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Dfinity Foundation Launches Chain-Key Bitcoin, a Native Internet Computer BTC Derivative Token

Dfinity Foundation Launches Chain-Key Bitcoin, a Native Internet Computer BTC Derivative TokenOn April 3, 2023, the Dfinity Foundation, a development team behind the Internet Computer (ICP) network, announced the launch of a native ICP token called “chain-key bitcoin” or “ckBTC.” The bitcoin derivative is backed 1:1 with the leading cryptocurrency asset. On Monday, Dfinity detailed that the technology “builds on the protocol-level integration with the Bitcoin […]

Dubai Defies Nature’s Fury: Global AI and Blockchain Shows Shine Through Adverse Weather

Dfinity Foundation files lawsuit against Meta over infinity logo

The court filing is based not on Meta’s logo using the infinity symbol itself, but rather registering a trademark for use in fields offering similar goods and services.

Lawyers for Dfinity Foundation, a Switzerland-based nonprofit behind the Internet Computer blockchain, have filed a lawsuit against Facebook’s parent company Meta for trademark infringement over its infinity logo.

In a Friday court filing with the United States District Court for the Northern District of California, Dfinity’s legal team claimed Meta Platforms was registering use of its logo, which also uses the mathematical symbol for the concept of infinity, “in some of the same or similar areas in which Dfinity has already obtained registration for its mark.” According to the blockchain firm, Meta filed an application with the U.S. Patent and Trademark Office, or USPTO, in March 2022, while the same office granted Dfinity registration in October 2018. Dfinity’s legal team also said the company had been using the infinity symbol on its website since March 2017.

While many experts credit mathematician John Wallis with first using the "loopy" symbol to represent the concept of infinity in the 17th century, the design may go back centuries prior to that usage. Dfinity’s lawsuit seemed to be based not on Meta’s logo using the infinity symbol itself, but rather registering a trademark for use in fields offering similar goods and services, including computer software incorporating blockchain technology.

“Meta and Dfinity seek to attract the same users, namely those who are looking for an innovative and different internet experience, created by users, for users,” said the lawsuit, adding: 

“Further, both Meta and Dfinity utilize the same marketing channels such that consumers will likely encounter the marks through those same channels [...] Despite knowledge of Dfinity’s mark, Meta chose to proceed with its application to obtain registration in some of the same or similar areas in which Dfinity has already obtained registration for its mark.”

Dfinity’s legal team continued:

“The similarities between Meta’s mark and Dfinity’s mark, and Meta’s intended use of its mark in the same space and through the same customer base as Dfinity, will cause confusion because consumers will mistakenly believe that Meta and its services are connected with, sponsored by, affiliated with, or related to Dfinity, or that Dfinity and its services are connected with, sponsored by, affiliated with or related to Meta.”

According to Dfinity, Meta “knowingly infringed” upon the company's trademark based on its registration with the USPTO and exhibited “willful and wanton disregard of Dfinity’s established and superior rights.” The lawyers claimed that confusion around the similar logos had already caused Dfinity to lose revenue, and the firm will continue to do so as well as potentially suffer “reputational harm” while the alleged discrepancy remains.

“Dfinity has suffered, and will continue to suffer, irreparable injury as a result of Meta’s unlawful action and has no adequate remedy at law,” said the lawsuit. “Unlike Facebook’s (now Meta) centralized, closed system, Dfinity’s focus is on decentralization and interoperability. Any association between Dfinity and Meta would cause consumers, including users and developers, to question Dfinity’s core mission.”

Dfinity’s legal team has requested relief in the form of attorneys’ fees based on Meta’s alleged trademark infringement and “false designation of origin.” In addition, the firm asked for punitive damages surrounding the potential confusion “as to the source, origin, sponsorship, and association” of Meta’s products and services. The blockchain firm has requested a trial by jury.

Related: ‘Wave of litigation’ to hit NFT space as copyright issues abound

Legal issues related to copyrights and trademarks have cropped up in the crypto space since its creation in 2008. In June 2020, someone anonymously registered the Bitcoin (BTC) name and logo with the Spanish Patent and Trademark Office claiming they wanted to “protect Bitcoin.” A legal team representing fast food chain Jack in the Box also filed a lawsuit against FTX US in November 2021 based on alleged similarities between its "Jack" character and the crypto exchange’s "Moon Man."

Dubai Defies Nature’s Fury: Global AI and Blockchain Shows Shine Through Adverse Weather

Internet Computer eyes 50% move as ICP enters ‘falling wedge’ breakout territory

ICP price is likely to face strong resistance at its 50-day exponential moving average right under $20.

The price of Internet Computer (ICP) reversed directions after falling to its record low near $14.50 on Feb. 24 and has rebounded by more than 30% ever since. And now, it appears the 35th-largest digital asset by market capitalization has more room to grow in the coming weeks.

