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Ethereum Foundation wallet moves 92K ETH after 7 years

The Ether, worth roughly $290 million at the time of publication, had been at the same address since 2017.

A wallet associated with the Ethereum Foundation has transferred roughly $290 million in Ether after seven years of no movement.

According to data from blockchain analytics platform Arkham Intelligence, an address potentially connected to the Ethereum Foundation moved roughly 92,500 Ether (ETH) on July 25. According to Etherscan, the funds had not moved from the recipient address at the time of publication.

It’s unclear whether the Ethereum Foundation was responsible for moving the funds. Cointelegraph reached out to a spokesperson for comment but did not receive a response at the time of publication.

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Fantom unveils Sonic Foundation for new Sonic Chain

The CEO of the Fantom Foundation has unveiled the Sonic Foundation, which will oversee the creation and launch of Fantom’s new Sonic Chain.

The Fantom Foundation, the organization behind the Fantom decentralized network, recently announced the creation of a new foundation for facilitating the launch of their new, upcoming Sonic chain.

On May, 23, Fantom Foundation CEO Michael Kong announced the new foundation on the blockchain network’s blog. Kong wrote:

Fantom’s Sonic Foundation will be tasked with overseeing Sonic’s governance, managing the network treasury, orchestrating partnerships, and developing the DApp ecosystem.

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Kanye West plans ‘Swasticoin,’ eyes blockchain launch, and claims ‘only broke boys rug pull’

Why isn’t there a VR client yet for Decentraland or The Sandbox?

“VR has always been part of Decentraland’s vision,” a developer working on the platform’s VR client told Cointelegraph.

The Metaverse and Virtual Reality (VR) go hand in hand in the public’s imagination and platforms including Somnium Space, Crypto Voxels, and Meta’s Horizon Worlds already support the technology.

But despite describing itself as a “decentralized virtual reality platform” on its website, the browser-based 3D metaverse platform Decentraland still lacks VR.

Sean Ong, founder of extended reality specialists XR Dev Studio, sits on a team that has developed an “alpha” version of the VR platform. He explained that while “VR has always been part of Decentraland’s vision,” the Decentraland Foundation has been prioritizing the implementation of core features ahead of VR.

“The team that’s primarily been responsible for developing Decentraland, they’ve been super busy implementing so many features, the core features, building it out, that VR just hasn’t made it very far on the priority list.”

Ong is a member of Decentraland’s DAO and he and his team received grants after submitting a proposal to bring VR to the platform.

Decentraland’s “alpha” VR platform. Source: Sidequest

However, the funding only allowed them to create an alpha version of the VR client which was merely a "VR port" and thus lacked stability, he said.

Ong told Cointelegraph that the challenges in bringing VR to Decentraland were due to it being “fundamentally incompatible with VR.”

VR porting involves reworking the original code to make it compatible with another platform, and Ong notes that while this means you can save time and effort initially, the developer would need to make changes to the port whenever the main project is updated.

Building a dedicated VR client would take much longer, but this would insulate it from the main project which would make it more resilient in the long run, he explained.

Ong and his team asked for an additional $240,000 in funding via a Dec. 14 proposal to develop a dedicated VR client, however, the vote failed with more than three quarters voting no.

The Sandbox VR?

Cointelegraph also reached out to Sébastien Borget, co-founder of blockchain-based metaverse The Sandbox for his thoughts on virtual reality in the metaverse.

Borget suggested that while metaverses will eventually exist on VR, their priority for 2023 is mobile and they “have no immediate or future plans for VR.”

The Sandbox’s latest experience, Little Big Island ft. Puss in Boots. Source: The Sandbox

“We think VR technology is not mature or mainstream enough, so we focus on making the Metaverse more mainstream and accessible to all,” he said.

Related: Decentraland launches virtual property renting for LAND owners

Meanwhile, asked about recent criticism of Decentraland’s 8,000 daily active users, Ong notes that these numbers are still relatively low and that the platform should be aiming for millions.

“Metaverse these days is synonymous with VR,” Ong says, and he believes that Decentraland would be able to onboard many more users should it be able to bring virtual reality support to the platform, adding that “VR definitely has to be a major component” of a truly full-featured metaverse.

In an emailed response, the Executive Director of the Decentraland Foundation Agustin Ferreira stated that the DAO could eventually take over platform development, and the foundation aims to support community development and create “incentives for developers to add value to the entire ecosystem.”

