Daily Crypto News 1 October
Belt Finance claims to have given the greatest bounty in the history of decentralized finance (DeFi) to a white hat hacker who prevented a $10 million bug catastrophe using an automated market maker (AMM) protocol running on Binance Smart Chain (BSC). This week, industry white hat coder Alexander Schlindwein uncovered the flaw in Belt Finance's protocol and informed the organization. Schlindwein received $1.05 million in pay for his work, with the majority ($1 million) coming from Immunefi and the remaining $50,000 coming from Binance Smart Chain's Priority One program. Priority One is a BSC project established in July to improve the security of decentralized apps (DApps) in the native ecosystem of the platform. The service offers a $10 million incentive fund to blockchain bounty hunters who effectively contribute to the avoidance of security breaches across 100 DApps, similar to Immunefi. Although DeFi security breaches continue to be a source of concern, some suggest that such instances will benefit the embryonic ecosystem in the long run by highlighting areas of vulnerability.
According to a city news release issued on Thursday, San Jose, Calif., dubbed the "Capital of Silicon Valley," proposes to use HNT tokens mined on the Helium network to pay internet connection for low-income families. The pilot program seeks to provide $120 to 1,300 participating homes, which they can use to pay for low-cost internet for a year. To make those payments, the mayor's Office of Technology and Innovation will work with volunteers and small businesses to set up 20 Helium-compatible hotspots. For six months, the hotspots will mine HNT tokens. Helium's goal is to deliver wireless connectivity that is independent of centralized wireless providers. Instead, it aspires to create a global peer-to-peer network of nodes that will power IoT devices. According to the Helium website, the network has over 200,000 nodes. While generating HNT coins, helium mining machines employ 5 watts of electricity to enable long-range wifi access to devices around them. This form of connection isn't suitable for laptops or smartphones, but it is suitable for IoT devices. The mayor's office, Helium, and the California Emerging Technology Fund collaborated on the initiative. Last month, Helium held a token sale that raised $111 million.
Visa, the world's largest payments company, has announced a project that aspires to be a "universal adapter" of blockchains, connecting numerous cryptocurrencies, stablecoins, and central bank digital currencies (CBDC). Visa's research team is working on project "Universal Payment Channel" (UPC), a blockchain interoperability hub connecting numerous blockchain networks and allowing transfers of digital assets from different protocols and wallets, according to an official release. The UPC project, which was developed by Visa's research and product teams, aims to provide dedicated payment channels between different blockchain networks, connect CBDC networks across nations, and connect CBDCs with private stablecoin networks. The UPC solution “ultimately intends to function as a network of blockchain networks,” according to the statement, “adding value to numerous types of money flow, whether they originate on the Visa network or beyond.”
Logan Paul's CryptoZoo Price Has Increased By Over 54,000%. Logan Paul's CryptoZoo initiative is based on Binance Smart Chain (BSC) NFT. On August 18, Paul debuted Crypto Zoo on his show Impaulsive. “An autonomous ecosystem where zoo owners breed, gather, and trade exotic hybrid creatures via NFTs,” according to the project's Telegram channel. Logan Paul is said to have founded DinkDoink before joining CryptoZoo, making it his second crypto company. On September 1, 2021, the project officially began.