Tezos, a blockchain known for its onchain governance system, has activated its 16th protocol upgrade, Paris, on mainnet on June 4th, 2024. This upgrade introduces the Data Availability Layer (DAL), which boosts Layer 2 throughput and unlocks new use cases in gaming, ticketing, and services requiring high-speed transactions. The upgrade also reduces block times to […]
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PSG Token Soars After Paris Saint-Germain Defeats Barcelona; CITY Dips Following Elimination of English Champions
The value of the fan token for the French football club, Paris Saint-Germain, briefly surged from just over .30 to after they knocked the Spanish football giants, FC Barcelona, out of the UEFA Champions League. However, the token for the English champions, Manchester City, plunged by nearly 20% after the team was eliminated from […]
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Paris Saint-Germain Becomes Trailblazing Validator On Chiliz Blockchain, Fueling 9% Rally In CHZ
In a notable development that signifies the growing adoption of blockchain technology in the sports industry, Paris Saint-Germain (PSG) has announced its deepening partnership with Chiliz (CHZ), the Malta-based FinTech provider.
PSG, one of the world’s most renowned football clubs, is set to become the first sports club to act as an official blockchain validator on the Chiliz Chain, a significant milestone for both organizations.
Chiliz Billion SportFi Ecosystem Attracts PSG
According to Thursday’s announcement, the latest collaboration will see PSG play an important role in ensuring the security, accuracy, and reliability of the Chiliz chain. In particular, validators are essential to maintaining the integrity and operation of a blockchain network.
Since its partnership with Chiliz in 2018, which led to the launch of the PSG Fan Token – the club’s official digital asset – PSG has become increasingly involved in adopting Web3 in sports. The club’s approach to Web3 innovation is further highlighted by the appointment of Pär Helgosson as the Head of Web3, a position dedicated to driving the club’s digital transformation.
Per the announcement, the choice of Chiliz as the platform for this initiative is attributed to its robust billion SportFi ecosystem, which attracts a large community of crypto-native sports fans.
Chiliz’s infrastructure and support for decentralized applications (dApps) have made it a preferred platform for over 50 web3 projects, showcasing its capacity to attract large Web3 products and services.
Web3 Adoption In Sports
To support the Chiliz Chain’s continued growth, PSG has pledged to use 100% of its accrued revenue as a validator to conduct regular buybacks of the PSG Fan Token from the public marketplace.
According to the announcement, these automated buybacks, executed through smart contracts or decentralized exchanges (DEXs) on the Chiliz chain, are expected to strengthen the club’s digital economy and regularly replenish its Fan Token reserves.
In addition to its role as a validator, PSG and Chiliz will co-host their first-ever blockchain hackathon at the Parc Des Princes stadium in Paris, France, in the summer of 2024.
Alex Dreyfus, CEO of Chiliz and Socios.com, expressed his excitement about PSG’s involvement as an official validator, stating:
This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. PSG’s active role as an official validator will undoubtedly propel our SportFi ecosystem to new areas, furthering our long-standing partnership with the club.
Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club’s commitment to designing and shaping the future of web3 sports, stating:
Our commitment is to build a more empowered and sustainable web3 ecosystem, leveraging the solid foundation of our existing relationship with Socios and Chiliz. PSG is committed to fostering innovation, and the club will continue to develop opportunities with other partners in this space.
CHZ Skyrockets To .13 Billion Market Cap
Following the announcement on Thursday, the Chiliz native token CHZ, originally launched as an Ethereum-based ERC-20 token, has experienced a significant surge in its trading price, reaching .1283 and achieving a market capitalization of .13 billion.
Since the beginning of Thursday, the token has continued its upward trend, witnessing a 9% price increase. This growth adds to the token’s sustained positive performance over longer periods, aligning with the overall market trend.
Over the past seven and fourteen days, CHZ has demonstrated notable price increases of 19.5% and 25%, respectively. Moreover, within the last thirty days, it has experienced a remarkable surge of 32%, allowing the token to bridge the year-to-date gap. Despite a decline of approximately 6% over this timeframe, the recent surge has significantly mitigated the overall loss.
