Crypto Report - Tuesday June 6th, 2023
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Summary
Optimism Completes ‘Bedrock’ Hard Fork, in Pursuit of Superchain
Swift and Chainlink Will Test Connecting Over a Dozen Financial Institutions to Blockchain Networks
Bitcoin-Denominated Life Insurance Provider Sets Up Shop With $19M Funding
How AI is Transforming Music Creation in Web3
Haun Ventures Leads $10M Seed Round for Web3 Gaming Studio Argus
Optimism Completes ‘Bedrock’ Hard Fork, in Pursuit of Superchain
Optimism, an Ethereum layer 2 scaling solution, has successfully completed its Bedrock upgrade, bringing the blockchain closer to becoming a "Superchain" of interoperable mini-blockchains. The hard fork significantly improves chain functionality by reducing deposit-confirmation times from 10 minutes to 1 minute and lowering gas fees by 40%. The upgrade also enhances proof modularity for OP Stack, an open-source platform for developers to build customizable blockchains with Optimism, enabling the use of both validity proofs and fault proofs. Bedrock has transformed Optimism into a multi-client ecosystem, offering at least two options for client software used to run the network. Karl Floersch, CEO and co-founder of OP Labs, highlighted that this makes Optimism the first layer 2 to operate on a multi-client ecosystem, which strengthens the blockchain by minimizing network downtime risks. Following the Bedrock upgrade, $OP, Optimism's native token, experienced a 10% increase in value over 24 hours.
Swift and Chainlink Will Test Connecting Over a Dozen Financial Institutions to Blockchain Networks
Swift, the interbank messaging system, and Chainlink, a provider of real-world data to blockchains, are collaborating with dozens of financial institutions such as the Depository Trust and Clearing Operation (DTCC), Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, and Lloyds Banking Group to test connectivity with multiple blockchain networks. The aim is to explore how these institutions can use Swift's infrastructure to facilitate the transfer of tokenized assets across blockchains. Chainlink will provide connectivity across both public and private blockchains for the experiments, building on the partnership between Swift and Chainlink announced last year at SmartCon. Swift believes that blockchain technology could generate efficiencies, reduce costs, and simplify settlement processes, attracting more investors and increasing liquidity in private markets. Chainlink co-founder Sergey Nazarov sees this collaboration as a significant step for the crypto industry, as banks hold the largest amount of global capital, and their involvement is crucial for the blockchain industry to grow beyond single-digit trillions.
Bitcoin-Denominated Life Insurance Provider Sets Up Shop With $19M Funding
Life insurance firm Meanwhile Insurance Bitcoin (Bermuda) has raised $19 million to develop an AI-aided bitcoin-denominated policy targeting the growing cryptocurrency economy. The Bermuda Monetary Authority-licensed company secured funding across two seed rounds, the first co-led by OpenAI CEO Sam Altman and former Stripe executive Lachy Groom, and the second led by Gradient Ventures. Previously named Standard Crypto Insurance, the company will use the funds to hire a development team for its first product, targeting U.S. citizens with significant BTC holdings seeking tax-advantaged family protection. According to CEO Zac Townsend, the firm has already seen strong early demand from this audience. Meanwhile plans to utilize AI for underwriting, claims, and operations, and although policyholders will bear the risk of bitcoin price fluctuations affecting payout values, Townsend remains unconcerned about volatility, stating that the company's focus is on bitcoin's long-term value.
How AI is Transforming Music Creation in Web3
In April 2023, Warner Music Group's Oana Ruxandra discussed the transformative potential of AI-driven music tools, which can inspire new forms of creativity and sub-genres. While there are concerns about protecting artists' rights, some musicians have embraced AI technology, like Grimes, who invited fans to create AI-generated songs using her voice and split royalties 50/50. AI music tools can enhance music production by filling in technical or intellectual gaps, performing sound engineering tasks more efficiently, and even pairing with Web3 for immersive, interactive experiences. Crypto-native musicians and platforms, such as VNCCII and Pixelnyx, have integrated AI tools into their practice. WarpSound, an adaptive AI music platform, has found ways to integrate blockchain-based collectibles and digital avatars, while partnering with the Tribeca Film Festival and YouTube to create interactive experiences. AI-generated songs can be minted as NFTs and sold on marketplaces like OpenSea. Although AI music tools aren't as sophisticated as text-to-image generators or chatbots, they are improving through continued human interaction. Water & Music considers creative AI the most disruptive technology for the music business since Napster.
Haun Ventures Leads $10M Seed Round for Web3 Gaming Studio Argus
Crypto investment firm Haun Ventures has led a $10 million seed funding round for Web3 gaming studio Argus, with participation from Robot Ventures, Anagram, Dispersion Capital, Alchemy, and individual investors such as former Coinbase CTO Balaji Srinivasan. Argus has announced the World Engine, a blockchain-gaming software developer kit (SDK) enabling developers to create their own Web3 gaming ecosystems. Argus CEO Scott Sunarto said the company aims to build the blockchain infrastructure to support emerging Web3 games and help developers expand their visions. The funding will be used to scale the team and build out the studio and tooling infrastructure. Breck Stodghill, the Haun Ventures investor who led the round, sees Sunarto as a "missionary" in spearheading growth in the greater Web3 gaming space. Stodghill believes that if infrastructure problems are solved, interesting new games will emerge and be beneficial for gamers. This comes as investment in blockchain-based games picks up again, with a16z leading funding rounds for gaming studio CCP Games and Web3 gamified-social protocol Here Not There earlier this year.
