Plasm Network and Secret Network, two projects based on Polkadot and Cosmos, respectively, have launched the first iteration of a bridge to connect the two ecosystems, each representing a different “layer-0” protocol.
The bridge, deployed on Tuesday on Plasm’s testnet, allows users to transfer assets between Plasm Network and Secret, allowing them to enjoy transaction privacy and use SecretSwap, the first automated market maker exchange on Secret Network. The bridge would allow Plasm users to benefit from Secret Network’s privacy layer, which is based on hardware guarantees offered by Trusted Execution Environment, or TEE, cells. Secret nodes and validators use the TEE to perform operations requiring privacy, which makes them untraceable for the nodes themselves.
In a longer term perspective, the Plasm team expects to become the gateway to Cosmos for other Polkadot projects. Key to this is winning the parachain auctions on Kusama and Polkadot, becoming fully embedded in their environments, Plasm co-founder Sota Watanabe told Cointelegraph:
“Currently, we are focusing on becoming one of the first Kusama parachains. After becoming a parachain, we will implement [the bridge] on the mainnet and make it more and more decentralized and trustless step by step.”
The current implementation of the bridge is based on the SecretBridge framework by Secret, which uses multi-sig custody with dedicated validators performing the conversions. This architecture is currently the most prevalent within various bridges and interoperability solutions, for example underpinning bridges from Ethereum to other layer-one platforms like Solana and Avalanche.
Though there are various proposed solutions to decentralize the bridging process, for example by introducing a dynamic validator selection process, the “holy grail” for blockchain bridges is the light client model. In this architecture, one blockchain is able to independently evaluate transaction proofs from another chain and make that data available to a smart contract, removing the necessity of any type of middleman.
Watanabe said that light clients are the goal, but there are still some hurdles to overcome:
“We have considered the light client implementation. And we are highly likely to take this approach after becoming a Kusama Parachain. The implementation we have today is a MVP. […] Currently, we are discussing this topic in another group with the Cosmos team. One big issue is that we need no_std versions of some of the underlying libs.”
The no_std moniker is used in the Rust programming language to denote applications that do not use the standard library. This can be a very restrictive limitation as Rust’s standard library defines many features that would be considered core attributes in higher-level languages, for example dynamic arrays and memory. In blockchain usage, no_std is a necessity due to WebAssembly, the virtual machine framework used by Polkadot and other blockchains, which has its own standard library.
Nonetheless, the Plasm and Secret bridge would mark the first time that Polkadot and Cosmos are connected. Watanabe said that the concept could easily be expanded to more Cosmos blockchains, while another option is directly implementing Cosmos’s Inter-Blockchain Communication framework on Plasm and Substrate. The current bridge design can still connect with the entire Cosmos ecosystem, provided that they pass through Secret.
Though Cosmos and Polkadot are sometimes seen as competitors, Watanabe said the bridge drives forward a different vision:
“This is the first commercial trial that brings Cosmos assets to the Polkadot ecosystem and vice versa. We would like to make the idea of ‘Cosmos vs Polkadot’ obsolete.”
More Crypto Gains, Less Carbon Emissions: Platform Plants Trees for Every Trader
By now you’ve probably already heard the scary headlines…
“Bitcoin is killing the polar bears!” – anon
Heads Up: If you aren’t ready to save the world, skip to the end of this article to get yourself access to some awesome trading signals and tools for free.
According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin sucks up around 147 Terawatt Hours per year — 0.68% of global electricity production. In more easy to understand terms that’s around the same power usage as the entire country of Sweden, or Poland.
But is it that simple? No.
The reality is that yes the cryptocurrency industry is eating up a lot of power. But the same can be said for almost anything.
If you don’t enjoy Formula 1 racing, you might be tempted to say that it’s a total waste of time, money and a pointless contributor towards rising sea levels and climate change.
Whether or not Bitcoin is worth the environmental/energy cost is up for debate in much the same way.
Why care? Underwater trading is not fun!
Let’s go ahead and say we agree with scientific consensus that global warming is bringing us towards a period of extreme climate change and rising sea levels. Many island nations and countries with coastline are at risk including the densely populated cities such as London, UK.
If you already lose sleep over trades that are sat underwater for a few hours, it’s probably safe to assume that you aren’t going to have a good time if you need scuba gear to degen long your favourite alts a few years from now!
