It was reported that Ambient, the block chain integration project, had raised $74 million in new funds. This financing will help the company to develop a block chain “finally designed as a bitcoin alternative”, as described by the co-founder Travis Good.
While this may sound a little far-fetched, Good believes it is based on reality, noting that Bitcoin's encryption mechanism “has become rather old” and may “be completely obsolete in five years”, which is a problem for miners.
“People have invested billions of dollars on the ASICs to protect the network,” he told CoinDesk at the ethDenver conference this year. “The question is, where should they all go?”
Good's answer is Ambient and his AI capabilities — which may one day become “the decentrized competition of OpenAI”.
The network operates on a workload certification mechanism, and Good indicates that this will be familiar with the attraction of TT miners and make the transition easier.
“It's a useful PoW network, and we don't think anyone has done well in the field of encryption,” he told CoinDesk.
Among other news related to the block chain, PYMNTS has recently explored how transnational corporations, financial science and technology platforms and banks are increasingly turning to this technology for cross-border payments, liquidity management and programmable finance.
However, “many people encounter obstacles when it comes to the integration of a stable currency infrastructure that is secure, compliant, scalable and actually usable by an enterprise's financial team”.
The issue is not only technical but strategic. The company needs more than a secret wallet with several layers of abstraction. Instead, they need multi-user access, audit tracking, governance control and seamless compliance tools.
“When you take into account the needs of every financial technology or payment company, or banks that want to enter the field, they need to move from the creation of assets (e.g. monetization) to the security infrastructure that naturally moves them,” the co-founder of Utila and CEO Bentzi Rabi said in an interview with PYMNTS.
After all, in traditional finance, the company ' s financial system connects banks, follows up on authority, masters every transaction and supports a comprehensive audit.
However, the lack of such tools is particularly evident when enterprises want to interact with block chains — whether to stabilize payments by currency suppliers, chain settlements or cross-border transfers.