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Crypto Awareness Skyrockets: 93% Globally, Explosive Growth in Africa and Asia

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  • Emerging markets show a significantly higher interest in cryptocurrency investment compared to developed nations.
  • Over 93% of global respondents are aware of cryptocurrencies, with 42% already owning them.
  • Concerns about data privacy, AI misuse, and the traditional financial system drive crypto interest globally.

Emerging markets are at the forefront of cryptocurrency adoption, with Nigeria leading the charge as 93% of its population expresses interest in investing within the next year.

Following closely behind is South Africa at 77%, while the Philippines, India, and Indonesia post investment willingness at 59%, 58%, and 54%, respectively. Relatively, developed nations such as the UK and US lag way behind at 15% and 41%, respectively.

These insights come from ConsenSys’ second global survey about crypto and web3 trends, conducted by YouGov. For the first time, this year’s study increased its scope, with over 18,000 respondents across 18 countries to provide insight into critical views on data privacy, AI risks, and new roles of decentralization in full swing.

Data Privacy and AI Concerns

The survey shows that the demand for data autonomy is on the rise: while 83% of respondents consider privacy a key factor, only 46% trust their internet service providers. What is more, 78% want more control over their online identities and fair compensation for the data they contribute.

Equally important, AI-related risks, above all those related to misinformation, have become widespread. More than 75% worry about AI-generated fake content, especially in Nigeria and South Africa. Blockchain is also perceived as one possible remedy; for example, 54% of global respondents think it may be used to mitigate these risks.

Crypto Awareness and Ownership

Global awareness of digital currency is outstanding at 93%, with a full 42% of all respondents having ever owned digital assets. Ownership is highest in Nigeria at 73%, South Africa at 68%, and the Philippines at 54%. Rather surprisingly, crypto owners appear more optimistic about the traditional financial system than non-crypto owners, which might be seen as a case of familiarity breeding optimism.

Barriers to entry persist; the leading concerns mentioned being market volatility at 20% and scamming at 17%. But this has not changed the overall perception of digital currency as being “the future of money,” at least in emerging markets.

Shifting from Users to Owners

Consensys believes the crypto ecosystem has shifted from being about users to being about owners. In this way, through web3 activities like staking or NFT engagement, active contributors develop ownership and change the dynamics of online interactions.

The most critical factor underlying this global survey is that digital currency, blockchain, and web3 hold immense promise in furthering financial and social inclusion. Yet, narrowing the gap in education stands tall as an imperative necessary for a level playing field to be reached across wide and diverse regions.

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Solana Partners with Google Cloud To Revolutionize Web3 Gaming: Report

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Solana Labs and Google Cloud are partnering at this year’s Solana Breakpoint event to redefine gaming. This partnership is anchored on GameShift, a set of tools that contain some of the most important elements of Web3 such as wallets, tokens, and marketplaces. GameShift is now on Google Cloud Marketplace and allows developers to easily start using Web3 in games.

GameShift provides developers with a one-stop solution to integrate blockchain into the gaming industry. It enables the generation and management of objects at the in-game level, as well as wallets and secure payment systems and marketplaces within the Solana network. Due to its high throughput, reliability, and billions of daily operations, Solana is a perfect space for games that are ready to onboard Web3 and increase the level of players’ involvement.

Google Cloud has been one of the major benefactors of the Web3 technologies. Some of the products include Blockchain Node Engine and Web3 BigQuery datasets that Google Cloud is using to power the next generation of decentralized gaming platforms. This partnership with Solana is another step in the right direction of Google Cloud’s support for the Web3 ecosystem and presents new opportunities for developers to build enjoyable user experiences.

Solana Empowers Game Developers

The network’s exceptional performance in the NFT segment, decentralized exchange, and stablecoin trading volume is attractive to game creators. Thanks to GameShift, studios can now add blockchain elements into their games without having to learn blockchain themselves. This partnership reduces the complexity to impress users, which means that developers can now concentrate on developing quality content.

