Crypto.com has recently announced Crossfire, a dry run of its Mainnet. It’s aimed at stress-testing the network in a real-world and practical environment ahead of the public release.
This marks an important milestone and is essentially the final step in the preparation for the mainnet launch.
Having said this, Crypto.com invites users to become validators, offering them the opportunity to compete with each other while completing various tasks. The winning validators will share a total prize pool of $300,000 in CRO token rewards.
Croeseid is the latest testnet, and it features a new codebase built on top of the Cosmos SDK. It has achieved substantial success with over 50 validators deployed and more than 800,000 transactions processed so far.
Below are a few reasons for which users might consider becoming a validator, as well as everything you need to know about the process.
Contribute and be a Part of Crypto.com’s Growth
Network validators play an integral role in the overall development of the ecosystem and, as such, are incentivized to take part earlier.
Users are given the opportunity to compete and become one of the top 10 most valuable participants (MVP). Each of the eligible participants might receive CRO rewards upon completion of different tasks.
Some of the tasks that validators can perform include but are not limited to:
- Submitting transactions to the network for a chance to win the jackpot.
- Participate in proposal voting.
- Perform updates to client nodes.
- Observe and report various network attacks using Crypto.com Chain’s GitHub directory.
- Compete with the other participants for a chance of becoming one of the top 10 MVPs.
In addition, there are various entry tasks that validators can undertake for a chance to win additional rewards. The entry-level tasks include setting up your validator status and also keeping your node active. Both of these tasks combined have a chance of rewarding 200 users with $1,000 in CRO each.
Rewards Explained and Further Details
The competition period starts on January 18th, 2021 at 04:00 UTC and ends on February 15th, 2021, at 03:59 UTC.
There will be four different phases to the competitions, starting with Phase 0, which is basically the registration period and the pre-validator setup. It began on December 17th, 2020, and will end on January 11th, 2021.
The other three phases are as follows:
Phase 1: The Validator Setup
During this period, the dry-run special testnet will be launched. Participants who are capable of setting up a Primary Node and submit at least one block commitment throughout the phase may be rewarded. The phase starts on January 18th and ends on January 25th.
Phase 2: Keeping Active Nodes
During this phase, from January 25th to February 8th, users have to keep their Primary Nodes active. The rewards may be given to participants who maintain their nodes with 50% of up time.
At the end of this phase, participants shall perform a network upgrade, and those who manage to do so successfully may be rewarded.
Phase 3: Network Attack and Defence
The last phase of the competition will last from February 8th until February 15th. During this period, participants are actively encouraged to launch attacks that comply with the Official Rules and Terms.
The maximum number of participants is set to 200.
In terms of rewards, the schedule is as it follows:
- Network upgrade – up to $150 in CRO for each winner (200 winners)
- Jackpot – up to $10,000 in CRO
- MVP Prize – $13,000 in CRO shared between the top 15 validators
- Network attack sharing and bug-bounty program – up to $50,000 shared by the various contributors
In addition, Crypto.com also encourages its participants to refer friends to join the dry run, where each eligible referrer and referee will receive a total reward of $50 in CRO.
DeFi surge, rising TVL and new partnerships underpin Ren’s 100% rally
Interoperability between blockchains is rapidly becoming one of the buzz phrases being thrown around when discussing decentralized finance and the coins most likely to rally during an altcoin bull run.
The rapid growth of DeFi, its ever expanding total value locked and soaring ETH gas fees further highlight the sector’s need for a layer 2 option that also supports the ability to transact value across different networks.
REN’s open protocol is designed specifically to fill this need by providing interoperability and liquidity between the top blockchains including Bitcoin, Ethereum and Zcash.
Over the past three weeks the price of REN has increased by more than 200%, going from $0.251 on Dec. 27 to a new all-time high of $0.778 on Jan. 20 driven by a record $369 million in 24-hour volume.
Three reasons for the recent price surge in the price of REN include the announcement of a collaboration with Google, the continued increase in total value locked on the platform and the ability to earn passive income in multiple cryptocurrencies through the operation of a darknode.
Google software pivot boosts sentiment, addresses RENvm scaling issues
On Jan.19 the REN team tweeted:
Ren has been researching & building on @Asylodev, an open and flexible framework by @Google. @GCPCloud confidential computing relaxes RenVM’s economic constraints, allowing for an unbounded scaling solution. #RenVM.”
Not long after the tweet, REN price began to rally to a new all-time high. As mentioned in the tweet, Asylo is an open and flexible framework from Google designed to help build portable applications that run on Secure Enclave hardware.
