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Binance partners with Amazon Web Services to enhance user experience

Current Know Your Customer verification procedures are often cumbersome, costly, and time-consuming for industry service providers.

On Oct. 31, Binance revealed a partnership with Amazon Web Services (AWS) to leverage Amazon’s generative artificial intelligence to streamline the Know Your Customer (KYC) verification process and handle service requests on the Binance platform.

According to the announcement, the new KYC system auto-fills user information, performs proof-of-address checks, and makes screening against World-Check reviews more efficient.

Binance claims the new AI integration increased recognition rates for user data to 95%, reduced the costs for optical character recognition by 80%, increased proof-of-address approval rates across 107 jurisdictions by 6%, and decreased the time spent to screen against the World-Check KYC database by 30%.

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AWS CEO Predicts AI to Transform Software Developer Roles

AWS CEO Predicts AI to Transform Software Developer RolesIn a leaked recording from an internal meeting, Amazon Web Services CEO Matt Garman discussed the evolving role of software developers in the age of artificial intelligence (AI). Garman suggested that AI could soon take over many coding tasks, urging developers to focus on innovation and customer needs rather than the mechanics of writing code. […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Immutable links with AWS in latest Web3 gaming push

The blockchain gaming firm said it will gain access to a vast pipeline of game studio leads and support for successful deal closures.

Web3 gaming platform Immutable has partnered with Amazon Web Services to extend options for game developers as the cloud service provider expands its startup accelerator programs.

In an Oct. 10 blog post, Immutable said AWS added it to a list of companies within its ISV (independent software vendors) Accelerate Program, where organizations provide software solutions that run on or integrate with AWS.

Additionally, developers looking to build on Immutable’s blockchain can join AWS Activate, a program that provides perks including technical support, training and $100,000 worth of AWS cloud credits.

AWS head of startups Australia, John Kearney, told Cointelegraph that Immutable is a “great example of a local Aussie startup that has gone global” and reaffirmed the cloud provider’s commitment to expanding Web3 game development using its infrastructure.

Immutable has been built with Amazon EventBridge and AWS Lambda, serverless services that use events to connect application components together. This has enabled the platform to "increase its scalability to handle a 10x increase in partnered games,” according to the announcement.

Concerns have previously been raised about the centralization of gaming and Ethereum along with the reliance on Amazon — the market leader capturing about a third of the cloud services market.

Immutable product marketing lead, Michael Powell, alleviated some of those concerns — explaining to Fortune in an Oct. 11 report:

“A lot of blockchain purists are very big into the idea of decentralization and that everything has to be on-chain and that’s a massive deviation from where game developers actually build.”

Related: Immutable’s Gods Unchained launches on Epic Games Store

In August, Immutable began public testing its zkEVM, or zero-knowledge Ethereum Virtual Machine, in collaboration with Polygon Labs.

According to the firm, zkEVM will lower development costs for game developers while providing the security and network effects that come with the Ethereum ecosystem.

Immutable was valued at $2.5 billion in March 2022 following a $200 million Series C funding round led primarily by Singaporean state-owned investment firm Temasek.

Magazine: Singer Vérité’s fan-first approach to Web3, music NFTs and community building

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

AWS went down in the US, but Ethereum kept humming

Ethereum hummed along through the latest AWS outage but one commentator said its reliance on Lido for staking could cause issues in the future.

Amazon Web Services (AWS) suffered a minor outage but there was no impact on Ethereum network nodes which largely rely on Amazon’s hosting.

On June 13, the cloud service provider went down temporarily for around three hours. At 12:08 PM PDT, the company first reported it was “investigating increased error rates and latencies” in parts of the United States.

Many mainstream news organizations such as the Associated Press were affected and unable to publish articles.

Ethereum advocate Evan Van Ness observed the outage noting that the Ethereum network was not affected.

According to Ethernodes, 64.5% of the Ethereum network is reliant on Amazon hosting providers.

Distribution of Ethereum nodes from web service providers. Source: Ethernodes

Van Ness added the impact may have been more significant if the outage was in Europe due to the amount of Ether (ETH) staked on Lido, which is currently around 7.1 million or 35% of the total:

“I imagine there would be some effect if AWS went down in Europe given how much of Lido is in the cloud.”

