Chain Fusion Hub Singapore Highlights: A New Era Of Bitcoin Integration, Interoperability

By Author: Cecilia Wong
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The Internet Computer Protocol (ICP) hosted a landmark event in the Web3 space – Chain Fusion Hub @ Token2049 Singapore from September 19th to 20th, 2024, ahead of Singapore's signature Formula One Night Race. This exclusive event series, held in the iconic Fullerton Hotel Singapore, brought together the brightest minds in blockchain technology for two days of insightful discussions, groundbreaking collaborations, and a glimpse into the future of Web3. Here are some key takeaways from the event.

Key Highlights from the Event

- A New Era of Bitcoin Integration: The Chain Fusion Hub Singapore event showcased pivotal solutions for the Bitcoin ecosystem, happening alongside the integration of Internet Computer Protocol’s (ICP) ckBTC, a non-custodial, chain key digital twin of BTC, into the Cosmos network.This groundbreaking development, powered by Osmosis and Omnity, promises to abdicate the controversial wBTC, and revolutionize how users transact Bitcoin interoperably within the DeFi space.

- Building the Infrastructure for the Future: The event featured a series of focused sessions exploring the potential ...
... of Web3 across various sectors. From AI-powered smart cities in ‘AI Web3 City’ to interoperable blockchains in ‘Chain Fusion Day’, speakers like Kumardev Chatterjee of Blue Hat Founders, Du Yu of Wanxiang Blockchain Labs, Dominic Williams, Chief Scientist of DFinity Foundation, Louis Liu, Co-Founder of Omnity Network and Sunny Aggarwal, Co-Founder of Osmosis, shared valuable insights into the future of this transformative technology.

- Fostering Collaboration and Innovation: The Chain Fusion Hub provided a platform for industry leaders to connect, collaborate, and explore new opportunities. Through the AI Web3 City panels, Bitcoin roundtable discussions, VC Startup networking event by Cointelegraph Accelerator, and dedicated sessions for RUNES 2049, attendees had the chance to share ideas, build partnerships, and drive innovation in the Web3 space.

Event Highlights from Chain Fusion Hub @ Token2049 Singapore https://www.youtube.com/watch?v=UPbaKuAW1nE

ICP, Omnity and Osmosis: Paving the Way for a Better BTC Experience

By integrating ckBTC, Omnity and Osmosis will provide Cosmos users with a more secure, efficient, and user-friendly way to interact with Bitcoin within the DeFi ecosystem.

The integration of ckBTC enhances the interoperability of these platforms, allowing users to seamlessly move their Bitcoin holdings between different DeFi applications and protocols. This reduces friction and makes it easier for users to participate in the broader Web3 ecosystem.

Moreover, as a non-custodial solution, users have full control over their ckBTC funds. This eliminates the risk of counterparty risk associated with traditional wrapped Bitcoin solutions. By using Omnity and Osmosis, users can benefit from the enhanced security provided by ckBTC, reducing the risk of their assets being compromised.

By providing expanded access to DeFi applications, increased liquidity, improved interoperability, and enhanced security, this partnership benefits users in more ways than one.

Kumardev Chatterjee, Du Yu and Dr. TRY Sophal on City Planning and the possibility of Blockchain-powered ‘Cognitive’ Cities at AI Web3 City

On the first day, Tracy Traschler, Head of Institutional Relations of Dfinity, moderated a panel to discuss a burning question, “What will Smart Cities actually look like in the near future and where do you see AI and Blockchain fitting into this?”. Interesting insights came from the CEO of Blue Hat Founders, Kumardev Chatterjee, highlighting the technological and situational roadblocks that designers and developers face at the stage of implementation, and the importance of public-private sector cooperation to sustainably build up cities that can be deemed ‘smart’.

Mr. Du Yu, General Manager of Wanxiang Blockchain Labs, echoed Kumardev’s sentiment with an industry focus, emphasizing the need for manufacturers to work with the government to build smart-powered industrial superplants which will pave the path for other smart-powered infrastructure to be built in the future. “We want to attract different people, different industries, and different research institutions through the land. What we need from the government is to approve the planning, help build the infrastructure, and what we can do is bring new talent, bring new industries into this plant to form this cohesive, smart city-focused ecosystem”, said Mr Du Yu.

Chiming in from a governmental perspective, Dr. TRY Sophal, Director General of the Ministry of Science and Tech in Cambodia, points out the roadblocks that the government faces at the stage of implementation, but reiterates that the transition to smart cities is inevitable, and that Cambodia is taking the lead.

On the topic of AI and blockchain’s role in smart cities, the idea of ‘cognitive’ cities was brought up. Chatterjee explains the difference, arguing that smart cities already exist without AI and blockchain. What AI and blockchain will bring to the table is intelligent data, and integrating AI and blockchain would unlock a whole new level of possibility for urban living.

Pierre Samaties and Michael Terpin on The Future of Investing in AI, Silicon Valley and AI Innovation Landscape

On Day Two, we had Pierre Samaties from DFinity kicking it off with a welcome address from ICP, touching on how essential it is to build a decentralized AI-powered ecosystem on Internet Computer. To date, he said, over 60 AI projects are being built on the Internet Computer. This was followed by a series of panels discussing the latest AI technologies in development, leading up to questions about how AI and Blockchain can be synergized.

Speaking on the shift from centralized computing to decentralized AI, Michael Terpin pointed out that decentralized AI adoption in blockchain is occurring at a rapid pace because of its ability to connect all stakeholders seamlessly, which greatly reduces reliance on intermediaries like individual data centers and fosters more efficient access to blockchain data.

The event concluded with some fascinating project showcases from the ICP ecosystem, including Decide.AI, an AI driven DAO which leverages Internet Computer’s blockchain to run OpenAI’s GPT-2 model on-chain.

The Chain Fusion Hub Singapore - A Significant Step Forward for Web3

Chain Fusion Hub in Singapore was more than just an event; it was a testament to the rapid evolution and growing potential of the Web3 ecosystem. The integration of ckBTC, the insights into smart city development, and the discussions on AI's role in the future, all underscored the transformative power of emerging technologies.

The event successfully fostered collaboration, inspired innovation, and demonstrated the tangible progress being made in building a decentralized future. The Chain Fusion Hub Singapore leaves a legacy of excitement and anticipation, showcasing the immense potential of Web3 to reshape industries, empower individuals, and build a more connected and efficient world.