- Dusk Network has announced a tactical partnership with COSIMO X.
- The privacy blockchain for financial applications is Dusk Network.
- COSIMO X also invested in many popular projects.
The venture capital fund that invests in opportunities in emerging, next-generation technologies known as COSIMO X. COSIMO X is the world’s first evergreen tokenized fund.
Moreover, the decision is taken to invest in the project comes as blockchain solutions continue to be acquired by traditional financial institutions.
Jelle Pol, a Business lead at Dusk Network, stated on the partnership,
“We’re excited to work with COSIMO X and have the team’s vote of confidence. It’s a big forward in bringing appropriate privacy solutions to the institutions who joining the space.”
Additionally, the privacy blockchain for financial applications is Dusk Network. Dusk Network is a layer-1 blockchain that supports confidential contracts.
Furthermore, building privacy into security tokens is the aim of the Dusk Network protocol. And this makes them valuable to the proceeding DeFi markets. Over a range of industries blockchain technology widens its influence. The sector that accepted the use cases of blockchain technology bi fintech.
Henceforth, to bridge the gap between traditional and decentralized finance, the importance of providing necessary solutions to businesses acknowledged by both the Dusk network and COSIMO X.
Although, the Managing Partner at COSIMO X, Connor Cantwell, noted, “the team behind Dusk is very impressive. At COSIMO, we certainly share their emphasis on privacy as a force for good and their vision for Dusk as a key bridge as DeFi and traditional fiancé morph together in the coming years from their separate streams today”
Notably, blockchain technology emerges as a solution for the hot-button issue in finance. The strict on-chain data privacy through zero-knowledge proofs provided by the Dust network. Also, the Dusk network can issue privacy layers for all DeFi applications.
Accordingly, COSIMO X also invested in many popular projects, such as Ethereum competitor Caper Labs and cryptocurrency NDAU. COSIMO X’s recent partnership with the Dusk network will allow both sides to widen their reach in the budding DeFi community.
Why this market veteran is a fan of Cardano and Polkadot?
Earlier, investors who bet on Bitcoin and Ethereum (ETH) in the very early stages have made a significant chunk of profit. However, the prices of these two cryptocurrencies have appreciated. Since their meteoric rise, everyone is on the lookout for the next bitcoin and the next Ethereum.
Well, the good news is there are still cryptocurrencies out there that have great potential, and they have lower price entry points. Cardano‘s native coin ADA and Polkadot (DOT) have seen a good year. Consequently, they are neck and neck in rankings by market cap and both are among the top ten cryptos. While the former ranked 5th and was trading at the $1.45 price level, the latter ranked 9th, trading at $20.48.
The two altcoins also took the lead in total staked value.
The current CEO of Canadian blockchain startup Decentral and crypto wallet Jaxx believed in the coins’ potential to grow further because ‘the projects are managed by goal-oriented individuals.’
“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”
It’s no surprise, having worked with Cardano’s Charles Hoskinson, and Polkadot’s Gavin Wood, that Di Iorio forged strong relationships with these individuals.
“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood.”
Further adding to his remarks, he said:
“Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”
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Ethereum Follows BTC And Rallies Above $2500: Price Analysis
Ethereum follows BTC on its price surge as it rallied above $25,000 and it is trading in a positive zone above $2500 support zone and its 100 hourly SMA against the US dollar. The ETH price is going to rally soon if there’s a break above the $2500 region as well so let’s read more in our ethereum latest news today.
Ethereum is trading in a positive zone above $2400 and $2420 support levels and the price is now trading above these levels and the 100 hourly simple moving average. There was a break above the major bearish trend line with the resistance near $2400 on the hourly charts of the pair. The pair could correct lower but the prices are likely to remain well bid above $2400. after forming a base above $2350, ETH started a new increase and broke the $2400 resistance zone, and settled nicely above the 100 hourly simple moving average.
ETH did struggle to gain a pace similar to BTC and started climbing above $2400 with a break above the major bearish trend line with the resistance near the $2400 on the hourly chart of the pair. Ethereum follows BTC and the pair even tested the $2550 resistance zone with it correcting the gains. It traded below the 23.5% fib retracement level from the upward move of $2311 swing low to $2554 high and ETH is now trading above $2450 and the 100 hourly simple moving average.
The first major support on the downside is near the $2440 level and it is near the 50% fib retracement level from the upward of $2311 low to $2554 high. On the upside, the price is facing a new resistance near the $2520 level and the main breakout resistance is now forming near the $2550 level. The close above the $2550 level could start a new increase to $2680 level or even $2750 in the near term. If ETH fails to clear the $2520 and the $2550 resistance level it could start a new correction with the initial support on the downside being $2450.