Ethereum has previously been criticized for centralization due to its reliance on infrastructure provider Infura which provides network nodes to companies and organizations. Many of these companies, and liquid staking platform Lido, rely heavily on AWS for cloud hosting services

Related: 3 cloud providers accounting for over two-thirds of Ethereum nodes

Around 20 minutes after the discovery of the problem AWS said the root cause of the issue was connected to a service called AWS Lambda, which lets customers run code for different types of applications.

Over three hours after AWS went down the company reported that “the issue has been resolved and all AWS Services are operating normally,” at 3.37 PM PDT.

According to hosting platform Kinsta, among cloud hosting providers, AWS has the dominant market share of 34%.

Magazine: Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Ethereum Archive Node service shuts down saying it ‘succeeded’

ArchiveNode.io has closed its doors following three years of providing archived Ethereum blockchain node data.

Ethereum mainnet Archive Node service, ArchiveNode.io, said it will be shutting down, claiming that the project has been a success.

On April 4, ArchiveNode.io announced it was “sunsetting” its services after more than three years of providing free Ethereum mainnet Archive Node services to developers, students, and researchers.

An Ethereum Archive Node is an instance of an Ethereum client configured to build an archive of all historical states. This type of node is a useful tool for querying historical blockchain data that is not accessible on full nodes.

Additionally, Archive Nodes are not required to participate in block validation so they can theoretically be built from scratch, however, they do require much greater storage capacity.

The announcement was made by “DeFi Dude” who initiated the project and claimed the project was being shut down as "we succeeded," before adding:

“Our service is no longer necessary and other alternatives exist today that did not exist when we got started.”

He added that nobody was running Archive Nodes when the project started. The only option was to pay Ethereum infrastructure provider Infura $250 monthly to access archive data.

The goal of the project was to “get archive data into the hands of developers, students, and researchers who wanted to build cool shit, but didn’t have the time, money, or resources available to run their own archive node.”

He confirmed the project was never to "make money or profit."

Related: SEC lawsuit claims jurisdiction because ETH nodes are ‘clustered’ in the US

He added there is currently a robust remote procedure call (RPC) provider market offering access to archive data making the project obsolete.

ArchiveNode.io thanked the Ethereum Foundation for their initial grant of $10,000 in Amazon Web Services (AWS) credits to get the project off the ground.

According to a Cointelegraph report in August, just three centralized cloud providers account for more than two-thirds of Ethereum nodes. More than half of the total nodes were hosted on AWS, according to data at the time.

Features: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

7 real-world cloud computing examples to know

From streaming videos to cloud storage solutions, cloud computing has become an integral part of our everyday lives.

Cloud computing has become an important part of our lives, whether we realize it or not. Many of the services and applications we use on a daily basis, such as messaging and streaming music and video, are powered by cloud computing

Here are real-world cloud computing examples to know.

Netflix

Netflix uses cloud computing to provide streaming services to millions of users worldwide. By hosting its content on cloud servers, it can ensure reliable and scalable delivery to a global audience.

Netflix uses a variety of cloud computing services and technologies, including Amazon Web Services (AWS) and content delivery networks (CDNs). The majority of Netflix's cloud computing requirements, including storage, processing power and data management, are met by AWS. Netflix makes use of CDNs to guarantee that its users receive its content fast and consistently. To enable users to access the content from the closest location, CDNs keep copies of the content in many locations around the globe.

Slack

Slack is a cloud-based messaging and collaboration platform that allows teams to communicate and collaborate in real time. It utilizes cloud computing to provide scalability, reliability and accessibility to its users. Slack's cloud infrastructure allows it to support a large number of users and messages, and to provide seamless access to its platform from multiple devices and locations.

Slack runs on cloud-based architecture that is designed to be highly available and fault-tolerant. It uses multiple data centers to ensure that its services are always available, even in the event of a failure in one data center.

Salesforce

Salesforce provides customer relationship management (CRM) services through cloud computing. This allows businesses to manage customer data, automate workflows and streamline sales processes.

