Sony Launches Blockchain Controversially

3 weeks ago

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Sony Launches Blockchain Controversially

Welcome to The Protocol, CoinDesk’s weekly digest of the most important stories in the development of cryptocurrency technology. I’m Ben Schiller, CoinDesk’s Opinions and Features Editor.

In this matter:

Sony’s blockchain faces controversy over memecoin
Bubblemaps is equipping the new BMT and information desk
Babylon is working to advance Bitcoin interoperability
Prosecutors are seeking the return of 95,000 bitcoins from the Bitfinex platform

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Network News

Sony adopts blockchain technology and fights memes: Sony, the 78-year-old Japanese electronics giant, is the latest giant to explore blockchain technology. The company announced on Tuesday that it will officially launch “Soneium,” a general-purpose blockchain platform built on Optimism’s OP Stack. The series aims to “bridge the gap between Web2 and Web3 audiences, especially for creators, fans, and the community,” the team behind the network told CoinDesk’s Margaux Nijkerk in a statement. Like similar general-purpose blockchains, the network is designed to support a wide range of use cases, from decentralized finance applications to entertainment and gaming services. Although Sony’s blockchain technology has attracted attention over the past week, not all attention has been positive. Within the first couple of hours upon Soneium’s launch, some X users complained that the network was blocking memecoin trading, leading to claims that the (ostensibly decentralized) network was “censoring” certain types of transactions, which was unavoidable. For some crypto followers. The controversy highlighted the inevitable tension between hard-line blockchain ideals and traditional corporate interests, but the incident also demonstrated the resilience of cryptocurrencies: some savvy blockchain users found a solution that allowed them to “back off” transactions to the company. Ethereum core network, making Sony’s alleged transaction ban moot. Read more.

BUBBLEMAPS wants more cryptocurrency searches: Bubblemaps, a blockchain analytics service, It was announced in X this week It will launch a token, BMT, and a new “Intel Desk” that will give holders a voice in leading investigations. Bubble maps V2 was introduced recently Its platform, which helps cryptocurrency investigators find out who truly Owns the supply of a particular symbol. The platform sorts closely related blockchain addresses into groups, and its easy-to-read visuals have become a common sight on crypto Twitter, where they have been used to show suspicious supply patterns between popular memecoins and DeFi tokens. Bubblemaps V2, which began rolling out to users in November, added new AI clustering features and made it easier to examine token distributions over time. The just-announced BMT token from Bubblemaps will be distributed to users of the V2 platform. Owners will be given a role in the platform’s “Intel Desk,” where community members can suggest investigations and vote on how Bubblemaps allocates investigators and internal resources.

Babel brings ZK momentum: Babylon Labs, developer of the largest BTC collection protocol, is building a low-trust Bitcoin bridge with the Cosmos network to enhance the world’s oldest interoperability of blockchain technology. In partnership with developers Fiamma, Babylon uses the BitVM2 computing model, which is designed to allow Ethereum-style smart contracts on Bitcoin, which then paves the way for zero-knowledge (ZK) technology. ZK accounts allow different parties to verify the accuracy of information without actually revealing to each other what the information is. In this sense, it is fundamental for linking digital assets between different blockchains. Developers like Babylon Labs and Fiamma aim to open up the deep wells of value stored in BTC to fund other ecosystems and allow their transactions on blockchains free of some of Bitcoin’s speed and volume limitations. Read more.

Bitfinex: US prosecutors have asked a federal judge to give the green light to return nearly 80% of the 119,754 bitcoins stolen in the 2016 hack of cryptocurrency exchange Bitfinex. In a lawsuit on Tuesday, prosecutors said 94,643 bitcoins were recovered by the government from the original wallet. used by the hacker, Ilya Lichtenstein, could be paid to Bitfinex as compensation in kind once the court gives the go-ahead. Bitcoin Cash, Bitcoin Satoshi Vision, and Bitcoin Gold generated via multiple hard forks after the hack will also be sent to Bitfinex. Last November, Lichtenstein was sentenced to five years in prison after pleading guilty to conspiracy to commit money laundering in 2023. His wife, Heather Morgan – known by the rap moniker Razlikhan – was sentenced to 18 months in prison for helping Lichtenstein launder part of the money. . From the proceeds of the hack. They both agreed to forfeit the stolen cryptocurrency as part of their plea agreements. Read more.