Riot, the Bitcoin blockchain mining company, has described its latest results report as ‘significant’, with 362 BTC mined in one month. 

The Riot blockchain mining operation released unaudited results for September last month, confirming the Bitcoin mined and underlining its commitment to the stability of the electric grid. 

CEO Jason Les said that in addition to the BTC mined, the company had received $11 million in power credits in September for reducing its energy use through strategic mining curtailment. 

## Riot blockchain mining explained 

[Riot](https://www.riotplatforms.com/) says it supports the Bitcoin blockchain with large-scale mining in the US. Its focus is on expansion and increasing the infrastructure capacity and hash rate. Its US operations will, Riot claims, benefit the future of BTC mining. 

Riot blockchain mining operates from central Texas, while its fabrication operations and electrical switchgear engineering are based in Colorado. It claims that its facility in Rockdale is the largest BTC mining and hosting base in the US, measuring 700 MW in developed capacity. 

The September update put its deployed hash rate at 10.9 EH/s, up from 10.7EH/s the previous month. 

## Riot blockchain mining update 

A statement issued from Colorado in October from the NASDAQ-listed Riot blockchain mining operation gave an update on its figures for September. 

While recording an increased deployed hash rate, the statement explained that the figure excluded more than 14,000 miners who had been offline in September due to damage caused to a building on its Texas facility by bad weather. 

It also highlighted the value of participation in the demand response programmes of the Electric Reliability Council of Texas ([ERCOT](https://www.ercot.com/)), which allowed it to sell back pre-purchased power and receive power credits. Strategically curtailing [specific mining operations ](/news/article/mining-company)allowed it to reduce power use below the pre-purchased level. 

CEO Les said September was ‘another significant month’ for the Rio blockchain mining operation. The company not only showed the value of BTC mining, but also contributed to ERCOT electrical grid stability, he added. 

Confirming that mining operations during the month produced 362 BTC, Les announced Riot received $11 million in power credits, thanks to long-term agreements with its utility provider, plus $2.5 million in Demand Response Credits from being part of the ERCOT ancillary services programme. 

Based on the September Bitcoin price, the CEO said, these credits totalled around 511 BTC. Its power use strategy also ensured capacity on the electrical grid was available when most needed so other customers were not left without during increased power demand periods. 

## Riot figures 

The update reveals that an average of 12.1 BTC was produced each day in September. The 362 Bitcoin mined in the month brought the total holding to 7,327. It was also noted that 340 BTC had been sold in September. This earned net proceeds of $9 million based on an average BTC value of $26,379. 

While noting a number of miners were offline due to damage to a building in Texas, the report confirmed there were 98,694 miners in September, up from 95,904 the previous month. 

## Heatwave in Texas 

A working example of the Riot power use strategy came during September. Extreme heat led to a spike in electricity prices and demand. 

As part of its strategy, Riot cut mining operations on the peak demand days, providing energy to ERCOT rather than securing BTC revenue. 

The company’s update heralded this as Riot contributing to power security by reducing its use of the overall grid capacity so other consumers did not have interruptions to their supplies. 

## Hash rate ramps up 

The CEO of the Riot blockchain mining operation said the company’s hash rate had begun to ‘ramp back up’ thanks to the installation of new dry coolers at its base in Rockdale. 

As further works are carried out, the hash rate capacity will continue to climb, Les said, predicting a 12.5 EH/s hash rate capacity will be reached this month. 

Following an agreement with MicroBT, including an order for next-generation BTC miners, Riot’s total hash rate capacity could top 20 EH/s by the middle of next year. 

## The Riot mission 

The Riot blockchain mining company states its mission is to 'positively impact' on all communities and sectors it interacts with. 

Community partnerships and a spirit of innovation are the best way to achieve successful outcomes and become ‘best in class’, it adds. 

Riot Blockchain Mining Update 

At the end of October, MMORPG Ember Sword unveiled The Ultra Deep. The Alpha Playtest dungeon experience was the latest upgrade to the online game, promising new team and combat gameplay and introducing new weapons. 

With Ember Sword launching a new experience and continuing to grow its share of players in the competitive [online gaming world](/news/article/what-is-gamefi), we thought it was worth taking a look at the game. 

## What is Ember Sword? 

Created by Bright Star Studios, Ember Sword claims to be about the game-playing experience and gamer community. 

[Promotional material for the game says](https://embersword.com/) it was created by gamers who recognise that massively multiplayer online role-playing games (MMORPG) are a lifestyle, not just a hobby. The creators, it continues, recognise there is a gaming community of millions of people who dedicate their time to completing quests, levelling up skills and characters, and growing influence. This gaming platform is designed to deliver for those people. 

The creators looked at the games they had enjoyed most in the previous 20 years and used the best elements to produce an experience they believed players wanted. 

In essence, Ember Sword is a community-led sandbox world, or player-driven universe, full of ‘exciting opportunities’ to explore, engage in combat, and become part of this virtual world’s economy. 

It promises ‘true ownership’ of in-game digital assets, as well as ‘thrilling’ player-versus-player (PvP) and player-versus-environment (PvE) experiences. 

It is described by the makers as forging a 'new path' in gaming, giving players total freedom, and access to a wide range of gaming experiences, and one which does not rely on ‘pay-to-win’. 

## Who’s behind it? 

Bright Star Studios was founded by Mark Laursen and Joris Huijbregts. 

Laursen, the current CEO, has an extensive background in gaming, including management and founder positions with projects like FortemWorks and Donkey Crew. He saw the gaming industry as stagnant and wanted to inject new life into it, giving gamers the experience and community they wanted. Ember Sword is part of this movement, using ground-breaking game engine technology to deliver elevated accessibility and experience. 

Huijbregts is something of a prodigy. By 16, he had created an entire MMO. The next step, it would seem, was to try and revolutionise the industry and gaming experience. With the aim of elevating and improving the playing experience, Bright Star Studios’ Chief Development Officer is using pioneering technology and a proprietary engine to deliver this gaming platform. He is a prolific creator of game assets, using tools he created (and which are now used by thousands of developers). 

To get from concept to game, you need a publisher. Bright Star Studios has Mo Fadl as Chief Publishing Officer. With more than 18 years of experience in the gaming industry, Fald had the skills and expertise to bring the idea to life through publishing. Drawing on experience working on games like Riot Games and Wargaming, Fadl combines creativity with a ‘get things done’ approach, and shares the vision of an enhanced gaming experience. 

## Ultra Deep release 

After running a countdown clock on its website, Ember Sword finally released [The Ultra Deep](https://embersword.com/ultra-deep) at the end of last month. 

The release granted access to a [new area of gaming experience](/news/article/top-blockchain-games), with new features and weapons for the community to enjoy. 

In this element of the game, players venture beneath Solarwood, which has been overrun by ‘monstrosities’ never seen anywhere else. This underworld is a cave of mystery for players to explore. 

With a new location come new weapons. 

### The Censer 

This new weapon in the Ember Sword world can assist with healing and protecting members of your gaming team, as well as inflicting curses on your enemies. The makers say it can be used without sacrificing your damage output and offers higher damage-over-time capabilities. 

### Pistols 

For players who like to inflict rapid, aggressive damage in a dynamic playstyle, The Ultra Deep features pistols. They enable players to lock onto a target and fire rapidly while remaining mobile, so they can avoid being hit or captured. A special feature of the new pistols is the ability to launch grenades if your enemies get too close, allowing you to flee. 

### The Staff 

Choose a target area and deliver a burst damage hit with the staff. It can inflict damage and debilitate anyone within the targeted area, letting players channel and project flux energy through a ranged motion. 

### Sword and Shield 

For those with what the makers call a ‘tanky' playstyle and preference for close-up action, The Ultra Deep introduces the sword and shield. You can draw the attention of monsters and enemies to protect your team and experience close-quarters combat. There's also a new opportunity to master crowd control and gain the ability to toughen your skin, to reduce damage. 

Of course, it’s not just new weapons. The Ultra Deep also introduces three new types of armour, light, medium, and heavy. 

Ember Sword Expands Gaming Choice 

There are many crypto wallets on the market to choose from, but the offering from Infinity is proving popular among digital asset holders. 

Here, we take a deep dive into the Infinity [crypto wallet](/news/article/best-crypto-wallets), what it is, how it works, and the organisation behind the tech. 

## What’s behind Infinity crypto wallet? 

Infinity describes itself as an ‘all-in-one” non-custodial wallet ecosystem. It claims to be the first multi-chain, non-browser-extension, non-custodial wallet to hit the market. In a crowded crypto wallet marketplace, it’s necessary to make bold claims to stand out. 

Infinity crypto wallet launched with a desktop version, soon followed by a mobile app, with the company now claiming to support hundreds of thousands of users. 

It has been very public about its mission, spelling out its strategy in a [funding pitch](https://communityfund.stellar.org/projects/infinity-wallet-scf-14). That included identifying some of the initial core team members behind Infinity, including [Team Lead Aaron B](https://www.linkedin.com/in/aaron-b-418020a5/), who has experience in UI/UX design and software development as well as more than 10 years of involvement in crypto, and [Tech Lead Juan Dominguez-Adame](https://www.linkedin.com/in/juan-dominguez-adame-0480a0120/), whose background is in hardware and software development. 

The purpose of the Infinity project was to create a seamless solution for cross-border DeFi payments which would be a gateway to the world of Web3. 

The company states its focus has been on providing the best user experience and most accessible tool to allow for the adoption of Web3 and DeFi. It aims to be the 'complete solution' for crypto users by having everything they need in one place and offering a seamless user interface. 

Infinity is also committed to continuous growth and evolution of its products, adding new features and services to meet changing demands and needs. 

## What is Infinity Wallet for? 

The team behind Infinity says it is the first desktop platform giving users complete access to Web3 and DApps without leaving their wallets. It incorporates a Web3 browser and DApp/Web3 store within the platform, removing reliance on browser extension wallets. 

They claim this delivers a safer, more accessible, and ‘superior’ experience for users, which will enable simpler adoption and use. 

Infinity's mission statement is to be a world-leading digital asset enabler by offering a one-stop wallet that meets all of the needs of cryptocurrency users. The company says it will meet this ambition through a user-first approach, making interaction, monitoring, trading, and transacting in the decentralised environment more straightforward and more secure. 

Launched in 2020, it is claimed there are currently more than 227,000 Infinity crypto wallet users in over 170 countries. The wallet supports more than 150,000 digital assets. 

## Vision and values 

The Infinity Wallet team is very vocal about its goals and values. 