Video games are constantly developing, and Web3 opens new opportunities for players. Web3 gaming makes players co-creators and co-owners instead of mere consumers of the games they play. Game developers can use microtransactions, trading of assets, as well as creating new income streams that do not make players feel as if the game is nickel and diming them.

GameShift also has measures to enhance security as well. These include non-custodial wallets and the way transactions are approved to prevent cheating and hacking common in traditional gaming making Web3 gaming more secure. This is because by using the Google Cloud platform, the developers are able to ensure that their Web3 games are scalable with a great focus on security and performance.

In the future, both GameShift and Solana will keep on expanding the possibilities of Web3 gaming. This collaboration with the help of Google Cloud is paving the way for the future of gaming and player-centric gaming experiences. New products like Solana Mobile and enhanced tournament features will only bring more interesting developments in the Web3 gaming landscape.

Samsung Next Invests in Startale Labs, Boosting Web3 Innovation with Sony

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Samsung Next, the investment wing of South Korean’s tech giant Samsung group has disclosed that it has made a strategic investment in Startale Labs. This goes hand in hand with their recent work with Sony in which Startale Labs is building the Soneium blockchain network. The investment position Samsung in front of the WEB3 technology, which coincides with the company’s mission of a decentralized future.

The core offerings of Startale Labs include the Astar Network, Soneium, and Startale Cloud Services, all of which are decentralized These platforms are designed to help developers create dApps and smart contracts, which are critical components of blockchain technology. Startale Labs eliminates the technical and monetary hurdles that hinder businesses and developers from integrating Web3 technologies.

Problems associated with the traditional centralized systems like security risks and opacity, have influenced the adoption of decentralized systems. These problems are solved by Web3 technologies through providing a more secure, open and fair digital architecture. However, problems such as how these technologies can be scaled up and made more user-friendly persist and hinder the use of these advanced technologies.

Samsung’s Strategic Bet on Web3

Startale Labs is very helpful in this regard since it helps to overcome these bottlenecks. Thus, it helps to create and implement dApps and smart contracts at a larger scale. This way, the decentralized ecosystem will be able to scale up in a healthy manner to meet the rising need for trustless transactions and the ownership of digital assets in multiple platforms.

Samsung Next’s move to invest in Startale Labs is a great way of supporting the Web3 ecosystem. Samsung Next states that Startale Labs has helped in solving the challenges of Web3 through Astar Network and Soneium among others. This investment is in harmony with Samsung’s strategy in promoting advance technologies.

Japan’s Web3 industry, in which Startale Labs is located, is especially active thanks to government encouragement and the country’s technological focus. This has made the country’s gaming and financial sectors ideal for the integration of blockchain technology, thus making the country a global leader. Some of the players of this fast-rising industry include Startale Labs and its founder Sota Watanabe.

Startale Labs and Sony’s collaboration to create Soneium is a breakthrough in the advancement of the blockchain technology. Samsung Next’s participation in the Soneium Spark Incubation Program enhances its position in supporting the future generation of dApp creators and innovators. This partnership will help to translate innovative idea into a product that would be sustainable in the decentralised ecosystem.

Aptos And Alibaba Cloud Propel Japan’s Web3 Revolution

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Aptos Foundation and Alibaba Cloud are all geared up to transform the Web3 in Japan. Through this partnership with Alcove Pro – Asia’s first co-branded Move developer community, these initiatives will be unveiled to advance Web3 through hackathons, education, and events led by industry experts, making Japan as a key player in the digital frontier.

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Alcove Pro is launching with a blast at IVS Crypto 2024. Aptos Kyoto Meetup, titled “Aptos Mover: ”Innovation Ripples from Kyoto,” promises to be the leading Move ecosystem event, where only the crème-de-crème of partners and projects will be found.

IVS2024 participants will be able to meet the main authors of the Aptos project, founders, and heads of investment funds. This is very productive in the sense that it opens up the discussion for the next steps that are to be taken in the Aptos ecosystem which is to result in changes.

