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dVPN network Sentinel initiates bandwidth sharing on the Cosmos IBC testnet

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Sentinel, a decentralized VPN protocol built on Cosmos SDK-based architecture, today announced that bandwidth sharing will become available for testing on the Sentinel Turing-4 Cosmos IBC-enabled testnet starting in May. This transition marks a significant leap forward for the development of dApps that can be built on top of the Sentinel protocol as part of its up-and-coming provably private Web3 stack.

Sentinel has supported Cosmos from the very beginning…

The Cosmos IBC went live in February and enables dApps building on the Cosmos blockchain to interoperate with other blockchains in a fast and seamless way. As a result of the testnet migration, Sentinel users will be able to take advantage of the underlying Tendermint Byzantine fault-tolerant (BFT) protocol to enable cross-blockchain compatibility with instant finality.

Blockchains that use similar consensus algorithms, such as Proof-of-Stake (PoS), will be able to communicate with each other via Cosmos IBC using the Tendermint protocol. This alignment empowers dApps that build on top of the Sentinel protocol to make use of its provably private decentralized communications network.

In a statement regarding what the scalability and utility of Cosmos IBC will mean for the Sentinel network at large, Co-Founder and CEO of Exidio, a contributor to the Sentinel dVPN Protocol codebase, Dan Edlebeck said, “We envision Sentinel having millions of daily users as we launch our white-label tech. Cosmos IBC will allow us to accommodate any amount of users to the Sentinel protocol through horizontal scalability. The focus being ease of use means we will allow any kind of payment that Sentinel dVPN nodes want to accept. In other words, any IBC compatible coin can potentially become a way to pay for Sentinel’s dVPN services.”

Echoing Edlebeck’s sentiment, Peng Zhong, the CEO of Tendermint said, “The permissionless transfer of tokens’ value across chains is a historic moment on the timeline to a valuable internet of blockchains. We will continue to focus on building the Cosmos Hub as the heart of the interchain — enabling trade and connecting politically sovereign chains to create a new paradigm for economic exchange. We have a defined roadmap in place to realize this future, and will continue to develop services for the Cosmos Hub that will create immense value for all the chains that connect to it.”

Sentinel is also very happy to be integrated with Keplr, an interchain wallet. The Keplr wallet integration will make the broader Sentinel network IBC-ready right after the Cosmos Hub is upgraded and right in time for the launch of Gravity DEX, a decentralized exchange bringing DeFi to Cosmos.

These additions complement the ambition of the community to see Sentinel as one of the first Cosmos-native assets. The goal is for Sentinel’s most liquid trading pair will be priced in ATOMs to align with Cosmos’ vision that ATOM will be the reserve currency of the interchain; where every asset will be priced in ATOMS, making it both a store of value and a medium of exchange. Sentinel will continue to build on Cosmos to complement the peg between Sentinel and Cosmos both economically and technically.

Once the testnet build has passed inspection from contributors and the broader development community, Sentinel users will be able to monetize their bandwidth across blockchains. It is expected that this process will take between 3–4 days. Successful implementation will be determined by Sentinel validators.

In order to issue the governance update, validators must certify the updated proposal. This will trigger the transition to the Cosmos IBC mainnet at which point users will be able to build new applications like provably private decentralized exchanges (DEXs) across blockchains. This rapid advancement of the Sentinel protocol will expand developer use-cases exponentially.

Through this important development, Sentinel invites validators to begin testing the Sentinel dVPN protocol on Cosmos IBC testnet beginning Monday, May 3rd. If testing goes according to plan, the Sentinel network should migrate to the IBC mainnet by May 24th. Validators who want to participate in the testnet will have to submit GenTx in the testnet repository, more details about it will be shared soon.

The Sentinel dVPN is an open-source decentralized VPN network application.

The stakeholders involved in the Sentinel Network include:

  • Validators – Consensus participants in the upcoming Sentinel – Cosmos Hub who are responsible for securing the network and participating in the governance of the Sentinel ecosystem.
  • User – The end-user who wants to access a dVPN built on the Sentinel framework in order to secure the Internet in a provable manner.
  • dVPN Node Hosts – Community members intending to monetize on the provision of unused bandwidth to dVPNs built on the Sentinel network, by hosting either an exit node or a relay node (meeting certain required service level thresholds).
  • dVPN Application Creator – The creator of a dVPN built on the Sentinel framework while using the Sentinel dVPN zone as its infrastructure layer. The application creator is responsible for user acquisition and marketing in order to generate revenue in order to be able to pay dVPN node hosts.
Sentinel is an open-source, encrypted, peer-to-peer bandwidth marketplace accessible to anyone. Users can connect to any of the provably secure dVPN applications built on the Sentinel network. Individuals can also earn passive income by offering bandwidth to the marketplace. Live network statistics can be found at https://stats.sentinel.co.