The simplified version of its vision is to empower people to experience a better future through the use of blockchain technology. This will, it says, ‘liberate’ wealth globally. 

Blockchain tech can bring improvements to all aspects of our lives, Infinity adds, as well as delivering improvements across industries including finance, gaming, and transport. 

Underpinning this mission are 'fundamental values' that shape what Infinity does, how it does it, and who it hires. Throughout its planned expansion and development, these values will never be compromised, it promises. 

## How does Infinity crypto wallet work? 

Inside the Infinity crypto wallet you’ll find a dashboard laying out the features. These include checking the wallet balance over different periods, as well as a simple way to view your current assets, facilitated with a search bar making it easier to locate the asset you are looking for. 

Click on ‘My Wallet’ and you’ll see all the coins and tokens in your wallet. While some are added by default, you can customise the experience to ‘Add Custom Tokens’ so you can see everything you need. 

It also includes an option to store and view your NFTs, with a simple click, and use the NFT marketplace. 

With simplified usability as a core part of the Infinity crypto wallet proposition, it has an easy-to-use interface. On the dashboard, you can find ways to quickly navigate to Swap, Transactions, News, Market Stats, and DApps options. 

Security is, obviously, a concern [with any wallet](/news/article/what-is-blockchain-wallet). The Infinity Wallet encrypts users’ private keys and data on their devices to increase security. Only the user is granted access to the wallet and private keys to maintain privacy. 

Infinity Crypto Logo on image of cryptocurrencies

Infinity Crypto Wallet Unpacked

Already a well-known name in cryptocurrency, Sam Bankman-Fried made global headlines in November 2022 when his crypto exchange spectacularly imploded. 

FTX, the second largest crypto trading platform, and Alameda Research, a DeFi investment business also started by Sam Bankman-Friedman, declared bankruptcy amid reports about the way customer’s funds were being handled. 

Last month, the criminal trial of Bankman-Fried, for charges related to the exchange collapse, began in New York, bringing SBF right back into the spotlight. 

Now seems like a good time to remember the background of the one-time crypto wunderkind. 

## Sam Bankman Fried origin story 

Born in March 1992, SBF was seen as a digital asset prodigy, launching Alameda Research in 2017, aged just 25, and the FTX exchange two years later. 

He was born at Stamford University, where his parents, Joseph Bankman and Barbara Fried, were professors. His own education took place at California’s Crystal Springs Uplands School and Massachusetts Institute of Technology, which he graduated from with a degree in physics and a minor in maths in 2014. 

Before graduating, Sam Bankman Fried spent a summer interning at Jane Street Capital, where he traded ETFs. After leaving MIT, he returned to the firm, but three years later, in September 2017, SBF was on the move again, this time to the Centre for Effective Altruism (CEA) in California. 

In the same year, he and Tara MacAulay, also of CEA, launched Alameda Research, a quantitative trading firm. It made quite a stir with its arbitrage trading, which took advantage of the higher value of BTC in Japan than in the US, reportedly completing trades worth up to $25 million every day. 

On the back of his success, Sam Bankman Fried moved to Hong Kong in 2018. 

In mid-2019, the FTX exchange was opened, and it rapidly grew to become second only to [Binance](https://www.binance.com/en) as a crypto trading platform. 

## It all goes wrong 

In November 2022, Alameda Research and FTX filed for Chapter 11 bankruptcy. 

This came at a time when Sam Bankman Fried was still revered by many in DeFi, and he was, reportedly, the 60th richest person in the world, with a peak personal fortune of $26 billion. 

Based in the Bahamas, SBF was seen to use his wealth to support political campaigns in the US. 

After the [collapse of FTX](/news/article/ftx-bankrupt-who-to-blame), amid allegations of poor governance and mishandling of customer funds, Sam Bankman Fried was arrested in the Bahamas and [extradited to the US](/news/article/sbf-agrees-to-return-to-us-for-fraud-charges). 

In December 2022, eight criminal [charges were filed at the Southern District of New York Court](https://www.justice.gov/usao-sdny/pr/united-states-attorney-announces-charges-against-ftx-founder-samuel-bankman-fried), including allegations of wire fraud, securities fraud, money laundering, commodities fraud, and campaign finance law violations. 

Four further charges follow in early 2023. 

SBF was bailed to his parent’s home, but later remanded in custody due to allegations of attempts to tamper with witnesses. 

His trial finally got underway last month. 

## Views on regulation 

The collapse of FTX, one of the biggest names in crypto, raised serious questions around the need for regulating the industry, and led many jurisdictions to ramp up regulatory efforts. 

During the investigation, allegations around the management of both FTX and Alameda were made, including concerns about a lack of corporate governance, understanding of finances, and observation of the rules. 

SBF had spoken publicly about his views on crypto regulation, openly stating he has chosen to relocate FTX to the Bahamas due to what he termed a ‘friendly’ regulatory environment. 

During a conversation on Twitter (now X) in the same month FTX crashed, SBF described the appearance that his firms welcomed regulation and promoted the need for regulators in crypto as ‘just PR’ and not sincere. 

He claimed rules ‘don’t protect customers’ and make ‘everything worse’. He later attempted to clarify these statements, claiming he was referring to greenwashing, ESG (environment, social, and governance), and CSR (corporate social responsibility) being used instead of effective altruism. 

## “Complete failure of corporate controls” 

Among the most damning statements and allegations made in the wake of the collapse of Alameda Research and FTX were those from John J. Ray III. 

Ray, the man who oversaw the five-year bid to recover money for Enron creditors, took over as FTX CEO following the resignation of Sam Bankman Fried on 11 November, 2022. The firm filed for bankruptcy the same day. 

Later in the month, Ray, in a sworn declaration to the bankruptcy court, gave his assessment of Alameda and FTX. He said that 'never in my career' had he witnessed 'such a complete failure of corporate controls' or a 'complete absence of trustworthy financial information’. 

SBF had been due to testify to the House Financial Services Committee in December 2022. He was expected to claim FTX remained solvent, but he’d been ‘pressured' into declaring bankruptcy. He was also due to allege that those who had taken over running the firm were following the Enron precedent to earn high fees. 

Following his arrest, SBF did not appear before Congress. 

The Story of Sam Bankman-Fried 

The founder of Lens Protocol has announced plans to expand access to the Web3 social protocol on a gradual basis. 

It is a big move for Lens Protocol as well as the wider Web3 ecosystem. 

Stani Kulechov [announced the plans](https://www.binance.com/en/feed/post/2023-10-10-lens-protocol-founder-announces-gradual-expansion-of-access-to-web3-social-protocol-1298814) in early October. 

## What is Lens Protocol? 

Lens is designed to be interoperable, meaning it can be integrated with other Web3 apps. This means creators can build customised social media experiences. 

The open-source, blockchain-based social graph aims to reshape social media in the era of Web3. 

Unlike current social media platforms, such as Facebook and X (formerly Twitter), Lens is not centralised. Its composable, permissionless design lets content creators ‘own’ their digital identity so they can connect with wider communities. 

This is achieved through interoperability with other Web3 applications. 

When [Lens Protocol](https://www.lens.xyz/) was introduced at the start of 2022, it garnered attention in the cryptocurrency and blockchain communities thanks to the revolutionary approach to social media it promised, as well as its connections to the well-regarded Aave team developing it. 

Using Lens, creators can produce customised, unique functionality for common features, such as follows, and how they interact with the content of other users. 

It allows for integration with other Web3 protocols and smart contracts, for example allowing creators to mint NFTs from other platforms. Essentially, users can leverage the Web3 ecosystem within Lens posts. 

Creators own their profiles, connections, and content, unlike on current social platforms, so they can switch sites without having to start over. The tokenisation of social data, through NFTs or smart contracts, ensures ownership is retained by the creator and they can be easily transferred to any other platform in the Lens ecosystem. 

Lens says it will give users seamless access to all their content with a single login, whichever platform they are on. 

## How’s it going? 

Lens Protocol, which has raised $15 million towards building its decentralised social network since inception, is being built by Web3 lending platform [Aave](/news/article/what-is-aave-protocol). 

Currently in beta on the [Polygon network](/news/article/what-is-aave-protocol), Lens works with any Ethereum Virtual Machine-compatible blockchain. 

It claims to have more than 100,000 beta users, and last month's announcement of expansion plans could see this increase. 

Lens introduced a new scaling solution, Momoka, to hyperscale social actions. This increases the scale of activities while lowering costs without compromising the decentralisation principles. 

The protocol is a realisation of Kulechov’s longstanding advocacy for the democratisation of access to blockchain tech. He is a prominent figure in DeFi (decentralised finance) and blockchain. 

In his expansion announcement, the founder encouraged anyone interested in Lens to connect their wallets and join the waiting list. 

## Monetisation 

A potential strength of Lens is the opportunity for creators to earn from everything they post. 

Users control and own their content, not the platform, so it, and the followers, go where the creator goes, giving them more monetisation opportunities. 

Lens also includes the power to give other addresses limited access to profiles, so you can store yours on a hardware wallet or give others access to post through a shared account, with private keys and security being compromised. 

It’s also possible to split revenue, so income can be shared with collaborators, charities, or anyone else you want, simply by adding the profile or address of the recipient and stating their percentage share. 

## Lens fundraising 

Back in June, it was reported that $15 million had been raised to fund the Lens Protocol project. 

Support has come because of a shared belief that people want an alternative to Web2 social platforms, where ownership of content and the ability to monetise are limited. 

The Lens team believes this protocol will appeal not only to those who want to own their online identity, but also to creators who are fed up with starting from scratch, in terms of content and followers, every time they move platform. 

As current social media players are not built on the same platforms, the ability to transfer seamlessly does not exist. Within Lens Protocol, everything can be easily moved across platforms within the ecosystem thanks to enhanced compatibility. 

While others have announced or launched Web3-based social protocols, Lens says its point of difference is ownership. It prioritises the right and ability of creators to own their identity and content. 

## Lens Protocol risks 

While there are plenty of advantages promised by Lens, there are disadvantages that should not be ignored. 

[Cointelegraph, in a report last year](https://cointelegraph.com/news/what-is-lens-protocol-and-how-does-it-work), pointed out that blockchains often have limited on-chain storage capacity. This means secondary storage solutions can be required for content and NFTs. 

Diving deeper, the site said Lens publications use ContentURI and all original files are kept in distributed file storage systems, like Arweave, IPFS, and AWS S3. This, Cointelegraph claimed, means content could be manipulated. 