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This partnership with Aptos Foundation is a major boost to Japan’s Web3 ecosystem given that Alibaba Cloud is the digital technology arm of Alibaba Group. Combined, they have created Alcove, one of the first resources for the Move developer community in Asia.

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Aptos Sparks Japan’s Web3 Revolution

This programme is meant to increase accessibility and innovation, marking the beginning of a new chapter for Asia’s Web3. Thus, both Aptos and Alibaba Cloud are aiming to create a healthy and creative developer ecosystem through utilizing each other’s core competencies.

Alcove’s vision is to accelerate the accessibility as well as the usage of the Move language for smart contract programming. Famous for its security, speed, and scalability, Move on Aptos is expected to boost the adoption in the Asia-Pacific area.

With the help of Alcove, Aptos Foundation, and Alibaba Cloud, developers are being provided with a healthy ecosystem to work in, thus helping them to transform the world. This initiative is geared towards the development of a strong environment in which developers will be able to grow and prosper.

Thus, Japan has the right combination of progressive regulation and an enthusiastic population who are ready to embrace Web3. The Foundation sets the pace with a number of Alcove projects, the first of which is a Move developer meet-up organized by OKCoin Japan and Alibaba Cloud.

This event is to enable builders, and equip them with knowledge on how to harness Web3 and digital assets to their advantage. Thus, entities Clouds provide end-to-end assistance to foster on-chain advancement in Japan.

The Foundation will organize a series of hackathons for the Alcove community using Alibaba Cloud’s technological power. These events are targeted at supporting the future Web3 talents and give the attendees a chance to listen to the experts.

These hackathons will motivate the next generations of developers, encouraging them to be innovative. Thus, Aptos and Alibaba Cloud contribute to the development of Web3 by implementing these opportunities.

Revolutionizing ZK Proofs (ZKP) in Web3: VeriSync Labs Unveils Future of Privacy

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In a recent analysis by tech analyst Hardik, attention turned to the potential impact of Zero Knowledge Proofs (ZKP) in the realm of Web3, with Ethereum co-founder Vitalik Buterin waxing optimistic about its role. ZKP is a cryptographic technique that helps prove the statement is true without giving away any other information apart from its validity.

As Hardik says, Imagine being able to prove that users have enough money to enter a restaurant without revealing their exact bank balance; that’s essentially ZKP: it’s maintaining privacy within the transparent environment of a blockchain.

Despite its promise, ZKP faces several hurdles. The inefficiencies in the current infrastructure make generating and verifying ZK proofs inefficient. Creating ZK Proofs for complex statements is computationally intensive and requires enormous hardware resources, possibly a bottleneck for large-scale adoption. Moreover, there are scaling issues for ZKP systems over blockchain platforms with large user bases. This makes seamless integration quite a challenge

Bridging Web2 to Web3: VeriSync’s ZKML Protocols Explained

Enter VeriSync Labs, the company pioneering the taking on of these complexities through its comprehensive three-tier framework designed to make utilizing ZKP seamless. Its approach includes VeriSync Micro-rollup, which provides an optimized solution for generating and verifying ZK proofs that match tasks with suitable hardware providers to effectively update transaction data on the leading network.

This not only accelerates processing, but it also aggregates proof markets for cost efficiency. VeriSync further increases this accessibility via its Native ZKML Library, erasing the complexities of ZK proofs toward machine learning applications. This Python-based library allows a developer to easily integrate privacy-preserving mechanisms within any decentralized application to ensure data confidentiality without compromising model accuracy.

Also, their ZKML Protocols bridge the gap between Web2 and Web3 for machine learning models empowering new applications like verifiable DeFi bots and on-chain credit scoring. VeriSync Labs is driving innovation in a new wave of decentralized machine learning with a robust framework for addressing the complexities of ZKP implementation.

