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Microsoft Paying Developers Bounties To Build On Ethereum

Microsoft and a few other companies are sponsoring a contest aimed at bringing new projects to the Ethereum ecosystem. The software giant seeks to accomplish this via contests run on decentralized platform Gitcoin, paying thousands of dollars to the top talent. The project brings together well over a dozen firms that have joined Microsoft to […]

Source link: Microsoft Paying Developers Bounties To Build On Ethereum

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Microsoft and a few other companies are sponsoring a contest aimed at bringing new projects to the Ethereum ecosystem.

The software giant seeks to accomplish this via contests run on decentralized platform Gitcoin, paying thousands of dollars to the top talent.

The project brings together well over a dozen firms that have joined Microsoft to offer bounties amounting to $67,000. The cash will be paid out to teams and individual developers in MakerDAO’s stablecoin Dai.

The contests begin with a two-week program dubbed the Ethereal Virtual Hackathon that precedes the Ethereal Summit scheduled for May this year. Part of the rewards will also include a chance for the top three winners to showcase their projects live online or in-person.

Microsoft leads the other companies involved in the contest with bounty offerings targeting 20 projects. One of the top bounties is a 2500 Dai reward for the winning project in developing smart contracts for the shipping industry.

A project targeting weather insurance comes with a 2000 Dai reward.

Banking giant JPMorgan is also part of the project, joining the contest via its enterprise-focused blockchain Quorum. The platform has allowed numerous projects that offer rewards worth hundreds of Dai for innovative projects that include a Metamask integration for Quorum and privacy among others.

The two-week hackathon is more than aimed at the Ethereum ecosystem, with decentralized platform Gitcoin likely to get as much attention.

The Github-based platform is tailored to provide incentives to open-source developers and has so far paid out almost $1 million in bounties cutting across an active user base of over 18,000 per month.

Bounties on the Gitcoin platform are paid out to various parties using Ethereum (ETH) or Dai.

The platform is now entering its second year and considers its work to be of great importance to the open source developer community. Gitcoin states in a Medium post published recently that the Hackathon initiative will “help funders” attract top developers for their projects.

The prospects for developers are even better considering the incentives being offered ConsenSys, with the recruitment of talent made, even more, appealing with the fact that the company is offering to fund the best projects.

The hackathon is already underway, and Microsoft’s prizes were won within the first 48 hours. It may appear late for anyone out there that is interested, but that is far from the case according to Vivek Singh, Operations Lead at ConsenSys.

He notes that there’s still a lot of time for a developer to jump straight into the action and contribute.

Interestingly, those without the technical know-how can still earn $500 in the blockchain hacking contest if they simply connecting a developer with a funded initiative.

The Ethereal Virtual Hackathon continues until April 30, meaning there is time for anyone not registered but wishes to participate.


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

Source link: Microsoft Paying Developers Bounties To Build On Ethereum

Source: https://xbt.net/blog/microsoft-paying-developers-bounties-to-build-on-ethereum/

Blockchain

‘Bitcoin maxis’ like Solana, but is there sound logic to that

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Recent changes in cryptocurrency market dynamics have fueled the popularity of altcoins like Solana [SOL]. It recently became one of the most trending blockchain platforms around on the back of its surging price.

The cryptocurrency, in fact, had a 1-year ROI of over 4,200%, despite dropping by 34% since its peak in early September. Despite the latest hiccup in value, however, market observers believe the project has managed “winning over a significant number of Bitcoin Maxis or near-maxis.”

Ikigai Funds’ Travis Kling offered this observation on Twitter when he said,

“After talking to a bunch of folks over the last couple months, it’s pretty clear that SOL is successfully winning over a significant number of BTC Maxis or near-maxis, which have previously owned zero ETH or very little ETH.”

While the crypto-space is competitive, the tech-twist to the age-old saying – “competition of your competition is your ally” also holds true. Solana is not competing with Bitcoin. Instead, it is competing with Ethereum’s position in decentralized finance, NFTs, and smart contract offerings. Given the fact that transacting on Ethereum is still a pain for some users, Solana’s cheap and fast transactions provide a better alternative to many.

Solana’s DeFi projects recently crossed $3 billion, despite Ethereum hosting the maximum number of DeFi and NFT projects. While Bitcoin “maxis” are also opting-in for smart contracts, they prefer SOL over ETH, according to Kling.

Why? According to the exec,

“I think maxis look at ETH vs SOL and think –

Well as long as its not going to be all that decentralized, might as well have a smart contract platform that can actually handle enough throughput with cheap enough fees where it can really scale, instead getting choked up like ETH.”

However, not everyone agrees with Kling’s opinions. Many believe the decentralization narrative to be wrongly used by Kling, with another Twitter user @mikemcg0 noting that Ethereum is “more decentralized than BTC.” Anyone can run an Ethereum validator,” he said, “but only a select few oligopolies can mine BTC.”

Even so, Bitcoin mining has spread out even more after the recent China crackdown. Although the process is extensive in terms of effort, time, and money, according to another user, “anyone can” mine BTC “if they have the entrepreneurial mindset.”