If original files are not recorded on the blockchain, instead being kept in secondary storage, they could be damaged or lost, the site said. 

## X and Web3 

Kulechov has also stated that he doesn’t believe X, formerly Twitter, will join Web3 ‘any time soon’. 

Despite new owner Elon Musk’s interest in blockchain and cryptocurrency, the Lens founder does not believe X will become blockchain-based quickly. 

Lens protocol logo on image of computer doing sums

Lens Protocol Expansion Hopes

The Bambi crypto token BAM, launched last year, is a memecoin based on BSC (Binance Smart Chain). 

As with many memecoins, it has gained a lot of interest. But is it a good investment? 

Here, we examine what the Bambi crypto token is and look at some of the predictions for its future value. 

## What is the Bambi crypto token? 

BAM launched in May 2022 with a total supply of 100 trillion tokens. As the name suggests, the [memecoin](/news/article/what-is-a-meme-coin) is inspired by Bambi, the popular Disney character. 

Typically for a memecoin, BAM has no real-world use case. Marketed as a fun investment opportunity, the team behind the Bambi crypto token has vowed to donate some of the proceeds from token sales to animal conservation efforts. 

As a cryptocurrency, and specifically a memecoin, [BAM price](https://coinmarketcap.com/currencies/bambi/) has been subject to significant volatility.

## Is BAM worth investing in? 

As ever, we do not give financial advice and always encourage you to conduct independent research and arrive at your own conclusion. 

However, we can say that based on the trends so far, it is hard to tell whether buying Bambi crypto tokens is a good idea. It is still comparatively new and subject to high levels of volatility. With no use case and in a market crowded by memecoins, it is hard to predict whether the BAM value will rise. 

There are some positives, however. There is strong marketing behind BAM and a growing audience of investors. The promise of making a donation to animal conservation may also make it a more attractive purchase compared with other memecoins. 

Ultimately, you must do your own research and decide if you think BAM is right for you. Always ensure you have a full understanding of the risks, and do not invest more than you can afford to lose. 

## Potential 

While the team behind BAM has been very open about their project and plans, there are reasons to be cautious. 

The memecoin space is highly competitive and BAM is subject to high price volatility. 

That said, there is – as with [all memecoins](/news/article/meme-coins) – the potential for BAM’s value to rise. Make sure you understand all the pros and cons, and the risks, before investing your money. 

## BAM price prediction 

Many analysts have attempted to predict the potential of the Bambi crypto token, with a wide variety of conclusions drawn. 

[DigitalCoinPrice](https://digitalcoinprice.com/forecast/bambi) is among those to have forecast the short and long-term potential of BAM. With just weeks of this year left, the site predicts BAM Will achieve a high of $0.00000000263 and hit a low of $0.00000000107, giving the token an average price for 2023 of $0.00000000229. 

Looking ahead to 2024, the site believes the BAM low will be $0.00000000256. With a potential high of $0.00000000311, the token’s average price for next year could be $0.00000000296. 

The trend for increasing value is predicted by DigitalCoinPrice to continue in 2025, with an average price of $0.00000000411. This is based on a forecast high of $0.00000000431 and a predicted low of $0.00000000353. 

As we look to 2026, investors could begin seeing the returns steadily increase, if these predictions are correct. For that year, the average price could hover around $0.00000000511, from a low of $0.00000000460 to a high of $0.00000000543. 

While it becomes harder to get a clear picture of value the further into the future we look, DigitalCoinPrice is optimistic for the Bambi crypto token. 

For 2027, it predicts an average price of $0.00000000511, with a high of $0.00000000543 and a low of $0.00000000460. In the following 12 months, BAM could hit a lot of $0.00000000567 and high of $0.00000000659, to give an average price of $0.00000000635. 

Approaching the end of the decade, the average price in 2029 could achieve $0.00000000878, based on a high of $0.00000000897 and a low of $0.00000000808. 

The dawn of the 2030s could mark a step up in BAM value, according to DigitalCoinPrice. In 2030, the site predicts an average price of $0.0000000124, with a high of $0.0000000125 and a low of $0.0000000116. 

The following year, the maximum price could hit new highs, at a predicted $0.0000000172. With a forecast low of $0.0000000164, that would give BAM an average price of $0.0000000169 in 2031. 

Concluding this long-range price forecast, DigitalCoinPrice looks to 2032. In this year, almost a decade away, BAM could see its low at $0.0000000224, a decent improvement on what is predicted for this year. The high for 2032 also looks good, at $0.0000000233, giving BAM a potential average price of $0.0000000230 in that year. 

## Conclusion 

Many long-range predictions for the Bambi crypto token follow the DigitalCoinPrice pattern, suggesting there is some potential for the BAM value to increase over time. 

However, such predictions are subject to many variables and cannot be relied upon as guarantees for future returns. As mentioned earlier, do your own research, consider the risks, and only spend what you can afford to lose. 

As a memecoin, BAM’s value is not tied to any use case and its price will be dictated by market conditions and volatility, as well as marketing and popularity. While the team has promised to support animal conservation with some of the proceeds, this may not be enough to attract sufficient investment to make the predicted future values a reality. 

Bambi Crypto Token Price Prediction

## Alameda Research Explained 

During the trial of FTX founder Sam Bankman-Fried, the role of company Alameda Research in the dramatic collapse of the cryptocurrency exchange was regularly referred to. In the wake of the FTX debacle, many reports pointed to the contribution of Alameda to the platform's spectacular fall from grace. But what is Alameda Research? 

## Alameda Research trading firm 

Alameda Research was a DeFi (decentralised finance) investment firm established by SBF in October 2017. Headquartered in Hong Kong, the private equity firm, described by some as a quantitative cryptocurrency trading firm, made hundreds of investments. 

Described as a crypto hedge fund, Alameda made profits in crypto arbitrage by trading Bitcoin between Japan and the US. In 2019, it is reported, some of this income was used to get the FTX crypto exchange off the ground. 

As the digital asset industry suffered the crypto winter of 2022, Alameda was still investing heavily in DeFi projects, reportedly extending credit in excess of $800 million to firms like Voyager and [BlockFi](https://app.blockfi.com/signin?iss=https%3A%2F%2Fauth.blockfi.com%2F). 

Alameda collapsed after a balance sheet was leaked that claimed the business relied heavily on FTT, the token issued by FTX. 

The fall of Almeda sparked the [bankruptcy of BlockFi](/news/article/blockfi-bankrupt-court-documents), the crypto lender, amid claims it was owed $671 million by Alameda Research. BlockFi was also exposed to more than $350 million in funds frozen on the FTX exchange. 

While FTX and Alameda appeared to be distinct entities, it was reported in December 2022 that Alameda had handed over some $1 billion to assist the exchange after a company incident on the trading platform. 

## Trading activity 

Alameda was engaged in OTC (over-the-counter) cryptocurrency trading and also offered ‘full-service’ crypto trading on every exchange and market. 

It was reported that in 2022, head of its collapse, Alameda was managing more than $1 billion in digital assets and trading up to $10 billion every day in coins, tokens, and derivatives. 

It was believed to be holding some 40 cryptocurrencies, including major names like Solana, Bitcoin, Ethereum, Meta, DODO, and Swipe. But it was its exposure to FTT, the token of FTX, that proved critical. 

## End of an empire 

Media investigations into the relationship between the two companies, by [CoinDesk](https://www.coindesk.com/), among others, revealed that 40% of Alameda’s assets were FTT. 

These reports of Alameda’s reliance on FTT spooked investors, who fled the FTX exchange and dumped FTT. Unable to keep up with withdrawal requests, [FTX went into freefall](/news/article/ftx-bankrupt-who-to-blame). 

There had been hopes that Binance, the largest crypto exchange, would step in to provide liquidity for its nearest competitor and complete a buyout. But Binance stepped away from the idea. 

The business tweeted in November 2022 that it was abandoning the takeover plans following corporate due diligence and reports of customer funds being ‘mishandled’. 

With customers flooding out and the potential buyout off, both FTX and Alameda filed for Chapter 11 bankruptcy and SBF stepped down. Initial court reports put the liabilities of Alameda and FTX at between $10 and $50 billion. 

## Fall from grace 

Alameda Research had become established as a significant DeFi investor. In just five years, it made more than 220 investments, according to reports. 

Many of these took the form of capital injections into DeFi solution firms. For example, Fordefi, the FinTech and software company, announced in November 2022 that Alameda was among the investors to contribute to the $18 million it had raised to create an institutional DeFi wallet. 

With Alameda being so deep in the DeFi industry, its collapse caused problems for many projects. 

Maps.me and Oxygen, both recipients of tens of millions of dollars from the firm, ended up with almost all of their token supply frozen on the collapsed FTX exchange. 

FTX didn’t hold equity in either firm, but did hold a substantial amount of MAPS and Oxy tokens and was custodian for more than 95% of the total supply. 

## Day in court 

During SBF’s criminal trial, resulting from the collapse of FTX, it was repeatedly alleged that FTX customer funds were used by Alameda. 

Accounting expert Professor Peter Eaton, giving evidence on the apparent disappearance of $9 billion of customer funds, was clear in his assessment. Eaton conducted a painstaking analysis of the FTX and Alameda books and found substantial deficits. 

Alameda was supposed to be holding around $11.3 billion in FTX customer funds, but little more than $2 billion of that was being held in company bank accounts. Eaton testified that almost 70% of the loans Alameda was making were funded with FTX customer funds. 

Alameda research logo on image of research laptop

Alameda Research: Explained

An attempt to combat high Ethereum gas fees has been rolled out by CoinGate. 

Over the summer, the payment gateway service introduced payments on the Arbitrum network, describing the move as ‘a breath of fresh air’. 

## What is CoinGate? 

Based in Lithuania, the [fintech company](https://coingate.com/) offers crypto payment processing services to businesses. Established nine years ago, it has become a ‘go-to’ option for permission-based account management. 

With a vision of being part of the movement toward mass adoption of cryptocurrency, CoinGate provides a range of methods to set up crypto payments for businesses, whether physical stores or online only. 

It is widely used by leading e-commerce platforms, which deploy CoinGate’s payment buttons, web PoS application, API integration, and official plugins. 

But CoinGate isn’t just for merchants. The company also has a platform where a range of cryptocurrencies can be bought and sold with a single payment, where users can pay with credit and debit cards, with SEPA bank transfers, and can sell their tokens for fiat. 

## CoinGate and Arbitrum 

In June, CoinGate announced the introduction of payments on the [Arbitrum network](https://arbitrum.io/). It was aimed at users wanting to shop on CoinGate using ETH, but who found the transaction fees to be too high. 

