🎉🚀 Amazon Breaks New Ground in Web3 - Proof of Intel

Good morning, tech pioneers! Your dynamic duo Mochi & Kimchi are back with another invigorating Proof of Intel (PoI) edition. Swap your caffeine fix for our tech energy boost. ADD ADD

SUMMARY 📓🖋️

🟧 TOKEN2049, world's largest Web3 event, explodes in Singapore with star-studded speaker list and record-breaking 300 sponsors.

🟧 Amazon beefs up its Managed Blockchain (AMB) services to better cater to web3 developers amidst market uncertainties.

🟧 Solana and Polygon initiate 'Rekt Test', a security performance baseline for web3 projects, amid advances in Solana's network reliability.

🟧 Sequoia Capital reduces its crypto and ecosystem funds as the startup industry faces a downturn.

TL;DR at the bottom.

🌐🎪 TOKEN2049: The Big Top of Web3 Hits Singapore

Grab your popcorn, folks, because the Web3 circus is in town and it's bigger than a big top! Yes, you guessed right, we're talking about none other than TOKEN2049, the grand pooh-bah of all Web3 events, and guess what? It's officially the world's largest! Now that's a lot of tokens, isn't it? Don't be surprised if you find a bitcoin under your seat. 😄

Staged under the grandeur of the Marina Bay Sands, right before the Formula 1 Singapore Grand Prix 2023 race weekend (yes, crypto and fast cars, now that's a combo), TOKEN2049 is literally making a Singapore Sling out of its attendees list with a smashing 10,000 enthusiasts! And it's like the United Nations over there – 80% of these guys and gals are international! Woah, now that's a crypto melting pot if I've ever seen one.

This year, the event promises to be a full platter of intriguing crypto conversations, from AI flirtations with crypto to blockchain's weight-lifting capabilities. And guess who'll be joining the geeky fiesta? Our beloved Winklevoss twins, Circle's CEO Jeremy Allaire, and surprise guests - F1 drivers Daniel Ricciardo and Pierre Gasly. Hey, who said crypto was all geeks and no chic?

🛠️🌐 Amazon Woos Web3 with New Tools

Looks like Jeff Bezos' big beast, Amazon, is throwing some serious loving towards web3 developers. How? Well, Amazon Web Services (AWS) is pimping up its Managed Blockchain (AMB) services to make life much easier for our beloved blockchain builders. I guess Christmas came early this year for web3, didn't it? 🎄

Say hello to AMB Access, where developers can play around with digital assets and applications across multiple blockchains, starting with Bitcoin. It's like giving your pet developer a golden key to the crypto kingdom. And there's AMB Query too, allowing our tech wizards to pull data from popular blockchains like Bitcoin and Ethereum in a more standardized format. Quite the upgrade, huh?

But here's the deal: there's a bit of doom and gloom creeping around the web3 scene with rumors of layoffs and tighter regulations from Uncle Sam and his pals in Canada and Europe. But worry not! AWS' shiny new offering reassures us that the blockchain bonanza isn't going anywhere. After all, web3 is still the young whippersnapper on the tech block with oodles of potential.

So, let's not panic just yet! Despite the looming clouds of uncertainty, major industry players like Amazon are still doubling down in the blockchain game. AWS is even looking to expand its team with folks who know a thing or two about blockchain and web3 tech. Now that's a vote of confidence!

🛡️🕸️ Solana & Polygon Launch 'Rekt Test' to Boost Web3 Security

The security game of web3 just got an upgrade. Big shout-out to Solana Foundation and Polygon Labs, as they're introducing the 'Rekt Test', a sort of crash test dummy for web3 projects' security. This isn't a pop quiz; it's a means to improve web3 security standards. And it's about time too, given the increasing instances of web3-induced headaches such as private key thefts and lack of documentation. No more pain, no more 'rekt'!

The 'Rekt Test' — designed by a cohort of web3 security gurus including those from Immunefi, Trail of Bits, and Euler Finance — is a series of seven security evaluations. It checks for everything from system documentation and roles, key management, access control, to more exotic areas like incident response, crisis management, code security, testing, and external audits. Even vulnerability management, attack mitigation, and user protection are under the microscope. It's like a health check-up for your crypto project, minus the cold stethoscope!

Solana has been playing its part well in the blockchain playground, with some bragging rights on network dependability. Its v1.14 update rolled out smoother than butter on toast, resulting in zero outages and 100% uptime. Take that, memes that tarnished Solana's image as the 'Ethereum Killer'!

Furthermore, Solana's future is looking brighter than a supernova. Its roadmap includes a shiny new token standard 'Token-22' that gives SOL tokens extra customizability (who doesn't love personalizing stuff?). There are also whispers about leveraging AI to simplify the platform and developing 'state compression' for on-chain data storage on Solana. One small step for Solana, one giant leap for web3!

 📉💔 Sequoia Capital Scales Down Crypto Fund Amid Startup Slump

The tech investing world is enduring a bold shake-up. The illustrious venture firm Sequoia Capital is giving its cryptocurrency fund a dramatic diet, slimming it down from a robust $585 million to a still-healthy, but definitely slimmer, $200 million. Their 'ecosystem fund' - which invests in other venture funds, also faced the knife, going from $900 million to $450 million. It seems even the stalwarts of the investment world can't avoid the occasional trim.

You may wonder, "Why the diet, Sequoia?" Well, they've cited a change in the market landscape. In the post-crash crypto world, Sequoia is shifting its focus towards nurturing the startup fledglings rather than backing the big boys. This leaner model also means lower capital commitment required from investors, a sweet deal for those already feeling the squeeze from diminishing returns.

The venture capital world is collectively biting its nails as it traverses a tumultuous year for startups. The formerly exuberant spending and rapid expansion have given way to caution, belt-tightening, and lots of Tums. And the crypto crash hasn't helped, blowing a hole in the revenue streams of many blockchain startups.

Even Sequoia, the grand dame of Silicon Valley venture firms, isn't immune. After enthusiastically launching their crypto fund in 2022, they've weathered some setbacks, like their $150 million investment in FTX, a cryptocurrency exchange that promptly imploded (ouch!). Then there was the misstep of launching a new fund structure in late 2021, which, instead of accruing profits, led to billions in paper losses.

Amid all this drama, Sequoia decided to put some distance between its U.S. and Europe business and its lucrative China operations. And in a final plot twist, Michael Moritz, one of Sequoia's most successful early-stage investors, bid the firm adieu after nearly four decades.

TL;DR: 🔻💯

🟧 TOKEN2049, the grandest Web3 event, hits Singapore with over 300 sponsors and a stellar line-up of speakers. The event expects over 10,000 attendees, 80% of whom are international, covering all things crypto and Web3. Buckle up, because it's going to be a wild ride! 🎢

🟧 Amazon's AWS enhances its Managed Blockchain (AMB) services, rolling out AMB Access and AMB Query to support web3 developers. This move comes despite concerns over web3 development and signals major industry players' commitment to blockchain and web3 technologies, even in uncertain times.

🟧 Solana and Polygon roll out the 'Rekt Test', a tool for evaluating web3 projects' security performance. Amid this, Solana boasts of significant improvements in its network dependability and shares a glimpse into its promising future features.

🟧 Sequoia Capital scales back its crypto fund amidst a challenging startup environment. The firm, having suffered multiple setbacks, including a misstep with their investment in the crypto exchange FTX, aims to adapt to the evolving tech-investment market.