The secure enclave hardware allows users to run general-purpose applications in a secure environment where both the data, and the application itself, cannot be compromised by anyone, including the user. This makes for a more secure experience for all parties involved and helps protect against malicious code and backdoor attacks.
Asylo also makes it possible to port an application from one type of hardware to the next, meaning that developers can support multiple implementations with relative ease, including Intel implementations, AMD implementations, and any others that appear in the future. The diversity of choice this allows is an important feature to ensure decentralization on the network.
Total value locked soars to a new high
Community engagement and added value are key factors when it comes to the long-term success of a blockchain project.
Since the release of the Ren virtual machine mainnet (RenVM) in May 2020, engagement on the platform has steadily increased as Bitcoin holders now had another way to bring their BTC to Ethereum and the growing DeFi space.
As seen in the chart below, the total value locked on the Ren platform reached a new all-time high of $653.6 million on Jan. 20 and a total of 14,670 BTC are locked on the platform to create renBTC.
The list of assets that RenVM supports continues to grow with BTC, Bitcoin Cash (BCH), Zcash (ZEC), Filecoin (FIL), Terra (LUNA), Dogecoin (DOGE) and Digibyte (DGB) currently available to transact on the Ethereum and Binance blockchains.
Development is currently underway to make it possible to interact on the Polkadot (DOT), Solana (SOL) and Cosmos (ATOM) networks as well, which would further enhance the interoperability provided.
Darknodes, passive income and a decreasing supply
The third driving force behind the recent price appreciation of REN relates to the Ren token use case and how it can help users earn passive income. RenVM is a network of virtual computers that make up a virtual machine, which are also referred to as Darknodes.
REN token holders who wish to operate a darknode need to lock up 100,000 REN which wiil enable them to process transactions on the network and earn a fee in the form of the token transacted. Thus, a darknode operator has the opportunity to earn passive income in the form of multiple different cryptocurrencies from one location.
As can be seen in the above graphic, 17.13% of REN’s total supply is currently bonded on the platform and supports the operation of darknodes.
During the most recently completed cycle, the network as a whole earned $839,128 in fees in the form of BTC, ZEC, FIL and BCH. The total network fees collected since the launch of the RenVM equals $2.975 million.
The continued addition of new tokens and interoperability with new blockchains will likely see increased usage of the network and an increase in the amount of fees earned. At the current price of $0.6157 it costs $61,570 to operate a darknode.
As activity on the network increases, the amount of fees generated will also increase, making it even more lucrative for token holders to operate a darknode. This has the potential to lead to further price appreciation from REN as every new darknode results in a direct decrease in its circulating supply.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Denarius Announces Beta of Kronos Wallet and Private Decentralized Chat
Kronos, a new application beta from the developers of Denarius (D), provides people a way to socialize and transact without a central authority. This new proof of concept takes decentralization, blockchain and privacy to the next level.
“Blockchains like Bitcoin and Ethereum have paved the way of innovation for cryptocurrencies and new applications like Denarius (D): Kronos, to bridge the gap for a faster and cheaper way to transact and utilize cryptocurrency.” — James R. (Cryptocurrency User)
Kronos, a new application beta from the developers of Denarius (D), provides people a way to socialize and transact without a central authority. This new proof of concept takes decentralization, blockchain, and privacy to the next level. “Users” are able to freely join the Kronos Chat platform, as it is redundantly available due to it using peer-to-peer technology. Kronos has no downtime or possible banning of the platform. Examples of this in current history include, Amazon Web Services (AWS) taking down the Parler app’s platform hosting . Google Play Store and Apple App Store removing the Parler application . Signal App going offline . Whatsapp invasion of privacy …the list goes on.
Kronos is a secure cryptocurrency wallet but also chat reinvented. With the Kronos Chat you can chat and send cryptocurrency across the world in seconds. End-to-end encrypted messages and no storage of your chats, anywhere. Kronos Chat is powered by YOU by leveraging the latest peer-to-peer technologies. Censorship is everywhere and increasing daily. Kronos Wallet allows you to be truly free, with “self-moderation” you finally have the power to choose your own censorship while you socialize. Kronos stores only required data securely and locally, not on an unknown centralized server in the cloud. Kronos supports optional Two Factor Authentication (2FA) and One-time Password (OTP) Yubikey authentication and uses BIP39 technology for your cryptocurrency wallet with the most advanced and leading encryption technologies available today.