For some time, gas fees on Ethereum have been a problem for developers and users. Ethereum attempted to counter this with [upgrades](/news/article/second-ethereum-testnet-successful) intended to speed up transactions and bring down fees. 

However, the frustrations with Ethereum led to the proliferation of layer-2 solutions, each competing to offer faster, cheaper transactions than Ethereum. 

Arbitrum has attracted attention for a novel approach to scalability on the Ethereum blockchain, using ‘optimistic rollups’. 

In a [website blog,](https://coingate.com/blog/post/arbitrum-launch) the company said introducing payments on the Arbitrum network was a ‘breath of fresh air’. 

## Arbitrum explained 

Arbitrum was launched in the autumn of 2021 as a quicker, cheaper alternative to the Ethereum mainnet. 

The layer-2 platform, developed by Offchain, claims to maintain the same level of security and decentralisation as Ethereum while executing transactions off-chain, to improve performance. 

## How the agreement works 

CoinGate explained that users who want to spend USDT and ETH at merchant websites supported by the fintech firm's payment processing can now use the [Arbitrum](/news/article/arbitrum-token-what-to-expect) network. This, it said, would significantly speed up processing time and cut gas fees. 

At the time of the announcement, the company said a transaction on Ethereum would cost between $0.75 and $1. Using Arbitrum to send ETH would cost around $0.05 per transaction, a substantial reduction. 

To keep things simple, the company explained that users would just have to select the Arbitrum network before making a payment. The most complicated part, it said, was connecting your Ethereum wallet to Arbitrum. 

You’ll need to connect a compatible wallet, like [MetaMask](/news/article/what-is-metamask-wallet), then use the Arbitrum bridge to deposit ETH or ERC-20 tokens like USDT onto the Arbitrum network from the Ethereum mainnet. 

After that, CoinGate claimed, the remainder of the process is a ‘breeze’. The company expects Arbitrum to become a ‘popular payment rail’ by offering the benefits of the Ethereum mainnet without the high gas fees. 

## CoinGate compliance 

The payment processing company has also made public statements about [complying with changing regulatory compliance](https://coingate.com/blog/post/mica-regulations). 

It issued a statement in the wake of two key pieces of legislation impacting crypto payments: MiCA and TRF (Transfer of Funds Regulation). Due to come into force within the next year, both will apply across the European Union. 

MiCA sets rules for participants in crypto-asset markets, aiming to enhance consumer protection and improve market confidence. 

CoinGate confirmed it would comply with the new regulations, making ‘several adjustments’ to operations and development. It will also introduce new policies, including keeping electronic records of clients’ account statuses, and enhance security and resilience with changes to its ICT systems. 

The company said the changes are ‘considerable’, but will bring benefits to CoinGate and its customers. These include being recognised as a financial institution, allowing more effective marketing and operating of services in the EU. 

TRF is chiefly aimed at crypto-asset and payment service providers, with the intention of improving transparency and combatting crime. This will involve additional collection of detailed information about transactions and those involved. 

CoinGate said the changes needed under the new rules would only apply to external cryptocurrency payments made from CoinGate to other crypto-asset service providers. This would include instances of refunds to cryptocurrency wallets. 

In its statement, CoinGate said the shopper’s name, DLT (distributed ledger technology) address, country, ID document, address, and details allowing the beneficiary to be identified would be gathered for every relevant transaction. 

Where transactions exceeding €1,000 involved self-hosted wallets, verification of wallet ownership will be required. If not provided, transfers may be rejected. 

## CoinGate's opinion 

The crypto payment processing firm believes the new regulations will 'further strengthen' trust in CoinGate and create a better-regulated and more secure cryptocurrency market. 

While adapting to the changes, the company said, the main focus would remain on providing customers with 'the best crypto-asset services while upholding the highest standards of safety and security'. 



Coingate  Logo on image of blue cryptocurrencies

CoinGate Introduces Payments on Arbitrum 

Cryptocurrency has revolutionised how we think about money, transactions, and investments. While Bitcoin and other digital assets often steal the spotlight, it's the concept of tokenomics that underpins the vast and diverse crypto landscape. 

In this article, we'll delve into the intricacies of tokenomics, exploring its relevance, components, and impact on the world of cryptocurrency. 

## What is tokenomics? 

Tokenomics is a portmanteau of "token" and "economics". It refers to the economic system or structure of a cryptocurrency or blockchain project. 

Essentially, it's the study of how tokens within a blockchain ecosystem function, interact, and create value. Tokenomics encompasses various aspects, including token supply, distribution, utility, and governance. Let's break down these components to gain a clearer understanding. 

Tokenomics begins with the token supply, which determines the total number of tokens that will ever exist for a particular cryptocurrency. This supply can vary greatly from one project to another, ranging from a few million to billions of tokens. The token supply affects factors like [scarcity](https://www.coindesk.com/markets/2021/11/18/not-all-cryptos-are-scarce-like-bitcoin/) and inflation. 

The distribution of these tokens is equally crucial. It defines how tokens are allocated among various stakeholders, including developers, investors, users, and miners. A well-thought-out distribution plan aims to achieve a balance between decentralisation and fair allocation, preventing a single entity from holding too much power. 

## Utility and use cases 

Tokens are not just digital coins; they serve a purpose within their respective ecosystems. 

Utility tokens, for instance, provide access to a platform's services or features. For example, within the [Ethereum network](https://ethereum.org/en/), Ether (ETH) is used to pay for gas fees, which power smart contract execution and transaction processing. 

Security tokens represent real-world asset ownership, such as stocks or real estate, and are perceived as being subject to securities regulations. 

Holders of governance tokens have the right to participate in the decision-making processes of a blockchain project, including voting on protocol upgrades and changes. 

The utility and [use cases of tokens](https://www.theblock.co/learn/245722/what-are-practical-use-cases-of-cryptocurrencies) are a critical aspect of tokenomics as they determine the demand for a particular cryptocurrency and influence its value. 

## Token burn and deflation 

To maintain scarcity and potentially increase the value of tokens, some blockchain projects employ token burn mechanisms. 

Token burning involves sending a specific number of tokens to an unrecoverable address, effectively reducing the total supply. 

This process is often used in deflationary cryptocurrencies, where the supply gradually decreases over time, theoretically leading to price appreciation. 

## Staking and yield farming 

[Staking and yield farming](/news/article/what-is-staking-crypto) are essential components of tokenomics, primarily in Proof of Stake (PoS) and Delegated Proof of Stake (DPoS) blockchains. 

Token holders can stake their assets by locking them in a network to support its operations, validate transactions, and earn rewards in return. These rewards can consist of additional tokens or a percentage of transaction fees, further enhancing the token's utility. 

Yield farming, on the other hand, involves providing liquidity to decentralised exchanges or liquidity pools, where users earn rewards, in tokens, for their participation. These mechanisms incentivise token holders to actively engage in network activities, thereby contributing to the ecosystem's growth. 

## Tokenomics and project sustainability 

A well-designed tokenomics model plays a pivotal role in the long-term sustainability of a blockchain project. It must strike a balance between incentivising early adopters and maintaining stability for future growth. 

Projects that distribute tokens excessively in the initial stages may experience volatility and price crashes, making it challenging to attract long-term investors. 

Furthermore, projects must consider the mechanisms for funding development and ongoing maintenance. ICOs ([initial coin offerings](/news/article/what-is-an-ico)) and IEOs (initial exchange offerings) are among the fundraising methods used by blockchain projects to secure the necessary capital. 

Proper allocation of these funds and transparency in financial management are crucial for maintaining trust within the community. 

Tokenomics and regulatory compliance 

The cryptocurrency space is constantly evolving, and regulations are catching up. As governments around the world establish guidelines for the cryptocurrency industry, blockchain projects need to ensure that tokenomics models comply with these regulations, particularly when dealing with security tokens or conducting fundraising activities. 

Regulatory compliance not only mitigates legal risks, but also enhances the project's credibility and attractiveness to institutional investors. It's essential for blockchain projects to consult legal experts and adapt tokenomics models accordingly to navigate the complex regulatory landscape. 

## Tokenomics and investment strategy 

For investors, understanding the tokenomics of a cryptocurrency project is crucial when making investment decisions. By analysing token supply, distribution, utility, and governance, investors can assess the potential for long-term value appreciation. 

Additionally, understanding the staking and yield farming opportunities within a project can help investors identify sources of passive income. 

However, it's essential to conduct thorough research before investing in any cryptocurrency, as the volatile nature of the market can lead to significant risks. 

## Conclusion 

Tokenomics is a multifaceted concept that forms the foundation of the cryptocurrency world. It encompasses various aspects, including token supply, distribution, utility, and governance, all of which contribute to a cryptocurrency's value and sustainability. 

As cryptocurrency evolves and matures, an in-depth understanding of tokenomics is invaluable for investors, developers, and enthusiasts alike. 

In the UK and worldwide, blockchain projects are constantly innovating and adapting tokenomics models to meet the changing demands of the industry and regulatory landscape. 

Whether you're a seasoned cryptocurrency investor or someone new to the space, staying informed about tokenomics is essential for navigating the exciting yet complex world of digital assets. By doing so, you can make informed decisions and contribute to the growth and success of the cryptocurrency ecosystem. 

Understanding Tokenomics in Cryptocurrency: A Deep Dive 

This month, digital asset enthusiasts descended on London for a major networking event organised by [CC Data](https://summit.ccdata.io/). 

The Institutional Digital Asset Summit has become a significant event, attracting international attendees and notable speakers contributing to a wide range of topics. 

Here, we take a look at what was on the agenda for the 2023 summit. 

## What is CC Data? 

Founded almost a decade ago, CC Data provides digital asset data to institutions and investors. Formerly known as CryptoCompare, [the organisation](https://ccdata.io/) is focused on safeguarding data integrity and ensuring consistency in market data by standardising global sources. 

CC Data is renowned for investing in tech and infrastructure to enhance its services and is part of a movement to encourage digital asset adoption. 

The Institutional Digital Asset Summit (CCDAS), in London, is part of fostering that engagement. 

CC Data was co-founded by Charles Hayter and Vlad Cealicu, who serve as CEO and CTO respectively. 

## CCDAS 2023 

Held over two days at the start of the month, the summit covered a wide range of hot topics. 

The summit began with a networking event for VIP guests, a chance to rub shoulders with influential figures in the digital asset and wider investment worlds. As with similar events, the opportunity to make face-to-face contact with movers and shakers is a major attraction of the CC Data summit. 

