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Enterprise Ethereum Builds in the Shadow of Global Pandemic

In these unusual times, our Ethereum community continues to innovate and thrive. Blockchain leaders across the globe are banding together to advance their vision during this civil lockdown. Why? Well because the times signify much of the foundational rationale for the inherent value of blockchain. Pioneers from all over once set out to create a […]

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In these unusual times, our Ethereum community continues to innovate and thrive. Blockchain leaders across the globe are banding together to advance their vision during this civil lockdown.

Why? Well because the times signify much of the foundational rationale for the inherent value of blockchain. Pioneers from all over once set out to create a world of collaboration built on a new foundation of trust.

Now more than ever, the concepts of transparency, cryptography, and decentralization bear repeating. As do the importance of global interoperability and open standards prioritized within EEA.

Let historic economic stimulation, healthcare uncertainty, and pandemic not affect our poise. Just last week, the World Economic Forum reported that blockchain and digitization could help supply chains survive crises like COVID-19. “Blockchain is the ideal technology to ensure that data on performance and risk, which underpin all chain finance transactions, can be shared in an authenticated manner with financiers and other parties to a transaction, even when there is no direct relationship between them.”

Valuable investment into real-world use cases and new applications like these continue to take shape. Our members lead initiatives to accomplish what so many seek: improved data management, streamlined processes, greater transparency, increased risk management, heightened security and compliance, to name several.

Despite the peculiar circumstances, our growing global community of leaders, innovators, and developers continue to collaborate to create enterprise-ready blockchain solutions.

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You Don’t Want to Miss – Monthly Education Series

Join us for an in-depth conversation on all things DeFi. Ryan Sean Adams, founder of Mythos Capital, will accompany EEA Chairman of the Board, John Whelan, who is also the Managing Director of Digital Investment Banking at Banco Santander.

They plan to discuss a range of topics such as the state of cryptocurrency and what a decentralized financial world truly looks like. They will share their unfiltered opinions on the impact DeFi will have on the world as we shift away from traditional core financial systems.

Members within the EEA regularly gain access to invaluable content and resources like this. Upon joining, any member from your organization can participate and collaborate.

Upcoming Public Meeting – May 13 @ 12:30 (ET)

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How to Get Involved

The Ethereum community was invited to a public webinar on April 3 that featured leadership within the EEA and Ethereum Foundation.

  • Want better understanding of how business applications are being built and run on Ethereum Mainnet?
  • The presentation was focused on the work produced in the EEA Mainnet Working Group and various other EEA Technical Working Groups. If you missed it, our member Unibrightuploaded a recording of the presentation, seen below.

Recent Meeting – Mainnet Working Group

VIEW

We invite the community to participate in the EEA Task Force survey of enterprise use cases and applications for Ethereum Mainnet.

Public Survey – Enterprise Use Cases

TAKE SURVEY

Blockchain Community Recognition

An effective way to become well recognized in the industry is to actively participate in our leading Technical Working Groups and Special Interest Groups. We have seen numerous members build deep credibility in the blockchain community by leading within the EEA.

As an EEA member, any your organization’s employees can access our collaboration site and join our various groups. These groups drive all the valuable activity and resources within the EEA, and they’ve always met virtually – so our members continue to connect and advance without losing momentum.

Here is a glimpse into what several of them are up to:

  • A.I. and Blockchain Special Interest Group: They have built a cohesive, rapidly expanding group of thought leaders who research, explore, and champion the synergies of artificial intelligence and blockchain. They develop enterprise use cases and formalize the integration of the ongoing proliferation of learning models, artificial intelligence, and blockchain.
  • EMINENT (Ethereum Mainnet Integration for Enterprises) Task Force: Their focus is to build open source available reference implementations and guidelines for Ethereum Mainnet integration with enterprise “systems of record”. Business processes that full under this umbrella include ERP, CRM, and supporting processes in financials, controlling, material management, sales, distribution, and human resources. The EEA work focused on the baseline-protocol resides here.
  • Enterprise Use Cases Task Force: The goal here is to align the allocation of resources in the Ethereum community with the needs of enterprise applications and developers. This Task Force explores enterprise use cases and identifies the requirements and specifications essential to building future-state solutions.
  • The Financial Services Special Interest Group: Industry leaders collaborate to ensure the solutions and specs developed meet the needs of the greater FinServ industry. They create innovative new use cases while converging blockchain and traditional financial systems with focus on compliance, legal, and regulatory best practices.
  • The Supply Chain Special Interest Group: As the world evolves as do our supply chains. Their charter is to explore new ways to solve existing supply chain challenges and build systems that will thrive in the globalized future. They drive the use and adoption of Enterprise Ethereum to streamline processes, improve data flow, and mitigate distribution risk .