Kanye West plans ‘Swasticoin,’ eyes blockchain launch, and claims ‘only broke boys rug pull’

Linux to launch Foundation to support digital wallet development

The foundation apparently does not intend to create its own digital wallet, however. Its' goal is to make it easier for companies to create wallets for themselves.

The Linux Foundation, a global nonprofit organization that enables innovation within the blockchain ecosystem through access to open source technology, has announced plans to launch the OpenWallet Foundation (OWF). 

The OWF is a collaborative effort between companies in the technology and public sector, as well as stakeholders within the blockchain ecosystem, to develop open-source software to support the interoperability of digital wallets; software designed to send, receive, store and monitor digital assets.

According to a press release issued on Sept. 13, the primary goal of the OWF is to build a multi-purpose open source engine that anyone with the technical understanding can use to build safe, secure, and privacy-protected interoperable wallets. The foundation also said it seeks to establish best practices for digital wallet technology.

Rather than creating a digital wallet itself, the foundation will focus on building an open-source software engine that other organizations, companies, and developers can use to create their own multi-use digital wallets. Jim Zemlin, the executive director of the Linux Foundation, shared:

“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.”

Accenture’s David Treat, a member of the Foundation, stated:

“Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world. Massive business model change is coming, and the winning digital business will be the one that earns trust to directly access the real data in our wallets to create much better digital experiences,”

Joining Linux Foundation in this endeavor are other renowned companies like CVS Health, The Open Identity Exchange, Okta, OpenID Foundation, Ping Identity, polypoly, Procivis AG, Transmute, and Trust Over IP Foundation.

Kanye West plans ‘Swasticoin,’ eyes blockchain launch, and claims ‘only broke boys rug pull’

Hyperledger announced new members at commencement of global forum

The group said the addition of its newest members will introduce a diversity of innovations and accelerate the development of decentralized technologies.

Hyperledger Foundation, a global open source collaboration of enterprise blockchain technologies, has commenced its largest annual event, the Hyperledger Global Forum 2022. 

Ahead the event on Monday, the Foundation announced the addition of eight newest members to its international community, namely: CasperLabs, Realto Group, BCW Group, Banque de France, Central Bank of Nigeria, Digital Identity Laboratory of Canada, International Association For Trusted Blockchain Applications (INATBA) and DSR Corporation.

Daniel Barbosa, Executive Director at Hyperledger Foundation, and General Manager of Blockchain, Healthcare, and Identity at the Linux Foundation, shared that: “Hyperledger technologies are playing an outsized role in reshaping existing markets and creating new ones. Our newest members are bringing a diversity of innovation into the Hyperledger community, accelerating the development of open, decentralized technologies that will be the infrastructure for many generations of new services and applications.”

Hyperledger Foundation is a non-profit organization that seeks to bring together vital resources and infrastructure to create a thriving and stable ecosystem around open-source software blockchain projects. Hyperledger allows member organizations to tap into their open source distributed ledger frameworks, tools, and resources to create enterprise-grade, industry-specific applications, platforms, and hardware systems to support business transaction needs.

The Foundation’s enterprise-grade blockchain software projects are designed and built by a developer community for service providers, start-ups, vendors, end-user organizations, academics, and commercial solutions.

The newest members of Hyperledger’s Foundation such as Banque de France, and the Central Bank of Nigeria, seems to suggest that governments all over the world are slowly opening up to Blockchain technology and its innovations.

Just recently, Nigeria announced it was in early-stage talks with Binance to create a crypto-friendly economic zone within the country.

Kanye West plans ‘Swasticoin,’ eyes blockchain launch, and claims ‘only broke boys rug pull’

Twitter User Accuses Nexo of Embezzlement Through Charity, Crypto Lender Denies Allegations

Twitter User Accuses Nexo of Embezzlement Through Charity, Crypto Lender Denies AllegationsA Twitter account has accused the Bulgarian co-founders of the Swiss-based cryptocurrency lender Nexo of misappropriating funds from a charity platform. The company has rejected the allegations in the anonymous attack, which comes after Nexo offered a buyout deal to troubled rival Celsius. Anonymous Allegations Against Co-Founders Circulated on Social Media A Twitter user going […]

Kanye West plans ‘Swasticoin,’ eyes blockchain launch, and claims ‘only broke boys rug pull’

NEAR developers to get seamless Web3 app deployment with Pocket Network

According to Pocket Network, the latest integration with NEAR allows native developers to deploy their applications on other supported blockchains, including Ethereum, Solana, Polygon and more.

