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Bitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestion

November 29, 2023 Coin Telegraph

Bioniq

Bioniq operates on the Internet Computer Protocol, tapping into native Bitcoin integration to ease the network congestion and high fees associated with Ordinals inscriptions.

A new Bitcoin nonfungible token (NFT) marketplace aims to reduce network fees associated with the advent of Bitcoin Ordinals inscriptions by tapping into the Internet Computer Protocol (ICP).

Developed off the back of the creation of Bitcoin Ordinals in early 2023, Bioniq operates on the ICP and taps into its native Bitcoin integration to power the trade of Bitcoin-based Ordinals inscriptions.

Speaking to Cointelegraph on the eve of the platform’s launch, Bioniq CEO and co-founder Bob Bodily said the project has been in development since February 2023. The team has built a marketplace featuring Ordinals smart contracts auctions on the ICP, a complete cross-chain wallet between Bitcoin and the ICP, as well as an inscription tool.

“It had only been two weeks after Casey Rodarmor released Ord 0.4.0, and I knew Ordinals were going to be absolutely massive.”

The Bioniq team highlighted the growth in the market capitalization of BRC-20 tokens since their inception in Jan. 2023. The market cap now exceeds $3 billion, with over 42.6 million Ordinals minted to date. This has directly affected Bitcoin network congestion, leading to a spike in Bitcoin (BTC) transaction fees last seen since 2021.

*Bitcoin transaction fees showed significant spikes in 2023 following the advent of Bitcoin Ordinals and BRC-20 tokens. Source: Blockchain.com*

Bioniq’s platform features a smart wallet for users to manage private keys using Web3Auth. This allows users to log into the platform using conventional Web2 Google accounts while maintaining noncustodial control of their wallets and assets.

The platform also uses partially signed Bitcoin transactions (PSBTs) through the ICP’s Bitcoin network integration. This unlocks smart contract capabilities for Bitcoin, removing the need for users to use centralized cross-chain bridges.

ICP is a “fantastic Bitcoin sidechain”

Building on ICP also allows Bioniq to claim transaction finality times below two seconds, as well as zero gas or network fees. Its architecture provides optimized storage costs, averaging around $5 per gigabyte of data stored annually.

Bodily added that Toniq, the studio behind Bioniq, has been developing on the ICP since May 2021 and has extensive experience building smart contract wallets, marketplaces, NFT launchpads and collateralized NFT lending protocols:

“ICP is a fantastic Bitcoin sidechain right now because it has wonderful Bitcoin primitives at the protocol layer.”

Bodily explains that ICP operates a Bitcoin light node running fully on-chain, which facilitates reading the Bitcoin blockchain via native smart contract calls. The ICP also has a threshold digital signature algorithm, known as an Elliptic Curve Digital Signature Algorithm. The implementation allows ICP smart contracts to sign layer-1 Bitcoin transactions and broadcast them to the mempool.

“These protocol primitives also enabled us to build an Ordinals wrapper entirely at the application layer; we didn’t have to touch the consensus layer of the protocol at all. So it is very fast to build Bitcoin tech on ICP right now,” Bodily added.

Bitcoin users and trust assumptions

Cointelegraph also inquired whether Bioniq’s wrapping process could be a potential barrier to entry for users. Bodily admits that while the process is largely automated by the Bioniq wallet and only requires BTC, there are two considerations that are pertinent for more discerning users.

“Wrapping requires a Bitcoin transaction. This means you have to pay in order to wrap. This is a significant barrier. One way we are addressing the problem is by integrating open Nostr PSBT listings into Bioniq,” Bodily explained.

This integration means that PSBT listings stored on Nostr through decentralized Ordinals marketplaces OpenOrdex or Deezy Place will be accessible on Bioniq. He added that it removes the need to wrap Bitcoin transactions, as users could list directly on Bioniq using open PSBTs.

Perhaps more importantly, Bodily explained that the wrapping process requires “trust assumptions” on both protocols:

“Wrapping over to ICP means in addition to trusting Bitcoin, you are now trusting the Internet Computer Protocol. Some Bitcoin users won’t want the counterparty risk of bridging assets to another chain.”