Perhaps one of the most important agenda items was a discussion on future-proofing the digital asset industry. This looked at how to ensure continued growth in the sector amid global regulatory uncertainty. 

Jurisdictions worldwide are grappling with regulation to make digital asset investment a safer space. There is a well-recognised need to protect investors, but many countries have struggled to understand how to impose rules which give that protection without stifling innovation. 

The need for regulation gathered pace following last year’s dramatic [collapse of the FTX exchange](/news/article/ftx-bankrupt-who-to-blame), leading to some jurisdictions considering knee-jerk rules that would harm the growth of the digital assets sector. 

With the background, it was a timely subject to feature prominently on the CC Data DAS agenda. 

## Other discussion points 

The summit agenda also included many more fundamental considerations about the present and future of the digital asset sector. 

The scene was set with the opening presentation, considering the past, present, and future of cryptocurrency. 

One session examined how institutional investors are shaping the digital asset landscape and how that should be managed. Another delved into the derivatives market, studying exposure and leverage within the digital asset ecosystem. 

One agenda item that caught attention ahead of the summit focused on the role of venture capitalists and their role in driving digital asset growth. It is becoming commonplace for venture capital to play a significant role in the development of many digital asset platforms and offerings, and the summit examined how this works and whether it is beneficial. 

[Tokenisation](/news/article/tokenization-importance-explained) is a hot topic in crypto circles, so it was unsurprising to find a session dedicated to studying trends in traditional tokenisation and looking beyond crypto. 

Attendees were also able to hear the latest thinking on digital asset investment products, from the current ETFs (exchange-traded funds) to innovative new products that could hit institutional markets soon. 

In common with many similar crypto-centric conferences, CC Data DAS 2023 included a number of ‘fireside’ chats, informal interviews with leading lights in the digital asset space. Among these were representatives of LMAX Digital, the institutional cryptocurrency exchange, as well as the UK Financial Conduct Authority. 

The latter was fundamentally important following the rollout of strict new crypto rules in the UK during 2023 and with further regulatory steps due to come into force. 

## The speakers 

The roll call of speakers scheduled for the 2023 CC Data Digital Asset Summit read like a veritable who's who of finance and digital asset leaders. 

The Chair of the UK Parliament Crypto and Digital Assets All Party Parliamentary Group, Dr Lisa Cameron MP, and FCA Head of Capital Markets Helen Boyd were among the headline guests due to appear. 

Other leading figures on the roster included Bitcoin educator Dan Held, Bitstamp CEO JB Graftieaux, Wilshire CEO Mark Makepeace, and Tyrone Lobban, MD of Onyx by JPMorgan. 

The City of London, arguably the global HQ of financial services, was represented by Lord Mayor Michael Mainelli. 

## More than just talk 

Of course, conferences like this are not just an opportunity to hear from star speakers and network. The CC Data summit was also an opportunity for businesses to exhibit. 

Many conference attendees measure the value of an event by the quality of the organisations represented. Having the City of London, the UK Parliament, and the FCA represented matters, but it is equally important to see big financial names in attendance. 

The reputation of CCDAS has been enhanced by the ability to attract traditional institutional investors to this digital-asset-focused forum. These have included the likes of HSBC, UBS, Citi, Morgan Stanley, JPMorgan, and Standard Chartered. 

Its value has been further enriched by the attendance of finance players such as the Nasdaq, the London Stock Exchange Group, and S&P Global. 

Of course, no digital asset conference would be valuable without representatives of the cryptocurrency sector and digital asset champions. Again, CCDAS has scored well, with the likes of Ripple, Crypto.com, Coinbase, and Bitstamp contributing. 

## The coverage 

Anyone involved in cryptocurrency knows that widespread mainstream media coverage of digital assets usually only happens when something goes wrong, like a market crash, hack, or platform implosion. 

Another strength of CCDAS has been its ability to attract representatives of leading reputable global media outlets. These have included the BBC, Financial Times, Bloomberg, Wall Street Journal, and CNBC, among many more. 

CCDAS logo on image of people reading crypto data on an ipad

CC Data Hosts Digital Assets Summit 

Since Binance launched Binance Coin, the BNB crypto coin has become a key part of the world’s biggest crypto exchange’s ecosystem. 

BNB began life as the asset sold during Binance’s ICO (initial coin offering), offering owners an opportunity to receive lower trading fees once the exchange launched. 

Since then, the BNB crypto offering has retained an important role in the Binance operation as the business expands beyond its original concept of being a digital asset exchange. 

## BNB Coin history 

Binance launched its ICO just over six years ago, with members of the founding team and angel investors among those to secure Binance coins. 

The business raised $15 million through the sale of BNB tokens, with 100 million selling for $0.15 each. 

Just over a third of the revenue was used to upgrade the Binance platform, while half was spent on branding, education, and marketing. The rest was put aside in case of emergency. 

When first sold, the BNB token was built as an ERC-20 token on the Ethereum blockchain. Two years after the ICO, Binance opened its own blockchain, Binance Chain, and, with it, a native coin, BNB. A token swap in 2019 allowed BNB crypto token holders to exchange them for the coin. 

## How does the Binance crypto coin work? 

BNB Coin operates like most other cryptocurrencies. People can buy and sell it, determining the rise and fall of its value, hold it in compatible wallets, and use it for payments. 

On a more technical level, we need to look at Binance Chain, the company’s layer-1 blockchain. 

The primary focus during development was optimising on-chain trading, principally to enhance Binance’s decentralised exchange. Transaction, or gas, fees on the chain are paid in the native currency, the BNB crypto coin. 

Within the Binance Chain, we find the Binance beacon chain, focused on the governance of the blockchain and where BNB crypto coin holders can take part in staking and voting. There is also the Binance Smart Chain, an Ethereum Virtual Machine-compatible consensus layer with hubs to multiple chains. 

## Burning BNB crypto 

Binance has performed quarterly burns of BNB since shortly after its ICO in 2017. It continues to spend money four times every year to buy back and burn BNB Coin. The stated aim is to completely destroy half the original supply – 100 million BNB Coins. 

As with all burn programmes, the aim is to reduce supply and drive up rarity, which can increase the value of the asset. 

An unusual aspect of the Binance operation is the Pioneer Burn Program. In this, the business will evaluate cases where BNB holders have irrevocably lost their holding and, in some instances, repay them and deduct the amount of lost BNB from the next quarterly burn. 

## BNB and its uses 

The popularity and use of Binance Coin has grown with the brand. As mentioned above, it started out as BNB crypto token to raise funds to launch an exchange and quickly gained traction. 

Binance has expanded into a wider ecosystem, broadening the use and appeal of BNB crypto. The expansion has seen the launch of a decentralised exchange, two blockchains, crypto borrowing, peer-to-peer trading, and more. 

BNB Coin can be used to pay for [Binance Exchange](https://www.binance.com/en) transactions, with customers who use this option seeing fees reduced. As the ecosystem has expanded, BNB has become a payment component in other Binance products. 

BNB can also be accepted as payment by participating merchants, used to invest in stocks, ETFs, and other assets on some platforms, as collateral for loans, and to make direct payments to others via certain apps. 

## BNB crypto pricing 

Like all cryptocurrencies, the value of BNB fluctuates depending on market circumstances and sentiment. From an all-time low of $0.09611 in 2017, the year of the ICO, BNB rose to a heady all-time high of $690.93 in May 2021, according to[ CoinMarketCap](https://coinmarketcap.com/currencies/bnb/). 

At the time of writing, the BNB market cap was in excess of $32.5 billion. 

The notable increase in BNB value between 2017 and 2021 is tied to the success of Binance Exchange, the world’s biggest crypto trading platform, and its vital role within the expanding Binance ecosystem. 

Given the market dominance of Binance, some investors consider BNB a ‘safe’ investment, despite the likelihood of large short-term returns being low. However, as ever, it is vital to do your own research and be aware that BNB, like all cryptocurrencies, is subject to significant value fluctuation, and there are no guarantees, even with an established digital asset. 

While Binance remains a strong brand, it has faced challenges that could impact the future value of BNB. 

## Regulation of Binance 

In a short time, Binance established itself as one of the most significant players in the global crypto market. But problems began to emerge in 2021, when regulatory action was taken in jurisdictions including the UK, Japan, Malta, Netherlands, Cayman Islands, Malaysia, and Thailand. [The UK ordered](/news/article/binance-gbp-deposits-and-withdrawals-suspended) the company to cease all financial activities in the country in July of that year due to the lack of required authorisation. 

Two years prior, Binance had removed US customers from its main exchange, instead launching a country-specific platform called [Binance.US](https://www.binance.us/). 

While some licences have been granted, notably in France, Binance remains under regulatory scrutiny. Just four months ago, the US Securities and Exchange Commission announced 13 securities law charges against Binance entities and founder [Changpeng Zhao](/news/article/cz-binance-founder). 

How does the BNB crypto coin work? 

According to data from [CoinMarketCap](https://coinmarketcap.com/currencies/fetch/), the Fetch AI crypto token, FET, was showing signs of recovery in September. 

After a strong start to the year, hitting a 2023 high of $0.5441 in February, FET’s value plunged in June. Since then, it has been gradually climbing, although it remains well off its all-time high of $1.19 in September 2021. 

So, does FET have a future? 

## Fetch AI explained 

The [Fetch AI platform](https://fetch.ai/) was founded by game developer and producer Toby Simpson, Deepmind AI firm investor Humayun Sheikh, and advanced machine learning professor Thomas Hain six years ago. 

It is an open-access decentralised machine learning blockchain-based protocol created to grow the digital economy without the interference of humans. Services and devices are connected to the Internet of Things by the network, which also facilitates the involvement of other agents, including people. 

It offers an infrastructure and tools to support the development of DeFi (decentralised finance) based on AI. Fetch AI provides solutions through data sharing and intelligent machine learning, which can be easily deployed in multiple sectors, such as supply chains, smart homes, and transport. 

## How does it work? 

There are three main elements used to develop the infrastructure and tools needed to create an AI-based autonomous economy. These are the Open Economic Framework, Autonomous Economic Agents, and the Fetch Smart Ledger. These three form the network, which is powered by AI and machine learning. 

Open Economic Framework – this is where all the information and data that agents can use is stored, enabling connectivity between Autonomous Economic Agents (AEAs). This layer and its nodes are where agents source information, receiving token rewards for mediation. 