Salesforce cloud computing involves the use of a variety of cloud services and technologies, including:

  • Infrastructure as a service (IaaS): Salesforce employs IaaS companies like Microsoft Azure and AWS to supply the underlying infrastructure for its cloud-based platform.
  • Software as a service (SaaS): Salesforce offers its software products as an SaaS platform rather than as traditional software that must be installed on local devices.
  • Platform as a service (PaaS): To enable developers to create and distribute unique apps on the Salesforce platform, Salesforce also makes use of PaaS technologies like Force.com and Heroku.
  • Mobile computing: Salesforce also offers its users mobile apps that provide them access to their customer and sales data whenever and wherever they are.

Airbnb

Airbnb is a cloud-based platform for the sharing economy. Using Airbnb's website or mobile app, hosts may offer their properties for rent, and visitors can book such rentals. Massive amounts of data, including property listings, booking information and customer preferences, are stored and managed by Airbnb using cloud computing.

As a result, the platform can offer features like real-time availability and pricing, secure payment processing, and customized recommendations that make the experience easy for both guests and hosts.

Uber

Uber uses cloud computing to manage its ride-hailing platform, including real-time location tracking, trip routing and fare calculation. This allows the platform to provide fast and reliable transportation services, with features such as real-time payment processing and personalized ride options. Cloud computing also enables Uber to scale its services to meet demand, provide 24/7 support, and ensure the safety and security of riders and drivers.

Related: An overview of peer-to-peer ridesharing using blockchain

GitHub

GitHub is a cloud-based platform that provides hosting for software development and version control using Git. It allows developers to store and collaborate on code with their team members, manage project tasks and track changes to code over time.

While GitHub itself is not a cloud computing platform per se, it is often used in conjunction with cloud computing services such as AWS, Google Cloud Platform and Microsoft Azure. Developers can use GitHub to host their code and then deploy it to the cloud using services such as AWS Elastic Beanstalk or Microsoft Azure App Service.

Google Cloud Platform

Google Cloud Platform is a cloud computing platform provided by Google that enables users to build, deploy, and scale applications and services using a wide range of computing resources. It is an example of cloud computing because it provides access to a wide range of computing resources on demand, including virtual machines, storage, networking, databases and other services, all delivered through the internet.

One example of how Google Cloud can be used is for building and deploying web applications. Developers can use Google Cloud's compute resources to host their application code and data, and use services such as load balancing, autoscaling and container orchestration to manage the application's performance and availability. They can also use Google Cloud's machine learning services to add intelligent features to their applications, such as image recognition or natural language processing.

Is blockchain a part of cloud computing?

No, blockchain is not a part of cloud computing. While both blockchain and cloud computing are used in the context of modern computing, they are distinct technologies with different characteristics and use cases.

Cloud computing is a delivery model for computing resources such as servers, storage and software applications over the internet. Users who use cloud computing can use these services whenever they need to without having to buy and maintain their own physical IT infrastructure.

Related: 7 modern technology examples that don’t need electricity

Blockchain, on the other hand, is a distributed digital ledger technology that records transactions in a safe, open and unchangeable way. Blockchain is frequently used to build relationships of trust between parties who do not already know or trust one another. In order to prevent any one person or entity from tampering with the data, it accomplishes this by using a decentralized network of computers to verify and record transactions.

While it is possible to use cloud computing to host blockchain-based applications, blockchain is not inherently a part of cloud computing.

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

FTX Debtors Reveal $6.8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to Insiders

FTX Debtors Reveal .8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to InsidersAccording to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion, including customer claims and various other liabilities. FTX’s $6.8 […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Ava Labs Partners With Amazon Web Services to Accelerate Blockchain Adoption, AVAX Jumps 16%

Ava Labs Partners With Amazon Web Services to Accelerate Blockchain Adoption, AVAX Jumps 16%Ava Labs, the team behind the layer one (L1) smart contract platform network Avalanche, has partnered with Amazon Web Services (AWS), according to an announcement made on Jan. 11, 2023. Founder and CEO of Ava Labs, Emin Gün Sirer, said the collaboration was a “big deal” and, in comparison with other blockchain announcements that involved […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

More resilient and user-controlled than the AWS: Colin Evran’s vision for Filecoin

“Filecoin is more than just storage, one can think of it as an Airbnb for cloud services."