Your team could contribute to the development of best use cases and technical specifications that benchmark EEA as a world-class standards development organization.

No Better Time Than Now

Now more than ever, you need a strong voice in the Ethereum ecosystem to thrive. The EEA has a very strong social following, and we’re very happy to highlight anything your team is doing in the Enterprise Ethereum space. We’ll promote your applicable projects, blogs, or upcoming webinars through our social channels, and utilize our monthly newsletter to promote any news that covers you and your projects.

As a member-led organization, our goal is to drive the use of Ethereum blockchain technology as an open standard to empower all enterprises. We connect Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts.

With hundreds of members located across 45 countries, we welcome your team to join us!

Source: https://entethalliance.org/enterprise-ethereum-builds-in-the-shadow-of-global-pandemic/

Blockchain

IDO Bots Responsible for Solana’s 18-Hour Network Outage, Team Explains

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The team behind Solana yesterday gave a detailed report on how its validators from all over the world rescued the network from an outage that lasted nearly 18 hours.

IDO Bots Responsible for Solana’s Downtime

According to the report, the network outage was a result of Grape Protocol’s IDO, which launched on the Raydium exchange in the early hours of September 14th.

While trying to manipulate the rules of the IDO, several traders used bots to generate limitless transactions, causing the Solana blockchain to experience a memory overflow.

Since Solana’s mainnet is still in beta, it lacked prioritization of network-critical messaging, which caused it to start forking and slowed down transaction processing.

What the project thought could be fixed in a few minutes lasted for hours, as the continuous forking caused several validators to crash, and the network subsequently went offline.


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Solana Restarts After Network Upgrade

All steps to resolve the issue, including a proposal by the validator community to restart the network at its initial stage, did not yield any positive results as transaction volume continued to surge.

Upon successfully diagnosing the problem, the community proposed a hard fork, which required at least 80% stakes to come to a consensus before the upgrade can be implemented.

The consensus prompted engineers to write codes from their various locations across the globe to mitigate the issue before the network was fully restored in about 18 hours after the lag started.

Blockchain Better than Amazon Web Services

Commending the efforts of its validator community, Solana noted that the development further buttressed the benefits of blockchain over centralized networks like Amazon Web Services (AWS).

According to Solana, when decentralized blockchain entities experience outages of such magnitude, the “validators are individually responsible for recovering the state and continuing the chain without relying on a trusted third party.”

The consensus of the community helped Solana to bring the network to its right state in less than 24 hours.

However, when similar technical problems occur on AWS, users will have no option but to completely rely on the company to solve the issue, which may most likely take days to weeks.

The benefits of blockchain cannot be overstated. The technology, which powers cryptocurrencies, has been widely adopted across various sectors, including finance, health, and politics, among others.

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Source: https://cryptopotato.com/ido-bots-responsible-for-solanas-18-hour-network-outage-team-explains/

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AMC Entertainment Could Include Dogecoin as a Payment Option

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Following confirmation that AMC would begin accepting Bitcoin, Ethereum, Bitcoin Cash, and Litecoin for online payment, the company’s CEO has asked the Dogecoin community if AMC should add the meme coin among the cryptocurrency options.

Almost 80% Want to Pay for a Movie Ticket With DOGE

Adam Aron, CEO of the world’s largest movie theater chain AMC Entertainment, conducted a poll via Twitter on Tuesday (September 21st, 2021) to check whether the company should accept DOGE payment. The poll, which ends on September 22nd, has garnered a lot of responses, most of them wanting AMC to include the meme crypto.

