Asia Express– Cointelegraph Publication


Our weekly roundup of news from East Asia curates the market’s crucial advancements.

Huobi’s unhappy staff members

According to regional media reports, cryptocurrency exchange Huobi Global has actually ended all year-end staff member benefits and advantages, along with axed its whole core advancement personnel situated in mainland China. The laid-off personnel will be rather changed to “advisory agreements” that do not get defense under Chinese labor laws. Staff members likewise declare that their remaining paid holiday days and authorized leave days for 2022 were set to absolutely no without previous alert.

Additionally, executives presumably enforced a messaging restriction on all significant Huobi staff member chat groups. In reaction, staff members reported formed a 400-member strong “rights upkeep group” and have actually because looked for the recommendations of counsel in the labor conflict. One staff member apparently composed:

” I enjoy my business and my task; at the very same time, I support all choices that benefit the business, and I understand that with economies recessionary all over in the world, Huobi management personnel need to tighten their belts, and I can comprehend the absence of year-end benefits. That stated, I can decline the unreasonable swap of employment agreement. I will battle this to the end.”

Nevertheless, it appears that staff members still got the brief end of the stick. On Jan. 6, Cointelegraph reported that Huobi laid off 20% of its labor force while rejecting insolvency reports. However at the time of publication, sources state that the exchange is running at a loss of $10 million monthly.

Established by Chinese business owners Leon Li and Du Jun in 2013, Huobi transferred its registrar to Seychelles following China’s Bitcoin restriction. Last October, its creators apparently offered 100% of their stake to Chinese blockchain character Justin Sun, who likewise established the Tron network and is the CEO of BitTorrent. Sun declares simply to be an “consultant” to Huobi, presently the 17th-largest cryptocurrency exchange worldwide by 24-hour trading volume.

MOBA video game’s 100,000 downloads

Roughly one month after launch, SuperpowerSquad (SPS) has actually been downloaded from Google and Apple’s app shops more than 100,000 times, a representative for the multiplayer online fight arena (MOBA) blockchain video game informed Cointelegraph.

The representative stated that the BNB Chain-based video game, which had actually remained in advancement for over 2 years, looks for to end up being a “total GameFi blockchain environment,” and the next actions consist of cross-bridge combinations and broadening the native token team’s energy to its 2nd and 3rd blockchain video games in advancement.

Superpower Team is a multiplayer fight arena blockchain video game. Source: Superpower Team

The company has actually currently finished its mainnet and token launch and established an integrated in-game wallet address that enables users to gather NFT hero benefits and digitized products. SPS presently has around 3,000 daily active users. The business is signed up in the British Virgin Islands, with its core advancement personnel based in Hong Kong and Singapore.

Bitmain reveals 122 TH/s Bitcoin miner

On Jan. 11, Beijing-based application-specific incorporated circuit maker Bitmain introduced the brand-new Antminer S19j Pro+. The business declares that the brand-new Bitcoin miner is 10% more powerful than the S19j Pro, with a hash rate of 122 terrahash per second. The firm states it’s now a really worldwide Antminer:

” In addition to its outstanding efficiency is its versatility to many worldwide information centers, with a brand-new input voltage variety of 220-277V. Considered that the commercial electrical voltage in the United States is 277V, Kazakhstan 220-230V, and Russia 220V, the voltages in these 3 nations are within the protection of 220-277V.”

Although rates has actually not been revealed, the S19j Pro predecessor presently costs $1,842 without shipping by means of hardware merchant Newegg.

A Bitmain ASIC miner
A Bitmain ASIC miner. Source: Newegg

Digital yuan consisted of in M0 figures

According to a Jan. 10 regional report, individuals’s Bank of China in December started including its digital yuan reserve bank digital currency (e-CNY) in main M0 cash supply figures. Authorities information exposed that over 13.61 billion Chinese yuan ($ 2 billion) worth of e-CNY has actually been released because the pilot program started in January in 2015. Over the previous year, state designers have actually presented functions such as offline and no-electricity-required payments. Nevertheless, some authorities state that adoption stays listed below expectations.

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Scientists’ quantum digital signature

As reported by the Chinese innovation site Lianmenhu, scientists Chen Zengbing and Yin Hualei at Nanjing University have actually effectively signed a digital file utilizing a quantum digital signature structure. Utilizing a mix of one-time hash and one-time pad file encryption concepts, scientists apparently increased the finalizing rate by an element of numerous millions. Unlike classical signatures, such as signing a file with a pen or public essential file encryption, quantum signatures are validated by means of quantum mechanics and in theory can not be created. The university stated:

” The group showed the world’s very first full-featured quantum security network experimentally, recognizing the defense of all aspects of details security and offering a technically total network and quantum security base for the digital economies and digital currencies.”

WangYi’s Lunar New Year metaverse

On Jan. 10, Shanghai Securities News reported that Chinese web giant WangYi has actually partnered with state broadcaster China Central Tv (CCTV) for a metaverse night unique on the latter’s 2023 Chinese New Year program.

” For this operation, WangYi activated its LeiHuo, FuXi, Home Entertainment AI Laboratory, and WangYi Blockchain departments, making use of digital twinning, blockchain, AI digital art, and AI noise innovations, to produce the very first Chinese New Year metaverse show that can support 10s of countless audiences,” the outlet reported.

The WangYi metaverse platform apparently includes a 30 km ² digital water area where users can follow the main CCTV New Year’s program, take part in performances and launch fireworks. WangYi likewise stated it would spread its audience throughout “several parallel universes” (i.e. servers) to lower lag and boost multiscreen streaming.

WangYi Metaverse
WangYi’s Chinese New Year metaverse. Source: WangYi

Thailand SEC probes Zipmex

On Jan. 11, Cointelegraph reported that Thai cryptocurrency exchange Zipmex is dealing with a probe by the nation’s Securities and Exchange Commission declaring a breach of regional guidelines.

On Dec. 2, Thai VC fund V Ventures revealed that it had actually obtained the exchange for $100 million. On July 20, the business stopped briefly user withdrawals simply minutes after its CEO rejected monetary difficulty reports. The exchange has actually requested a credit defense extension in Singapore pending the acquisition.

Zhiyuan Sun

Zhiyuan sun is a reporter at Cointelegraph concentrating on technology-related news. He has numerous years of experience composing for significant monetary media outlets such as The Motley Fool, and Looking For Alpha.

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