Blockchain and Monetization of Content 432

The Promise of Ethereum

Ethereum, the leading blockchain platform, and catalyst for a growing number of decentralized applications and blockchain-based platforms has proven over the past 12 months that it is far from a fad. This immutable, unhackable, distributed database of digital assets is everything the Internet always wanted to be: a fair and public way to store and transfer information. This is a platform for truth and it’s a platform for trust.

In the music industry, the protection of rights and distribution of earnings within the music industry is a key consideration. Removing the ability for piracy and allowing listeners to download music stored on the blockchain, paying for the music with cryptocurrency would be one of the paradigm shifts. It would also mean that the right people get paid.

This challenge of monetizing content is also prevalent in the broadcast content industry. Ethereum Blockchain with smart contracts makes for a perfect solution.

Pain Points for Content Creators

The industry has not changed in over 80 years. Today, it continues to be a largely offline and extensive process, involving multiple dis-jointed parties – the creators, the owners, the distributors, the increasing array of formats (eg. mobile, free-to-air TV, cable, OTT, cinemas, etc) and then there is a global consumer base with differing interests and language preferences.

The whole ecosystem today is highly fragmented and content creators are challenged to optimally monetize their content. Compounding the monetization challenge is the fact that content creators also face extremely high costs of distribution. Because the value chain is a cumbersome process for content to reach end viewers; typically 30% to 40% of the value of the content is being lost to cost of distribution via third-party commissions and fees. Hosting a conference booth and meeting events with champagne in the South of France at the Cannes Film Festival is no cheap affair.

To give some context on the potential value of a piece of content, let’s take well-known franchises like “Game of Thrones” or the “F1 Series”.   These projects can be sold in 193+ countries via free-to-air, cable, satellite and streaming mobile platforms, that is, it can potentially be sold 600 different ways once you factor language and territorial configurations.

An “A” list project can potentially earn millions of dollars via such a syndication, however, a lesser known title is lucky to be sold in 10 countries and monetized in 10 ways. Hence the potential to optimize the value of this content is at least 50 times more for the content creator if they can easily monetize their content across the various permutations.

The chief pain points of content sellers are:

  • Rights are tied up for the long-term (average 2-5 years) in distributor exclusivity contracts
  • Distributor fees are significant; averaging 35% of the value of the content
  • Rights are typically sold in bulk with other content which limits differentiation for content creators
  • The multiplicity of currencies and the vagaries of the fluctuating exchange rates
  • Content ages very fast and becomes less attractive to distributors to market

Such problems, which appear daunting are actually very easy to address, provided you have a global platform and a globally trusted ledger. Enter Ethereum Blockchain.   

Pain Points for Content Buyers

Content buyers purchase rights to play the content on their own networks and channels, such as Netflix and cable TV channels like Sony. The buyers also face a host of problems:

  • The content discovery process is fragmented and manual
  • Delayed verifiability of the rights
  • Limited by distributor’s rights options
  • Bundled rights instead of customized selection

As we can see, these problems can also be solved by implementing a global platform and a globally trusted ledger. Thus, Blockchain is not an add-on, but a natural solution to the problems faced by the content rights industry.

Existing Solutions

There are companies operating traditional marketplaces for trading content rights today; like RightsTrade (2011), TRX (2015) and AllRites (2015). With the advent of the blockchain, we are starting to observe the emergence of companies like Hubii Network, LiveTree, and AllRites exploring the use of blockchain to democratize content.

In the case of AllRites, the company was established by media professionals with decades of experience in the industry. Being intimate with the distribution challenges, they are proponents of blockchain and are moving their existing marketplace onto the Ethereum Blockchain.

But they are not stopping there, the AllRites vision is to create an integrated B2B and B2C ecosystem to holistically support the overall industry. Built on Blockchain technology, the AllRites ecosystem will drive trade efficiencies between content producers and buyers globally, facilitate funding of creative ideas and offer direct streaming to end-customers. Two associated B2C platforms will complement their existing marketplace – RiteFund and RiteStream. For consumers, these platforms allow individuals to directly support and benefit from creative concepts that they believe in.