Autonomous Economic Agents – Essentially, AEAs are digital citizens in the Fetch AI ecosystem, representing individuals, organisations, services, and devices on the network, where they can leverage the predictive nature of the systems. Thanks to machine learning and AI, there is the opportunity to learn from past mistakes and create more efficient solutions. This enhances the performance of systems via artificial intelligence. 

Fetch Smart Ledger – The ledger is where all network transactions are collected and processed through sharding. It is an innovative blockchain-based structure combining distributed ledger technology and a directed acyclic graph. 

## Is Fetch AI unique? 

The combination of multiple technologies, such as DLT, DAG, AI, machine learning, and smart contracts, has led to Fetch AI being considered unique. That and the AI-enabled use cases it supports. 

The project basis is allowing users to develop a digital decentralised economy that grows with the multi-utility network. It can be applied in many sectors and industries, including supply, smart cities, travel, commodity exchanges, and, of course, DeFi. 

## Fetch AI crypto token 

The potential value of the Fetch AI project comes from its technology, use cases, and operation through the functions and tools made available. 

Central to the project is the Fetch AI token, FET. This multi-purpose native token is used to reward and enable node operators as well as giving access to operations on the network. It is, of course, the chief payment method on the network. 

Given the potential of blockchain-based [AI projects](/news/article/ai-crypto), FET has an intrinsic value, as it is the currency of the network. However, intrinsic value is not always reflected in market value. This can sometimes be the result of cryptocurrency market fluctuation, as well as sentiment. 

As anyone who watches the markets knows, FET, like other cryptocurrency tokens, has been subject to radical value changes that have seen prices spike and dip in short periods. 

As with many cryptos, there is a limited supply of the token, and scarcity can help attract greater value. 

In mid-September, the total supply of FET was 1,152,997,575, with 812,995,921 in circulation. You can calculate the market cap of the token by multiplying the tokens in circulation by the current market price. Or just visit a site like [CoinMarketCap](/news/article/coin-marketcap-analysis)! 

## FET future 

According to [AMBCrypto](https://ambcrypto.com/predictions/fetch-ai-price-prediction), the long-term prospects for the Fetch AI crypto token do not look good until the end of this decade. 

Taking into account historic price action, social sentiment, and current developments, the analysis platform predicts FET’s price will remain under the $1 level until 2030. 

It assesses that FET will slump in value next year, with a predicted highest price of $0.21. A marginal improvement in 2025 will take it to a year-long high of $0.28. 

The following year could signal the start of a recovery, with FET achieving a high of $0.39 in 2026, rising to $0.53, close to this year’s high, in 2027. As we round out the decade, the Fetch AI crypto token could see highs of $0.72 and $0.99 in 2028 and 2029 respectively. 

AMBCrypto predicts FET will see a surge as we begin the 2030s. It assesses the potential high for the Fetch AI crypto being $1.36 in 2030, and $1.85 the following year. Looking further ahead, FET could achieve highs of $2.53, $3.45, and $4.70 in 2032, 2033, and 2034 respectively. 

Of course, like all price predictions, there are no guarantees that these figures are correct. Any number of variables could impact on the future value of FET, so it is vital that you conduct your own independent research. 



Does Fetch AI Crypto Have a Future? 

The value of Pi currency took a tumble on the crypto markets in mid-September following news of more delays to the Pi Network mainnet roadmap. 

The delays have sparked outraged network enthusiasts, who have also blasted the lack of plans to get the Pi currency, PI, listed on major exchanges. 

What exactly is happening at the [Pi Network](/news/article/pi-network-price-prediction)? 

## Pi currency tumble 

In a single week in the middle of last month, PI lost more than 20% in value compared to recent highs. The dip came after Nicolas Kokkalis, CEO of the Pi Network, confirmed further delays to the hotly anticipated mainnet roadmap. 

Reported by [PiNewsMedia on X ](https://twitter.com/PiNewsMedia/status/1700601922649227531)(previously Twitter), it was revealed that the roadmap would now be unveiled in two phases. 

The first phase is expected this month, undermining previous expectations that the full roadmap would be released in October. 

While it is hoped that version 2 will still come this year, no exact schedule has been given. The news perplexed and angered many Pi Network fans. 

Of course, PI is not yet tradable, so the fall in value recorded by sites like [CoinMarketCap](https://coinmarketcap.com/currencies/pinetwork/) refers to the ‘IOU’ price. However, the sudden decline does reflect where sentiment around the project currently sits. It’s clear optimism has dampened, impacting short-term price expectations for PI. 

## Under fire 

Following the news of the latest delay to the publication of the mainnet roadmap, Pi Network fans did not hold back. 

Not only did the value of the PI price dip, there was also outspoken criticism of the network. 

The complaints focused on how long the network has been in an enclosed mainnet and the lack of plans to list PI on major exchanges, such as [Coinbase](/news/article/coinbase-review-uk) and Binance. 

Pi Network attracted plenty of fans when it launched. Inspired by the challenges of Bitcoin, the world’s most popular cryptocurrency, the founders sought to offer an alternative. 

While Bitcoin requires specialised mining equipment, [the Pi Network approach](/news/article/pi-network-unlocks-mining-rewards) allows anyone with a smartphone to mine PI. This addresses some of the accessibility and energy use issues of Bitcoin, plus brings significantly lower transaction fees within the Pi ecosystem. 

The goal was to have this intention at the heart of an entire ecosystem of diverse applications. Pi Network is already being used by developers to create DeFi, gaming, and Metaverse apps. 

Millions of users worldwide flocked to Pi Network at the peak level of interest. Stats today, reported by the likes of [BanklessTimes](https://www.banklesstimes.com/news/2023/09/14/pi-network-users-blast-core-team-as-pi-coin-concerns-remain/), suggest the numbers have fallen sharply. On top of that, there are concerns that Pi Network pioneers now have collections of Pi currency, which is, essentially, worthless. 

That is because there is no option to cash out, as PI is not tradeable yet. They will only be able to once PI is listed on exchanges, allowing the Pi currency to be traded like other crypto tokens. 

There has been criticism of an apparent lack of plans to do this. 

## Criticism of core team 

Following the latest delay to the mainnet roadmap, fans hit out and alleged inconsistencies in the Pi Network core team. One, an X user called Pi Inu Token, listed several concerns, including claiming that the coins mined so far will not be cashed out while they are concentrated in Vietnam, China, Nigeria, and other countries. 

He also raised concerns about how Pi Network will achieve the next network breakthrough and wealth redistribution. He noted that Pi Network has profited from ad revenue generated when people mine, which is high due to the popularity of the project, and suggested that leaving the enclosed mainnet and listing the Pi currency on exchanges would be ‘counterproductive’. 

The critic based this on the idea that Pi pioneers would quickly cash out, causing the value to dip, and that a consequential fall in network users would negatively impact ad revenue. 

## Still life in Pi 

Despite the latest news, there is still hope for the Pi currency and network. 

Its energy-efficient mining model and large user base means it still retains potential. The network aims to make PI more accessible than other crypto tokens, the ones which require technical knowledge or specialised hardware. 

It should also be noted that the PI IOU price soared, up some 15%, following the announcement that its detailed roadmap would be delivered in September. That news spiked the price, in much the same way the delay caused it to dip, so there is clearly still buzz around the Pi project. Once the roadmap is released, pundits expect the Pi currency value to rise again. 

Analysis by [coincodex](https://coincodex.com/article/32203/pi-coin-price-crashes-20-as-pi-network-ceo-confirms-further-delays-pi-roadmap-now-set-to-release-in-q4/) suggests bullish potential for PI. Given the substantial social following Pi Network has, and assuming the mainnet launch goes smoothly, the Pi currency could surpass the $200 mark within 12 months, it suggests. 

However, there is a note of caution. We must wait to see if the network can meet the community management and technical challenges necessary to achieve that value. All eyes will be on the delivery of the roadmap. 

Pi Currency Plummets as Delays Confirmed 

In June, Polygon unveiled version 2.0, promising major updates to the architecture, governance, and tokenomics of the protocol. 

This network of zero-knowledge Layer-2 blockchains was, the protocol said, designed to become the ‘value layer of the internet’. 

Here, we take a deep dive into Polygon 2.0. 

## The future of Polygon 

Version 2.0 is a major milestone, bringing enhancements to governance, tokenomics, and architecture. 

It is intended to democratise worldwide economic access by boosting DeFi (decentralised finance), innovative coordination mechanisms, and digital ownership. 

At its core, the vision is to enable unified liquidity and unlimited scalability by integrating zero-knowledge tech. The scaling challenges of Web3 mean that adding new chains not only fragments liquidity, but also offers a poor UX. Polygon 2.0 uses Layer-2 chains powered by zk and a cross-chain coordination protocol to create a unified network. This network, it is claimed, offers scalability that is almost without bounds and cross-chain interactions that are seamless. 

## Polygon zkEVM 

A part of the 2.0 upgrade is the transition of the Polygon PoS (Proof of Stake) blockchain to a [zkEVM](https://polygon.technology/polygon-zkevm) validium. 

This brings better performance and security, as well as enhanced compatibility with the version 2.0 ecosystem. 

It works by making transaction data available offline, bringing lower fees without compromising on security. 

The Polygon Improvement Proposals (PIP) framework was discussed over the summer, with a view to publishing the plans during the autumn. Subject to consensus, implementation and testing is scheduled for the winter, with mainnet activation in early 2024. 

## What does 2.0 look like? 

Polygon 2.0 is arranged into four protocol layers, and this architecture is crucial. 

The staking layer, implemented on Ethereum via the Validator Manager and the Chain Manager contracts, uses Polygon's native token to provide staking services to participating chains. 

The interop layer allows cross-chain messaging, enabling secure shared access to native Ethereum assets and near-instant cross-chain transactions. 

The execution layer handles transaction sequencing and block production, while the proving layer generates and verifies proofs across the Polygon chains using a zk proving protocol. 

## New token 

As part of this upgrade, a new native token has been proposed by [Polygon Labs](https://polygon.technology/): POL. It will be a 1:1 upgrade of [MATIC](/news/article/what-is-matic-all-about), inheriting the current token’s 10 billion supply when it first goes live. 

Holders of POL will be able to act as validators on multiple Polygon chains, including services like accepting user transactions and determining their validity, producing zk validity proofs for transactions, and providing data availability guarantees. 

This new economic approach removes the 10 billion supply cap on the protocol's native token. POL brings a move to an inflationary model to fund the treasury and incentivise validators. 

