Sony Unveils Soneium Blockchain | Weekly News Recap

GM. In today’s weekly recap, we check out one of the biggest news during the weekend — that Sony finally launching its own blockchain.

For my foreword this week: I have been fortunate to be able to interview a lot of amazing people doing amazing things in this industry via our online livestream called The BitPinas Webcast. Whether local or international, some alpha and useful information have been shared and reshared, such as:

When Wei Zhou, the CEO of Coins.ph first mentioned creating a game center and decentralized wallet inside the app. More recently, he was in the webcast to discuss that their stablecoin will be available across different exchanges.
When then-UnionBank exec Arvie De Vera defends the bank against concerns that they are no longer crypto-friendly.
When now-Head of GCash’s GCrypto Luis Buenaventura shared in more detail his decision to step down as country head of YGG Pilipinas.
When Jeff returned to the webcast for the second time to share that more and more web3 gamers in Asia are also big spenders, in response to criticism that web3 gamers are nothing but extractors.
When PDAX CEO Nichel Gaba discussed why banks should never deny service to crypto traders and investors, and shared advice by demystifying how the Anti-Money Laundering (AML) law truly works.

Photo for the Article - Sony Unveils Soneium Blockchain | Weekly News Recap

This week, August 29 at 10PM (UTC+8), sharing the stage together with PDAX’s Vincent Tio and GCrypto’s Luis Buenaventura, we will be interviewing Rene Reinsberg, the President of Celo Foundation and co-founder of the Celo blockchain. Here’ s what to expect:

Meet Rene Reinsberg, his role at Celo and background in crypto.
A look at how Celo has evolved since it started.
Key achievements of Celo and its community.
How Celo’s mission to include everyone in the financial system is different from other projects.
Behind Celo’s decision to become a layer 2 blockchain.
Celo in the Philippines, partnership with PDAX and GCrypto
Future initiatives, Alpha Leaks…

This is an important webcast for us and I hope you also tune in this August 29. Register and watch the webcast here, see you!

And with that, let’s check out the news of the past week!

Market Updates 📈

Here are the crypto highlights of the week:

Bitcoin is up 8.7% vs the previous seven days, now at $63,646.91.
The weekly top gainer in the top 100 coins is FET ($1.32), up 60.8%
The weekly top loser in the top 100 is TON ($5.62), down 18.0%
Noteworthy: RENDER ($6.22) is up 39.8% vs the past week.

Feature Story: Sony Blockchain Finally Unveiled

Sony Block Solution Labs, a subsidiary of the Sony Group, has announced the development of its blockchain, “Soneium”. The company aims to integrate web3 technologies into daily life by leveraging the diverse businesses and intellectual property within the Sony Group.

What’s the significance: While web3 holds promise for decentralizing the internet, it remains largely confined to communities that already know what it is, this, despite the efforts of many. Sony’s initiative with Soneium could expand web3’s reach, making it more accessible to the general public.

Key details:

Soneium is a public blockchain designed as a Layer 2 solution on Ethereum, enhancing data processing speeds and reducing fees.
A testnet will soon be available for developers, with plans to launch a mainnet for broader public use.
- This infrastructure aims to support web3 apps, including games, NFT marketplaces, and other entertainment services.
Soneium’s decentralized network will allow users to manage their activity history autonomously through compatible apps accessed via digital wallets.

What’s next:

Sony Block Solution Labs plans to integrate Soneium with existing and new services from the Sony Group.
- This could potentially create new revenue streams and strengthening fan engagement.
The blockchain will be presented at major tech events, including WebX in Tokyo and Token2049 in Singapore.

Key quotes:

Jun Watanabe, Chairman of Sony Block Solution Labs:

“We will work to create diverse businesses and new use cases with the aim of delivering customer value that can only be enjoyed through web3 technology to as many users as possible and making people’s lives richer and more colorful.”

Sota Watanabe, Director of Sony Block Solution Labs:

“We would like to collaborate with a variety of developers and companies, transcending the boundaries of countries, regions, and industries.”

Local Crypto News 🇵🇭

Coins.ph welcomed Olympic double medalist Nesthy Petecio as new endorser.
The Bicol Blockchain Community released the speakers for the upcoming Bicol Traders Meet 2024.
Kristian Quirapas shared how he created his winning Solana Talent Olympics project.
Yield Guild Games announced an exclusive partnership with Sui Network.

Educational Corner 🎓

Local Update:

Check out the updated Maya crypto terms.
PH crypto professionals on the benefits of WFH in web3.

Airdrop Guide:

Meteora, a Solana-based staking protocol

Regulation Watch 📜

Stay informed about the latest regulatory updates from here and around the world and what they mean for you:

Binanceresumed operations in India after a seven-month regulatory hiatus, having successfully registered with India’s Financial Intelligence Unit (FIU).\
- The firm faces an $86 million tax demand from Indian authorities.
- Binance and Changpeng “CZ” Zhao, are facing a new class-action lawsuit alleging that the exchange facilitated money laundering of stolen crypto assets.
The IMF proposed implementing energy taxes on crypto miners and AI data centers to curb carbon emissions.
Australia’s ASIC shut down 615 crypto scam websites in a year-long crackdown.
China’s new judicial interpretation classifies virtual asset transactions as a method of money laundering.

Community Spotlight 🔦

The following people were feature in last week’s community spotlights:

Georgeson Guray, University Activation Lead at the Junior Blockchain Education Consortium of the Philippines. (August 20)
Jared Dillinger, web3 KOL. (August 22)
Nesthy Petecio, endorser, Coins.ph. (August 23)

At the Scene 📍

On the ground activations and more.

Coins.ph welcomes Nesthy Petecio as its newest endorser. (Taguig)

Coinfest Asia 2024 (Bali, Indonesia)

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Mastercard, in collaboration with MetaMask and Baanx, launched a new web3 card program that allows users to make purchases with self-custody wallets while retaining control of their funds.
Chain Signatures launched on NEAR Mainnet, offering a Chain Abstraction solution that simplifies multichain dApp development and user experience.
zkMe, a decentralized identity startup, secured $4 million in a seed round to advance the zkMe Network.
PIP Labs raised $80 million to develop “Story,” a blockchain designed for managing intellectual property.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

LFG! rebranded as a Web3 Super App offering education, entertainment, and gaming.
HashKey Group partnered with Catizen to enhance the TON ecosystem by developing GameFi products and a global digital entertainment infrastructure.
Gamee, a web3 gaming firm under Animoca Brands, secured investment from TON Ventures.
Shiba Inu‘s ecosystem launched a closed beta for its first Shibarium-based game, Shiba Eternity.

Upcoming Event 📅

CoinsGG feat. CRETA: August 28, 2024
Hooked Unitour Hackathon Philippines: August 29, 2024
Solana Radar Global Hackathon: September 2, 2024
Bicol Traders Meet 2024: September 7, 2024
Blockchain Campus Conference 2024: October 10, 2024

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

A Florida woman sued Google for $5 million, alleging that the company took three months to remove a scam cryptocurrency app from the Google Play Store.
Richard Teng, the new CEO of Binance, dismissed the need for an IPO, emphasizing the company’s strong financial position and long-term strategy.
Kamala Harris expressed support for policies that promote the growth of the cryptocurrency industry.
McDonald’s Instagram account was hacked to promote the Solana memecoin GRIMACE.