They are dedicated to developing ZKML technologies that ensure data is kept secure and private enabling other industries to embrace blockchain based systems. In the changing landscape of Web3, solutions such as those provided by VeriSync Labs can help overcome barriers to ZKP adoption.

VeriSync has a new approach and is committed to simplifying complex cryptographic processes which will result in significant developments in decentralized application development as well as secure data management.

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Kraken Security Scare: Critical Vulnerabilities Exposed by CertiK Prompt Public Disclosure

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In a recent revelation by CertiK, a prominent security-focused platform, serious vulnerabilities have been exposed within the Kraken Exchange, potentially jeopardizing user assets on a significant scale. According to CertiK’s investigation, these vulnerabilities could have resulted in losses amounting to hundreds of millions of dollars, highlighting critical lapses in the exchange’s security protocols.

CertiK Uncovers Serious Flaws at Kraken Exchange

The vulnerabilities primarily centered around the exchange’s deposit system, where flaws allowed malicious actors to exploit internal transfer statuses. CertiK’s rigorous testing raised alarming questions: Could illicit deposit transactions be fabricated into Kraken accounts? Could substantial amounts of fictitious cryptocurrencies then be withdrawn and converted into valid assets without triggering any alarms?

Disturbingly, CertiK’s tests confirmed that the exchange failed these pivotal security assessments. During a multi-day scrutiny period, millions of dollars worth of fabricated cryptocurrencies were successfully deposited and withdrawn from test accounts, all without detection by the exchange’s defense systems. Even after reporting these findings to Kraken, the exchange reportedly delayed taking action until days later, only responding once the vulnerabilities were officially disclosed.

Upon being notified, the exchange categorized the situation as Critical, its most severe security classification. However, subsequent actions taken by Kraken’s security operations team raised further concerns. Allegedly, individual CertiK employees were threatened to promptly return mismatched amounts of cryptocurrencies, with no clear repayment instructions provided, a move that CertiK condemned as unwarranted and aggressive.

In response to mounting pressure and the interest in transparency, CertiK opted to disclose the vulnerabilities publicly, aiming to safeguard the broader Web3 community and prompt Kraken to desist from intimidating ethical hackers.

In its defense, Kraken insisted that no actual user funds were compromised during these white-hat operations. They acknowledged CertiK’s efforts in swiftly identifying and rectifying the vulnerabilities, though discrepancies arose over the exact amounts of cryptocurrencies returned to Kraken’s control. CertiK clarified that while they returned all funds they held, the specific quantities did not align with Kraken’s demands.

In this regard, CertiK explained certain areas being contentious on how they handled their case by promptly informing Kraken of the same, involving the exchange security personnel and forgoing any form of bounty given to them due to their discoveries.

This ongoing security saga highlights necessity of strong security measures in cryptocurrency exchanges. More than that, this instance is a sharp reminder of insecurities accompanying digital asset management systems and continuing struggle to counteract ill-willed acts.

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Binance’s “Russian Invasion” Announcement Spurs Surge in Ukraine’s Web3 Aid

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In a surprising turn of events, cryptocurrency exchange giant Binance has strategically leveraged Russia’s invasion in an unprecedented move to announce a charity event aimed at supporting Ukraine. This marked departure from their usual discourse underscores the gravity of the situation and the dire need for humanitarian aid.

Following the closure of all its operations in Russia, Binance’s decision to incorporate geopolitical concerns into their philanthropic efforts highlights a shift in corporate strategy. The abrupt closure of the company’s Russian operations, along with its local counterpart, signifies the complex interplay between global politics and the cryptocurrency landscape.

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Deleted Announcement

By utilizing its platform to rally support for Ukraine, Binance showcases its commitment to social responsibility amidst tumultuous times. The firm, however, seems to have taken down the announcement soon after the jitters it caused on the internet.

Binance’s Off-boarding Process

In September 2023, Binance, one of the leading cryptocurrency exchanges, announced its complete withdrawal from the Russian market, signifying a strategic shift in its global operations and compliance strategy. The decision saw the exchange transferring its entire business operations in Russia to the cryptocurrency exchange platform, CommEX, marking a significant move in response to regulatory challenges, as reported by TWJ.