With RiteFund, the platform facilitates content creators to list their projects and allows prospective contributors to help get a project of their choice off the ground, like Kickstarter, but with infinitely more transparency in rights management and benefits sharing thanks to smart contracts.

RiteStream is for content owners with unsold rights to optimally monetize their content via direct streaming to a global viewership base. The smart contracts seamlessly manage viewers, rights availability and revenue sharing in the backend. For example, an OTT player, like iFlix, may purchase rights to showcase a piece of content in only 30 countries, with RiteStream that same piece of content can potentially be monetized in the remaining 163 countries by direct streaming, if viewers are interested in that content. View RiteStream like the “Spotify” of TV, Movies and Sports content.

For esoteric sports like, Extreme Sailing – they have ardent fans globally but such a sport is very niche and unlikely to garner support from mainstream broadcasters. With RiteFund, fans of Extreme Sailing can directly support creative talent who are also passionate about their sport and who are creating great content about it. These same creative talents can now monetize their content by streaming it directly to the Extreme Sailing fans globally via RiteStream.

Blockchain Technology Deployed

The team at AllRites believe that if the content itself can be reliably audited, the management of its rights becomes a much simpler exercise. Thanks to the Ethereum Blockchain, each ID can be a smart contract that manages the identity and purchase history of the rights belonging to one piece of content at an individual level. Thus, the rights can be sliced and diced in multiple ways and the buyers can buy only those rights which they need. The smart contract tied to each content piece records the transaction history of that content piece individually in a transparent and immutable manner.

While the content rights can be viewed by all prospective buyers, the sellers can be assured of optimal monetization due to the plethora of ways in which the rights have been divided into.

The ID tied to the content can be managed by creating a non-fungible token. It could be similar to the EIP721 protocol that was famously used by CryptoKitties. Thus, the sale and purchase of content rights can be recorded on individual non fungible tokens without affecting the entire ecosystem.

A global fungible token that adheres to the ERC20 standards can take care of the sale and purchase aspects of the deal. To ensure trust, AllRites will be storing the content as decentralized encrypted files which can be unlocked only by a private key.

On successful completion of a sale, the seller sends the private key to the buyer while the buyer transfers the payment tokens to the seller. As an added layer of security, the key and the tokens corresponding to the bid made on the content rights can be placed in an escrow. Once the sale is finalized, a smart contract takes over and governs the transfer of the private key and the tokens to the new owners in an automated manner.

Regarding the case of content creators with unsold content, the RiteStream platform caters to them. Here, the platform becomes the universal global distributor of the rights that went unsold and streams it directly to the viewers in exchange for tokens. In this case, content creators get a platform like YouTube, but with an infinitely better monetization potential.

It has also been seen that content creators, despite having amazing ideas, often struggle to get their plans off the ground due to lack of funding. Consumers are robbed of potential gems. In the music world, its analogues with the likes of Justin Bieber and Carly Rae Jepsen being discovered via YouTube.

With Ethereum, smart contracts can be implemented which facilitate the transfer of funds from fans and supporters directly to the content creators in an easy and trackable manner. Once the content is created, it is uploaded onto the AllRites Marketplace where content rights can be transacted. After subtracting for platform fees, all proceeds can be seamlessly transferred back to the fans/supporters corresponding to the ratio in which they were contributed.

Conclusion

Using blockchain and smart contracts makes the business of content rights deal making and distribution a lot less complicated and instantaneously verifiable. Blockchain takes care of the globally trusted ledger needs, the smart contracts take care of transactions by automating them.

This translates to tremendous efficiency gains for both content buyers and sellers. And, for owners of content, the age-old challenge of optimally monetizing their content is solved.

The added bonus is that in this new decentralized and immutable ecosystem driven by blockchain, consumers can finally have a direct say in what content they want to support and watch.