Featured image from Shutterstock, chart from TradingView.com
Blockchain Firm Raises Millions From Andreessen Horowitz, Paris Hilton to Help Monetize AI Mashups
Investors led by Andreessen Horowitz have backed a company that has set out to help content creators monetize their work in the age of artificial intelligence (AI). The tech firm intends to employ blockchain technology to track remixes and mashups that have been spreading online since the invent of AI tools like Chatgpt.
Investors Pledge Million to Support Story Protocol’s Plan to Help Copyright Holders in AI Age
U.S. blockchain company Story Protocol has won the support of a group of investors led by American venture capital firm Andreessen Horowitz for its plan to help content creators track and monetize their work in the times of generative AI, Bloomberg reported.
Against the backdrop of low investor interest in crypto startups, the San Francisco-based tech firm managed to raise million. Among those who offered funding for its project are also Hashed, Endeavor, Samsung Next, TPG Capital founder David Bonderman, and Paris Hilton’s 11:11 media.
Besides receiving equity in Story, whose valuation was not disclosed, Andreessen has also obtained the right to buy digital tokens, if the company decides to issue such, although co-founder Jason Zhao indicated that it does not currently intend to do so.
The launch of Openai’s Chatgpt and other platforms utilizing artificial intelligence attracted millions of users to AI tools which led to a spike in remixes and mashups online, the report notes. Lawsuits filed by copyright holders have also surged in number.
In response to this trend, Story Protocol is building a blockchain-based repository of intellectual property for various types of content, including prose, images and audio, that an author would be able to register their work with and then use connected apps to sell licensing rights.
“In a year or two the level of remixed content through GenAI is going to be so much higher,” remarked Story’s other co-founder, Seung-Yoon Lee. He gave an example with a song featuring AI-generated versions of the voices of artists Drake and the Weeknd which became viral before it was shut down by Universal Music Group. At the same time, Lee also pointed out:
You can’t go and cease and desist everything.
The investment will allow Story Protocol to launch its blockchain technology in the first half of 2024, Jason Zhao noted. It comes despite a venture capital drought in the crypto space with funding for startups declining since prices of digital assets dropped last year and amid an ongoing regulatory crackdown on the industry.
Do you think crypto companies should develop more products with AI applications to attract investment? Share your thoughts on the subject in the comments section below.
France’s Data Watchdog Conducts Checks at Worldcoin Office in Paris
The French body overseeing the protection of personal data has carried out “checks” at the Paris office of Worldcoin. The news of the French inspections comes amid heightened regulatory pressure on the cryptocurrency project co-founded by the current chief executive of Chatgpt developer Openai.
French Data Protection Agency Visits Worldcoin Office as Part of Probe
The National Commission on Informatics and Liberty of France, known by its French abbreviation, CNIL, has carried out “checks” at the Worldcoin’s office in the country’s capital this week, Reuters reported. These come when the crypto firm finds itself under increased global regulatory scrutiny.
CNIL is France’s independent watchdog tasked to ensure that the French data privacy law is applied to the collection, storage, and use of personal data. In July, it said it was investigating Worldcoin for what it describe as the “questionable” legality of its biometric data.
Worldcoin has been developed by a U.S.-German company called Tools for Humanity and founded in 2019 by Sam Altman, the CEO of Openai, the Microsoft-backed artificial intelligence (AI) research laboratory behind the AI-based chatbot Chatgpt.
The project has stirred controversy as it requires users to have their iris scanned in exchange for a digital ‘World ID’ and, in some jurisdictions, cryptocurrency as well. It claims this is done to authenticate people online and counter AI-facilitated virtual identities.
On Thursday, a CNIL spokesperson said that the “checks took place at the Worldcoin offices,” confirming an earlier report by Politico, according to which the visit was made on Wednesday. The representative of the French watchdog declined to provide more details. The Worldcoin Foundation told Reuters:
The team at Worldcoin welcomes any opportunity to address questions regarding the project’s purpose and technology.