The announcement, made on September 27, emphasized the exchange’s commitment to ensuring a seamless transition for its Russian user base. The exchange initiated an off-boarding process extending over one year, assuring users of the safety and security of their assets throughout the transition period.

Noah Perlman, Binance’s Chief Compliance Officer, highlighted the company’s dedication to regulatory compliance as a primary reason for the exit. Perlman stated that operating in Russia was incompatible with Binance’s compliance strategy, prompting the strategic withdrawal.

Despite parting ways with the Russian market, Binance remained optimistic about the global prospects of the web3 industry, continuing its operations in over 100 other countries. This move reflects the dynamic nature of the cryptocurrency landscape, where regulatory considerations significantly impact strategic decisions.

As Binance reallocates its resources and attention, this development is expected to resonate within the cryptocurrency community, sparking discussions on the evolving regulatory landscape worldwide. It underscores the importance of regulatory compliance and adaptability in navigating the complexities of the cryptocurrency industry.

Crypto Venture Capital Expansion: Japan Opens Doors For Investment

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Japan has said yes to the idea of allowing Japanese venture capital (VC) firms to invest in projects giving out cryptocurrencies only. Before that, there were certain restrictions on buying crypto assets for VCs operating in Japan. This would mark a major adjustment in investment regulations, with its draft amendment being presented as early as 2024.

As per Coinpost’s recent report, the Ministry of Economy, Trade and Industry announced on the 16th that the Cabinet had decided to include crypto assets (virtual currency) among things that can be acquired and maintained by investment business limited partnerships (LPS). Such development enables Japanese VC companies to finance virtual currency-based businesses, thus providing an avenue for funding and doing business for Web3 firms in Japan.

In general, LPS is one type of investment partnership focused on unlisted venture companies that often acts as a vehicle for VC investments. For instance, Web3 projects that were looking for funding from LPS earlier could get only traditional assets like stocks and did not include virtual currencies. Thirdverse CEO Kunimitsu observed that due to the inability to offer crypto assets, many Web3 start-ups had to look for overseas VC investments.

The proposed legal reform is believed to be of benefit to LPS because it will attract more investors and foster growth in Web3 companies. It was disclosed by Nikkei Shimbun in September when it reported on this regulatory change with the government’s intent of submitting a bill to revise the LPS Act to the diet in 2024.

Japan Target Fraudulent Crypto Activities

Meanwhile, Japan’s financial regulatory landscape is also changing. The Financial Services Agency (FSA) has recently proposed measures to be taken against deceitful practices associated with the Peer-to-Peer transactions involving cryptos. With concerns over a large number of fraud transactions linked to virtual currencies, the FSA has formally requested Japanese banks to strengthen user protection measures.

The announcement emphasized stopping unlawful money transfers going to crypto asset exchange service providers. In collaboration with the National Police Agency (NPA), the FSA called for financial institutions to improve user protection measures, including halting transfers if sender information does not match account details for crypto-asset exchanges and increasing monitoring of illegitimate fund flows to such platforms. However, in this development, Japan plans to balance fostering innovation in the cryptocurrency industry and preventing unlawful activities.

Hack3d 2023 Reveals $1.8B Crypto Losses, 51% Yearly Drop

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Blockchain security firm CertiK’s annual report, “Hack3d: The Web3 Security Report 2023,” disclosed that over $1.8 billion in cryptocurrency assets were lost last year. The figure represents a significant 51% decrease from the staggering $3.7 billion losses recorded in 2022.

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Crypto Loss Landscape: 2023

The report, a deep dive into the exploits, vulnerabilities, and trends shaping blockchain and smart contract security, provides valuable insights into the evolving landscape of Web3 security. With detailed incident analyses, technical insights, and comprehensive statistics, CertiK’s Hack3d reports serve as an essential resource for anyone seeking to comprehend the current state of Web3 security.