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The Canton Network’s Global Synchronizer and Canton Coin Go Live 6697

Leading market participants powering the Canton Network proudly announce the go-live of the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. This launch marks a pivotal step towards unlocking the full potential of synchronized financial markets, providing first-of-its-kind connectivity for the tokenization and frictionless exchange of regulated financial assets and liabilities. The Global Synchronizer is going live after ten years of technological development, nearly a year of extensive testing— including powering the recent Canton Pilot program—and following each of the anchoring Network participants, known as super validators, voting in favor of the launch.

There is a growing industry need to deliver near-term efficiencies for the highest concentrations of tokenized assets, while also facilitating new opportunities as more applications and liquidity are brought on-chain. Canton Network delivers on both value propositions: it features the highest number of live use cases of real-world assets and is the only network that can handle the on-chain privacy, control, and interoperability of participants and their corresponding asset flows.

Organizations are engaging in the Network in a range of ways—including running a super validator, running a node, joining the Global Synchronizer Foundation, or running an application on the Network. Current participants in these various points of engagement include: 7RIDGE, Bitwave, Brale, Broadridge, Calastone, Copper.co, Cumberland DRW, Dfns, Digital Asset, EquiLend, Global Blockchain Business Council, Gravity Team, Hashnote, Hidden Road, Hydra X, InfStones, IntellectEU, Kaleido, LendOS, Liberty City Ventures, MPCH, Obsidian Systems, Ownera, QCP, SBI Digital Asset Holdings, Taurus, The Tie, Tradeweb, Validation Cloud, XBTO, XVentures, and Zodia Custody.

Revolutionizing Financial Connectivity

For the first time, market participants can harness the power of synchronized financial markets through the Global Synchronizer. The Global Synchronizer enhances interoperability on the Canton Network, an innovative public-permissioned blockchain network designed with the privacy and controls essential to facilitating the exchange of regulated financial assets. The Global Synchronizer is operated and governed in a decentralized manner, with internet-like scalability, ensuring that no single party controls the service and there is no single point of failure; thereby harnessing the benefits of decentralized finance. This transformative infrastructure is set to revolutionize the way financial transactions are conducted, offering enhanced efficiency, reduced operational costs, and minimized risks.

“Canton Network participants have taken a long-term strategic view on what was needed to enable the modernization of synchronized global capital markets,” said Yuval Rooz, CEO and Co-Founder of Digital Asset. “Industry-leading firms have convened over the past year for the initial launch and subsequent testing of the Canton Network. We are excited to see the governance and incentive mechanisms in place to facilitate the adoption and use of the Network as it goes live.”

Open Governance with Linux Foundation and the Global Synchronizer Foundation

In conjunction with the Global Synchronizer’s operational go-live, the Linux Foundation is supporting the Global Synchronizer Foundation as an official project. The Global Synchronizer Foundation is an independent U.S.-based entity composed of forward-thinking market participants dedicated to ensuring that the Global Synchronizer is governed transparently in a decentralized manner with organizational neutrality to maintain its integrity. The Linux Foundation will support the Global Synchronizer Foundation under an open governance model that fosters trust and neutrality.

Introducing Canton Coin: Accelerating Connected Capital Markets

The Global Synchronizer includes a utility token, called Canton Coin, which is used to pay traffic fees for using the Global Synchronizer. Canton Coin can be minted by app builders and infrastructure providers who bring utility to the Global Synchronizer ecosystem, marking the first time a public network has rewarded both infrastructure providers and app developers. It is designed to incentivize third parties to build applications utilizing the Global Synchronizer, rewarding connections that accelerate connected capital markets. Network participants can use Canton Coin for Canton-native operations between participants and across applications globally on a 24×7 basis.

Hyperledger Splice: The Springboard for Additional Decentralized Infrastructure on the Canton Network

The Global Synchronizer is the first decentralized infrastructure for the Canton Network. To encourage additional infrastructure development, Digital Asset has open-sourced the core technology for decentralized Canton synchronization domains, including a native utility token– the same technology that powers the Global Synchronizer and Canton Coin. The technology is maintained by Hyperledger Labs under the name Splice to ensure that anyone seeking to set up their own decentralized synchronization domain for the Canton Network can do so freely.