Reacting to CNIL’s initial investigation in July, the Cayman Islands-based entity also said that Worldcoin was designed to protect individual privacy and that it had built a robust privacy program. The project was also committed to meeting requirements of regulators. According to Worldcoin’s website, it has already signed up 2.1 million people.
Why do you think the French data watchdog visited Worldcoin’s office in Paris? Share your thoughts on the subject in the comments section below.
Paris FATF Plenary: Global Implementation of Virtual Asset Standards Remains ‘Relatively Poor’
The third plenary of the Financial Action Task Force (FATF), held in Paris, found a lack of global adoption of the virtual asset recommendations established by the institution. According to evaluations, almost three-quarters of the jurisdictions are partially compliant or non-compliant with these recommendations.
FATF Plenary Calls To ‘Close Gaps’ in Global Regulation of Virtual Assets
The third plenary of the Financial Action Task Force (FATF), the global money-laundering watchdog, is calling to close the regulatory gaps in the compliance system of virtual assets. The meeting, held in Paris with the participation of more than 200 delegates, examined the adoption level of the recommendations of the institution regarding virtual assets and virtual assets service providers (VASPs).
According to reports and evaluations, almost three-quarters or more of the jurisdictions present were either partially compliant or just non-compliant with these recommendations. A FATF plenary publication declared:
Many jurisdictions have not yet implemented fundamental requirements, and more than half of survey respondents have not taken any steps towards implementing the travel rule, a key FATF requirement to prevent funds being transferred to sanctioned individuals or entities.
The travel rule, part of the FATF recommendations, involves collecting the identities of the sender and recipient of a transaction. Also, depending on a designated threshold, the institution recommends requiring more data. This recommendation, relatively new for VASPs, calls for the organization of a set of communication rules and cross-border data-sharing protocols among participants of the cryptocurrency industry.
Incoming Measures
The FATF plenary explained that this lack of compliance with the proposed recommendations opens loopholes for criminals to exploit and established the closure of these regulatory loopholes as an urgent priority. The institution will publish an upcoming report urging countries to implement its recommendations to avoid criminals taking advantage of these gaps.
The report, which will be published on June 27, will also highlight the risks of the activities of North Korea and the usage of virtual assets to finance its weapons of mass destruction program. The risks associated with decentralized finance activities and peer-to-peer transactions will also be addressed.
In May, FATF president Raja Kumar urged the countries of the Group of Seven (G7) to “lead by example” by implementing the FATF recommendations in their respective regulations “so that no safe havens exist for illicit crypto transactions.”
What do you think about the discussions and recommendations emanating from the FATF plenary? Tell us in the comment section below.
Lionel Messi To Get Paid In Crypto For Joining Paris Saint Germain
The popular football Player Lionel Messi recently signed a contract with Paris Saint Germain. The contract, which will run for two years, comes with many tokens owned by PSG fans. The report we read discloses this arrangement between Lionel Messi and the French soccer club.
Our new 💎
This is just the beginning …
❤️💙 #PSGxMESSI pic.twitter.com/39cppjOeYI
— Paris Saint-Germain (@PSG_English) August 12, 2021
In a statement Paris Saint-Germain released, we learned that the tokens are a part of the welcome package or even a signing–on fee prepared for the footballer. According to PSG, the tokens come from Socios.com, a top sports fan token platform.
As for now, we’re yet to get the deal’s exact details since the club hasn’t made it public. PSG only revealed that Messi would get a large number of tokens. Messi was playing for the Spanish club Barcelona before this deal.
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There is also a possibility for a third-year agreement for the player. Also, these tokens are estimated to be worth 25 to 30 million euros. With such a large number of tokens, Messi has now joined the crypto craze.
PSG Token Offering Perks To Hodlers
Many holders of the PSG tokens enjoy several benefits by holding the PSG token. One of the perks is that they can choose motivational messages on the walls of the dressing room. Also, they can vote on decisions that affect the club’s operations.
