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first_img Internet Court handles approximately 12,000 AI agency disputes daily

The dispute resolution protocol Internet Court, supported by GenLayer, allows AI agents to enter into contracts with humans, with funds held in escrow and released once the terms are determined to be fulfilled. This protocol has been in a testing phase for the past year and currently processes about 12,000 rulings daily. It has been used to verify user-uploaded photos for Collective Memory and to handle disputes on argue.fun, with the mainnet expected to launch next month.Disputes are submitted to a jury composed of 5 randomly selected GenLayer validators, each running different AI models, including a series of Claude, Gemini, ChatGPT, and DeepSeek. Initial rulings are completed within minutes by a simple majority, after which appeals can be made to a broader jury of 11, 23, or even up to 1,500 AIs; finality is usually reached within 30 minutes, with a maximum of about 3 hours. This mechanism draws on philosopher Condorcet's jury theorem to reduce single model bias through multiple independent evaluators.The Internet Court open alliance currently has 35 members, including ZKsync, NEAR, Consensys, and UMA. GenLayer has also launched intelligent contracts that support subjective judgments, capable of processing code, natural language, accessing the internet, and understanding images. GenLayer co-founder and CEO Albert Castellana believes this technology can be used to expedite dispute resolutions in prediction markets but also states that AI judgment is still insufficiently reliable to identify deepfakes or resolve neighborhood boundary disputes, with model bias and "representation convergence" potentially leading to groupthink issues.

BitMine increased its holdings by 8,573 ETH last week, bringing the total holdings to approximately 6.06 million coins

According to PR Newswire, BitMine increased its holdings by 8,573 Ethereum last week. As of November 1, 2026, its total Ethereum holdings reached 6,060,506, accounting for approximately 4.9% of the total Ethereum supply.Currently, the total value of the cryptocurrencies, cash, and other investment assets held by BitMine is approximately $14.5 billion, which includes $498 million in cash and securities, 216 Bitcoin, $180 million in equity assets from Beast Industries, and a $82 million investment in Eightco Holdings (ORBS). In addition, the amount of Ethereum it has staked is 5,227,037 (86% of total holdings), valued at approximately $11.8 billion based on a price of $2,261 per coin, with current annual staking yields of about $358 million.Furthermore, BitMine Chairman Tom Lee stated in the company's weekly report that the market's reaction to the Binance theft incident was relatively mild: on the day of the $1.5 billion theft from Bybit in February 2025, ETH dropped by 8% and accumulated a 20% drop within a week, while the amount stolen from Binance this time was about four times that, yet ETH has only dropped 4% since the incident was disclosed.He believes there are six reasons for this: Binance has the ability to cover all user losses; there was no chain failure of DeFi protocols similar to what happened after the Bybit theft; the industry acted quickly to reduce potential losses by 50%; the FBI identified North Korea as the attacker within two days of the theft, whereas it previously could take up to 180 days; this attack was a penetration of Binance's corporate infrastructure rather than a blockchain vulnerability; and the limited downward price movement indicates that the crypto bull market is still ongoing. Tom Lee believes this shows that the resilience of the crypto industry is strengthening and is better able to withstand nation-state attacks.

U.S. stock optical module leader Marvell announced an all-stock acquisition of optical chip leader Lumentum, with a consideration of approximately 115 billion USD

According to Marvell's announcement, the company has reached a final agreement to acquire Lumentum in an all-stock transaction.The agreement stipulates that Lumentum shareholders will receive 4.500 shares of Marvell common stock for each share they own, implying an enterprise value of approximately $115 billion for Lumentum, equivalent to about $1132 per share, representing a premium of approximately 23.9% over the closing price on October 28, which was unaffected by rumors. After the transaction is completed, existing Marvell shareholders will hold about 67%, while Lumentum shareholders will hold about 33%.Both parties stated that the merger will integrate Marvell's capabilities in electrical and optical interconnects, switching, and custom chips, along with Lumentum's strengths in high-performance lasers, optical transceiver modules, and optical circuit switching, aiming to create a full-stack connectivity portfolio for AI infrastructure and expand the addressable market size to approximately $550 billion.The transaction is expected to achieve over $1 billion in annualized operating cost synergies and is anticipated to enhance Marvell's non-GAAP earnings per share in the first year post-closing. The closing is expected in the first half of 2028, pending approval from both parties' shareholders and regulators. After the closing, Matt Murphy will continue to serve as Chairman and CEO, and three directors from Lumentum, including CEO Michael Hurlston, will join Marvell's board of directors.