Bodily adds that Bioniq is focusing on developing user experience ahead of inheriting Bitcoin’s security, which is ensured by the finality of layer-1 transactions. However, he envisions a “nice decentralization path” for applications like Bioniq.

This would involve the evolution from being built on a sidechain with additional trust assumptions to “becoming a Bitcoin sovereign rollup on ICP that is trust minimized.” The final step would see Bioniq becoming a Bitcoin zero-knowledge rollup (ZK-rollup) on the ICP with no additional trust assumptions, inheriting the full security and decentralization of Bitcoin.

“ICP fits perfectly into this plan as well because ICP can provide a replicated execution environment (decentralized sequencer) or validium (extra off-Bitcoin storage for rollups).”

Banking on Bitcoin’s value proposition

A number of NFT marketplaces already offer Bitcoin Ordinals auctions and trading, which begs the question of what an exclusively Ordinals platform will bring to the ecosystem.

Bodily believes that existing offerings that featured “softer pivots” to Ordinals on their platforms were hamstrung by confusing user experiences. Developing a “dedicated Bitcoin Ordinals marketplace, built for Bitcoin users natively” hinges on developing a native cross-chain, BTC-ICP wallet.

In addition, Bitcoin’s unchallenged position as the preeminent and largest cryptocurrency by market cap remains another drawcard for the continued interest in Bitcoin NFTs into the future.

“If you look at the numbers, 89% of people in the world have heard about Bitcoin, Bitcoin accounts for around 50% of the total crypto market cap, and Ordinals have done over $500 million in volume this year — so there is massive demand.”

Bioniq joins the likes of Ordinals Market as a Bitcoin-only Ordinals marketplace. Gamma is another Ordinals marketplace that directly mints to Bitcoin’s layer-1 chain. Ordswap was an early Ordinals marketplace that has since closed down after losing control of its website to hackers . Meanwhile, multichain platforms like Magic Eden prominently list Bitcoin Ordinals NFTs.

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Ordswap urges users to recover keys after losing control of website

October 10, 2023 Coin Telegraph

bitcoin ordinals

Before it was taken down, Ordswap users said the compromised website directed users to a phishing link.

Ordswap, a marketplace that allows users to inscribe, auction, and trade Bitcoin Ordinals, has devised a method for users to retrieve their private keys as it scrambles to regain control of its website domain.

In an Oct. 10 X (Twitter) post, the Ordswap X account shared an online tool that purports to help users who logged into the site through MetaMask to recover their Ordswap private keys, allowing them to move to other providers.

Source for metamask users to obtain key is now available below. You are able to import(hex) to Unisat. https://t.co/oETb7h7sA0 https://t.co/NGaaLiNNwW
— Ordswap (@ordswap) October 10, 2023

Hours earlier, on Oct. 9, Ordswap posted a stark warning to users not to connect to its domain as it was not in control of it. It pinned the issue on Netlify — a website development and hosting firm.

We are working on publishing source for metamask users to obtain their key if they have not already. The issue appears to be with Netlify, but we are still working through it. https://t.co/uYGxJkzGfj
— Ordswap (@ordswap) October 9, 2023

On the project’s Discord server, a member of Ordswap’s team and users reported that for a time, the website featured a button prompting users to connect their crypto wallet in an apparent attempt to phish users.

One X user reported the button was a wallet drainer — an increasingly popular tool deployed by crypto scammers. At the time of writing, Ordswap’s website automatically redirected to a competing marketplace RelayX.

An Ordswap team member on Discord claimed the project had not seen an impact on user private keys or assets due to the breach but added users could be compromised if they interacted with the site.

*Ordswap support team member “Bitkorn” claims the project hasn’t seen user assets impacted by the wesbite breach. Source: Discord*

In late September, the website for the Ethereum-based automated market maker Balancer was compromised in a seemingly similar attack, with attackers making off with around $240,000 worth of funds.

Balancer later said it believed the exploiters undertook a social engineering attack on its DNS service provider EuroDNS which allowed attackers to input a prompt to trick users into approving a malicious contract that drains their wallet.

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Axelar partners with Microsoft for hybrid blockchain solutions

July 11, 2023 Coin Telegraph

Through the collaboration, Axelar will be the first cross-chain protocol to join Microsoft’s Azure marketplace.

