Award-winning Taiwanese blockchain solutions provider International Trust Machines Corporation (ITM) showcased its dNFT (dynamic non-fungible token) technology which ensures data integrity of electric vehicles at the 2022 MIH (Mobility In Harmony Open EV Platform initiated by Foxconn) Demo Day, the annual technical advancements event that aims to drive the future of the EV industry.

ITM’s breakthrough would allow users to tie large amounts of dynamic data generated by an electric vehicle to a dNFT, which has the ability to adapt in real time in response to external data. It would make data such as the vehicle’s maintenance and trade history tamper-proof, and ensure that the vehicle owner controls and owns trustworthy and legitimate information.

“Currently, car manufacturers use traditional static NFT technology which binds data to a central database outside the blockchain. It is difficult to confirm the integrity of the data, or they need to rely on a trusted third party to do so,” said Julian Chen, CEO and co-founder of ITM.

ITM’s technology could upload a large amount of data onto the blockchain at a low cost, making data secure on the Web3 architecture. “Electric vehicles generate a large amount of digital data, and the data is exactly what makes EVs valuable,” Chen explained.

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Data as an asset

With an ongoing commitment to transform the transportation industry, ITM joined the MIH Consortium as a Contributor Member in 2022, and actively participated in its Security & OTA working group as well as the Web3 vehicle development  interest group to develop security frameworks for the EV industry.

The Foxconn-initiated MIH Consortium aims to create an open EV ecosystem that develops key technologies and design standards of electric vehicles, which will lower the barrier for parties to enter the industry.

MIH currently has more than  2,500 members from 65 countries and regions, and holds an annual technical exhibition MIH Demo Day that invites EV start-ups from around the world to explore new business opportunities. The 2022 MIH Demo Day was held on November 8 in Taipei in 2022; and MIH will showcase their solutions at CES 2023.

Jack Cheng, CEO of MIH Consortium, said that in order to ensure electric vehicles operate normally in a digitalized environment, information security is the key. “MIH will create a brand new environment for the automobile industry. In terms of vehicle data and traceable vehicle history, we will focus on three main areas: supply chain cybersecurity management, the cybersecurity solutions of vehicles, and the protection of user data to return the data ownership to its owners. And the decentralized blockchain technology will play an indispensable role in the process.” The goal of MIH is to combine emerging technologies such as decentralization identifier (DID), Web3 and NFT, so that the control of the data can be returned to car owners.

With technology designed by companies such as ITM, in the future, after an electric vehicle leaves the factory, its driving behavior, maintenance and transaction history, as well as other data generated by the vehicle will be recorded on the blockchain with the consent of the owner.

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The data could be downloaded and verified through the dNFT bound to the EV. With this credible information at hand, dNFT holders can then approach insurance, finance, energy, and ESG providers with credible information, which will maximize the asset value of EVs.

Oasys, a gaming-optimized blockchain built by gamers for gamers close a successful strategic funding round led by Galaxy Interactive and South Korean gaming giant Nexon, the company behind the hit gaming franchises MapleStory and Dungeon Fighter Online. Rounding out the funding was a contribution from Jsquare, a Web3 development VC fund with over $150 million AUM, co-founded by James Wo of Digital Finance Group. Additional contributors include Presto Labs, MZ Web3 Fund, Hyperithm, Jets Capital, AAG, YJM Games, and ChainGuardians.

The strategic funding round enables Oasys to enhance its ecosystem by strengthening its validator network and expanding its pool of gaming partners. The partnerships forged with the investors in the strategic round will also continue to create additional opportunities for the growth of Oasys, along with its different stakeholders.

Following the strategic funding round, Oasys also concluded its public token sale held from 30 November 2022 to 4 December 2022, reaching its funding goal within 12 hours, with commitment from 60 countries. Oasys’ public token sale allows the general public (excluding US-based investors) to invest in Oasys for the first time. The funding round follows Oasys completing a $20 million private token sales round led by Republic Crypto earlier this year and its Mainnet launch in October 2022.

As a contributor to Oasys’ blockchain initiative, Jsquare solidifies its support for impactful GameFi and Web3 projects. Jsquare affirms its mission to help create the next generation of interaction through an advisory board and a dedicated $30 million investment fund for NFT, Web3, and Metaverse companies. Co-founded by James Wo of DFG, a leading Web3 investment firm with over $1 billion under management, Jsquare leverages research, experience, and technological advancement to support meaningful blockchain development.

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With strong support from its institutional backers, Oasys is fully focused on growing its ecosystem and enhancing user experiences. Oasys is committed to its mission of leading the global expansion of blockchain games and bringing new gaming experiences to players and developers alike.

“The aftermath of the recent occurrences in the Web3 sector have highlighted the need of constructing a decentralized and resilient company, one founded on producing top-notch games and gaming content,” says Daiki Moriyama, Director of Oasys. “We will provide a new generation of blockchain games with the gameplay and unmatched experience the community desires due to the backing. And, invaluable knowledge of top game creators, the largest institutional supporters in Web 3, and individual investors from all over the globe.”

“We are proud to be a part of this funding round for Oasys and to see a worthwhile GameFi project reach a wider audience to build its community,” says Joanna Liang, Co-Founder of Jsquare. “We believe that GameFi has an undeniable impact on widening crypto adoption and development, so it’s vital to support projects that put users at the heart of its operation to make a product of true quality.”

XBO.com, the cryptocurrency exchange making the benefits of crypto more accessible to everyone, reassures its users their funds are safe with the exchange, promising no mishandling of funds is possible. XBO.com is working on a proof-of-reserves protocol and is holding all assets of their users 1:1 in segregated accounts through its collaboration with Fireblocks, on its recently launched platform, which merges gaming-inspired UI and top security solutions to offer traders a user-friendly and reliable alternative to existing exchange platforms.

With Bitcoin and Ethereum reaching new lows that were not seen since 2020, the crypto world is licking its wounds from the FTX crash. When Binance backed out of its rescue deal for FTX over reports of mishandling of customer funds, investors’ trust in centralized crypto exchanges dropped drastically. As many have noted, however, it was poor management that led to FTX’s downfall, not a failure of the centralized-exchange business model or underlying technology. Sam Bankman-Fried’s trading firm Alameda Research heavily invested in the FTX exchange’s FTT token, essentially inflating the token’s price using investors’ money to back it up.

Today, XBO.com reassures users that such a prospect isn’t even possible on its platform. XBO.com doesn’t have a native token. XBO.com meets the need for a user-friendly and accessible crypto trading platform. Leveraging an intimate familiarity of crypto users’ pain points and a deep understanding of social gaming UX, XBO.com makes buying and selling digital assets simple and enjoyable for both amateur and experienced crypto users who find traditional crypto trading platforms intimidating.

“The FTX crash is unfortunate first and foremost to investors on the exchange, but the mistrust users have for centralized exchanges now is harming the whole crypto industry,” says CFO of XBO.com, Dor Maman. “We want to ensure users who invest through XBO that their assets are safe and held 1:1 with zero exposure to currency rate fluctuations. We comply with the highest industry standards in terms of safety and security, and always believe our users come first.”

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