{"id":462479,"date":"2024-09-24T16:31:08","date_gmt":"2024-09-24T16:31:08","guid":{"rendered":"https:\/\/www.crypto-news-flash.com\/?p=858818"},"modified":"2024-09-24T16:31:08","modified_gmt":"2024-09-24T16:31:08","slug":"avalanche-gets-boost-as-citi-files-patent-can-this-drive-avax-price-higher","status":"publish","type":"post","link":"https:\/\/e-bitco.in\/index.php\/2024\/09\/24\/avalanche-gets-boost-as-citi-files-patent-can-this-drive-avax-price-higher\/","title":{"rendered":"Avalanche Gets Boost as Citi Files Patent\u2014Can This Drive AVAX Price Higher?"},"content":{"rendered":"<ul>\n<li><strong>Citi has filed a new patent detailing a system for facilitating a double-layer restriction subnet architecture related to the bank\u2019s development on Avalanche.<\/strong><\/li>\n<li><strong>AVAX has been consolidating right below the key resistance level at $28, which analysts say indicates an impending bullish breakout.<\/strong><\/li>\n<\/ul>\n<hr>\n<p>Citi, one of the world\u2019s largest financial institutions, is expanding a project it started on <a href=\"https:\/\/www.crypto-news-flash.com\/avalanche-and-continuumdao-partner-for-seamless-integration-on-testnet\/\">Avalanche<\/a>, this time filing for a patent on a system that facilitates a double-layer restriction subnet architecture.<\/p>\n<p>Citi filed for the patent with the USPTO recently, describing a system that overcomes the technical limitations of conventional blockchains and their subnets.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Looks like <a href=\"https:\/\/twitter.com\/Citi?ref_src=twsrc%5Etfw\">@Citi<\/a> filed for a patent related to the work they did on Avalanche\ud83d\udd3a last year regarding private oracles for transmitting RFQ (Request for Quotes).<\/p>\n<p>&#8220;Double-layer restriction subnet architecture that overcomes the technical limitations of conventional blockchains.&#8221; <a href=\"https:\/\/t.co\/V1exKnNkpT\">pic.twitter.com\/V1exKnNkpT<\/a><\/p>\n<p>\u2014 Luigi9000 \ud83d\udd3a (@luigidemeo) <a href=\"https:\/\/twitter.com\/luigidemeo\/status\/1838232385856442558?ref_src=twsrc%5Etfw\">September 23, 2024<\/a><\/p>\n<\/blockquote>\n<p>In its application, Citi says that the double-layer architecture it is building is made up of \u201ca series of permissioned subnets, which provides both the security\/privacy benefits of permissioned blockchains but also the scalability of subnet efficiency.\u201d<\/p>\n<p>The system seeks to solve the challenge of unauthorized access to digital communication by third parties. It notes that while blockchain-based encryption can curb the challenge, integrating blockchain remains a challenge for most, not least for its technical challenges. For instance, the instructions in a smart contract can\u2019t be amended even if the conditions change, which leaves them vulnerable to malicious attacks.<\/p>\n<p>\u201cThese security concerns, in turn, present challenges to integrating blockchain technology into traditional, centralized software infrastructures. Similarly, information posted to a blockchain becomes public, which can lead to privacy concerns,\u201d Citi says.<\/p>\n<p>The easiest fix is using a permissioned blockchain. However, this comes with its own set of challenges, including creating centralised attack targets and a lack of decentralisation, which limits the benefits of a blockchain.<\/p>\n<p>With a public blockchain, the best fix is the use of subnets, which are secondary networks built atop the original Layer 1 chain for specific use cases. Subnets, in the blockchain world, have been popularised by Avalanche, where each subnet is <a href=\"https:\/\/docs.avax.network\/learn\/subnets\" target=\"_blank\" rel=\"nofollow noopener\">regarded<\/a> as a \u201csovereign network which defines its own rules regarding its membership and token economics.\u201d<\/p>\n<p>But even these subnets are not foolproof. Citi notes that if the underlying network has security or scaling issuers, the subnets inherit the same, risking their users.<\/p>\n<p>The $117 billion American bank proposes a solution that has a double-layer restriction subnet architecture.<\/p>\n<p>\u201cIn particular, the double-layer restriction subnet architecture comprises a series of permissioned subnets, which provides both the security\/privacy benefits of permissioned blockchains but also the scalability of subnet efficiency,\u201d the bank says.<\/p>\n<p>The patent application by Citi builds on its work on <a href=\"https:\/\/www.crypto-news-flash.com\/avax-news-pressman-film-tokenize-six-new-projects-with-avalanche-for-innovative-film-financing\/\">Avalanche<\/a> from earlier this year. As we <a href=\"https:\/\/www.crypto-news-flash.com\/citibank-leverages-avalanche-to-test-tokenization-of-private-equity-funds\/\" target=\"_blank\" rel=\"noopener\">reported<\/a>, the bank tested the tokenization of private equity funds on the Spruce Subnet. It partnered with Wellington Management, a $1.4 trillion investment manager, and WisdomTree, an ETF expert.<\/p>\n<p>Meanwhile, AVAX trades at $27.59, dipping slightly on the day despite a 12% rally in the past week.<\/p>\n<p>The token has been <a href=\"https:\/\/x.com\/Taknmdwn\/status\/1838564785257898322\" target=\"_blank\" rel=\"nofollow noopener\">consolidating<\/a> right below the key $28 resistance level, which indicates an impending breakout.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-858868 size-full\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2024\/09\/GYPk0IkWUAE3FwM.png\" alt width=\"3355\" height=\"1291\"><img loading=\"lazy\" decoding=\"async\" class=\"lazyload alignnone wp-image-858868 size-full\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2024\/09\/GYPk0IkWUAE3FwM.png\" alt width=\"3355\" height=\"1291\" data-sizes=\"(max-width: 3355px) 100vw, 3355px\"><\/p>\n<hr>\n<h6>Recommended for you:<\/h6>\n<div class=\"tve-leads-shortcode tve-leads-triggered tve-tl-anim tl-anim-instant tve-leads-track-shortcode_228374\">\n<div class=\"tl-style\" id=\"tve_tcb2_set-001\" data-state=\"50\" data-form-state>\n<div class=\"tve-leads-conversion-object\" data-tl-type=\"shortcode_228374\">\n<div class=\"tve_flt\">\n<div id=\"tve_editor\" class=\"tve_shortcode_editor\">\n<div class=\"thrv-leads-form-box tve_no_drag tve_no_icons thrv_wrapper tve_editor_main_content thrv-leads-in-content tve_empty_dropzone\" data-css=\"tve-u-185a09262cb\">\n<div class=\"thrv_wrapper thrv_text_element\">\n<p data-css=\"tve-u-185a09262d4\"><span data-css=\"tve-u-185a09262d5\">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; No spam, no lies, only insights. You can unsubscribe at any time.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.crypto-news-flash.com\/\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citi has filed a new patent detailing a system for facilitating a double-layer restriction subnet architecture related to the bank\u2019s development on Avalanche. AVAX has been consolidating right below the key resistance level at $28, which analysts say indicates an impending bullish breakout. Citi, one of the world\u2019s largest financial institutions, is expanding a project [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":462480,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[2958,2110,25],"class_list":{"0":"post-462479","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-other","8":"tag-avalanche","9":"tag-citi","10":"tag-news"},"_links":{"self":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/462479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/comments?post=462479"}],"version-history":[{"count":0,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/462479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media\/462480"}],"wp:attachment":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media?parent=462479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/categories?post=462479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/tags?post=462479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}