ICP breaks out of 'falling wedge'

ICP's daily chart shows a falling wedge pattern — a setup consisting of two descending, converging trendlines connecting lower highs and lower lows. The intersecting nature of the two lines indicate a weakening bearish momentum. As such, traditional analysts anticipate a breakout out of a wedge to be bullish.

For ICP/USD, the wedge hurdle was near $17.75, as shown in the chart below. It broke above it on March 22, and kept on rising in the next daily session, accompanied by an increase in trading volumes. On the whole, it shows a convincing falling wedge breakout in action.

ICP/USD daily price chart featuring a 'falling wedge' setup. Source: TradingView

In a "perfect" scenario, breaking out of a falling wedge pattern — to the upside — can see a subseqeunt price rally by as much as the maximum distance between the wedge's upper and lower trendline. That may put ICP en route to over $27 — by almost 50% — sometime by April.

Nonetheless, there is also a possibility that ICP's breakout mode exhausts midway near $20, a level that coincides with the resistance trendline of its multi-month descending channel. Still, it would leave the Internet Computer token with a potential 20% upside setup before the next pullback occurs.

Bearish risks remain for ICP price

Falling wedges are poor performers when it comes to predicting bullish chart patterns, according to  Tom Bulkowski, a veteran stock market investor, who noted that they work well when predicting a  "downward breakout in a bear market."

ICP has been in a bear market since its launch in May 2021 across the crypto exchanges, with its price plunging more than 90% from its debut rate of around $240 (data from Binance). The token dropped amid allegations that its founding company, DFINITY, dumped billions of dollars worth of Internet Computer tokens while simultaneously barring its early investors from exiting their positions.

Additionally, a correction across the Bitcoin (BTC) and the rest of the cryptocurrency markets also weighed down the ICP's bullish prospects.

Notably, the correlation between Bitcoin and Internet Computer has been mostly positive since the ICP's trading debut on exchanges. In other words, ICP typically sees downside moves when BTC experiences a correction.

ICP/USD daily price chart. Source: TradingView

Despite logging a falling wedge breakout, ICP still eyes further bullish confirmation as it trades below its 50-day exponential moving average (50-day EMA; the red wave) near $19, a strong resistance level since September 2021.

Related: Internet Computer founder‘s $250M plan to help end the war in Ukraine

Failure to mark a break above the 50-day EMA could have ICP retest its record low near $14, down over 20% from today's price.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Dubai Defies Nature’s Fury: Global AI and Blockchain Shows Shine Through Adverse Weather

Internet Computer founder’s $250M plan to help end the war in Ukraine

Williams' proposal is focused on using blockchain tech to counter propaganda, and incentivize the Russian population via crypto rewards to get informed on what's taking place in Ukraine.

Internet Computer (ICP) and DFINITY founder Dominic Williams has conjured up an oddball plan to speed up the end of the Russian invasion of Ukraine via smart contracts and $250 million worth of crypto rewards.

DFINITY’s Internet Computer was launched in May 2021 and is a public blockchain and protocol that’s trying to decentralize the internet.

Williams' March 16 proposal is focused on countering propaganda, and informing the Russian population — who he suggests are in general “completely ignorant” — on the reality of what is actually taking place in Ukraine, which will then, in turn, spur them on to pressure the government to stop the conflict.

“We should not hold out too much hope that sanctions alone will turn the Russian population against their leaders, for the simple reason that they control their media, which dutifully pumps out carefully-crafted propaganda and false information,” Williams wrote.

The proposal suggests that blockchain tech and smart contracts could serve as a way to get large numbers of verified Russian citizens to watch “informative media” concerning the war together in virtual reality parties dubbed “people parties”:

“Each attendee who proves personhood using the people party system is then identified to smart contracts as an individual human being. The system prevents cheating, such that on each run, a person is only able to attend exactly once.”

“In this proposal, smart contracts would open a new crypto account for each successful attendee, which they can access and control using an Internet Identity,” the post added.

To incentivize citizens, Williams proposes that crypto rewards in assets such as Bitcoin (BTC) and Ether (ETH) could be utilized. Each Russian citizen would be required to watch until the end of the video/s as pin numbers tied to their accounts would not be unlocked until all of the content is consumed.

“The streaming video will tell the truth about the war in Ukraine, and ask Russians to pressure their government into ceasing hostilities. How such a video is best constructed should be left to talented filmmakers. A non-watermarked version should be made available for download, allowing the recipient to show others the video,” Williams wrote.

Related: Ukraine's president signs law establishing regulatory framework for crypto

The $250 million sum suggested by Willaims is based on his recommendation to pay each participant $50 per video watched, with the hope of attracting 5 million Russians to watch the informative videos.

