The AI world needs more data transparency and web3 startup Space and Time says it can helpAs AI proliferates and things on the internet are easier to manipulate, there’s a need more than ever to make sure data and brands are verifiable, said Scott Dykstra, CTO and co-founder of Space and Time, on TechCrunch’s Chain Reaction podcast.
Dykstra thinks the answer is through verification of data and zero-knowledge proofs (ZK proofs), which are cryptographic actions used to prove something about a piece of information — without revealing the origin data itself.
“It has a lot to do with whether there’s an incentive for bad actors to want to manipulate things,” Dykstra said.
Anytime there’s a higher incentive, where people would want to manipulate data, prices, the books, finances or more, ZK proofs can be used to verify and retrieve the data.
Dykstra’s most recent concern is that AI data isn’t really verifiable.
After a lengthy trial and conviction, we finally learned how long former crypto baron Sam Bankman-Fried will be behind bars: up to 25 years.
It’s a lengthy sentence, but one that given the scale of the crimes he was convicted of, doesn’t come as a shock.
For the crypto industry, it’s also the final page in a chapter that many may want firmly behind them.
After all, we’re out of the last crypto winter and are back in a period of rising token prices, growing trading volume, and hints of the prior excitement that web3 commanded during the last asset bubble.
Still, before we fully wrap up our coverage of SBF and his erstwhile empire, it’s worth taking one last trip down memory lane to cement in our minds how we wound up with a former venture and political darling not in the dock, but behind bars.
Earlier this month, U.S. prosecutors from the Department of Justice called for a “necessary” 40 to 50-year sentence for him.
Prior to its collapse, FTX was one of the top crypto exchanges by volume, behind Coinbase and Binance.
Bankman-Fried testified that he didn’t defraud FTX customers or use their funds, but that Alameda “borrowed” that capital from the exchange.
Prosecutors strongly argued Bankman-Fried made a number of false promises internally and externally and was responsible for the loss of billions of dollars for thousands of FTX investors.
And as a result, Bankman-Fried will be spending quite some time behind bars.
Rails, a decentralized crypto exchange, has raised $6.2 million in attempts to fill the void FTX left behind after crashing in 2022, the startup’s co-founder and CEO Satraj Bambra exclusively told TechCrunch.
The crypto community is watching Rails because it’s attempting to straddle the divide in crypto exchanges by building out both centralized and decentralized underlying technology.
The capital is earmarked for engineering team hiring and expanding its licensing and regulatory strategy to make the exchange “fully compliant,” Bambra said.
That centralized computing was something Rails saw with FTX as “being really, really good,” but when it came to decentralized exchanges like dYdX that exist today it wasn’t as solid, Bambra thinks.
But being a hybrid of decentralized and centralized is better than being fully one side or another, he added.
How crypto exchange Backpack climbed its way to success after its major investor FTX died Backpack hit $27.5 billion in total trading volume during its beta phaseBackpack’s founders, who are building a crypto exchange and wallet, have experienced strong growth since launching in 2022.
There’s a bunch of lessons to learn from FTX, Ferrante said.
This is done in hopes that there’s no single point of failure and that the operations of the Backpack crypto exchange can be split up across multiple entities.
At the end of February, Backpack raised $17 million at a $120 million valuation in a Series A round led by Placeholder VC.
But product distribution is top of mind for the exchange as it hopes to get into every country around the world.
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