South Korea plans to impose an 11% tax on profits from perpetual contracts of U.S. stocks traded on overseas exchanges starting next year

According to a report by South Korea's "Daily Economic News," the Ministry of Economy and Finance has decided to classify perpetual contracts linked to U.S. stocks as overseas stock derivatives, bringing them under the scope of capital gains tax. Starting next year, profits earned from investing in such products through overseas cryptocurrency exchanges will be subject to an 11% tax rate, calculated after deducting a basic exemption of 2.5 million Korean won from annual earnings, which is half of the tax rate for overseas spot stocks (22%).The report states that U.S. stock perpetual contracts are derivatives traded through overseas cryptocurrency exchanges like Binance, tracking U.S. stocks such as Nvidia, Apple, and Tesla. Since the Financial Services Commission of South Korea has not permitted perpetual contracts, South Korean investors can only participate through overseas exchanges. According to industry statistics, the trading volume of such products across 19 global exchanges from January to August this year was approximately $1 trillion. The South Korean government plans to monitor investors' relevant trading records at overseas exchanges and tax them accordingly. The news cites sources from South Korean government departments, but has not yet received official confirmation from the Ministry of Economy and Finance.

Data: In 2026, the number of cryptocurrency dead projects increased to 368, with 37 projects raising over 10 million USD

According to the compilation of the "2026 Crypto Dead Projects List", the number of dead projects this year has reached 368, an increase of 244 from the number disclosed on August 14. Among them, 85 projects actively announced their cessation of operations, accounting for 23.1%; the remaining 283 were identified by RootData based on operational status monitoring and review, accounting for 76.9%.The list includes on-chain projects such as Blast, Abstract, Balancer, Goldfinch, Zapper, Proof of Play, Linera, as well as trading platforms like CoinEx and BitMEX. Among these, 37 projects raised over $10 million, and 94 projects raised over $1 million. In terms of sector labels, DeFi projects are the most numerous, with a total of 110, accounting for 29.9%; infrastructure projects number 64, accounting for 17.4%, with 13 projects each in Layer1 and Layer2. The AI label involves 27 projects. The list covers multiple fields including trading and lending, underlying networks, gaming, and AI.It is reported that RootData regularly monitors the operational status of over 21,000 projects in its database. In addition to determining based on announcements and news, they also conduct further manual reviews of projects that have not updated their official websites and social media for over six months. For more details, see the article "Statistical Logic and Thoughts on RootData's Dead Projects List".

The Hong Kong Monetary Authority launched the agency-based financial SAGE project and established an expert group

The Hong Kong Monetary Authority announced the launch of the SAGE project to promote the responsible development and application of agentic finance in Hong Kong and established an expert group on agentic finance. SAGE stands for Securing Agentic Finance with Governance and Enablement, which means combining governance and enablement to build secure and reliable agentic finance. The members of the expert group come from financial institutions, technology service providers, professional service organizations, and academia.The Monetary Authority stated that the SAGE project focuses on four areas: first, market development and application scenario exploration, including business-to-consumer (B2C) agentic shopping and daily payments, business-to-business (B2B) procurement and treasury management, as well as machine-to-machine (M2M) pay-per-use digital service fees; second, exploring methods for verifying artificial intelligence agent identities and authorization permissions, including "Know Your Agent (KYA)" and identity verification mechanisms; third, promoting discussions on interoperability standards and protocols; fourth, exchanging views on legal regulatory issues such as governance arrangements, legal responsibilities, and consumer protection.The Monetary Authority's Chief Executive, Eddie Yue, stated that agentic finance has the potential to reshape the way financial services are provided and used. The Monetary Authority hopes to consolidate Hong Kong's position in the next generation of financial technology while promoting innovation through relevant measures and communication with industry experts, ensuring that agentic finance aligns with user interests and maintains the stability of the financial system.

first_img Proton CTO: Programming is dead, engineers should help models write code

The privacy email and VPN service provider Proton publicly shared an internal memo titled "AI @ Proton, Engineering Manifesto," written by Chief Technology Officer Bart Butler about a month ago. The memo states that software engineering has undergone irreversible changes this year, as large language models and their tools can now write code. A senior Proton engineer indicated that no one in their business unit is writing code by hand anymore. Butler believes that the era of manually writing excellent code is over; time-consuming tasks such as documentation, testing, and boilerplate code can be handled by models, which can also participate in architecture and system design discussions.Butler pointed out that although engineers are widely using large language models, Proton's productivity has not significantly improved for three reasons. First, the engineering culture needs to shift; the work of engineers is no longer to write code but to help models write better code faster. Each engineer should become a team leader for models and agents, promoting their autonomous and continuous work, and reducing repetitive failures through repository-level context, shared skills, and prompts. Second, the company is still in the first phase of using models to accelerate existing processes and needs to enter the second phase, which involves eliminating bottlenecks across continuous integration, design, approval, specifications, and code review, with the expectation that most manual code reviews will come to an end. Third, there is a collective action problem between individual use of models and the overall transformation of company processes, as the organization has not invested enough resources.The memo emphasizes that this is not the end of expertise or good engineering practices; maintainability, documentation, and testing remain critical, but best practices will adjust with changes in cost and capability. Butler wrote, "Programming is dead," but engineering and professional skills have not vanished. The new responsibility of engineers is to continuously optimize and maximize automation as builders, and Proton will organize and allocate resources to complete this transformation. Proton stated that the memo is not an in-depth discussion of engineering documents related to security, reliability, or infrastructure. It also mentioned that technology companies have laid off over one million people in recent years, and Microsoft proposed 60,000 buyout offers last week.
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