Pocket Network, a relay infrastructure middleware protocol, announced a service integration to improve the network bandwidth of NEAR blockchain while enabling faster deployment times for Web3 developers.

According to Pocket Network, the latest integration with NEAR allows native developers to deploy their applications on other supported blockchains, including Ethereum, Solana, Fuse, Avalanche, Harmony and Polygon. In addition, by having integrations with multiple blockchains, NEAR developers can overcome concerns regarding single points of failure due to bottlenecks or other service disruptions.

Pocket Network aims to accomplish 100% up-time for projects via a globally distributed network of over 47,000 full nodes that service Web3 applications across 46 blockchains. 

Pocket Network aims to bring about revenue generation opportunities for full-node operators by offering payments in its in-house token Pocket Network (POKT) for servicing traffic across the network. “It’s a win-win-win scenario for NEAR apps, NEAR nodes and the Pocket Network protocol,” noted Michael O’Rourke, co-founder and CEO of Pocket Network.

With Pocket Network’s integration autonomously allocating bandwidth and relays, the NEAR ecosystem is expected to witness reduced friction when connecting decentralized applications (DApps) via Pocket Portal, a layer-2 product on top of the Pocket Network protocol. Speaking on the development, Cameron Dennis, head of ecosystems at NEAR Foundation stated:

“I’m thrilled NEAR developers will now have the opportunity to choose between Pocket Network’s decentralized network of RPC endpoints and other centralized solutions.”

Related: Polygon and others extend helping hand to Terra blockchain projects

In an attempt to revive Terra’s fallen developer community, numerous popular blockchains including Polygon and Fantom offered a helping hand in assisting them to migrate their services to other chains.

According to Polygon Studios CEO Ryan Wyatt, The Polygon community “is ready to welcome the developers and communities of these Terra projects.”

Layer-1 blockchain project Fantom, too, extended its support to the Terra community by promising to assist any project or developer who desires to move away from Terra blockchain.

Kanye West plans ‘Swasticoin,’ eyes blockchain launch, and claims ‘only broke boys rug pull’

SushiSwap community proposes Swiss legal structure to limit DAO liability

According to the proposer Tangle, the intended foundation will play a key role in limiting the liability for contributors and driving Sushi’s future growth.

SushiSwap (SUSHI), a community-led suite of decentralized finance (DeFi) tools, plans to implement a legal structure aimed at mitigating risks for token holders and members of the Sushi protocol. 

Sushi’s new legal structure will be based on a community-approved proposal from Mar. 20 that cited the need for an association or foundation to help provide legal clarity and administrative support for SushiDAO.

According to the proposer and a member of the SushiSwap community, Tangle, the intended foundation will play a key role in limiting the liability for contributors and, as a result, drive Sushi’s future growth.

Considering the possibility of risk mitigation and liability limitation via legal clarity for holders and contributors, the proposal received a 100% vote for the implementation of the legal structure.

Sushi Legal Structure proposal's voting results. Source: Sushi forum

Tangle estimates an upfront expense of up to $100,000 and a recurring cost of $10,000 to set up the foundation:

“There are several jurisdictions which can be contemplated for forming a DAO entity, but Swiss Association law is currently the leading solution.”
Estimated budget for foundation. Source: Sushi forum

In order to build the foundation, the Sushi community will implement a four-step process, which includes determining and establishing the members, token distribution and transfer along with the draft articles of the foundation. 

The proposal also includes the need for service entities including “DevCo services entity and any other core contributor entities.” Individuals residing in crypto-friendly jurisdictions will be considered ideal candidates for being a member of the foundation.

Adding to the discussion, community members highlighted the importance of defining the foundation’s use and what it owns:

“It’s definitely a must, it’s really the time for Sushi to update itself and to have a legal shield ready for all contributors.”

Related: Dogecoin Foundation registers name and logos as trademarked within in the EU

As smaller crypto communities slowly seep into the mainstream, foundations play a crucial role in dictating the future roadmap and relevance of the project. In an attempt to sieve imitators, the Dogecoin Foundation registered “Doge,” “Dogecoin,” and its associated logos as trademarks in the European Union.