The PSG records immense growth after the news of Lionel Messi Joining came into public | Source: PSG-USD on TradingView.com
For instance, token holders can decide who wins the awards for the end of the season through votes. In addition, they can also vote on the goals which the club will pursue for every season.
Related Reading | Vitalik Buterin Urges Ethereum To Grow Beyond DApps
Another commendable perk includes receiving personal video calls from the players. Also, the club has more perks outlined for token holders in the upcoming months.
Following the launch of the FSG token in 2019, many top European Teams have also launched fan tokens through Socios.com. This app enables users to trade and win Fan Tokens seamlessly. It is powering many club tokens presently and aims to support more in the future.
Some of the clubs using the app include AC Milan that started offering tokens with more promises of allowing users to earn VIP rewards, exclusive promotions, plus other unique offers.
PSG Token Thrives As Lionel Messi Joins The Club
For three months now, the price of PSG has increased three times more than what it was in May. The cause was the rumor that Lionel Messi will join the French soccer club. This news alone led to a 250% increase for the PSG token.
Featured image from Pixabay, chart from TradingView.com
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French Finance Minister Highlights Blockchain’s Promise at Paris Blockchain Week
The post French Finance Minister Highlights Blockchain’s Promise at Paris Blockchain Week appeared first on DCEBrief.
French Football Club Paris Saint-Germain to Issue Own Digital Currency
One of France’s most celebrated football teams has announced that they will be launching their own digital asset. The token will give holders various perks including voting rights on some of decisions made by the club.
Paris Saint-Germain Become the Latest Professional Sports Club to Enter the Crypto Space
The bear market of 2018 might have temporarily stifled investor interest in the cryptocurrency industry, but that has not stopped big names from the world of sport flirting with the technology. The latest team to get involved with digital assets in some capacity is top division French football team Paris Saint-Germain.
According to a post by the Malta Blockchain Summit yesterday, the club plans to launch its own digital asset in the spring of 2019. The tokens will allow fans to vote on “cosmetic” decisions of the club. These will include the music played in the stadium, the colour of the team’s away shirts, and awards for stand out performances from the players, amongst others.
The fan tokens, as they are being referred to as, have been made possible by blockchain firm Socios.com. According to PSG’s main association officer, Marc Amstrong:
“Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide. This revolutionary technology will have an important impact on the club’s overall business strategy and the way we engage with our fan base.”
With the announcement, Paris Saint-Germain becomes the latest in a growing list of sporting franchises that are exploring blockchain and cryptocurrency technology in some way. Elsewhere in the world of professional football, the likes of Gibraltar FC made history earlier this year by becoming the first sports club to pay for its players using cryptocurrency.
Meanwhile, in the U.K., cryptocurrency trading platform eToro sponsored several Premier League teams this summer. The deals themselves were financed using Bitcoin exclusively. Finally, the Italian football club Rimini FC 1921 became the first team to be bought using cryptocurrency. Heritage Sport Holdings used the obscure cryptocurrency Quantocoin to make 25% of the payment.
It is not just football clubs that are becoming interested in the emerging digital asset economy though. The planet’s best known baseball league, MLB, has launched its own collectable trading game based on the Ethereum blockchain. The initiative is an effort to get younger people excited about the sport once again.
Sporting clubs are even getting interested in the mining side of the cryptocurrency industry. Ever-ready to embrace emerging technologies, the NBA’s Sacramento Kings announced in July that they will be turning part of their state-of-the-art stadium into a digital asset mining centre. The profits generated will go towards helping local charities.
Featured image from Shutterstock.
The post French Football Club Paris Saint-Germain to Issue Own Digital Currency appeared first on NewsBTC.
Italian Soccer Club Juventus Follows Frances Paris Saint-Germain to Launch Fan Token
n Major league Italian soccer club Juventus has announced it will launch its own cryptocurrency token, two weeks after Paris Saint-Germainn
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