USDD

Identity

Grayscale Bitcoin Trust

Reserve

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/gavin-wood-introduces-proof-of-ink-as-a-digital-identity-solution/" data-wpel-link="internal">Gavin Wood Introduces Proof-of-Ink as a Digital Identity Solution</a><br></p>
<p class="p1" style="text-align: justify">Gavin Wood is launching a new digital identity solution called Proof-of-Ink, which uses tattoos as proof of digital citizenship. Tron founder Justin Sun downplayed concerns following the removal of 12,000 Bitcoins from USDD reserves. Meanwhile, Grayscale launched a new investment fund for Avalanche’s native token AVAX.</p> 
<h2 class="p1" style="text-align: justify" id="significant-step-in-the-web3-space">Significant Step in the Web3 Space</h2> 
<p class="p1" style="text-align: justify"><strong>Parity <a href="https://newslinker.co/category/technology/" target="_blank" rel="noopener" data-wpel-link="exclude">Technologies</a></strong> is releasing a Web3 individuality solution, a crucial missing element for mainstream Web3 adoption. The new solution, Proof-of-Ink, allows users to prove their digital individuality through a unique tattoo that serves as proof of digital citizenship while preserving privacy.</p> 
<p class="p1" style="text-align: justify">According to Wood, co-founder of <a href="https://en.coin-turk.com/ethereum-faces-challenges-in-the-cryptocurrency-market/" data-wpel-link="internal">Ethereum</a>, Polkadot, and Kusama, Proof-of-Ink will be launched in the fourth quarter of 2024. In his keynote speech at the Web3 Summit in Berlin, Wood stated:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“We can deploy the basic palette and hopefully launch the application at some point this year, ideally in the last quarter. We aim to launch the other two mechanisms next year.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">Wood hinted that one of the additional digital identity solutions is still under development but did not share any details about the process.</p> 
<h2 class="p1" style="text-align: justify" id="justin-sun-clarifies-controversies">Justin Sun Clarifies Controversies</h2> 
<p class="p1" style="text-align: justify">Tron founder <strong>Justin Sun</strong> dismissed concerns following the removal of 12,000 Bitcoins used to support Decentralized USD, a stablecoin managed by Tron DAO Reserve. Blockchain explorer Blockchair showed that on August 19, over $729 million worth of 12,000 Bitcoins were removed from an address previously listed as holding collateral for Decentralized USD (USDD).</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-382710" src="https://coin-turk.com/wp-content/uploads/2024/08/justin.webp" alt="" width="500" height="294"></p> 
<p class="p1" style="text-align: justify">Discussions on X claimed Sun was responsible for the move, while others expressed concerns that the Bitcoins were removed from the TRON DAO Reserve without a vote. On August 22, Sun stated that USDD’s mechanism is similar to MakerDAO’s DAI, allowing the collateral holder to withdraw funds without approval if the collateral exceeds the system-specified amount.</p> 
<h2 class="p1" style="text-align: justify" id="prominent-company-takes-avax-step">Prominent Company Takes AVAX Step</h2> 
<p class="p1" style="text-align: justify">Crypto asset manager Grayscale Investments launched a new investment fund for Avalanche’s cryptocurrency. According to the August 22 announcement, the Grayscale Avalanche Trust will offer <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> exposure to a three-chain smart contract platform designed to optimize scalability, network security, and decentralization simultaneously. <strong>Grayscale’s</strong> Head of Product and Research, Rayhaneh Sharif-Askary, said the trust would also provide investors with an opportunity to invest in Avalanche’s progress in RWA tokenization.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-382709 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/grayscale.webp" alt="" width="1234" height="1138"></p> 
<p class="p1" style="text-align: justify">Grayscale is the world’s largest crypto asset manager, with over $25 billion in assets under management. Recently, it launched a trust to invest in MakerDAO’s Maker token. Grayscale also operates the Grayscale Bitcoin Trust and Grayscale Ethereum Trust.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/gavin-wood-introduces-proof-of-ink-as-a-digital-identity-solution/" data-wpel-link="internal">Gavin Wood Introduces Proof-of-Ink as a Digital Identity Solution</a></h5>
<p>The post <a href="https://en.coin-turk.com/gavin-wood-introduces-proof-of-ink-as-a-digital-identity-solution/" data-wpel-link="internal">Gavin Wood Introduces Proof-of-Ink as a Digital Identity Solution</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Gavin Wood Introduces Proof-of-Ink as a Digital Identity Solution

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