Owner of major social media app TikTok, ByteDance, has launched a joint venture with state-owned Chinese media group and ThePaper.cn operator Shanghai Dongfang Newspaper to develop business models that include blockchain and artificial intelligence (AI), Bloomberg reported on Dec. 14.
The joint venture was launched in the capital of eastern China’s Shandong province, Jinan, on Dec. 10 with a registered capital of 10 million yuan ($1.43 million). ByteDance owns 49% of the venture while the rest is owned by the Chinese media group.
TikTok sees 500 million monthly active users and is currently the second most downloaded app in the Apple App Store in the United States. The app’s short video feed is completely managed by a purpose-built AI to predict and deliver content that the user will likely prefer.
While it’s not yet clear how ByteDance and TikTok could benefit from blockchain technology, one possible use-case could be for digital media data verification. For instance, U.S. law enforcement Axon Enterprise aims to test blockchain for its body cameras to fight Deepfake AI-generated videos.
As recent reports suggest, blockchain technology is rapidly maturing and seeing wide adoption in China.
Ethereum is making progress, but the timeline for a full ETH 2.0 release is not coming any closer. According to a recent official blog post, we can expect “potentially many years before a full ‘Ethereum 2.0’ roll-out.” With the recent Istanbul hard fork update, many in the Ethereum community were enthusiastic about Ethereum 2.0 coming soon. This enthusiasm, however, fails to grasp the complexity of the work the Ethereum developers are undertaking — and it’s going to take them a lot more time.
According to an overview of the most pressing problems confronting Ethereum developers, ETH 2.0 (called ‘Serenity’) is a long way away. The 1.x Files: a fast-sync, posted on the official Ethereum blog, reads that the team is now focusing on more incremental upgrades to Ethereum 1.x. Research is being broken up into smaller updates to ensure that the original chain remains operable during this transitionary period.
The task now is to prolong the “life of the chain for at least another 3-5 years, before a more dramatic upgrade to Serenity (ETH 2.0) arrives,” the post reads.
The reasons for this ‘delay’ are multi-faceted and complex.
In the blog post, Griffin Ichiba Hotchkiss writes of a few core issues currently slowing down developers due to the enormity of the problems. These issues include: -chain storage
-block size and transaction throughput
-state size and network performance
-The team is still actively researching solutions to these problems.
Altogether, migrating the existing ETH 1.x to Serenity is made more difficult by the fact that the original chain has to stay alive. If Ethereum started from scratch with Serenity, it would have been a simpler process. The need for incremental developments to ETH 1.x will slow down a full roll-out of ETH 2.0 for the next few years.
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