About the Canton Network

The Canton Network is the financial industry’s first and only public chain that can achieve on-chain privacy, control, and interoperability, making it the most suitable network for institutional assets. The Network launched for testing with the participation of a group of leading financial institutions, infrastructure providers, technology firms, and consultants in August 2023. Initially built upon Digital Asset’s technology, the Network’s controls, governance, and app development have been open-sourced and decentralized to be managed by all participants, with the goal of fostering greater innovation and Network utility. The Canton Network’s design overcomes the shortfalls of existing blockchain networks by enabling previously siloed systems in finance to become interoperable and synchronized in ways that had been impossible before. Offering the privacy and controls required for highly regulated organizations, the Canton Network creates a safe environment in which assets, data, and cash can move freely across applications in real-time, unlocking new efficiencies and powering innovation.

WELL3 Hits $55M TVL in 24 Hours Ahead of TGE 6850

WELL3, a decentralized wellness solutions provider, announced $55M in TVL in a 24 hour public sale ahead of their upcoming Token Generation Event (TGE). The company is support by numerous notable entities in crypto investment, including Cypher Capital, a multi-strategy crypto investment firm, and other well-known names such as Animoca Brands, AWS, Samsung, The Spartan Group, Blocore, Fenbushi Capital, Newman Group, Soul Capital, XY Finance and Lumoz.

WELL3 is reshaping health and wellness through its Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and AI systems. With a mission to enhance well-being through secure, data-empowered health journeys, WELL3 leverages blockchain and AI analytics to provide personalized user experiences that prioritize data ownership and security.

“With Cypher Capital’s support, WELL3 is poised to significantly enhance our ecosystem, integrating cutting-edge technology to expand decentralized wellness solutions and drive impactful growth,” said Fung Kam Keung, CEO and Co-founder of WELL3.

WELL3 boasts over 17M transactions on their blockchain and the establishment of the largest NFT collection on the opBNB chain. WELL3’s multichain framework supports Bitcoin, Ethereum, Polygon, Solana, Blast, and TON, enabling seamless user interaction across diverse platforms for an integrated experience.

“WELL3 stands at the forefront of integrating DePIN, DID, and AI to revolutionize health and wellness,” stated Harsh Agarwal, Investment Lead at Cypher Capital. “Their robust technology and strategic alliances position them as a powerful newcomer in the healthcare industry.”

WELL3’s Token Generation Event is scheduled to launch on July 3rd at 10 AM UTC on Bybit.

About WELL3

WELL3 is the leading Web3 Wellness Platform that revolutionizes health data management. By harnessing Decentralized Physical Infrastructure Network (DePIN) and Decentralized Identity (DID), along with sophisticated AI analytics, it engages users with rewards to incentivize health data collection and management.

About Cypher Capital

Cypher Capital is a leading early-strategy venture firm focused on investing in Web3 infrastructure and applications that will drive the new digital economy. Guided by environmental, social, and governance for every investment decision, Cypher is shaping the future of digital currency, public markets, and Web3.

MAPLESTORY N KICKS OFF REGISTRATION FOR PIONEER TEST TODAY 6846

NEXPACE announced the commencement of registration for MapleStory N’s Pioneer Test today (July 1). MapleStory N is a PC-based MMORPG that integrates blockchain technology with the world’s famous MapleStory IP.

To become a tester, users worldwide can now register by completing the survey on the official website. Testers will be chosen based on survey responses, with nominations announced via official channels.

Key dates for the Pioneer Test are as follows (in UTC+4):

  • Registration Period: July 1 (Mon) – July 7 (Sun), 2024
  • Tester Nomination Announcement: July 18 (Thu), 2024
  • Pioneer Test Period: July 24 (Wed) – August 2 (Fri), 2024

During the Pioneer Test, participants will have the exclusive opportunity to experience MapleStory N before its official launch later this year. The test will feature the game’s key blockchain elements including limited supply reward system and user-driven pricing system. Moreover, the testers get to experience the Zakum Boss content available in both Easy mode (Entry Lv.50+) and Normal mode (Entry Lv.90+).

“We’re excited to announce the registration for MapleStory N’s Pioneer Test. We urge users to register for the test today,” said Sunyoung Hwang, Executive Director of NEXPACE. “We are committed to delivering the best version of MapleStory N to the fans of the MapleStory IP based on the test results.”

MapleStory N is the first game to launch within the MapleStory Universe, a virtual worlds ecosystem that utilizes NFTs to enhance the game experience.

MapleStory IP boasts over 180 million registered users globally. With its various content and extensive resource pool from 20 years of live operations, MapleStory has built a robust ecosystem filled with items that can be NFTized and strong community features, making it ideal for blockchain integration.

About MapleStory N

MapleStory N is a PC-based MMORPG which adopts blockchain technology into the MapleStory IP, aiming to reach global gamers. The primary goal of MapleStory N is to deliver the joy of role-playing games while enhancing the experience of earning in-game rewards. In MapleStory N, players can acquire and NFTized items through gameplay such as defeating monsters and completing quests. MapleStory N fosters a user-driven economy based on dynamics created by users and their digital ownership of NFTs instead of relying on cash shops. MapleStory N will be launched in various regions where blockchain games are supported, the exact release date is to be announced in the future.

About MapleStory Universe

MapleStory Universe is the first project to be serviced on NEXPACE. As a Virtual Worlds ecosystem established based on Nexon’s world’s famous IP, MapleStory Universe utilizes NFTs to create various tangible and intangible enhancements to the games experience. MapleStory Universe is committed to lowering the barriers to entry for blockchain technology, making it easily accessible for everyone to participate in and experience the world of blockchain. 

About NEXPACE

NEXPACE is an IP-expanding project based on blockchain technology that utilizes NFTs. The goal of NEXPACE is to bring creators and users together, fostering an innovative games community where members can experience various games and content developed by other members. With its blockchain technology, NEXPACE provides transparent and secure services, encouraging creators to freely express their ideas while users enjoy these fresh inventions. This represents the philosophy and ambition of NEXPACE.

Igloo, Inc. Acquires the Frame Team and Announces Plans to Contribute Towards Consumer-focused Blockchain 7561

Igloo, Inc. (“Igloo”), Pudgy Penguins’ parent company with a mission to onboard the next generation of builders and users onchain by fostering community, culture, and creativity, today announced the acquisition of the Frame team, a team of pioneering crypto developers. Frame co-founders and notable blockchain developers Cygaar and Beans will contribute towards building a new Ethereum Layer 2 blockchain, Abstract, designed to take on the consumer crypto opportunity. Frame will be sunsetted.

Frame was launched in 2023 by a leading developer team with experience building industry-leading NFT projects and onchain protocols. Co-founded and built by Cygaar, Beans, and Pablo, Frame’s unique technology prioritizes its community by ensuring that creators are properly protected and rewarded through a proprietary onchain royalty system. With this acquisition by Igloo, the innovative team behind Frame will leverage their extensive experience to help build for the next generation of crypto users. As the team’s first initiative, they will contribute to the Abstract network, which will provide a secure, ultra-fast, low-cost, and developer-friendly way for developers to build.

Cygaar from Frame commented, “We’re extremely excited to join forces with the Igloo team and contribute to building infrastructure that will power the next wave of consumer crypto applications. There is no other team in the space that I’d rather work with than the Igloo team. Together, we have the potential to truly onboard retail users to crypto for the first time.”

Igloo, Inc. was formed to create an end-to-end ecosystem for new people to come into crypto by pushing the boundaries of onchain experiences. Within Igloo, Inc., Pudgy Penguins operates as the brand at the top of the funnel introducing people to Web3. Pudgy Penguins has successfully bridged the gap between Web2 and Web3, with the Pudgy NFT collection maintaining its dominance as one of the top five collections across all NFT marketplaces. Additionally, Pudgy toys have sold out in record time at Walmart and Target, and the company recently partnered with Lotte. Another Igloo, Inc. project, OverpassIP, has allowed collectors to explore licensing opportunities for their Pudgy Penguins NFTs.

“Since inception, Igloo has remained steadfast in our commitment to creating a Web3 ecosystem that enables new ways for brands to interact directly with their consumer base,” said Luca Netz, Chief Executive Officer at Igloo, Inc. “Frame’s team has unmatched experience in building platforms that change the dynamic of how users interact with blockchain technology and how to easily merge both the real and digital worlds. By combining our successful history in creating onchain communities and unique cultures with the expertise of the Frame team, we are excited to contribute to the success of Abstract and its mission of building the world’s biggest onchain community, driving the consumer crypto revolution. In the next few months, Igloo plans on contributing to the development of an end-to-end user and builder experience.”

As the next steps following the acquisition, Cygaar and Beans will be leveraging their experience to contribute towards the highly anticipated consumer-focused blockchain called Abstract, a secure, ultra-fast, low-cost, and developer-friendly Ethereum L2 powered by zero-knowledge proofs, to lead the next generation of consumer crypto adoption. Abstract is set to create a new standard for culture-driven economies by leveraging new distribution rails, empowering builders, and introducing innovative economic mechanisms onchain. Abstract’s primary focus will be building the world’s biggest onchain community, driven by the culture economy.

The financial terms of this deal are not being disclosed.

About Igloo, Inc.

Igloo, Inc. is a collection of companies, the largest of which is Pudgy Penguins. Founded in 2024, the company is headquartered in Miami, Florida. Millions of people use its wide range of popular crypto-native products and platforms each day, from Pudgy Penguins®, Pudgy World™, OverpassIP™, and more.

To learn more about Igloo, visit igloo.inc.

About Abstract

Abstract is a consumer-focused blockchain powered by cutting-edge ZK cryptography for consumer crypto, pioneering culture, community, and creativity onchain. Its mission is to build the world’s biggest onchain community, driven by the culture economy, leveraging ZK Stack and EigenDA to provide cheap, fast, and secure transactions. Abstract was invented by individuals who launched and scaled Pudgy Penguins, Ethereum, and Kubernetes.

To learn more about Abstract, visit abs.xyz

About Frame

Frame is an Ethereum-based rollup that focuses on creator empowerment, royalty enforcement, and safety for users. With a mission to build a better home for NFTs, Frame was created by people who’ve built and advised some of the top protocols and projects in the space.

To learn more about Frame, visit https://www.frame.xyz/

Interlock Launches ThreatSlayer Web3 Security Extension and Incentivized Crowdsourced Internet Security Community 7884

Interlock today announced a Web3, incentivized crowdsourced internet security community that aims to make the internet safer for everyone, from individuals to global enterprises. Today the company also announced the worldwide general availability of its flagship product ThreatSlayer, a Web3 security browser extension that harnesses the power of blockchain, AI and a global community of users to revolutionize internet security.

Today’s announcement of the ThreatSlayer production version follows a year of beta testing by 29,000+ weekly active users, 80% of whom are outside the United States. The community already includes active members on X, Telegram and Discord.

Adding to the Web3 community buzz, Interlock’s CEO recently appeared in Entrepreneur’s “Elevator Pitch,” where he garnered interest in a potential investment of $100,000 from Marc Randolph, Netflix co-founder and former CEO, in a broadcast viewed by 600,000 people.

Compatible with most major browsers, ThreatSlayer is available as a free download that installs instantly. It immediately begins protecting internet users from dangerous website URLs and scams, whether malicious links come from phishing, fake ads, search or browsing. By working as part of the browser, ThreatSlayer can block malicious sites before the damage is done. While helping everyone address the legacy problems in today’s risk-ridden Web2 internet, it is particularly well suited to Web3 early adapters and cryptocurrency enthusiasts.

Combining Crowd Power with AI to Revolutionize Internet Security

Born out of a need for more effective internet security despite billions of dollars spent on existing Web2 solutions, Interlock was conceived to combat persistent phishing and social engineering attacks with Web3 technology and incentivized community threat intel to deliver internet cybersecurity designed for a digital and crypto-focused world.

To power ThreatSlayer’s protection with the best threat intelligence available, Interlock rewards users for sharing anonymized security data. While no security solution is perfect, there is safety in numbers and building the world’s largest community for crowdsourcing threat intel is fundamental to what makes it revolutionary.

Equally revolutionary is the company’s groundbreaking use of blockchain and AI technology in its platform.

In the coming weeks, Interlock will introduce its own utility coin $ILOCK used to pay incentives and enable community members to use the crypto coins to facilitate rewards and security staking, where users can earn extra tokens for correcting Interlock’s threat detection when it gets something wrong. Think of it as a combined PayPal fraud and Twitter community note style review system. The $ILOCK coin will be available on Arbitrum, the leading Layer 2 (L2) network for Ethereum with a vast user base of 11.6 million and Aleph Zero, a privacy-focused public blockchain platform. By making the $ILOCK coin available on these platforms, Interlock empowers users with choice and enhances security for all participants, while expanding its network.

Interlock’s Roadmap

Interlock’s near-term product roadmap includes ThreatSlayer on the Mainent, Token Generation Event (TGE) and Security Staking.

Later this year, the company’s go-to-market business plan is to monetize the shared security data it is gathering in the $11 billion yearly B2B threat intel market, creating a first-of-its-kind crowdsourced threat intelligence platform. The company will also introduce enterprise versions of its products during the coming 12 months.

In keeping with the best practices of a Web3 community leader, Interlock is very transparent and offers a wealth of additional information in the resource center on the website and GitHub.

“Interlock’s mission is to solve legacy Web2 security issues by harnessing the power of Web3. Our unique approach is made possible by incentivizing users to share security data and use our security tools,” said Rick Deacon, co-founder and CEO at Interlock. “With ThreatSlayer leading the charge, we’re establishing a new era of cybersecurity that’s both effective and inclusive. As we embark on this journey, we’re grateful for the support of our investors, who share our vision for a safer online world.”

The company has raised $4.1 million in funding through two oversubscribed private sales of $ILOCK led by Outlier Ventures.

“We are very confident in our investment to support Interlock’s mission to revolutionize Web3 security,” said Jamie Burke, founder of Outlier Ventures. “The security implications of self sovereignty in Web3 are an impossible burden for most users. ThreatSlayer is a simple browser extension that protects individuals and lets them join an army of 29,000 users to crowd source threat intel and earn as they go.”

How Interlock’s Revolutionary Ecosystem Works

The Interlock ecosystem comprises ThreatSlayer, the internet security browser extension for users; Galactus, the data nexus and open-source rewards system; and Octahedron, a proprietary AI-driven threat detection tool.

In the Interlock ecosystem, ThreatSlayer users can opt-in for incentives to continually aggregate web activity and transmit anonymous threat intel data to Galactus.

Octahedron, the heart of Interlock’s technology, then uses the data to discern, classify and even predict malicious web entities.

An advanced AI threat detection tool, Octahedron was designed to navigate the complexities of cyberspace and continuously update ThreatSlayer to enhance its protection for users. Leveraging supervised learning from the SciKit-learn library, it excels in classifying objects, discerning relationships and predicting trends based on historical data. Using Interlock’s proprietary Decision Tree algorithm, it evaluates websites to identify potential threats and prevent users from entering risky cyber territories.

Octahedron has been trained with a variety of data, including known crypto scams, phishing links, dangerous URLs, malware and more, ensuring it has a sharp eye for trouble. Constantly fed with new data from the community, Octahedron continuously evolves into an ever more effective cybersecurity tool.

The addition of dimensions, such as the presence of specific keywords like “cryptocurrency” or “free money,” scrutiny of suspicious JavaScript functions, detection of malicious code and evaluation of a website’s domain reputation and traffic patterns, enhance its accuracy in identifying malicious websites. As Octahedron’s dimensions multiply, so does its effectiveness in safeguarding against online threats.

As this robust internet security data ecosystem thrives, Interlock’s blockchain infrastructure, the backbone of the operation, ensures user trust and systemic security. Together, these components seamlessly weave a harmonized system, where data collection, threat analysis and token rewards converge in a synchronized dance.

Interlock’s Reputable Team

Interlock’s CEO and co-founder Rick Deacon has an extensive background in cybersecurity from hacking MySpace to building the next generation of Decentralized Security. Rick was the former CEO of a browser defense platform startup funded by Y Combinator, who sold their software technology to Coinbase, Gemini and Uber.

The company also benefits from the expertise of two senior advisors, Ethan Johnson and Ajeet Khurana. With over a decade of experience in cybersecurity, Ethan shapes Interlock’s enterprise product strategy, drawing from his specialization in crypto architecture and control design. His security roles at Citadel Securities, Galaxy Digital and the Bank of New York Mellon underline his expertise in securing the emerging digital assets sector.

“Unlike a lot of AI companies that materialized overnight, Interlock’s team has been building and tuning AI-based web browsing protections for years,” said Ethan Johnson, Interlock Advisor. “I’m excited about their potential for making risky web browsing safer.”

Ajeet, founder of Reflexical, brings a robust background to assist Interlock in its mission to bridge the security gap in Web3. His previous roles, including CEO of India’s largest CEX and Head of the Blockchain and Cryptocurrency Committee, equip him with a unique perspective and expertise for Interlock’s success.

“Interlock’s groundbreaking approach to incentivizing security combines the strength of artificial intelligence with the collective power of the crowd,” said Ajeet Khurana, Interlock Advisor. “In the realm of Web3 self sovereignty, security concerns can be formidable for most users. However, ThreatSlayer offers a unique solution. By seamlessly integrating AI and the community, users can identify threats and earn rewards effortlessly.”

Join the Interlock Community

User who are ready to get better internet protection and start getting rewarded for their browsing, can download ThreatSlayer now and become a part of the fast-growing Interlock community.

About Interlock

Interlock pioneers the transformation of security within Web3 with its AI-powered browser extension, Threatslayer. Protecting users from dangerous websites, wallet drainers and scams, while also rewarding and incentivizing them to share data, Interlock fosters a unique crowdsourced threat intelligence platform. Interlock boasts 30,000+ weekly users and a 79,000-strong community and is backed by $4.1 million in funding from oversubscribed private sales led by Outlier Ventures.

Copper & Sui partner to build out full institutional accessibility 7903

The integration with Sui includes custody support for L1 and L2, built-in staking support, and DeFi connectivity.

Copper, a leader in digital asset custody, collateral management, and prime services, is excited to announce its latest integration with Sui, a high-performance Layer 1 blockchain and smart contract platform. The strategic partnership will enable robust custody infrastructure support for stablecoin and Real-World Asset (RWA) issuers on Sui such as Ondo (USDY), marking a significant advancement in connecting institutional finance to on-chain opportunities on the Sui Network.

With Copper on board, the Sui ecosystem now has built additional foundational infrastructure necessary to enable institutional players to leverage Sui’s industry-leading decentralized technology platform, addressing the need for financial institutions seeking efficient treasury services for their tokens.

“This strategic partnership, integrating Copper’s enterprise-grade custody tooling, exemplifies the continued maturation of the Sui ecosystem into a platform capable of supporting the heightened infrastructure needs of Sui’s institutional builders and users,” said Greg Siourounis, Managing Director of the Sui Foundation. “We are truly excited about the number and diversity of new projects and assets this partnership will enable for both the Copper and Sui ecosystems.”

The first phase of support, encompassing SUI and native Sui-tokens is currently complete, making Copper a custodian for these assets. The immediate availability of Copper’s infrastructure on Sui means it is ready to serve the needs of large institutional traders and market makers today. Further features in staking and DeFi are in development and will be integrated soon, significantly expanding the functionality of Copper’s offerings on Sui.

“We’re excited to be a part of the SUI ecosystem with Copper as custodian,” commented Dmitry Tokarev, CEO of Copper. “With staking and DeFi features currently in development, we’re looking forward to the evolution of this partnership.”