In the beginning of 2021, Filecoin was a relatively unknown decentralized peer-to-peer storage service with a total network capacity barely making a dent in the digital storage space. Less than two years later, the Filecoin team claimsthe blockchain has grown to eclipse 10% of the storage capacity of Amazon Web Service, the most popular vendor in the cloud infrastructure services market. This includes use of the storage — by well known blockchain firms such as OpenSea and Magic Eden — of some 239.03 terabytes of nonfungible tokens (NFTs) worth an estimated $26.6 billion as of early September.

NFT storage on Filecoin | Source: NFT.Storage

How did Filecoin become so successful;? And what motivates its developers to grow the ecosystem? Colin Evran, ecosystem lead at Protocol Labs, the creator of Filecoi says a big factor in his desire to join Filecoin was his disillusionment with how things operate in Web 2.0. 

"It's still going in the wrong direction," he said. "A handful of companies are now controlling the world's data, in my opinion, without checks and balances in many ways. And I just thought such levels of centralization over a period of many decades isn't going to be the answer for everyday users. 

"I fundamentally believe if you zoom out 40 years from now, the answer is not like AWS storing 100% of the world's data. I don't think that's good for society. I don't think that's what users really want," he said. 

Evran took some lateral steps in his path towards the blockchain sector. Having finished Ivey Business School at Western University in 2006, he first became an analyst for McKinsey before venturing into the field of private equity. Then he returned to the academic world to get his Masters from Stanford Business School and then for his Master's. 

Colin Evran of Filecoin | Source: Twitter 

After graduation, Evran founded a startup in the construction tech space called "Yard Club." Four years later the firm was sold to Caterpillar, the world's largest construction equipment designer. 

As told by Evan, the financial surety from the deal gave him the ability to focus on a project that was much more in-depth. "I really wanted to work on a piece of technology that could conceivably impact every man, woman, child, and every company in the world if it was successful. So a good friend of mine introduced me to Protocol Labs, the creator of Filecoin."

Filecoin's Interplanetary File System (IPFS) enables users to store and transfer content in a peer-to-peer manner. It is the heart of Filecoin, containing three components; unique identification via content addressing, content linking through directed acyclic graphs (DAGs), and content discovery via distributed hash tables. 

As its incentive layer, Filecoin serves to verify that all data is stored with the appropriate cryptographic proofs. Storage providers on Filecoin have two primary sources of revenue, block rewards and network fees. Block rewards are allocated proportionally based on submitted cryptographic proofs of the data they store. 

Currently, there are about 25,000 transactions on the Filecoin blockchain per day and in total there is about 127 pebibytes (1PiB = 1,125,900 Gigabytes) worth of data stored on it. In terms of total capacity, Filecoin developers say that the network is currently at around 10% of the AWS' storage capacity. 

Filecoin network metrics | Source: Starboard Ventures 

At the beginning of the year, storing data on Filecoin was at less than 1% of the cost of comparable services on AWS. But now, Evran explains that some storage costs have fallen into negative territory, while the typical storage costs have also decreased to less than 0.5% of centralized providers.

"With such a magnitude of cost reduction, many small businesses and freelancers worldwide can now afford to store people's data." He continues: "It's similar to how Airbnb unlocked the ability for average homeowners to host guests, which wouldn't have been possible in a hotel-dominated world."

For Evran, the novel Filecoin Virtual Machine is an exciting technological development for the ecosystem this year. "Filecoin has been a storage and retrieval market thus far. But what the FVM can unlock is a multibillion-dollar DeFi economy on top of Filecoin," he said. 

"With complete compatibility with the Ethereum Virtual Machine (EVM), developers can build across the two networks. We could bring up new use cases such as on-chain voting, data-based decentralized autonomous organizations (DAOs), decentralized verifiable computation, etc."

At the moment, Filecoin storage providers have about one billion dollars in collateral to store deals and grow operations. Via further updates, it is possible to create DeFi instruments that auto-renew deals for token holders, creating essentially a 'perpetual storage' network. 

Going forward, Evran explains that his vision is to see Protocol Labs and Filecoin to become a hub for building decentralized technologies. "We helped seed the foundation of IPFS, which is now used by every single major blockchain from Ethereum and Polkadot. But we also want people to come to our community and develop something transformational that's aligned with our values for Web 3.0. In spite of the ongoing crypto winter, Filecoin still holds its place among top players with a total market cap of $1.8 billion. 

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks