interact and transact with other AI assets and
  • monetise without losing control over access.

Using KIP Protocol, AI app developers can easily create decentralised apps linking to a wide variety of models (whether on-chain or off-chain), drawing data from decentralised knowledge bases to provide retrieval-augmented generation services, with user revenue being distributed automatically and transparently to all contributors on chain. An early alpha of KIP Protocol’s code was a prize winner at Chainlink’s 2023 Fall Hackathon.

KIP’s core mission is to spawn a vibrant business ecosystem of independent AI apps, models and knowledge bases, collaborating and competing freely to counter the growing AI monopoly of tech giants.

This Animoca Ventures-led round also saw participation by an especially diverse group of investment DAOs, Web3 community leaders, and funds across multiple geographical territories, including B.Army (Vietnam), CSP DAO (EMEA), MQdao, Spicy Capital (Latin America), Skyvision Capital (HK), and Purechain Capital (UK), to name just a few.

The diversity of KIP Protocol’s investors reflects its aim of expanding access and participation rights to as wide a group of users and token-holders as possible, reflecting the overarching influence of AI across all spheres of human activity.

 

Driving AI Decentralization: A Shared Vision

Central to the KIP Protocol vision is protecting the digital property rights of value creators in AI through Web3, opening a path to fair monetisation for even the smallest AI creators.

James Ho, Head of Animoca Ventures, commented that, “KIP Protocol’s goals of creating a more competitive playing field for all AI creators are strongly aligned with Animoca’s vision of a more equitable Internet underpinned by true digital property rights.

We at Animoca Ventures are focused on finding and supporting innovative new teams in Web3 and the KIP Protocol team boasts a unique blend of deep AI credentials, Web3 experience, and business savvy. We are delighted to be an early backer in their quest.”

 

Dr. Jennifer Dodgson, Chief AI Officer and Co-Founder of KIP Protocol, commented that, “We believe that AI advances fastest through cheap, small-scale experimentation and evolutionary pruning. With the help of Animoca Ventures, we aim to create a future in which everyone has the potential to build the next GPT.”

Julian Peh, CEO and Co-Founder of KIP Protocol, added that, “AI could be the most powerful technological force driving humanity’s progress in the future. Everyone, not just tech giants, should be able to reap the economic benefits of the AI-driven era. KIP Protocol was born from the necessity to re-level the playing field for all AI contributors, irrespective of their size.

We are grateful to Animoca Ventures, and our global group of investors for their support for our mission.”

KIP Protocol is building a three-layered architecture, powered by the $KIP token, to safeguard the ownership rights of all key stakeholders – model maker, app developers, and data owners, and empower them to monetise safely, securely and efficiently, thereby serving as a catalyst for the adoption of decentralised AI.

The launch of the first dApp on KIP Protocol is planned for Q1/Q2 2024.

 

About KIP Protocol

KIP Protocol builds Web3 infrastructure for AI app developers, model makers and data owners,  empowering easy deployment and monetisation of AI assets while maintaining full ownership rights.

KIP solves mission-critical challenges faced in decentralised AI deployments, with an aim to jumpstart wholly new business ecosystems, and ensure the economic benefits brought about by AI can be enjoyed by all.

Founded and helmed by AI and business veterans, KIP aims to be a catalyst for the widespread adoption of decentralised AI.

To learn more, visit www.kip.pro or follow them on X @KIPProtocol

For media inquiries, contact [email protected]

 

About Animoca Ventures

Animoca Ventures is the venture investment arm of Animoca Brands, a global leader in digital entertainment, blockchain, and gamification.

Animoca Ventures specialises in early-stage investments in Web3 and blockchain companies and projects.

It serves as the pulse of Animoca Group, working at the frontlines to discover new cutting-edge projects and trends in the Web3 space.





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Press Release

Axie Infinity Co-Founder Loses $9.7m 3,248 Ethereum Wallet Hack

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  • Two personal crypto wallets of Axie Infinity Co-Founder, Jeff “Jihoz” Zirlin, got compromised, allowing the hacker to walk away with $9.7 million worth of Ethereum (ETH).

Two crypto wallet addresses belonging to Jeff “Jihoz” Zirlin, one of the five co-founders of Axie Infinity and Ronin Network, were hacked, and roughly $9.7 million worth of Ethereum (ETH) 

On Feb. 23, blockchain investigator PeckShield alerted about a “whale wallet” compromise over the Ronin Bridge, reporting that the hacker made away with 3,248 ETH. 

Aleksander Larsen, co-founder of Ronin Network, immediately responded that “the (Ronin) bridge itself has top security” and suspected a wallet hack instead.

Larsen also highlighted that the Ronin Bridge had been audited and is designed to pause if an unusually large withdrawal is detected. 