According to Aron, the Twitter survey came amid calls from members of the Dogecoin online community to add DOGE to the list of crypto options.

“I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?”

Before the latest development, the AMC CEO announced that the movie theater giant will accept Ethereum, Bitcoin Cash, and Litecoin by the end of 2021. This was after Aron previously revealed during an earnings call in August that customers would be able to pay for movie tickets and concessions online with bitcoin, also at the end of the year.

The poll has so far seen 110,000 votes, with 70% responding positively to the idea of DOGE payment, while 8% also agree but say they would not use the meme coin for payment. Meanwhile, 22% of the voters were not in support of the motion.


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Growing Support for Dogecoin Payment

Aron’s survey comes as the cryptocurrency market is experiencing massive price dumps, along with the global financial markets, mostly tied to the Evergrande saga. Bitcoin, which traded at $48k over the weekend, dropped to as low as $40k, with the price of other altcoins also plummeting. However, there has been a slight recovery.

Dogecoin is currently the 10th largest crypto by market capitalization and reached an all-time high (ATH) of over $0.7 back in May. Now, though, it’s down to roughly $0.2.

If AMC Entertainment goes ahead to include the meme token among the list of accepted cryptocurrencies, the movie theater giant would become the latest company to support DOGE payments. Some others who have adopted Dogecoin include American basketball team Dallas Mavericks and Newegg.

Apart from AMC’s Adam Aron, Tesla’s CEO Elon Musk also carried out a similar poll for his followers. Although many of the respondents voted in favor of the electric vehicle manufacturer including DOGE among payment options, the company is yet to make it official.

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Source: https://cryptopotato.com/amc-entertainment-could-include-dogecoin-as-a-payment-option/

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Osprey Funds launches first-ever Polygon fund in the U.S

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The cryptocurrency market is witnessing a huge dump right now, one that was triggered by a sudden meltdown in global financial markets. Even so, many, including quite a few institutional investors, remain confident in the asset class. While the likes of Bitcoin and Ethereum have often stolen the limelight, of late, others have come to the fore. The example of Polygon (MATIC) is a case in point.

Crypto-asset management firm Osprey Funds is in the news today after it introduced its fifth digital asset investment product. According to an official press release,

Osprey Funds, LLC, a premier digital asset management firm, launches its fifth investment product of the year ​​― the Osprey Polygon Trust. It is the first U.S. fund to invest exclusively in MATIC, the native token of the Polygon network.”

The product will offer exposure to MATIC, the native token used on Polygon, an Ethereum Layer-2 blockchain network. According to Osprey CEO Greg King,

“Polygon is a disruptive layer-2 technology that gains from Ethereum’s secure network while mitigating common blockchain pain points, such as high gas fees and slow transactions.”

He added,

“We’re excited to offer investors a new way to tap into the growing Ethereum market via the Osprey Polygon Trust.”

The trust is available to accredited investors with a $10,000 minimum investment. Moreover, Osprey plans to list the fund on the over-the-counter OTCQX exchange “as soon as possible and has also agreed to waive the management fee for all investors until January 2023.”

This development comes just weeks after it launched its Solana Trust. Meanwhile, it also offers products tied to Bitcoin (BTC), Polkadot’s DOT, and Algorand’s ALGO tokens.

Polygon (MATIC) has seen a lot of traction both inside, as well as outside the (crypto) community. For instance, one of the world’s largest consulting firms, Ernst & Young (EY), has now partnered with Polygon to aid its Ethereum scaling.

Moreover, despite the current market being what it is, its on-chain metrics have painted a promising picture.

Its unique addresses (no. of ETH wallets holding MATIC) as well as total wallets held over time, have both seen a parabolic incline over time.

Source: Dune Analytics

The number of unique transactions too has played a positive role behind the coin’s surge since its inception.

It won’t be a surprise to see more firms jumping on this fast-paced bandwagon. For example, Grayscale Investments has also shared its interest in incorporating the said token under its belt.

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Source: https://ambcrypto.com/osprey-funds-launches-first-ever-polygon-fund-in-the-u-s

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