Crypto On LYO: The Blend — LYOPAY Passes Smart Contract Security Audit with 99% Rating, AI-Focused Blockchain CryptoGPT Raises $10M Funding, Texas Lawmakers Pitch Gold-Backed Crypto

What happened in the crypto world in the last week? Let’s see some interesting news together!

LYOPAY Passes Smart Contract Security Audit by Zokyo with a 99% Rating

We are pleased to announce that LYOPAY has successfully passed the comprehensive smart contract security audit with a remarkable 99% rating.

Zokyo Security has concluded that the LYOPAY smart contract passes security qualifications to be listed on digital asset exchanges, after following best practices and industry-standard techniques to verify the implementation of LYOPAY smart contracts. The code was reviewed line by line by our smart contract developers, who documented even minor issues as they were discovered.

The Zokyo Security team reviewed the LYO Credit token against standard violations, potential backdoors, and the correct roles system. They also verified all modifications to the ERC20 logic. From a business logic perspective, the contracts acted as expected, roles were assigned correctly, and no standard functions were violated.

AI-Focused Blockchain CryptoGPT Raises $10M Funding at $250M Valuation

CryptoGPT recently rolled out AI assistant “Alex” and is developing its ZK rollup layer 2 blockchain and a data-to-AI engine, which collects, encrypts and transfers data for commercial applications.

Zero-knowledge (ZK) layer 2 blockchain CryptoGPT has cashed in on the recent surge in interest around artificial intelligence (AI) to raise $10 million in funding.

The Series A round, which was led by market maker DWF Labs – which has emerged as one of the most active investors during the crypto bear market – gave the AI-focused blockchain a $250 million valuation, according to a statement.

Texas Lawmakers Pitch Gold-Backed Cryptocurrency

Legislation proposed in Texas would create a state-issued digital currency issued backed by gold, which residents could then fully redeem in cash or gold.

Identical bills introduced in the Texas House of Representatives and Texas Senate would require the state comptroller to create the currency, which would be backed by gold “so that each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust,” according to the bills’ text.

The legislation, if passed, would also require the comptroller to create a way for residents to pay for transactions using the digital currency, transfer it to others or redeem it for cash or gold. Gold reserves associated with the currency would be held at the Texas Bullion Depository or at another place controlled by the comptroller.

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