The joint blockchain cloud computing venture of computing giant AMD and Ethereum-focused development firm ConsenSys has received $20.5 million in funding. According to a June 25 announcement, AMD and ConsenSys’ W3bcloud joint venture obtained the funds through the sale of convertible notes to the founding firms and several family offices in the United Arab Emirates. Jörg Roskowetz — the head of the blockchain business unit at AMD — said, “Parallel and distributed computing focused on blockchain use cases is a fast-growing segment of the industry.” W3bcloud’s co-founder and CEO Sami Issa said, “AMD will design the high-performance hardware technologies required to optimize for the decentralized computing infrastructure.” ConsenSys, on the other hand, will provide blockchain software solutions and engage in research and development efforts.
Sami explained that the blockchain ecosystem needs industrial-grade computing infrastructure to scale and reach the mass applications. He pointed out that the currently available cloud infrastructure is not optimized for Ethereum transactions and decentralized workloads. He said that the firm is open to working on blockchains other than Ethereum, but is for now focusing on this network due to its market’s size. This first funding round is meant to finance the development of W3bcloud’s first Ethereum data centers. Issa explained that he believes the platform’s growing ecosystem needs such infrastructure:
“The trustless, permissionless, and decentralized economy requires robust and dedicated data centers to scale. W3BCLOUD brings together the pre-eminent GPU manufacturer and the leading blockchain developer to build the compute infrastructure for the blockchain economy.”
Issa explained that the company plans to provide enterprise-grade decentralized computer infrastructure. He also noted that the GPU infrastructure can be also used for more traditional applications such as machine learning, storage, rendering, and video transcoding. He said that W3bcloud is already in talks with multiple potential customers.
As blockchain adoption continues progressing at an increasingly fast pace, several cloud computing platforms started offering services that leverage this new technology. For instance, in late February 2019, Google Cloud’s platform marketplace added the development software of corporate-oriented cryptocurrency Ontology (ONT).
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.