Now, the latest outage faced by Solana did raise questions about the level of centralization. However, that has not really discouraged those who want to indulge in DeFi, NFTs, and smart contracts. As Solana forges new contracts with Hacken Foundation and Gate.io, others institutions like Osprey Funds and Grayscale are in a race to include Solana in their respective bouquet of products.

In fact, Osprey Funds has already registered Osprey Solana Trust with the SEC.

‘Ethereum killer’ or not, Solana is en route to gaining more interest from the booming crypto-market. Even turning so-called BTC maxis in the process.

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Source: https://ambcrypto.com/bitcoin-maxis-like-solana-but-is-there-sound-logic-to-that

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Blockchain

Europe Now World’s Biggest Crypto Economy: Boasts Over $1T Worth of Transactions

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Central, Northern, and Western Europe (CNWE) has grown into the world’s largest cryptocurrency economy since July 2020. The region experienced a massive increase in trading activity since then– particularly in the DeFi space.

The European DeFi Boom

Data from Chainalysis shows that CNWE received over $1 trillion in cryptocurrency over the last year alone. This represents 25% of global trading activity. Furthermore, it is responsible for at least 25% of all crypto value received by other regions, including 34% of the value received in North America.

This makes the EU the most concentrated in the world in terms of cryptocurrency trading volume. This is partially due to increases in all forms of trading activity over the past year, coming mostly from institutional investors.

Large institutional transaction value grew from $1.4B in July 2020 to $46.3B in June 2021, coming to take up half of all CNWE trading activity. The most pronounced increases were seen on DeFi protocols, where over 80% of these large institutional transactions were sent in June.

The impact of DeFi is further established when ranking coins in terms of transaction activity in the region. Despite being the largest cryptocurrency by market cap, Bitcoin heavily trails Ethereum in transaction volume among large institutional investors. Additionally, DeFi protocols took up a majority share of funds received by cryptocurrency services in CNWE in June 2021.


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The Decline in Eastern Asia

CNWE has seen significant absolute increases in its crypto trading volume. However, its new place as the world’s largest trading hub is partly due to a sharp decline in market share held by Eastern Asia– the previous world leader.

In early 2019 the region held over 30% of global transaction volume. This figure has since fallen sharply to about 15% – less than CNWE, North America, and even Central and Southern Asia.

This may be related to China’s continued push to prevent and discourage crypto trading within its borders. China re-announced their ban on crypto trading in the country days ago, and have been moving to prevent all access to exchanges within the country.

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Source: https://cryptopotato.com/europe-now-worlds-biggest-crypto-economy-boasts-over-1t-worth-of-transactions/

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Blockchain

Here’s why a multi-CBDC bridge is being tested on Ethereum

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The race to launch the first CBDC is one the world is following intently. While most have their eyes fixed on China’s digital yuan pilot, a group of countries has come together to take CBDCs a step further.

Phase 3 of Project Inthanon-LionRock saw BIS Innovation Hub Hong Kong Centre, the Digital Currency Institute of the People’s Bank of China, and the Central Bank of the United Arab Emirates experiment with a multi-CBDC bridge or an mBridge.

What does this mean?

The mBridge initiative would ideally allow central banks in different countries to issue and redeem their own CBDCs across borders on a common platform – without having to depend on correspondent banks.

Meanwhile, commercial banks would be able to “submit peer-to-peer CBDC push payments.”

The BIS September 2021 report stated,

“If successful, an efficient, low cost, compliant and scalable multi-currency, multi-jurisdiction arrangement can provide a network of direct central bank collaboration, greatly increasing the potential for international trade flows and cross-border business at large.”

The report further clarified,

“The prototype demonstrates a substantial improvement in cross-border transfer speed from multiple days to seconds, as well as the potential to reduce several of the core cost components of correspondent banking.”

Here, it is also interesting to note that the project’s Phase 2 prototype was built on Ethereum. This was because the core layer of the prototype contained the blockchain ledger and smart contracts.

Notes on features

As a multiple CBDC project, regulation and compliance were functional requirements. Central banks would be able to monitor transactions in real-time, set balance limits, control the balance held by their commercial banks, and use data for surveillance.

Scalability was also part of the design to later onboard more participants and jurisdictions.

However, one complication was the wide difference in remittance charges across countries. While the global average was calculated to be 6.38% of the remitted sum, the report observed that even a percentage as low as 1% would be costly for payments in the millions of dollars.

An update from China

Alongside the mBridge project, China has also been steamrolling ahead with its CBDC program.

Changchun Mu, Director-General of the DCI of the People’s Bank of China. confirmed that e-CNY pilots have been taking place in 10 areas.

Mu added,

“Payment methods such as QR code and tap-and- go have been well-supported and innovative services such as dual-offline payment and wearable device payment have been tested for safety and efficiency.”

Meanwhile, Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, suggested that an e-HKD could also be in the works.

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Source: https://ambcrypto.com/heres-why-a-multi-cbdc-bridge-is-being-tested-on-ethereum

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