See Also: Crypto Gaming Platform PlayDapp Lost $290 Million Worth Of PLA Tokens In Two Hack Exploits

Soon after, Zirlin confirmed that two of his personal wallets had been hacked. He said the attack was not due to vulnerabilities within the Ronin chain or Sky Mavis operations, adding:

“I want to assure everyone that we have strict security measures in place for all chain-related activities.”

PeckShield said that the root cause of the hack was a “wallet compromise,” which allowed the unauthorized outbound transfer of funds.

While no particular details were shared about the events that led to the hack, Zirlin’s message suggests that the private keys of the two wallets were leaked, which led to unauthorized access to his personal crypto wallets.

PeckShield’s investigation of the compromised wallets from Ronin Bridge v2 suggests that the 3,248-ETH loot was initially split and moved to three different wallets. 

The funds eventually made their way into Tornado Cash, a service often used by hackers to anonymize the funds’ ownership and traceability.

On Feb. 1, Binance froze $4.2 million worth of stolen XRP, a part of the $112-million hack on Ripple co-founder Chris Larsen’s personal wallet from Jan. 31.

Unlike Axie Infinity’s Jihoz hacker, Larsen’s hacker didn’t use crypto mixer services or decentralized exchanges to hide their identity. 

As a result, Binance was able to track down some of the funds and block them from the hacker’s access.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

#Binance #WRITE2EARN





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Digital Yuan Now Used to Complete Car Pre-purchase Payments

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The digital yuan, China’s central bank digital currency (CBDC), is being used as a security element in car pre-purchase payment settlements. 

According to local media reports, a pilot test that allows customers to pay for their cars with digital yuan was established in early February in Shenzhen, and several customers are already purchasing their vehicles using this system.

China Launches Digital Yuan Car Pre-purchase Payment Pilot in Shenzhen

The digital yuan, the Chinese central bank digital currency (CBDC), is starting to be used in organized car repurchase payments. 

Local media reported that the Market Supervision Bureau in Pingsham, a district of Shenzhen with 400,000 citizens, and the Agricultural Bank of China had partnered to establish a pilot test for car payments.

The test was organized around the advantages of using the digital yuan, allowing a smart lock in the users’ payments that can be removed only after the delivery of the car. 

See Also: Axie Infinity Co-Founder Loses $9.7m In 3,248 Ethereum (ETH) Wallet Hack

The first batch of consumers that participated in the pilot in early February deposited their funds using the “Intelligent Payment and Peace of Mind” system of the Agricultural Bank of China and are waiting for the delivery of their cars.

The system will take care of the distribution of the funds once the delivery is completed, automatizing the flow of payments and regularizing the delivery of highly demanded cars in the market.

Mr. Wang, one of the participants in the project, stated that while the consumers acquire these cars from authorized dealers, delivering a large amount of funds in advance is always a cause for concern. 

With the use of the digital yuan car prepayment system, the service is guaranteed, and the funds are safer.

Also, a more comprehensive prepayment program has been launched in Pingsham, specifically in the Longping Tianhong Business District. 

There, 50% of the prepaid merchants have signed to use the digital yuan for prepaying catering, education, training, and other services in alliance with banks.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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Worldcoin (WLD) Token Hits New Highs AI Coins Rally By 21%

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OpenAI CEO Sam Altman’s brainchild, Worldcoin, is leading an AI-powered rally across the broader stock market as WLD token skyrocketed by 21%.

This week, Worldcoin’s WLD token skyrocketed by 21%, reaching an all-time high of $8.96, and marking a staggering 300% gain in February alone.

WLD Price Chart | Source: Coinstats

 

At its core, Worldcoin aims to become a universal digital ID platform, using iris scans for verification and aspiring to grant everyone on the planet the ability to “prove their humanity.” This objective, however, has raised privacy concerns due to the reliance on iris-scanning devices.

Despite the controversy, the Worldcoin project has gained traction, especially among young people and citizens in developing countries where the offered payment for registering identities translates to significant secondary income. 

This is evident in the surge of users to the World App, the project’s first wallet, which surpassed 1 million daily users this week.

The excitement extends beyond Worldcoin, engulfing the broader AI token market. 

See Also: Worldcoin Wallet App Hit 1M Daily Users as WLD Surged Over 140%

Notable projects like The Graph, Ocean, and Render Protocol have all witnessed over 50% gains in the last seven days. SingularityNET, another AI-focused token, has doubled in value.

This AI fervor has spilled over to the stock market, already buoyed by Nvidia’s recent record earnings announcement. 

Nvidia’s stock price has since climbed 16%, adding to its near 30% February increase and reaching an all-time high of $785. 

Tech giants like AMD, Microsoft, and Meta haven’t been left behind, experiencing significant gains and flirting with their own all-time highs.

The renewed interest in AI is a major driving force behind the S&P 500’s recovery since last year, with technology companies taking center stage in analyst discussions. 

Google Trends data further cements this fascination, revealing a surge in searches related to AI and its potential impact on both the cryptocurrency market and the broader financial landscape.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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