On July 11, cross-chain protocol Axelar and tech giant Microsoft announced a partnership to bridge public and private blockchains. The collaboration will see Axelar joining Microsoft’s Azure marketplace, becoming the first cross-chain protocol listed on the developer’s online store.

Galen Moore, Axelar’s spokesperson, told Cointelegraph that the initiative would enable Axelar to reach tens of thousands of companies that use Azure, Microsoft’s cloud service. “This has tremendous potential for products that integrate established internet technology with public blockchains in ways that are meaningful for users,” Moore stated.

In the marketplace, developers will have access to tools via the AxelarJS software development kit (SDK), as well as Axelar’s general message passing, which helps developers integrate functionality independently of blockchains and databases.

The companies will also explore the integration of public and private blockchains to support artificial intelligence (AI) applications. Speaking on the nature of these solutions, Axelar co-founder, Sergey Gorbunov, explained that trust in AI needs to come from multiple layers:

“Are the models trained on the data that they’re supposed to be on? Did any private data leak into the models? Are the queries sent to the AI returning accurate results? Can we verify the origins of the data? Without answers to these questions, it’s hard to integrate AI to be a “member” of our societies.“

According to Gorbunov, combining private and public blockchains is the answer. “Blockchains can help establish roots of trust, make sure the data is not tampered with, and keep it hidden within specified jurisdictions,” he said, adding that “connections to public blockchains can be used to prove and establish trust across all consumers, no matter where they query the data from.“

Over 25,000 applications and services are available in Azure’s marketplace for developers and businesses, the company’s website states. A search on the platform reveals at least 200 solutions powered by blockchain technology.

Axelar currently supports 43 blockchains. Last year, it raised $35 million in Series B funding, lifting its market value above $1 billion. Some of the participants in the round include Dragonfly Capital, Polychain Capital and North Island Ventures.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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Solana’s Cardinal shuts down, citing economic conditions

June 29, 2023 Coin Telegraph

Coin Telegraph

According to the protocol’s closing schedule, part of the operations will cease on July 19, while the withdrawal period ends on Aug. 26.

Solana’s Cardinal protocol is winding down operations due to economic conditions, nearly a year after raising $4.4 million to improve nonfungible tokens (NFT) utility. According to an announcement on Twitter, withdrawals should be made by Aug. 26.

Cardinal Labs was an infrastructure provider dedicated to supporting NFT use cases on the Solana network by offering protocols and software development kits (SDKs) for staking, rentals, subscriptions, royalties and trading.

Hey Everyone, we have some unfortunate news to share

After a lot of reflection, we’ve decided to begin the process of winding down our protocols. Let's dive into it ⬇️
— Cardinal (@cardinal_labs) June 28, 2023

Based on the closing schedule, part of the operations will be halted on July 19, including staking pool creations, token management, NFT rentals and rental extensions, social media handles and new deposits. Withdrawals must be completed by Aug. 26, when the two-month notice period ends.

“We’ve done our best to navigate this incredibly difficult macroeconomic environment since we began building 18 months ago, but like for many others, it has been challenging,” said the Cardinal’s team on Twitter, adding that while NFT-based products have seen some real traction, they remain “stuck in the context of the crypto maximalist community.”

In July 2022, Cardinal raised $4.4 million in a seed funding round co-led by crypto venture firm Protagonist and Solana Ventures, along with Animoca Brands, Delphi Digital, CMS Holdings and Alameda Research, the sister company of now bankrupted crypto exchange FTX. According to a spokesperson for Cardinal, Alameda’s investment was “a very small piece of the round,” not contributing to the protocol’s financial difficulties.

Another $750,000 was raised from Neo Ventures in pre-seed funding in 2021. In total, Cardinal secured $5.2 million in funding over the course of 18 months, with over 65,000 NFTs staked on the protocol as of July 2022.

Despite challenging times, the NFT market seems slowly maturing. According to a recent report from DappRadar, the NFT market had a good start to the year, with Q1 2023 being the best quarter since Q2 2022. Although March saw a decrease in trade volume, the overall performance remained strong due to intense competition among NFT marketplaces.

