Cryptocurrency

The latest move aims to enhance the efficiency, affordability, and convenience of payments for AI developers. By leveraging Lightning’s capabilities, developers can move away from traditional payment systems such as credit cards, which are often cumbersome and costly. Additionally, these tools enable the implementation of pay-per-use AI models on the Lightning Network.The popularity of the AI industry skyrocketed following the successful launch of OpenAI’s ChatGPT. This advanced chatbot acquired over 100 million users within two months of its release in November.ChatGPT is an example of a large language model (LLM) that employs training on extensive datasets to generate human-like text in response to user prompts.Lightning Labs expressed enthusiasm about the innovation that LLM models bring. The recently unveiled tools are built on the L402 protocol, a native authentication mechanism of the Lightning Network. They also utilize Langchain, a library that simplifies operations with AI applications.Lightning Labs acknowledged a challenge faced by current LLMs: the absence of native web-based payment mechanisms. As a result, AI application developers often rely on outdated payment methods such as credit cards, leading to additional user costs.To address this issue, Lightning Labs proposed the creation of software that can charge for access to application programming interfaces (APIs), facilitating communication between different software components.The firm provided an example of an AI software or agent that queries another agent on a paid basis. The querying agent would pay for API access to the agent being queried, with additional payments occurring only after receiving a satisfactory response.Lightning Labs highlighted the limitations faced by the growing class of intelligent LLMs or AI agents. These entities struggle to access fiat payment systems as they are not registered entities within any nation.Kody Low, a developer at the community payments platform Fedi, emphasized the interoperability between AI and Bitcoin for payments during an episode of the “Stack Sats” podcast. Low stated that Bitcoin offers unparalleled solutions for AI companies’ monetization challenges.Data from LN analytics platform 1ML shows that the Lightning Network’s current capacity is approximately 5,448 BTC ($144.9 million). However, the number of Lightning Network channels has declined from around 80,000 in July 2022 to about 70,000 presently, according to Bitcoin Visuals.This article was originally published on Crypto.news More

On July 6, observers noticed that approximately $102 million worth of crypto has been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver.Continue Reading on Coin Telegraph More

Data from Cointelegraph Markets Pro and TradingView showed BTC price action surging through the top of its recent trading range.Continue Reading on Coin Telegraph More

In a 300-page report on digital assets published in late June, the Law Commission — an independent body that reviews and recommends reforms to U.K. and Whales laws — cited a classification of fiduciary duty that bolsters the developers’ defense that they are not directly responsible for 111,000 Bitcoin (BTC) lost to hackers.Continue Reading on Coin Telegraph More

In a report co-written with consulting firm Oliver Wyman, UK Finance said the advantages of tokenization, such as lower costs, lower risk and wider access, are not just “a nice-to-have.” Tokenization “can transform the financial system, and the UK should be at the centre of this transformation,” it said. Continue Reading on Coin Telegraph More

The assets will be returned on a pro-rated basis to victims of the 2016 Bitfinex hack. Shortly after the security breach, Bitfinex issued Recovery Rights Tokens (RRTs) with a par value of $1 each. There are currently 30 million RRTs in circulation. After redemption of RRTs with recovered assets, the remainder will be paid to token holders of Unus Sed Leo (LEO), Bitfinex’s native token.Continue Reading on Coin Telegraph More

Called CryptoRLPM, short for “Cryptocurrency reinforcement learning portfolio manager,” the AI system utilizes a training technique called “reinforcement learning” to implement on-chain data into its model. Continue Reading on Coin Telegraph More

(Reuters) – Time is running out for Digital Currency Group to agree on a deal to restructure its bankrupt crypto lending unit Genesis after its largest creditor Gemini – the crypto company founded by the Winklevoss twins – set Thursday afternoon as the final deadline before the company pursues litigation. The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Genesis is owned by venture capital firm Digital Currency Group (DCG).Although Genesis’ lending unit had initially outlined a plan to exit bankruptcy by May, it has yet to reach an agreement on a restructuring plan with creditors, to whom it owes more than $3 billion, according to court filings. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. Gemini is seeking to recoup more than $1.1 billion. In a letter to DCG CEO Barry Silbert that Cameron Winklevoss tweeted on Monday, Winklevoss shared what he called his “best and final offer,” and said the deadline for DCG to agree to the proposal was 4 p.m. EDT (2000 GMT) on July 6. “No extensions and no more delay. It is a simple yes or no,” Winklevoss told Reuters in a statement.DCG declined to comment. Lawyers for Genesis did not immediately respond to a request for comment. DCG had called a previous open letter from Winklevoss earlier this year a “publicity stunt” to “to deflect blame from himself and Gemini.”The bankruptcy has brought some of the most powerful and high-profile crypto industry personalities into direct conflict, and is being closely watched by the crypto market. The Winklevoss twins shot to fame after they sued Meta Platforms founder and CEO Mark Zuckerberg, alleging he had stolen their idea for Facebeook. They agreed to a settlement in 2008 in which they received cash and Facebook (NASDAQ:META) stock. Connecticut-based DCG has a formidable portfolio of companies — over 200 in more than 35 countries, Silbert told shareholders earlier this year. It owns crypto asset manager Grayscale as well as crypto news and events site CoinDesk. A bankruptcy court appointed a mediator in April to help Genesis, DCG and its creditors agree on a restructuring plan, but the parties have yet to reach a deal despite several extensions. The latest mediation period expired on Wednesday. Winklevoss’ restructuring proposal includes a $275 million forbearance payment, a $355 million debt tranche due in two years, and a $835 million debt tranche due in five years. Under the offer, DCG would retain the proceeds from the sale of Genesis’ lending unit.If Silbert and DCG do not agree, Gemini will sue Silbert and DCG, and file a motion to place DCG in default and demand immediate debt repayments, Winklevoss said. “This proposal is fair and reasonable for everyone,” Winklevoss said in the letter. More