The plan relies on many contingencies falling into place, with the most important being the internet staying online with no interference from the Russian government to facilitate such a grand plan. Responses on Twitter highlighted pointed out that Moscow officials are reportedly weighing up disconnecting the country from cyberspace.

Other Twitter users weren't impressed with the idea such as “Omega.ic3” who slammed the move as a PR stunt:

“There is no way this idea would have any real chance to impact public opinion in Russia. Therefore it looks like a cheap PR shot, ultimately trying to profit off the situation by jumping on the bandwagon of popular opinion and increase visibility.”

Dubai Defies Nature’s Fury: Global AI and Blockchain Shows Shine Through Adverse Weather

Internet Computer plans to roll out BTC and ETH integrations by year-end

The slated integrations with Bitcoin and Ethereum would displace the need to use a bridge, which can open the network up to malicious actors.

The Internet Computer has released a roadmap for 2022 and beyond, indicating plans to roll out integrations with Bitcoin and Ethereum by the end of the year.

The Internet Computer is a public blockchain and protocol that allows developers to install smart contracts and decentralized applications (DApps) directly on the blockchain. It was incubated and launched in May 2021 after years of development by Dfinity — a nonprofit based in Zurich.

The direct Bitcoin integration will be launched as part of Dfinity’s “Chromium Satoshi Release,” which is planned for Q1 2022. It will add smart contracts to the Bitcoin blockchain using “Chain Key cryptography,” displacing the need to use a bridge that can open the network up to malicious actors.

Dfinity community member Berto Parga Pena explains that Chain Key cryptography is “one of the fundamental breakthroughs enabling the Internet Computer to scale to millions of nodes.”

“It is a set of cryptographic protocols that orchestrate the nodes that make up the Internet Computer and the engine that drives it and makes its operation possible.”

“Smart contracts on the Internet Computer will be able to hold, send and receive Bitcoin, without the need for private keys,” wrote Director of Product at Dfinity, Diego Prats, in a Jan. 29 roadmap post.

Meanwhile, integration with Ethereum is slated for Q3 2022 with the “Vanadium Vitalik Release.” Dfinity is yet to publish any further details about the integration, but Vice President of Communications, Michael Less, explained to Cointelegraph:

“So when you make a transaction on the internet computer in Bitcoin, it actually changes the Bitcoin ledger versus what you see today, with a bridge. It's like a wrapped Bitcoin or wrapped Ether.”

Less explained that Dfinity has chosen to prioritize these integrations to help facilitate its vision for a “multi-chain future.” He said, “If Bitcoin is going to be around forever, how do we actually provide? The best user experience is to combine all these networks directly.”

In December, Dfinity enabled smart contracts (called “Canisters” in its ecosystem) to hold their own balances of ICP tokens. The ICP currently supports 250,000 queries per second, executed with 1-2 second transaction finality.

“ICP on Canisters was the important feature that made it viable, and it will probably go crazy once direct integration with BTC and ETH are released,” Lead software engineer at Dfinity Kyle Peacock told Cointelegraph.

On Jan. 28, Cointelegraph reported that the Internet Computer blockchain had welcomed its first decentralized exchange (DEX) Sonic, with at least two other exchanges in the works.

Upcoming Polychain Capital-backed DEX “InfinitySwap” appears to be orienting itself to capitalize with this upcoming integration with Bitcoin. According to Lee, it will allow users to stake their BTC as liquidity providers.

Related: First DEX on Internet Computer launches, others coming soon

The ICP token rose 56% in the first five days of the new year amid a flurry of optimistic news, however, it was one of the worst-performing crypto assets in 2021 dumping 97% from its May all-time high. On Jan. 4, Binance announced it would list a financial instrument that would enable traders to directly swap ICP to and from Ethereum's native token Ether (ETH).

The idea for a perpetual world computer was inspired by Ethereum technologist Dominic Williams, who became Founder and Chief Scientist at Dfinity.

Dubai Defies Nature’s Fury: Global AI and Blockchain Shows Shine Through Adverse Weather

First DEX on Internet Computer launches, others coming soon

Dfinity Foundation’s Internet Computer blockchain has welcomed its first decentralized exchange named Sonic.

The first decentralized exchange on the Dfinity Foundation’s Internet Computer blockchain went live this week, following up on the recent release of a new whitepaper. And according to information shared with Cointelegraph, there are already two other exchanges in the works.

The first version of the new DEX called Sonic launched to mainnet on Sunday. There are initially only three pools for token swaps using its native token Internet Computer Protocol (ICP): InterICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC. Users can also earn rewards for providing liquidity.

Dfinity Head of Comms Michael Less told Cointelegraph that Sonic plans to redefine what it truly means to be an example of decentralized finance (DeFi). Sonic has sub-one second transaction finality and is entirely run on the IC’s public blockchain network without any gas fees.