The main support is forming near the $2440 level and the 100 hourly SMA with a downside break below $2450 possibly putting a lot of pressure on the bulls. The next key support is near $2400 and the hourly MACD for the pair is slowly losing pace in the bullish zone.
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All About Solana And Why It’s The Game-Changer Crypto Of The Year
While no one can deny the massive influence of Bitcoin on the cryptocurrency and blockchain worlds, and no one can possibly refute the utility of the Ethereum blockchain, there are many other smaller players who are changing the landscape at breakneck speeds. One of these players that have emerged as a key competitor to becoming the top dog of smart contract platforms is Solana.
Solana is a fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption. They aim to solve the problem of high fees and slow transaction speeds when executing smart contracts. But how do they plan to do this? First, let’s talk about Solana’s history.
Solana was founded by Anatoly Yakovenko in 2017 when Yakovenko published a whitepaper draft proposing a new timekeeping and validation technique for distributed systems. For context, Bitcoin and Ethereum’s blockchains utilize the Proof-of-Work (PoW) concept while blockchains like Cardano and Polkadot use the Proof-of-Stake (PoS) method.
As a side note, Ethereum will be moving over to the Proof-of-Stake methodology upon the completion of the Ethereum 2.0 upgrade. Solana, on the other hand, uses a consensus algorithm called Proof-of-History (PoH) combined with the underlying Proof-of-Stake (PoS) consensus of the blockchain.
In simple terms, PoH is a technique to cryptographically verify the passage of time between two events, or keeping time between computers, in essence making time the constant in between nodes that need to validate each other. This is done by implementing a mechanism that has existed in Bitcoin’s source code called nLocktime, which is a cryptographically secure way to keep track of time.
From Yakovenko’s prior experience at companies such as Qualcomm, Mesosphere, and Dropbox, he knew that use of this technique would simplify network synchronization, which means the network speed would be limited only by network bandwidth. In Solana’s own words, “once nodes can trust time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!” Today, Yakovenka is joined at Solana by his Qualcomm colleague Greg Fitzgerald as well as top talent from global organizations such as Intel, Google, Microsoft, Dropbox, and more.
Okay, so now we know what makes Solana tick, but how does this matter in the grand scheme of things? Well, let’s get into it, on a high level. Before we go further, we’ll need to understand a few key components of the Solana ecosystem.
First, a Solana Cluster: is a set of independently owned computers working together (and sometimes against each other) to verify the output of untrusted, user-submitted programs. Basically, a decentralized network of computers working together, like a massive beehive that is separated by land and sea. These Clusters are used to preserve an immutable record of events. The Clusters do this by producing a record of events called the ledger, which will be preserved for the lifetime of the Cluster.
Next, we need to talk about SOLs. A SOL is the name of Solana’s native token, which can be passed to nodes in a Solana cluster in exchange for running an on-chain program or validating its output. Just like fractional Bitcoins are called satoshis, fractional SOLs are called lamports, named in honor of Leslie Lamport, an American computer scientist best known for his seminal work in distributed systems. A lamport has a value of 0.000000001 SOL. The Solana Foundation has announced that a total of 489 million SOL tokens will be released in circulation. At the moment, about 270 million of these have already entered the market.
Solana, using the unique Proof-of History method, has been gaining amazing traction in the cryptocurrency space because of the incredibly short processing and validation times that are made possible by the blockchain. The Solana team has designed the ecosystem so that transaction costs will be kept low while scalability and speedy processing times always remain a key priority.
Apart from Proof of History, Solana also lists 7 other core competencies that sets them apart, namely,
- Tower BFT (Byzantine Fault Tolerance)
- Gulf Stream
In order to not let this article become too technical and wordy, we’re not going to go into all of them for now, but will perhaps touch on them in later articles. For now, understanding Proof-of-History will suffice to tell of Solana’s uniqueness.
Now what about the business continuity of Solana as a project. In terms of financials, Solana has raised $20 million in a Series A round led by Multicoin Capital. More fundraising efforts are in the works as well. Solana has also attracted amazing projects such as the decentralized exchange, Serum, launched by FTX, the renowned cryptocurrency exchange. Other awesome projects that capitalize on Solana’s blockchain are such as Raydium, ROPE, and Audius.
With all the unique offerings and promising partnerships developing for Solana, it would be safe to say that Solana is nothing short of a game-changer in the cryptocurrency space. It is definitely something to keep an eye out for.
*Nothing in this article should be construed as financial advice and buy or sell calls.
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