Source: Sentinel.co

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoninjas.net/2021/05/01/dvpn-network-sentinel-initiates-bandwidth-sharing-on-the-cosmos-ibc-testnet/

Blockchain

Twitter CEO Jack Dorsey says he would forever work to make bitcoin better.

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Twitter CEO Jack Dorsey expressed his support for the leading cryptocurrency bitcoin on his microblogging platform Twitter, in response to a tweet by the Square chief financial officer, Amrita Ahuja. “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative,” Ms Ahuja wrote on Twitter. These comments came a few days after Elon Musk’s Tesla suspended bitcoin payments. 

Square’s Bitcoin asset is valued at $410m. 

Square is a digital payments company founded by Twitter chief executive and Jim Kelvey and launched in 2020. The company valued at over $100 billion in 2020 is evaluating Bitcoin as an investment opportunity. Square has purchased a total of $220 million Bitcoin to date. Its Bitcoin asset is valued at $410m. Bitcoin was trading at $48,523.20 on Saturday and is down 13 percent over the past five days since Tesla announced to drop the cryptocurrency as a payment method. “Square is doing exactly this for bitcoin with @SqCrypto,” Jack Dorsey had tweeted last year. 

Tesla suspends the bitcoin payment option citing environmental reasons. 

Less than two months after Elon Musk had announced to accept the leading cryptocurrency bitcoin payments for Tesla vehicles, the company discontinued its support. Elon Musk announced that the reason they are suspending bitcoin payments is because of environmental concerns. Bitcoin mining uses specialized computers that use massive energy for the process of mining. However, Tesla would continue to retain bitcoin holdings that it acquired sometime in January this year. The leading electric car maker had purchased $1.5 billion worth of bitcoins earlier this year, sending the price of the leading cryptocurrency to new highs. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/twitter-ceo-jack-dorsey-says-he-would-forever-work-to-make-bitcoin-better/

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Blockchain

What is Party Parrot Finance?

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Party Parrot Finance is a non-custodial lending market equipped with a Virtual Automated Market Maker (AMM).

From humble beginnings to today, decentralized finance (DeFi) has grown exponentially. Currently, billions of dollars of value are locked into numerous DeFi systems, which are being turned into different yield generating tokens, such as the Uniswap LP tokens, or the AAVE interest-bearing tokens.

For the most part, the values of LP tokens are locked in the many ecosystems that make up DeFi and are ultimately inaccessible to the crypto community. Unfortunately, the value locked in DeFi as LP tokens are unavailable to the larger blockchain community because their risks are non-transparent, and their units of account are unsuitable for human consumption.

Thankfully, The Party Parrot is fully equipped to deal with such inconvenience, and is supported by well-established networks such as Solana.

Table of Contents

Background

Although not much is known about the Party Parrot’s team, it is fair to imply that the Parrot ecosystem was designed and built to be scalable. The team behind the platform has shown great enthusiasm and expects the protocol to be among the top crypto solutions of its category within the market very soon.

Additionally, the team has expressed its vision of a world with full-scale blockchain adoption, where all crypto or blockchain-related solutions ought to possess the following attributes, ensuring that as the world’s technology grows, the blockchain’s throughput grows as well.

Here are some of its perks:

  • Ability to process tens of thousands of trades per second and hundreds of thousands of orders per second
  • Ability to process 10 billion social media interactions per day, which is around 100k per second
  • Gas costs of less than $0.001
  • Scaling with the world
  • Ability to process all submissions on a human-reaction-time scale.

What is Party Parrot Finance?

Built on the Solana blockchain network, Party Parrot is a non-custodial lending market equipped with a Virtual Automated Market Maker (AMM). In general, the platform seeks to leverage locked LP tokens by making their value accessible through its highly efficient liquidity and lending network.

Additionally, The Parrot protocol is furnished with a margin trading algorithm designed to enable value locked within DeFi accessible. The protocol relies primarily on LP tokens used as collateral for all operations within its ecosystem.

The blockchain venture is an ambitious attempt to further the expansion of DeFi worldwide. The team behind its protocol aims to disrupt the worldwide DeFi ecosystem through its very first product, the stablecoin PAI, which will be backed by LP tokens as collaterals. In return, this will incentivize all LP token holders to trade with each other confidently.

Party Parrot is set out to create a margin trading product or virtual AMM, where the PAI token would be used as a tool to benefit the whole Parrot community.

Party Parrot Finance interface

Furthermore, through the Parrot lending market, LP token holders can enjoy the full potential of their tokens, as they are given the possibility to benefit from their locked value by borrowing against lender liquidity.

Overall, The Party Parrot financial venture is a for-profit project; so, all goods and services within the platform come with fees. But innovatively, the team behind the protocol will use the fees collected to purchase back the PRT token as protocol incentives.