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Crypto Biz: Six months on from FTX, Tether mines BTC, and Nvidia’s AI superchips

June 2, 2023 Coin Telegraph

Binance

This week’s Crypto Biz also looks at the crypto industry after FTX collapse, Tether’s Bitcoin mining in Latin America, Tabi’s funding round and Nvidia’s artificial intelligence machines.

Just over six months after FTX’s dramatic collapse, the crypto industry can finally begin analyzing the effects of the debacle. The quick ripple effect to other crypto businesses drained liquidity from the industry and prolonged the crypto winter, with Silvergate Bank, BlockFi and Genesis Global Capital among those hit by the exchange’s collapse.

FTX’s bankruptcy has also affected the crypto regulatory landscape, with authorities cracking down on firms — employing controversial methods in some cases — to avoid a deepening blend of traditional finance with cryptocurrencies.

Companies that closed their United States operations citing regulatory pressure in the past months included Bittrex, Nexo and Unbanked, to name a few. Coinbase CEO Brian Armstrong said this week that China stands to benefit most from restrictive crypto policies in the U.S., but only time will tell if this is true.

Companies are also reviewing their business operations due to increased regulatory scrutiny. In response to crypto firms being debanked, Binance has even considered buying a bank in the past months, said its CEO Chanpeng Zhao. Now, the crypto exchange is gearing up for a layoff that will boost its compliance and regulatory capabilities.

While the industry digests the recent events, FTX’s new management claims FTX 2.0 could be launched as soon as next year, hopefully in time to join the club of crypto companies striving to remain in business after November 2022.

This week’s Crypto Biz also looks at Tether’s Bitcoin (BTC) mining operations in Latin America, Tabi’s funding round and Nvidia’s efforts to power the next generation of artificial intelligence (AI) machines.

Buying a bank won’t solve crypto’s debanking issue — Binance CEO

Binance is unlikely to buy up any banking institutions, but it plans to make minority investments in financial institutions that will “hopefully influence them to be more crypto-friendly,” commented Zhao on the growing worry of crypto companies being debanked. The collapse of several U.S. banks in 2023 has prompted concerns that the pool of crypto-friendly banks is shrinking. Former key banking partners, Silvergate, Silicon Valley Bank and Signature Bank, have all capitulated this year. The exchange is also reportedly exploring a solution to reduce counterparty risk by allowing institutional clients to keep their trading collateral at a bank instead of on the crypto platform.

Tether moves into Bitcoin mining in Uruguay

Stablecoin issuer Tether has announced it will launch Bitcoin mining operations in Uruguay in collaboration with a local licensed company. According to Tether, the venture would utilize renewable energy sources aimed at “sustainable” Bitcoin mining and planned to hire additional team members. The mining announcement followed Tether’s plan to “regularly allocate up to 15%” of its profits into BTC purchases. Tether cited Uruguay’s capability of generating 94% of its electricity from renewable sources like wind, solar and hydropower, and its reliable grid. Job listings on its website also suggested expansion into South Africa and Brazil.

Nvidia introduces AI supercomputer to create ChatGPT successors

Nvidia continues to push forward in the race to develop AI tools and applications as the company revealed plans to release more products. Its CEO Jensen Huang recently unveiled a new AI supercomputer platform called DGX GH200 that will aid tech companies in developing successors to the popular AI chatbot ChatGPT. Big Tech firms such as Microsoft, Meta and Alphabet are anticipated to be among some of the pioneering users of the supercomputer equipment. Also developing its own AI chip is Microsoft, which claims it intends to deal with the rising costs of development for in-house and OpenAI projects.

BNB NFT marketplace Tabi raises $10 million in angel funding

Nonfungible token (NFT) marketplace Tabi, previously known as Treasureland, has completed a $10 million angel funding round seeded by venture capital firms Animoca Brands, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures and Youbi Capital. Along with NFT trading and launchpad features, Tabi converts users’ on-chain activities into “experience points,” which can be exchanged for future airdrop rewards and earnings. The protocol also contains a gaming platform aggregating blockchain game transactions and entertainment. Funds will be primarily used to develop Tabi’s gaming ecosystem and construct an on-chain identity protocol.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

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