Odaily News A federal judge in California has dismissed a class-action lawsuit against the Dfinity Foundation, the company behind ICP. U.S. District Judge James Donato granted Dfinity’s motion to dismiss, ruling that the case was “time-barred” because it fell outside the three-year statute of limitations under the Securities Exchange Act. The court sided with Dfinity’s argument that it first offered ICP tokens to the public in February 2017, so the August 2021 investor lawsuit was outside the statutory time frame. The plaintiffs, who were represented at the time by Freedman Normand Friedland LLP (formerly Roche Freedman), did not respond to the defendants’ arguments. Therefore, Judge Donato wrote, it was “justifiable” to dismiss the claims because the lawsuit was time-barred. (Decrypt)

Odaily News Bitcoin L2 solution Bitfinity Network announced the completion of $12 million in financing, including $7 million in investments from institutions such as Polychain Beacon Fund, ParaFi, Draft Ventures and Warburg Serres, and $5 million raised from community over-the-counter (OTC) token sales. The project will use the Internet Computer Protocol (ICP)'s Chain Fusion technology to enable the operation of Bitcoin native assets in an Ethereum-compatible ecosystem. In addition, Bitfinity Network has been launched, and its security is enhanced by "a strong proof-of-stake protocol utilizing Chain-Key technology", which provides stronger security than traditional multi-signatures used by most L2s. The ecosystem plans to host dApps such as Sonic, Chapswap, Lendfinity and Omnity Bridge. (Cointelegraph)

Odaily News According to a report released by the developer Dfinity Foundation on November 4, the use of Internet Computer's cross-chain messaging protocol Chain Fusion has increased by 1,230% year-on-year, mainly from Bitcoin native applications. Dfinity said that Bitcoin applications including Rainbow Protocol, Tap Protocol and Bitfinity are using Internet Computer to deploy smart contracts and other complex programs on the Bitcoin network. Chain Fusion "enables smart contracts for Bitcoin because ICP can interact directly with the Bitcoin network without using any trusted bridge." (Cointelegraph)

Odaily News Osmosis is working with the Omnity Network established by ICP, and ckBTC will be connected to the Cosmos ecosystem through Osmosis. In April this year, the DFINITY Foundation announced on Monday that the Internet Computer launched ckBTC, a highly liquid and cost-effective "twin" token that is backed by Bitcoin 1:1. (Coindesk)

Odaily News The ICP 2Grants Program, a project funding program under the Internet Computer Protocol (ICP), announced that it would provide financial support to three projects: DeFi lending protocol Lendfinity, agricultural supply chain platform TruMarket, and gamification metaverse platform Sophiaverse. The specific amount has not been disclosed. At present, the ICP 2Grants Program is mainly used to promote the development of ICP ecological projects, provide funds for projects that may have an impact on the crypto industry and promote their network innovation. (Hackernoon)

Odaily News In response to the recent data outage experienced by CrowdStrike, Chiagozie Iwu, a blockchain researcher and former CEO of Naijacrypto, provided insights on how blockchain outages can affect crypto companies and offered suggestions for mitigating the associated risks. In an interview, Iwu pointed out that blockchain-native companies are inherently more resilient to such outages as they operate on decentralized networks, "For blockchain-native companies, they have nothing to worry about because the node-based decentralized element mitigates this risk." However, he warned that centralized crypto platforms may be vulnerable to similar issues in the future. He suggested that institutions could start considering decentralized cloud-based architectures such as the Internet Computer (DFINITY) to enhance their resilience. Olumide Adesina, an analyst at Quantum Economics, said the incident also supports the viability of blockchain as an alternative to traditional IT systems. Speaking about the potential regulatory challenges brought about by the CrowdStrike incident, Iwu was skeptical about immediate large-scale regulatory reforms. He believes that the recent cybersecurity incident is unlikely to lead to major regulatory changes because it is not serious enough to require such a response. Existing regulations, data backup and processing requirements have already addressed cybersecurity issues, reducing the need for new regulatory changes. However, a significant concern is the potential impact on crypto companies’ trading activities and revenue streams. Iwu highlighted these risks, noting that missed trades or improper financial positions could lead to financial losses. To mitigate the risks associated with a CrowdStrike data outage, Iwu recommended that crypto companies consider alternative endpoint security solutions to CrowdStrike and implement additional layers of security. (Cointelegraph)

Odaily News The United Nations Development Program (UNDP) has partnered with the Dfinity Foundation to launch a blockchain-based Universal Trusted Credentials (UTC) pilot project in Cambodia. Internet Computer will provide the security management infrastructure, and the Monetary Authority of Singapore and other institutions are also involved. The project aims to encourage micro, small and medium-sized enterprises to participate in the digital economy, and plans to eventually promote it in ten countries. Dominic Williams, founder of the Dfinity Foundation, said that UTC will bring transparency and inclusiveness to the financial system. Previously, the Monetary Authority of Singapore and the Bank of Ghana had completed a proof of concept using UTC. Cambodia is well-equipped for digital asset regulation and central bank digital currency, and has cooperated with Binance and Alipay networks. This pilot project will provide a decentralized and secure digital ecosystem for governments and businesses.

Odaily News The United Nations Development Program (UNDP) is working with the DFINITY Foundation to leverage the Internet Computer blockchain technology to enhance the Universal Trusted Credentials (UTC) program. The collaboration aims to increase digital trust and financial inclusion for micro, small and medium-sized enterprises (MSMEs) around the world. It is reported that the UTC framework was jointly launched by the Monetary Authority of Singapore (MAS) and other strategic partners to enhance SMEs' access to financing domestically and across borders by fostering trust in digital data. By promoting the adoption of blockchain-based solutions, the UTC program aims to create a sustainable financial ecosystem to empower SMEs. The DFINITY Foundation will use its expertise in decentralized computing and digital identity solutions to develop and test prototypes for the UTC pilot program in Cambodia. The Internet Identity (II) solution of the Internet Computer blockchain will ensure the secure storage and management of digital credentials, thereby enhancing the credibility of the UTC system. (financefeeds)

Odaily News Dfinity announced the launch of a new ICP-based platform, Utopia, to address cybersecurity issues. It is understood that the platform is a private serverless cloud infrastructure designed for government entities and corporate organizations, and will enable artificial intelligence (AI) to run securely and allow local management of digital assets. (Cointelegraph)

Odaily News At the "When DePin Summer" Twitter Space jointly organized by Bitget and NodeLab, the General Manager of DFINITY Asia Pacific mentioned: "ICP is a natural public chain for DePIN. DePIN requires decentralized computing power and storage. Among all L1 blockchains, ICP is the only public chain. Its unique container-type smart contracts can provide computing power and data storage in addition to decentralized ledgers. Many Web2 network applications in vertical fields have been gradually moved to the ICP mainnet by developers in the ICP ecosystem."