The report’s executive summary reveals that the total losses in 2023 amounted to $1,840,879,064, averaging $2.45 million per incident. However, the ten most costly incidents accounted for $1.11 billion, emphasizing the concentrated impact of a few major security breaches. The median loss per incident stood at a much lower $101,132.

November emerged as the costliest month of the year, witnessing losses totaling $363,367,327 across 45 incidents. The third quarter of 2023 stood out with the heaviest losses, amounting to $686,558,472 from 183 hacks, scams, and exploits. Private key compromises proved to be the most expensive attack vector, contributing to nearly half of all financial losses, with $880,892,924 lost in just 47 incidents, despite accounting for only 6.3% of all security incidents.

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Among the chains, BNB Chain experienced the highest number of security incidents, with 387 hacks, scams, and exploits resulting in $134 million in losses, averaging $346,253 per incident. On the other hand, Ethereum faced 224 incidents but recorded higher losses at $686 million, averaging $3.0 million per incident.

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A notable revelation from the report is the challenge posed by cross-chain interoperability, as security breaches affecting multiple chains accounted for $799 million in losses from 35 incidents. Beyond raw data, the report delves into the broader ramifications of these security breaches on the Web3 ecosystem.

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It explores the success of “retroactive bug bounty” negotiations, details a major hardware wallet manufacturer’s backend compromise, highlights unprecedented hacker demands, and addresses the ongoing question of institutional adoption. However, “Hack3d 2023” emerges as an indispensable resource for stakeholders in Web3, offering a blend of technical depth, market analysis, and forward-thinking projections.

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Blockchain Visionary Dr. Xiao Feng Unveils Top 10 Trends For 2024

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In a visionary New Year’s message, Dr. Xiao Feng, Chairman of the HashKey Group, shared his insights on the future of blockchain, highlighting ten industry trends for 2024. Embracing the first principles of blockchain, he emphasized the evolution of ledgers from ancient Sumerian clay tablets to the distributed accounting of the digital age.

Competition In Blockchain Innovation

Focusing on Ethereum, Dr. Xiao Feng predicted its continued dominance in leading blockchain technology innovation. He asserted that no other contender could match Ethereum’s prowess, setting a tone of confidence in the platform’s trajectory.

Another notable trend highlighted was the maturation of Blockchain L2 technology, supporting the explosion of applications with specific scenarios and real value. This reflects a shift towards practical and impactful applications, marking a crucial stage in the technology’s development.

Dr. Xiao Feng also drew attention to the rise of crypto-economics as a prominent science entering classrooms. The token economic model was lauded for supporting the real economy and technological innovation, underscoring the growing influence of blockchain beyond its initial financial implications.

Bitcoin’s ecological development took center stage, with a caveat that success lies in adhering to the basic characteristics of the pioneering cryptocurrency. The Lightning Network’s legal currency stablecoin payment and clearing system were cited as promising developments to anticipate.

A harmonious union of AI and WEB3 was envisioned, where blockchain facilitates large-scale collaboration networks. Dr. Xiao Feng envisioned the integration of algorithms, computing power, and calculations through blockchain, emphasizing the registration, issuance, exchange, and transaction of AGI’s intellectual property.

Notably, the chairman highlighted the pivotal role of developers in steering the course of blockchain networks. In a departure from consumer-driven narratives, he argued that developers would emerge as the decisive force in the competition among major networks.

The article also delved into the underlying logic of Bitcoin’s rise, attributing it to developed economies’ fight against inflation and safe-haven demand amid geopolitical turmoil. The rise of digital nomads, propelled by countries launching “digital nomad visas,” was deemed a global wave set to define the future of work and innovation centers.

Concluding the message, Dr. Xiao Feng touched on DePIN, emphasizing its role in connecting the real and virtual worlds. The article closed with a vision of a distributed business application model emerging at the L3 and L4 layers, signifying the transition from infrastructure construction to commercial application implementation.

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