As Cointelegraph reported, the Dogecoin Foundation faced numerous issues with the misuse of its name and imagery. According to ex-director Ross Nicoll, several parties were registering trademarks for Dogecoin, and “in the summer of 2021, there was a potential lawsuit against the developers from someone who claimed we were responsible for their funds.”

Crypto Veteran Samson Mow Slams Ethereum, Calls for Chain Rollback After Hackers Loot $1,400,000,000 From Bybit

Former ENS director of operations remains at foundation after voting against his own removal

"For all the talk about credible neutrality and building infrastructure, this would have been the time to abstain, but he chose self-preservation," said DAO member Eric Hu.

Brantly Millegan will be staying on as the director of the Ethereum Name Service Foundation after casting more than 363,300 votes against a decentralized autonomous organization proposal to remove him.

According to a tally of roughly 3.7 million ENS DAO votes recorded at the end of the voting period on March 5, more than 1.6 million were against removing Millegan as director of the ENS Foundation — 43.39% of the vote. More than 698,000 votes abstained from the proposal, while roughly 1.4 million votes were in favor of Millegan’s removal — 19.1% and 37.51%, respectively.

However, many DAO users noted that Millegan used more than 363,000 tokens to vote against his own removal, which tipped the total in his favor. Many of the votes were delegated by DAO users prior to the controversy that precipitated the vote, in which Millegan stood by tweets he posted in May 2016 with anti-LBGTQIA statements including "homosexual acts are evil” and “transgenderism doesn’t exist.” The former ENS director of operations said the tweets were in accordance with his Catholic faith.

“Ultimately Brantly chose not to abstain from this vote and voted Against isn’t neutral either,” said DAO member Eric Hu, who voted for Millegan’s removal. “He falls short even of his own ideals [...] For all the talk about credible neutrality and building infrastructure, this would have been the time to abstain, but he chose self-preservation.”

Some claimed that the DAO governance model was flawed when dealing with a decision affecting its leadership. While ENS founder and developer Nick Johnson announced on Feb. 7 that True Names Limited — the nonprofit behind ENS — had terminated Millegan’s contract as director of operations, he voted in the DAO to abstain with the roughly 253,000 tokens he controlled.

“Brantly voting is a clear conflict of interest, regardless if he votes on behalf of his delegates,” said Niel de la Rouviere on Twitter. “In this case his delegates should have voted as themselves. Directors voting on their own removal is completely broken.”

Others including ENS co-founder Alex Van de Sande argued that users “had plenty of opportunity to redelegate” their votes prior to the proposal for Millegan’s removal. However, some reported issues with transaction failures when they tried to change their delegation settings. At the time of publication, it’s unclear if Millegan has commented on the vote, but there has been no new activity on his Twitter account since his suspension on Feb. 5.

“I am disappointed to see many other delegates talk themselves into circles about ‘neutrality’ regarding this issue,” said Jeff Coleman on Twitter. “Accepting or even endorsing an unjust status quo is not neutrality. I think we can and should do better.”

Related: Early Ethereum Name Service (ENS) adopters rewarded with a hefty five-figure airdrop

Launched in 2017, the ENS protocol allows users to register domain names ending in ".eth" and direct them to Ethereum wallet addresses. According to data from CoinMarketCap, the price of the ENS token has fallen roughly 8.6% since voting ended on March 5, from $15.00 to $13.71 at the time of publication.

Crypto Veteran Samson Mow Slams Ethereum, Calls for Chain Rollback After Hackers Loot $1,400,000,000 From Bybit

Avalanche Foundation Launches $290 Million ‘Multiverse’ Incentives Program for Subnets

Avalanche Foundation Launches 0 Million ‘Multiverse’ Incentives Program for SubnetsThe Avalanche Foundation has announced a new incentives program to support the use of subnets. The organization announced that the program, dubbed “Multiverse,” will connect developers with a fund of up to $290 million, approximately 4 million AVAX, to incentivize the growth of subnets, a trait that allows AVAX to spur multiple networks that share […]

Crypto Veteran Samson Mow Slams Ethereum, Calls for Chain Rollback After Hackers Loot $1,400,000,000 From Bybit