Bitcoin was the first cryptocurrency to solve the Byzantine Generals Problem, but transactions are slow. Ethereum created a smart contract platform, but transaction fees are expensive. Denarius stayed true to its roots by forking the original Bitcoin Satoshi code and modified the coin to become a faster and cheaper alternative to Bitcoin. Now Denarius with Kronos changes things. BTC, ETH, and D coins can be sent using the Kronos Wallet with more cryptocurrencies and tokens being added soon, possibly USDC, USDT, Namecoin (NMC), Devault (DVT), Primecoin (XPM), etc. Interplanetary File System (IPFS) integration and file uploading directly inside of the Kronos Chat also allows the user to upload files such as documents, images, and media directly inside of Kronos, ready to be shared via the plethora of IPFS public gateways available.
Bitcoin (BTC) created by Satoshi Nakamoto
Ethereum (ETH) created by Vitalik Buterin
Denarius (D) created by Carsen Klock
Bitcoin (BTC): https://bitcoin.org
Ethereum (ETH): https://ethereum.org
Wen? Now! BadgerDAO’s synthetic rebasing Bitcoin, DIGG, goes live
After weeks of anticipation and a closely-watched series of preparatory steps, BadgerDAO’s synthetic rebasing Bitcoin, DIGG, is now live and claimable for qualified addresses on Ethereum mainnet.
The release will be eagerly welcomed by a perhaps-overzealous community, one which has been lighting up Twitter with “wen DIGG” for weeks. For all the memes and excitement, however, there’s some serious technical heft behind both the distribution and the maintenance of the newest Bitcoin asset on Ethereum.
Ultimately, however, now that DIGG is in the wild market forces are what will determine the long-term success of the synthetic Bitcoin asset — success that might not be assured.
Fair, flat launch
According to core BadgerDAO contributor and distribution architect Jon Tompkins, the amount of claimable DIGG for each eligible account was determined using a formula centered on an Ethereum address’ activity in the BadgerDAO app. Factors such as total native platform Badger tokens earned, the Badger earned to Badger staked ratio, and total stake days were taken into consideration.
In order to prevent an overallocation to deep-pocketed “whales,” however, the DAO approved an application of a 1.75 root to smooth the distribution between addresses. As Tompkins wrote in the original DIGG distribution proposal, this root means that, while in a linear distribution the top 100 addresses would have been eligible to receive over 70% of DIGG, they instead will be able to claim just 33%.
Tompkins said that of the 600 DIGG tokens currently available the top address will receive 8.75 DIGG, while the average of the 8517 eligible addresses will be able to claim .07 of a token.
The goal of this distribution was to allow the project to “reward the little guys that are strong badger supporters but not fully disadvantage the whales,” said Tompkins.
Keeping a peg
Now that the token is live, the rebase games begin.
Algorithmic stablecoins have been a hot topic in DeFi circles over the past few months as one of the most popular trading vehicles. The assets, which are primarily meant to track the price of the US dollar, have “rebasing” features that dynamically expand or contract the total supply of the asset based on preset parameters such as price or time.
So far, however, they’ve proven to be far more effective at enriching users who know how to play the rebase parameters than they’ve been at creating truly stable assets.
DIGG will be possibly the first-ever synthetic rebasing Bitcoin, and certainly the first to feature this distribution method. Out of the gate users will be able to stake their DIGG in a yield-bearing vault, use it to provide liquidity to DIGG/WBTC Sushiswap and Uniswap pairs, hold the core asset in anticipation of a positive rebase, or sell the tokens on the open market.
While there has been speculation as to how DIGG will perform and what the best strategies might be, it’s ultimately unclear to what degree the asset will be able to hew to its intended peg given BTC’s volatility and DIGG’s unique launch.
In a previous interview with Cointelegraph, BadgerDAO founder Chris Spadafora expressed hope that additional forthcoming stabilization mechanisms will be able to help DIGG better track BTC, however.
“What we want to do with our vault system is really at large-scale be the… let’s call it the ‘buy-and-sell’ dictators. So through automated strategies we’re able to buy when the time is right and sell when the time is right to optimize return for the users,” he said.
Forthcoming vaults designed to programmatically play the rebase games are designed to do just that, but given the uncharted game-theoretical landscape it’s impossible to say if the vaults will be sufficient to stabilize DIGG — or what happens after vault incentives dry up.
In the end, after weeks of anticipation, instead of “Wen DIGG?” BadgerDAO participants lining up to take a spin at the latest rebase casino now must ask themselves, “What’s next?”
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