“It is completely running on a public blockchain, where it cannot be shut down — you can’t shut it down, it runs perpetually,” he said, explaining that its current primary focus is an upcoming integration with Ethereum, which is slated for Q3 this year.

“You’re going to be able to bring your Ethereum assets into Sonic, and it will be like Uniswap but with no gas fees and lightning fast.”

There are already plans for a Sonic V2, which will add a token Launchpad, DAO (decentralized autonomous organization) tools, and its own native SONIC governance token. The launch date for Sonic V2 is yet to be confirmed.

According to information shared with Cointelegraph, there are at least two other DEXs that will be joining Sonic on the IC “in the next few weeks”, including InfinitySwap and ICP Swap.

Internet Computer is a public blockchain and protocol aimed at running a truly decentralized internet by allowing developers to install smart contracts and decentralized applications (DApps) directly on the blockchain.

It was incubated and launched after years in development by Dfinity in May 2021 – a nonprofit based in Zurich.

The new white paper “The Internet Computer for Geeks” released on Jan 21 goes back to basics, explaining the fundamentals of how the IC uses smart contracts to power the emerging Web 3.0 decentralized ecosystem.

Related: Internet Computer: Correction risk rises after ICP price gains nearly 60% in 5 days

According to Dfinity, there are over a thousand developers building on the IC blockchain. Projects include social media DApps such as Desocial, DSCVR and Distrikt; Metavserse projects such as PokedStudios and IC Gallery, and gamefi projects such as Cube Run and MetaSports Basketball.

Dubai Defies Nature’s Fury: Global AI and Blockchain Shows Shine Through Adverse Weather

Traders hope for a new altcoin season now that Bitcoin turned $45K to support

Bitcoin’s consecutive daily closes above $45,000 were followed by a 40% rally from ICP, RVN, VGX and EGLD, leading traders to believe that a new altcoin season is starting.

This week the total cryptocurrency market capitalization bounced back to $1.9 trillion, which was a 20% weekly increase and the highest level seen since May 20.

While the fresh bullish momentum attracted the attention of investors, Bitcoin's (BTC) move from $33,400 to $45,900 was pretty much in line with the rest of the market.

Whether Bitcoin will finally break the $46,000 resistance remains an open question. However, the longer it takes, the higher the odds that altcoins will outperform the leading cryptocurrency.

Total crypto market cap. in USD million (right) and Bitcoin dominance (left). Source: TradingView

Not every altcoin performed similarly and only 14 of the top 100 from CoinMarketCap outperformed Bitcoin by 3% or more.

Top weekly performers among the 100 largest. Source: CoinMarketCap

ICP, RVN, VGX and EGLD followed Bitcoin's 40% rally

Internet Computer (ICP) announced on July 30 that within two weeks of its launch, the Fleek application reached 700 website deployments. Fleek allows one to build websites and front-end for decentralized applications on the Internet Computer blockchain with frictionless hosting. 

According to the Dfinity Foundation blog, Fleek created an alternative open-source gateway to the blockchain so Internet Computer smart contracts data could be freely accessed using regular browsers.

Ravencoin (RVN) also became the most profitable coin to mine using graphic cards, according to data from whattomine.com and the network surpassed Ethereum (ETH).

Voyager's breakout was caught by the VORTECS™ indicator

Voyager Digital, the company behind Voyager Token (VGX), acquired crypto trading and payments startup Coinify for $85 million. On August 1, Voyager also launched the VGX web swap 2.0 and staking portal.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for VGX on July 31, before the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (left) vs. VGX price (right). Source: Cointelegraph Markets Pro

As displayed above, the VORTECS™ Score for VGX climbed to 90 high on Aug 3, 30 hours ahead of the 23% price to $3.50.

Lastly, Elrond (EGLD) announced a $20 million funding from Moonlorian Blockchain Business Laboratory. According to Elrond's blog, the blockchain firm is already incubating several projects in domains such as tokenization, NFT, traceability and loyalty platforms.

On the other hand, only six projects presented a negative performance over the last seven days.

Bottom weekly performers among the 100 largest. Source: CoinMarketCap

Flexa (AMP) rallied 90% from July 22 to 29 as Binance US announced the token listing. However, the altcoin quickly retraced 26% from the $0.083 top on July 29.

Theta Fuel (TFUEL) faced a similar movement as it rallied 63% from July 20 to 25 during the launch of protocol 3.1.0 and reached a $0.368 top. The hard fork created a more efficient block proposal protocol, optimized the blockchain database and added support for Ethereum RPC API.

Altcoin holders certainly have reasons to celebrate, but investors should be mindful that an eventual Bitcoin price correction will likely cause traders to quickly capture profits from the most volatile altcoins.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Dubai Defies Nature’s Fury: Global AI and Blockchain Shows Shine Through Adverse Weather