Across the platform, the fees are collected from stability fees from the stablecoin PAI, as well as borrow interests on the PAI supply. Additionally, the blockchain ecosystem will be able to strive off borrow fees from the lending market, liquidation penalties, And trading fees for the vAMM.

The project is set to be following the roadmap below, ensuring a smooth implementation of all products:

  • 2021 Q2 April-June: Stablecoin with LP collaterals.
  • 2021 Q3 Solana DeFi Summer: Crypto lending with LP collaterals.
  • 2021 Q4 -2022-Q1: Margin trading with vAMM, using PAI.

PAI Stablecoin

Also built on the Solana blockchain ecosystem, the PAI stablecoin the Protocol’s very first product. Once fully operational, the token will play an important role within the platform’s ecosystem. Currently, the token is available on devnet for testing purposes and open to all crypto enthusiasts.

The PAI stablecoin will primarily be used to bridge LP tokens to Solana. It will also enable the staking of ETH and BTC tokens on an L1 swap where holders can earn LP yields. PAI holders will be able to also mint PAI, with LP tokens as collaterals, and buy BTC or ETH using PAI under the Serum ecosystem. 

Party Parrot Tokens (PRT and gPRT)

PRT is the Parrot protocol utility token, while gPRT is the platform’s governance token.

The PRT token is responsible for all operations and transactions within the platform and currently has a total supply of 1,000,000,000, where 35% is locked as protocol incentives, 17.5% control by the team, 10% as the reserve, and 20% saved for the platform’s ecosystem and partnerships.

As for the gPRT token, it is used as a tool to further long-term participation in governance within the system. gPRT tokens will be given to all individuals who lock up their PRT tokens, where the longer the lockup period, the greater the amount of gPRT tokens are minted for the supply locked.

For every gPRT in an individual possession, additional voting power and protocol incentives boost are granted. The lockup periods range from 1 to 4 years, guaranteeing various benefits depending on the number of years, which is as follow:

  • 1 year: 1x (gPRT1)
  • 2 years: 1.5x (gPRT2)
  • 3 years: 2x (gPRT3)
  • 4 years: 4x (gPRT4)

Conclusion

The Party Parrot protocol is a dynamic implementation and combination of already existing solutions powered by the blockchain. The growing DeFi ecosystem has revealed the need for such a solution within the market.

The blockchain solution not only empowers users and token holders but also enables them to benefit from all the services on the platform. Furthermore, through the PRT and gPRT tokens, users can potentially grow to become huge actors within the Parrot ecosystem, allowing them to take part in decisions and processes that affect the platform directly and indirectly.

Party Parrot is a unique protocol and is on pace to have an echoing impact within the blockchain ecosystem for years to come and eventually become a leader within the DeFi space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.asiacryptotoday.com/party-parrot-finance/

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Blockchain

Bitcoin (BTC) Transactions Worth Over $1 Million Hit All-Time High As BTC Price Struggles to Hold at $50,000

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The world’s largest cryptocurrency Bitcoin (BTC) has been struggling under the $50,000 levels. After Tesla dropping BTC payments earlier this week, BTC registered more than a 15% price crash and is currently trading 3.64% down at $48,703 with a market cap of $911 billion.

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Merchant Token

On the other hand, Bitcoin (BTC) whale transactions have been ascending steeply. As per on-chain data provider Santiment, the Bitcoin whale transactions over $1 million are approaching another all-time high.

CryptoQuant CEO Ki-Young Ju recently noted that long-term Bitcoin investors don’t need to worry since most of the institutional investors in the U.S. have purchased it above $50,000 levels. However, he noted that derivative traders have to be careful in the short term since the number of whale deposits on the exchange has been increasing.

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Earlier today, Chinese crypto analyst Wu Blockchain noted that Bitcoin’s dominance in the overall crypto space has dropped to under 40% for the very first time in three years. This happens as altcoins continue to gain strength over the world’s largest crypto.

A Look Into the Institutional Positions In Bitcoin (BTC)

Over the last few months, institutional buying in Bitcoin has continued mostly at levels around $55,000. As Wu Blockchain notes institutions that have purchased Bitcoin after March are currently under losses with the recent BTC price crash. However, one Chinese firm Meitu has managed to offset these losses by purchasing a good quantity in Ethereum (ETH).

In March 2021, Meitu announced the purchase of an additional 16,000 $ETH for $28.4 million and 386 $BTC for $21.6 million. This makes Meitu the first public listed firm to invest heavily in Ethereum (ETH). Wu Blockchain writes:

“Institutions that bought Bitcoin after March have suffered losses due to the recent sharp drop. However, the Chinese listed company Meitu took out more funds to invest in Ethereum in April, so it gained 3x the income, offsetting the losses caused by Bitcoin”.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/amid-struggling-under-50000-bitcoin-btc-whale-transactions-over-1-million-hit-all-time-high/

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