## Governing the protocol 

Version 2.0 brings a new governance framework split into Community Treasury Governance, System Smart Contract Governance, and Protocol Governance. The aim is to have governance mechanisms that are efficient and scalable. 

The Community Treasury Governance creates a self-sustainable ecosystem fund that will support ecosystem projects. There are two phases to the governance process, beginning with an independent board but then moving to decision making by the community. 

The System Smart Contracts Governance will look after protocol component upgrades implemented as smart contracts. Responsibility will lie with the community-governed Ecosystem Council. 

Finally, the Protocol Governance is a platform for proposing Polygon protocol upgrades facilitated by the PIP framework. 

## Polygon Development 

There has been strong commitment to, and activity with, the developer community. At the end of last year, partnerships and events sought to strengthen relationships with developers. In the opening months of 2023, Polygon Lab’s global developer tour, DevX Global, kicked off. 

The Hackathon tour continued this year, visiting Asian cities, including Hong Kong and Tokyo. This was an opportunity for developers to compete for a share of $125,000. The tour moved to Europe over the summer, with stops in London, Lisbon, Paris, Zagreb, Amsterdam, and Berlin. 

Q2 of 2023 also saw a partnership with [Google Cloud](/news/article/near-protocol-partner-with-google-cloud) announced. This gave startups in their early stages within the Polygon ecosystem access to resources and benefits. The quarter was also marked by the launch of the developer-support AI-powered tool Polygon Copilot. 

A focus on helping developers and the deployment of new tools and partnerships certainly seems to have brought results. During the second quarter of 2023, there was a huge spike in deployed contracts. 

Independent research showed Polygon had more than 200 full-time developers (837 in total), ranking it in the top six for developer activity during the first six months of this year. 

## Conclusion 

Version 2.0 could bring significant enhancements in protocol architecture, tokenomics, and governance, marking a pivotal step in the network's evolution. 

Polygon's developer and user bases are among the most expansive in crypto, and it remains committed to pushing the boundaries. As competition intensifies, the successful rollout of Polygon 2.0 and continued adoption of the Polygon zkEVM will become increasingly critical in the coming quarters. 

Polygon 2.0: A Deep Dive 

Fraud in online advertising is a major headache for media companies. One platform dedicated to fighting it is Verasity, the protocol and product layer blockchain committed to a better user experience for everyone in the digital content space. 

By offering security, transparency, and trust, [Verasity](https://verasity.io/) hopes to eliminate online ad fraud. 

## How does Verasity work? 

Using Proof of View (PoV) technology, Verasity delivers transparency in advertising. Leading content delivery networks integrate VeraViews as they attempt to eliminate ad fraud and bring accountability and authenticity to online advertising. 

PoV is patented technology combining a distributed ledger backend with advanced bot detection. The fact that transactions are stored on an open ledger blockchain ensures that the transactions are valid and that there is transparency in reporting and auditing. 

When digital transactions happen, hundreds of data points are passed between devices. These can be analysed to identify bot involvement. Bot transactions are responsible for the majority of online advertising fraud. 

## VRA token 

Verasity has its own digital currency, VRA, which was designed for exchanging and transferring value in areas such as eSports, online gaming, NFTs, and digital videos. It is listed on more than two dozen cryptocurrency exchanges and held in more than 300,000 VeraWallets. 

VRA can also be used in Verasity’s staking programme and utilised to pay rewards to those participating in the network. 

## An entire ecosystem 

The Verasity [ecosystem](/news/article/vra-crypto) encompasses a wide range of features and tools for online advertisers. 

The primary offering, [VeraViews](https://verasity.io/veraviews), is an ad tech stack using the patented PoV tech to detect and prevent fraud in the deployment of video content by identifying bot results that artificially inflate viewing figures. 

Verasity also has its own video player, VeraPlayer, with VeraViews built in, which promises to optimise advertising revenue for its partners. It is deployed on the eSports offering, [VeraEsports](/news/article/vra-crypto-esports). 

Verasity has its own custodial wallet for storing the VRA tokens mentioned earlier. It not only stores the tokens, but acts as a payment system supporting crypto and on-crypto options. Among the ways users can earn VRA is through the Watch and Earn mechanism. This is a reward system paying users token incentives for watching video content. 

And Verasity is part of the NFT industry with the VeraVerse marketplace, described as a complete ecosystem for NFTs, including in-game items, art, and collectables. 

## Who is behind it? 

The longstanding involvement of key team members, such as David Archer, Robert Keogh, Justin Wenczka, Elliot Hill, Sergey Molybog, and Olena Buyan, built confidence among users and investors. 

The team members are seen as professionals with established track records in relevant sectors, including media, video, and tech businesses. 

## VRA price prediction 

Price predictions for the [VRA token ](/news/article/vra-coin-doubles)suggest solid, if not stellar, increases. 

Analysis by [AMBCrypto](https://ambcrypto.com/predictions/verasity-price-prediction) looked at the possible price trends for this year as well as looking even further into the future. 

It suggested that by next month the average value will be $0.014, with a possible high of $0.015. Early next year, VRA could see that average increase to $0.015, with a high of $0.016 in February, the site said. 

The same value range is suggested for the remainder of this year, with prices ranging from $0.014 to $0.016 in November and December. 

Studying historical data, platform developments, and investor/community sentiment, AMBCrypto was able to make predictions about the VRA value longer term. It suggests slow but solid increases in the token’s value. 

For 2024, the site predicts values ranging from $0.011 to $0.017, with an average of around $0.014. A marginal increase is forecast for the following year, with an average of $0.018 and prices ranging from $0.014 to $0.022. 

This trend of marginal value increases is predicted for the rest of the decade, with averages of $0.023, $0.029, $0.037, and $0.046 in 2026, 2027, 2028, and 2029 respectively. 

## Could VRA reach a dollar? 

The AMBCrypto research suggests that VRA reaching a value of $1 is a long way off. 

Looking ahead to 2030, the average price is predicted to be around $0.059. While this could increase to $0.074 in 2031 and $0.093 in 2032, markets may have to wait until 2033 for the average price of VRA to hit $0.11, when the price range is expected to be between $0.094 and $0.14. 

The site predicts another increase in 2034, hitting an average of $0.14, still well below the $1 valuation investors will be hoping for. 

Verasity – Combatting advertising fraud 

Decentralised blockchain ecosystem Casper, geared towards developer and enterprise adoption, combines unique features which have made it a popular choice. Here, we explore Casper and how its native token, [CSPR](https://casper.network/en-us/), works. 

The Casper mainnet was launched in March 2021 by Casper Labs, funded through a method called an IOU launch, which allows investors to access the project before trading begins. Interest in the ecosystem has grown thanks to features such as the custom-built blockchain and its own cryptocurrency, CSPR. 

Advanced developer tools have empowered developers to create decentralised applications (DApps) that are considered more robust and immersive than others. 

Investor interest remains high thanks to new partnerships Casper has formed, with the likes of WISeKey, BIGtoken, Lead Ventures, and more. 

## What is Casper for? 

The primary goal of the blockchain is to simplify onboarding, reducing the tech barriers so that more businesses can integrate blockchain solutions into how they do business. 

A leading benefit of the platform is offering a secure alternative to centralised markets, with an open-source network vetted by many third parties and its own community. 

It is also scalable, thanks largely due to the team’s commitment to not repeating the mistakes of [Ethereum](/news/article/second-ethereum-testnet-successful). Ethereum gas fees were designed to combat congestion, but rising popularity left users facing increasingly high fees, as well as delays. 

Casper supports sharding, which is a digital storage method letting networks compartmentalise data, delivering almost limitless storage capacity. It also enables developers to produce complex DApps using blockchains that support sharding. 

The Casper network is also upgradeable, a compelling reason for its popularity. The team behind the ecosystem was keen to ensure that the network remains relevant into the future and went to great lengths to achieve this. Many of the features it offers are developed to be upgradeable, such as predictable gas fees and enhanced smart contracts. 

## How does Casper work? 

The Casper network is supported and maintained by [Casper Labs](https://www.casperlabs.io/) and delivers enterprise blockchain services. 

It operates a Proof of Stake (PoS) blockchain built on the Casper CBC (correct by construction) specification. This consensus mechanism delivers high performance and good security, and developers are enabled to build new blockchains using the Casper developer tools. 

PoS networks are more energy-efficient and scalable than Proof of Work (PoW) mechanisms, thanks to the removal of miners from within the validation process. It works by users staking their tokens to secure the network and receiving rewards, paid in native token CSPR. 

You should also be aware of the Casper Association. It is a not-for-profit organisation which is focused on expanding the reach and position of the network. The association is committed to providing resources, such as financial and technical support, to projects that have the potential to deliver valuable services to the Casper ecosystem. 

## CSPR 

The primary utility token for the Casper ecosystem is CSPR, a dynamic crypto fulfilling many roles. 

CSPR is how regular users interact with the network’s services and features, for example being used to pay fees and rewards. It is used to reward PoS validators and has a crucial role in the network’s community governance. 

You may be asking, how can I buy CSPR? It is available on exchanges such as Uphold, a leading platform for residents of the US and UK which offers a wide range of cryptos. 

CSPR can also be purchased on [KuCoin](/news/article/rise-of-kucoin), a cryptocurrency exchange offering trading in more than 300 popular tokens. It is often the go-to platform for the first chance to purchase new tokens as they hit the market. 

## CSPR and NFTs 

Casper has recently confirmed support for non-fungible tokens (NFTs). It has partnered with WISekey to develop an advanced NFT marketplace, where users can create and trade their NFTS on a platform underpinned by Casper. AS NFTs continue to be a popular trading commodity within blockchain, this could further increase the interest and success of Casper. 

You may already be aware, but NFTs represent a single asset, making them different to cryptocurrencies. NFTs have been widely used to create art and digital collectible, commanding massive prices, and the technology is moving towards adoption for more uses, such as ticketing and even storing personal records, such as medical data, online. 

## CSPR funding developers 

Casper developers are able to access grants which deliver finding for their projects thanks to DEVxDAO. Users of the Casper network are able to vote on which projects receive token grants by qualifying for financial assistance. 

DEVxDAO was the result of a partnership between Casper and the Swiss group, the Emergency Technology Association. The goal is to help to onboard promising developers, plus other figures such as researchers and scientists, seeking funding to deliver new decentralised infrastructure projects. 

## Is Casper The Future?

Fans of Casper and its native crypto CSPR argue that it is driving blockchain adoption within the business sector. 

