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Four Layer 2 Platforms Leveling Up Ethereum

Layer2 Ethereum

The post Four Layer 2 Platforms Leveling Up Ethereum appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Ethereum’s scalability hardships are well-documented and often discussed. In the time it’s taken the grandfather of all smart contract platforms to start upgrading its creaking infrastructure, many rivals have emerged. However, apart from a few notable exceptions, many of them have failed to prove a real threat to Ethereum’s dominance.  Nevertheless, Ethereum’s problems persist. This …

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Ethereum’s scalability hardships are well-documented and often discussed. In the time it’s taken the grandfather of all smart contract platforms to start upgrading its creaking infrastructure, many rivals have emerged. However, apart from a few notable exceptions, many of them have failed to prove a real threat to Ethereum’s dominance. 

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Nevertheless, Ethereum’s problems persist. This is where second-layer solutions come in. Second layers, or layer 2 platforms, provide a workaround that allows developers access to the flourishing Ethereum ecosystem, but in a way that’s faster, cheaper, and more scalable. Even Vitalik Buterin himself has issued calls for “power users” to switch to layer 2 solutions rather than run their apps on the congested Ethereum network. 

So which are the major contenders in the layer 2 race? Here are four of the biggest players. 

Polygon Network

The network formerly known as Matic, Polygon is one of the leading players in the layer 2 race. It was conceived with the idea of using Plasma technology to scale Ethereum. Plasma is a side chain solution that allows processing to take place off the main Ethereum chain with dedicated proof-of-stake nodes validating transactions. Transactions are periodically updated to the Ethereum blockchain, ensuring full interoperability. As a scalability solution, Polygon can handle far higher throughput than Ethereum at a lower cost. 

Polygon has seen considerable success, particularly over recent months as DeFi has become more popular and transaction fees have soared as a result. It’s now home to decentralized prediction market Polymarket, DeFi-cum-NFT crossover Aavegotchi, and Decentralized Games, the casino of the Decentraland metaverse. 

Thanks to an all-Indian founding team, the project has become the flagship blockchain initiative to emerge from the subcontinent. It also has an advisory team that includes Hudson Jameson of the Ethereum Foundation and Ryan Sean Adams of the Bankless podcast. 

Metis DAO

Whereas most layer 2 projects simply aim to offer developers a scalability solution for Ethereum, Metis DAO goes a step further. It’s a second layer that offers any company, project, or developer an intuitive platform on which they can create a decentralized autonomous organization of their own. It offers low gas fees, high throughput, rich features, and an easy-to-use, code-free interface. 

Metis DAO also introduces the concept of optimistic governance as an implementation of optimistic rollups. To put it in the most succinct way possible, rollups use actors called aggregators to accumulate transactions and public them into a smart contract on the main chain. Optimistic rollups assume a certain amount of honest acting, with a failsafe mechanism in place to prevent fraud. Therefore, optimistic governance assumes most collaborators want to operate for the good of the DAO but nevertheless operates a bond system to prevent malicious activity. 

Metis DAO recently underwent a funding round in which it raised $4 million, including participation from Block Dream Fund, DFG, Master Ventures, and many more. 

OMG Network

Like Polygon, OMG Network also uses a variation of the Plasma sidechain technology, known as More Viable Plasma, as a scaling solution for Ethereum. It bundles transactions into side chains as a way of achieving vastly higher throughput than the main chain can handle. OMG network targets use cases, including payments and settlements, rewards and loyalty points, and banking and finance. 

OMG Network was among the first projects to target Ethereum scaling, conceived initially as OmiseGo in 2017. It was the first project to airdrop its tokens to Ethereum holders. Following an acquisition in 2020, OMG Network is now a subsidiary of a Hong Kong-based VC firm called Genesis Block Ventures. The project recently partnered with Enya, which is the largest global provider of secure multiparty computation, in a bid to bring privacy-preserving technologies to users of the OMG Network. 

Loopring

Loopring is a layer 2 for Ethereum that was developed with exchange shortcomings in mind. It aims to enable the creation of new types of digital asset exchanges, bypassing the high fees and slow transaction speeds suffered by DEXs such as Uniswap that operate on Ethereum. 

Like Metis DAO, Loopring also uses a variation of roll-up technology, called zero-knowledge rollups or zk-rollups. Effectively, this method aggregates transactions together to be signed and committed to the Ethereum blockchain with just a header. Signatures are replaced by a zero-knowledge proof, which provides an assurance of veracity without Ethereum miners needing to see each transaction individually as they do with Ethereum transactions. Loopring claims that by using this technology, it can process at over 1,000 times the speed of Ethereum. 

Loopring exchanges were recently incorporated into the OpenOcean exchange aggregator protocol, providing additional depth of liquidity and cross-platform trading capabilities.

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Source: https://coinpedia.org/guest-post/platforms-leveling-up-ethereum/

Blockchain

John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

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Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.

The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.

“Everything indicates that it could be a death by suicide.”

Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.

Don’t Trust…

The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.

But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.

The last post by John McAfee: A Letter Q.
Source: Instagram

QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.

The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.

The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.

And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.

“McAfee Didn’t Kill Himself”

A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.

MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”

Tweet from MMCrypto
Source: Twitter

Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.

Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.

And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.

So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.

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Source: https://cryptopotato.com/john-mcafees-strange-suicide-leads-to-even-stranger-conspiracy-theories/

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Blockchain

Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin

The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]

The post Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin appeared first on CryptoCoin.News.

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The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.

Largest Exit Scam ever?

In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.

The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.

10% Daily Return too good to be true

Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.

For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.

The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.

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Source: https://cryptocoin.news/news/owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin-54425/?utm_source=rss&utm_medium=rss&utm_campaign=owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin

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The Bank for International Settlements Gives CBDCs Full Backing


The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks. (Read More)

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The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks.

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CBDCs are crucial in modernising finance

The BIS acknowledged that CBDCs must modernise finance and keep ‘Big Tech’ in check not to control money. 

Benoit Coeure, a member of the BIS, warned:

“Without CBDCs, digital money would become increasingly dominated by big tech firms, as they would leverage enormous social media user bases.”

CBDCs are digital assets pegged to a real-world asset and backed by the central banks, meaning that they represent a claim against the bank exactly how banknotes work. Furthermore, they are blockchain-enabled, representing a new technology for issuing central bank money at the wholesale and retail level. 

According to the announcement:

“As part of its upcoming annual report it estimated that at least 56 central banks and monetary authorities, representing around a fifth of the world’s population, are now looking at digital currencies as commerce shifts online.”

The issuance of CBDCs seems to be a race against time; many nations believe owning a CBDC is instrumental in having control of the global markets.

The Bahamas- the first nation to launch a CBDC

The Bahamas launched the Sand Dollar in October last year, making it the first country in the world to release a CBDC beyond the testing phase officially.

As more nations reveal their interest in CBDCs, the BIS noted that authorities would have to decide whether citizens require digital IDs to use them or choose the token-based route, making transactions more anonymous.

In November 2020, the International Monetary Fund (IMF) advised central banks not to overlook some essential legal frameworks needed for a CBDC to work. 

Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/the-bank-for-international-settlements-gives-cbdcs-full-backing

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