How you can save the world and make better trades
The ProfitFarmers platform is built from the ground up to be your Crypto Co-Pilot. Including expert level signals, copy-trade technology and advanced trading terminals and tools!
So, Scuba Diver or Astronaut?
It matters not to us, our signal algorithms have been helping our users surf the WAVES…
And take interstellar voyages to VENUS…
Great gains are awesome, but we wanted to help traders all around the world reduce their carbon footprint without needing compromise on their trading performance.
We’ve decided to team up with One Tree Planted in an effort to stem the Earth’s bleeding.
Here’s the bottom line: For every user on our platform, every month we will be planting one Tree!Check out our blog post to find out how you can improve your trading game, make some great gains and start planting some trees now!
Want to get your toes wet for FREE?
If you aren’t ready to save the world just yet (or join us here at ProfitFarmers) then don’t worry. We’ve got something for you that can still help you make more gains from your crypto trading adventure.
We recently created the ‘ProfitFarmers Moon Bag’, free for serious traders. It’s a selection of our advanced tools and scanners as well as market intel and premium signals.
If you have Telegram you can dive straight in by using this link to join the party. Just don’t forget to get access to the tools and education afterwards!
All we ask is that you donate some of your trading gains to environmental causes.
Yep signals just like this for free!
Source :- Plato
Limitless DeFi hosts an event for growing Crypto community in Dubai
Aiming to bring opportunities for start-up projects seeking to raise funds and mentorship to scale up their blockchain and DeFi projects, Limitless DeFi is conducting an event gathering over 200 visitors to learn, invest, and network.
The event will showcase 20 resource speakers and investors who will share their expertise in a conference and dinner in the SLS hotel, doors will open at 18:00, and the event will start at 19:00. Simultaneously, startup companies will be given a chance to present their projects to the invited panel of investors.
Limitless is the leading networking platform that connects individuals from all over the world to share their insights, views, and expertise on emerging technologies such as Blockchain, DeFi, Crypto and NFTs. Limitless events are known for their extensive board of carefully selected investors from Family Offices, Wealth Management, Crypto Funds, and Private Equity Firms among others.
“We are excited to conduct this event, especially having big shots in the industry like Brook Pierce, Ryan Lackey, Nick Spanos, and more. We decided to step away from having a traditional conference and organize something more laid back and fun. The event will take place in the newly opened hotel SLS, at the Carna restaurant that agreed to take Limitless DeFi as their first exclusive event! It’s going to be awesome, come and see for yourself!” said Tina Lyu, Business Development Manager of LWK Group
LWK Group and NFTclassifieds.com are the major sponsors of the event while LunaPR.io, a prominent blockchain-focused marketing agency in Dubai, will lead the roster of media sponsors.
“As their media partner, we are ecstatic to collaborate with Limitless DeFi on this event and help this leading platform extend their reach to people who love blockchain and crypto,” said Nikita Sachdev, CEO of LunaPR.io who will also serve as a conference speaker.
To buy tickets please contact [email protected] or call +971 58 529 4884 (Jalol), +971 58 510 1482 (Tina).
About Limitless DeFi
Limitless is a platform that connects individuals from all over the world and lets them share their insights, views, and experiences on Blockchain, DeFi, Crypto, NFT, Digital, and Innovation Technology. They create a series of events dedicated to the currently booming industry of emerging technologies.
For more information, visit www.http://www.limitlessevents.net/.
Disclaimer: This is a paid post and should not be treated as news/advice.
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Chinese officials warn about risks associated with crypto trading.
Chinese officials warned the public about the risks associated with trading cryptocurrencies. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies. According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other cryptocurrencies. Officials from China Securities Journal have called for better regulation and pointed out major risks involving crypto trading.
“Cryptocurrencies lack supervision and legal protection.”
Cryptocurrencies are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions. Another concern that Chinese officials expressed is that the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’ The report also noted that the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies.
“There are no legal crypto trading venues in the country and no regulatory protections.”
The Chinese authorities advised that the crypto community must stay alert to prevent these hazards due to these factors. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections.” Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market,” the report noted. However, despite the Chinese government’s stance, the leading cryptocurrency bitcoin is highly popular in China – there’s a high number of miners situated in the large Asian nation.
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