The popularity of Casper with developers shows that there is a demand for providing businesses not yet engaged with blockchain to access 'turnkey' solutions to allow integration. Casper enables this, offering businesses greater efficiency and security. 

Casper has carved out a leading role in this niche market, one that is potentially very valuable and likely to see increasing demand. 

Is CSPR changing blockchain? 

In the rapidly evolving landscape of the Metaverse, a realm teeming with boundless opportunities and uncharted potential, companies across industries are fervently vying for a foothold in this digital frontier. Among these trailblazers, Adidas has emerged as a notable protagonist, deftly orchestrating a consumer-centric, product-based strategy that ingeniously navigates the contours of the Metaverse to foster a virtual connection with its global audience. 

As the Metaverse phenomenon continues to gather momentum, [Adidas](https://www.adidas.com/metaverse) is poised to capitalise on this burgeoning landscape, and at the epicentre of its digital endeavour lies the introduction of groundbreaking NFTs, widely known as "Adidas Metaverse". 

## The Adidas Metaverse journey 

This transformative journey for Adidas commenced in February 2021, a watershed moment that heralded the brand's initial entry into the Metaverse. Since its first steps, Adidas has charted an impressive trajectory, marked by progressive milestones and innovative ventures illuminating the brand's commitment to digital exploration. 

A pivotal chapter unfolded with the much-anticipated release of the first-ever Adidas NFT collection, a collaboration that seamlessly united the creative forces of esteemed entities, including the illustrious Bored Ape Yacht Club, the visionary Gmoney, and the ingenious PUNKS comic team. 

The culmination of this collaboration yielded an NFT drop of monumental proportions, titled "Into the Metaverse". This visionary collection debuted on December 17, 2021, attracting attention from enthusiasts and collectors. Owners of these coveted NFTs gained coveted access to an array of Adidas Originals events, exclusive merchandise releases, and an immersive tapestry of experiences meticulously curated to satiate the appetite of Metaverse aficionados. 

## Digital keys 

Yet, the allure of the Adidas Metaverse extends far beyond the realm of mere exclusivity. It pivots on the conceptualisation of NFTs as digital keys, each unlocking a gateway to a multidimensional realm rife with novel encounters and bespoke advantages. At the heart of this digital domain lies an intricate tapestry of collaborative products, seamlessly fusing cutting-edge technology with artistic ingenuity. 

Virtual wearables tailored to grace avatars within the virtual expanse are among the array of enticements offered, each meticulously crafted to resonate with the tastes of Metaverse denizens. 

The tangible manifestations range from the comfort of stylish sweatshirts and trendy tracksuits to the emblematic orange beanie synonymous with Gmoney's signature aesthetic. These artifacts bear the indelible insignias of the three innovative partners, underscoring the synergy that underpins this landmark collaboration. 

## NFT success 

The resounding success of the Adidas Metaverse collaboration reverberated across the digital landscape, culminating in a staggering financial triumph that saw Adidas amass $22 million in revenue. A testament to the brand's unwavering dedication to the Metaverse narrative, Adidas further fortified its digital stake by acquiring a prized Bored Ape NFT, christened Indigo Hertz, which subsequently assumed a central role in the brand's high-profile promotional campaigns surrounding the FIFA World Cup. 

This strategic move served as a poignant reminder of Adidas' astute comprehension of the pivotal role NFTs occupy within the Metaverse. 

## Adidas Metaverse story continues 

The Adidas Metaverse journey continues. The introduction of a curated collection of virtual wearables underscored the brand's resolute commitment to the digital avatar setting, each item meticulously designed to resonate within the evolving Metaverse. 

This collection, which took centre stage at [Decentraland's prestigious Metaverse Fashion Week](/news/article/metaverse-fashion-week), invited enthusiasts to partake in an immersive experience, complete with 3D digital twins that transcend the confines of the virtual realm, bridging the gap between imagination and reality. 

The Adidas Metaverse serves as a microcosm of a broader corporate landscape in the throes of digital transformation. The chronicles of the Adidas Metaverse expedition commenced with the unveiling of a maiden NFT collection, a collaboration that harmoniously melded the creative tapestries of [BAYC](https://boredapeyachtclub.com/#/), Gmoney, and Punks. 

This watershed moment offered just a glimpse into the Adidas Metaverse plan, a vision that extends beyond virtual wearables, encompassing strategic investments within the Sandbox Metaverse, and myriad avenues that collectively manifest a robust blueprint for long-term Metaverse ascendancy. 

At the helm of the Adidas Metaverse voyage was a dedicated team diligently entrusted with sculpting pioneering Metaverse narratives. Erika Wykes-Sneyd, Adidas Originals' Vice President of Global Marketing and Communications, steered the brand toward uncharted digital horizons. 

Amid the Metaverse evolution, Adidas has staked its claim within the[ Sandbox Metaverse](/news/article/how-to-buy-land-in-metaverse-worlds), christening its virtual enclave "adiVerse". The landscapes of this digital domain conjure tantalising visions of interactive showcases, immersive games, and a veritable pantheon of exclusive Adidas digital creations poised to transcend the boundaries of imagination. 

## More than a concept 

The Adidas Metaverse odyssey extends beyond the realms of mere concept, materialising in the form of virtual wearables. It fuses cutting-edge technology and sartorial elegance, seamlessly traversing the realm of physicality into the digital avatar cosmos. The inclusion of this innovative collection within Decentraland's Metaverse Fashion Week augmented the brand's position in the convergence of fashion and technology. 

As the Metaverse continues its expansion, a panorama of possibilities unfurls, beckoning corporations and visionaries to forge partnerships in the digital realm. The Adidas Metaverse narrative serves as an emblematic testament to innovation, adaptation, and evolution that underpins the ethos of global enterprises as they embrace the Metaverse. 

Adidas Metaverse Explained 

As the race to advance artificial intelligence technology intensifies, industry titans have sounded the alarm about the potential perils of unchecked development and access. In stark contrast to this cautionary chorus, Meta has taken an audacious step in its [AI strategy](https://ai.meta.com/about/). 

[Mark Zuckerberg](/news/tag/markzuckerberg), the Meta Chief Executive, made waves in July by unveiling an unorthodox plan: granting developers and software enthusiasts open access to the foundational code of its state-of-the-art AI technology, free of charge. 

This contrasts with the restraint called for by many other tech businesses. However, this unconventional path may carry the potential to reshape the competitive landscape by reining in rivals like Google and Microsoft. These industry behemoths have been swift in integrating generative artificial intelligence, the bedrock of innovations like OpenAI's renowned ChatGPT chatbot, into their offerings. 

## Meta AI February giveaway 

The company set a precedent in February by introducing the initial iteration of LLaMA (Large Language Model Meta AI). This preliminary release was primarily targeted at academic institutions, government researchers, and other inquisitive minds. 

The novel twist lay in the accessibility offered to download LLaMA, post-training on colossal troves of digital text. This was no mean feat, considering the substantial computational and financial investments required to process and refine such copious data sets. 

However, Meta's gambit did not escape controversy. After the limited dissemination of Meta AI technology among a select group of academics, a leak ensued, eventually exposing the technology to the public domain and sparking vigorous debate. 

## The latest Meta AI 

Unveiled in July, the latest Meta AI builds upon its predecessor, wielding a staggering 40% increase in data utilisation. Meta not only released its advanced AI iteration, but also provided a comprehensive roadmap showing developers how to harness and optimise the vast repository of accumulated data. 

Meta AI tech is "open source", facilitating unfettered access to the core code. Termed LLaMA 2, this technology encapsulates the essential building blocks required to construct online chatbots akin to the illustrious [ChatGPT](https://chat.openai.com/auth/login). What distinguishes this development is Meta's decision to release LLaMA 2 in a way that empowers developers to harness the potential of Meta AI for entrepreneurial ventures for free. 

As AI capabilities expand, so do concerns about misuse. There is a palpable apprehension among researchers that generative AI could serve as an accelerant for disinformation and spam. Despite this, Meta remains steadfast that promoting diversity and inclusivity in the experimentation process yields the most favourable outcomes. 

While this perspective has been widely upheld by AI researchers, a paradigm shift has been brewing over the past year. Industry giants like Google and [Microsoft](/news/article/microsoft-crypto-mining-ban-cloud-services) have restricted access to cutting-edge AI technology. Critics argue that such measures may also inadvertently stifle potential competition. In direct contrast, Meta argues that disseminating its ongoing work contributes to a broader collective good. 

## The Meta AI source 

The operational essence of these models revolves around the acquisition of skills through the ingestion of prodigious volumes of digital text, spanning domains from scholarly encyclopaedias to dynamic online discourse. By discerning intricate patterns within the textual tapestry, these models attain the ability to autonomously generate text across diverse domains, encompassing everything from scholarly papers to lyrical poetry. They can even hold coherent conversations, blurring the lines between human and AI interaction. 

Meta's journey into open-source AI is marked by collaboration, not isolation. In a notable partnership, Meta aligns with Microsoft to actualise the open-source potential of LLaMA 2. Microsoft's Azure cloud services provide the foundation, fostering a spirit of communal innovation. Furthermore, accessibility to LLaMA 2 is not confined to Microsoft's sphere alone; it extends to other providers like Amazon Web Services and the innovative HuggingFace. 

## Open-source AI 

Meta is not the sole torchbearer of the open-source AI movement. The Technology Innovation Institute, for instance, has unveiled Falcon LLM, a manifestation of the open-source ethos, by offering unrestricted access to its codebase this year. Mosaic ML, another protagonist in this landscape, contributes to the open-source ecosystem by provisioning software tailored for training large language models. 

While Meta's approach is founded upon a robust belief in the positive potential of open access, the company exercises prudence in its implementation. The release of LLaMA 2 underwent meticulous scrutiny through "Red Team" assessments, a practice aimed at unveiling potential misuse and instituting safeguards against such occurrences. 

A responsible-use guide outlining best practices and guidelines for developers navigating the AI realm accompanies the release. 

## Getting the balance right 

The company will also release a responsible-use guide containing best practices and guidelines for developers who wish to build programs using the code. 

But these tests and guidelines apply to only one of the models that Meta is releasing, which will be trained and fine-tuned in a way that contains guardrails and inhibits misuse. Developers can also use the code to create chatbots and programs without guardrails, a move that sceptics see as a risk. 

Meta's decision to provide unfettered access to its AI technology at no cost could reshape the AI landscape. This unorthodox move could drive innovation while raising concerns about the potential for misuse. As the trajectory unfolds, Meta navigates a nuanced balance between openness and responsible stewardship. 

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