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Sifchain Announces Peggy, Cosmos — Ethereum Cross Chain Bridge

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Sifchain is proud to announce that it has successfully deployed a Peggy (Cosmos <> Ethereum bridge) on its Merry-Go-Round testnet. Sifchain is a cryptocurrency exchange protocol built on Cosmos SDK and will target 20–25 blockchains (such as Ethereum and Stellar) for cross-chain integration. It will also simplify the process of blockchain integration, lowering the development process for the Cosmos community so that additional cross-chain integrations will be cost minimized in terms of money and developer resources.

Sifchain’s goal is for new blockchains to consider cross-chain integration as essential as a wallet or block explorer. Liquidity from all cryptocurrencies can then be accessed on-chain, allowing the coordinated deployment of capital from all cryptocurrencies by DAOs.

Sifchain has deployed a persistent deployment of Peggy on a standing testnet, in parallel with Althea’s version of Peggy. Sifchain leverages the power of the Cosmos SDK to deploy a Peggy chain on mainnet. Sifchain uses Cosmos’ master branch Peggy with work created by a Swish Labs team under an Interchain Foundation grant. Like Althea Peggy, Sifchain’s approach to Peggy allows users of ETH and ERC-20 tokens on Ethereum to create pegged tokens on a Cosmos Network chain.

In both systems, an Ethereum user can send tokens from their Ethereum wallet to a Peggy smart contract running on Ethereum. Peggy validators observing the Peggy smart contract keep those Ethereum tokens in a lockup group and mint a corresponding allocation of pegged tokens to a user’s Cosmos Network wallet address.

The difference in the two lies in their cryptoeconomic security model. Althea Peggy uses the validators of its destination chain as signatories of the Peggy smart contract, meaning it relies on the destination chain’s consensus when minting pegged Ethereum tokens. The original vision of a peg zone is to use a different set of validators on a different blockchain that is connected the Cosmos Hub via IBC.

You start at the Cosmos Hub. You move Photons via IBC to the peg zone. The peg zone receives an incoming IBC packet: a message containing a transaction for sending Photons.

https://blog.cosmos.network/the-internet-of-blockchains-how-cosmos-does-interoperability-starting-with-the-ethereum-peg-zone-8744d4d2bc3f

A reason to have a separate blockchain is that it allows a unique validator set with its own separate staking collateral to provide cryptoeconomic security for the funds being pegged that is separate from the validator set of the destination chain and the collateral it staked for transactions internal to the destination chain.

In short, in general, pegs to PoW chains or any governless chains require overcollateralization.

Consensus-based peg collateralization requires the safe handling of +1/3 Byzantine faults, which means that some form of interchain staking is necessary. It isn’t sufficient to slap a peg to Ethereum on the Cosmos Hub and require that all ATOM takers also stake on the Ethereum peg, because nothing is keeping the hub accountable in the case of +1/3 failure.

https://github.com/jaekwon/cosmos_roadmap/tree/master/shape_of_cosmos#token-pegging-to-pow

By contrast, Sifchain uses a Peggy deployment with a separate peg zone blcokchain in which Peggy validators stake collateral specifically used to secure the bridge and they are subject to slashing as per Tendermint consensus rules on both the Cosmos SDK peg zone chain and the Ethereum smart contract side of that bridge. This solves the aforementioned cryptoeconomic security issue on the bridge. In exchange for being subject to this new slashing requirement, validators earn a service rate. Althea trades off trust minimization in exchange for simple design whereas Sifchain trades off simple design for maximizing trustlessness supported by cryptoeconomic incentives

You can find details on Peggy’s implementation here: https://github.com/Sifchain/peggy/blob/develop/docs/sifchain-peggy-architecture.md

Note that Sifchain will likely launch its betanet with live cryptocurrency before IBC is ready for production. In that case, it would use a modified architecture as per this ADR in which Peggy was deployed directly onto Sifchain instead of having its own peg zone validator set. Some of Sifchain’s validators would simply have Peggy admin privileges similar to Althea Peggy.

We see Peggy’s deployment as a hallmark moment for growth of the Cosmos Network. With Peggy and IBC, Ethereum users will be able to use their ETH and ERC20 tokens on Cosmos SDK platforms such as Kava, Akash, Terra, e-Money, IRIS, Secret Network, and of course, the Cosmos Hub. Cosmos Network users will also be able to use their tokens on Ethereum and take advantage of its dapp network. Cryptocurrency holders on both sides will be able to take advantage of the benefits of one chain while holding a position on a token native to another, bringing us one step closer to Sifchain’s mission of connecting liquidity on all blockchains.

You can help us make this vision for Peggy a reality by standing up a testnet validator yourself. Members from our team and the broader Sifchain community can help you with any issues on Discord.

If you have any additional questions or would like to discuss with fellow community members, join our communities below!

🌾 Telegram: https://t.me/sifchain

🌾 Twitter: https://twitter.com/sifchain

🌾 Discord: https://discord.gg/Rcr2vU54Ys

🌾 Website: https://www.sifchain.finance

🌾 LitePaper: https://bit.ly/SifChainLitepaper

🌾 Economics Paper: https://bit.ly/2V2Xc8f

Source: https://blog.cosmos.network/sifchain-announces-peggy-cosmos-ethereum-cross-chain-bridge-eeb46a8f91db?source=rss—-6c5d35b77e13—4

Blockchain

Government Blockchain Week Story

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From September 27- October 1 of 2021, the Government Blockchain Association, GBA, will be bringing together blockchain enthusiasts from around the globe for their big event, Government Blockchain Week in Washington DC.

In spite of the ravaging of COVID-19, the GBA is planning to hold this event live in many of the iconic buildings of the Capital City. The September week will be the third time that this event has been moved farther into the future in hopes that when Government Blockchain Week finally happens, attendees will have no fears of contracting the virus.

The week will begin with a Blockchain Foundations class on Monday, along Embassy Row at the British Embassy’s Rotunda building. At the same time, Blockchain Use for State and Local Governance will be held at the Attorney General’s Office downtown.

On Tuesday, a DC government agency building will host the Blockchain, Innovation & Economic Growth with Pitch Competition. Competitors from around the globe will be pitching their blockchain solutions to a panel of investors and government policymakers. Prize money, as well as the chance to advance to the World Business Angels Investment Forum world competition is at stake. The winners will be chosen at the end of the day.

While this is going on, the Department of International Trade UK at the British Embassy will host Blockchain, International Trade and International Aid.

On Tuesday evening, attendees can purchase tickets for Blockchain Ambassadors, held at the historic Whittemore House, for an evening to network under the stars. This cocktail party, the first of 3 Evening Receptions, will feature strolling musicians, parlor talks in the grand rooms of the mansion, catering fit for a President, networking in Eleanor Roosevelt’s library, finishing off with brandy and cigars out on the patio as the evening comes to a close.

Wednesday will be a day full of cryptocurrency and cybersecurity. Beginning with the Legal, Law Enforcement and Cybersecurity Forum happening in tandem with the Money, Banking and Cryptocurrency Forum. Guests will agonize over which one to attend, because they will miss the other.

In the late afternoon, selected guests will be invited to the FinTech Round Table, hosted by the Embassy of Bahrain. This invitation only meeting of the minds will allow banking regulators and finance policymakers a chance to meet and discuss the changes that are happening in their industry.

On Wednesday evening, on the rooftop of the International SPY Museum, the GBA will host CryptoNite, and electric, black tie event filled with intrigue and drama. Words cannot describe what CryptoNite is. You just have to be there. This is the second of the 3 Evening Receptions.

On Thursday and Friday, the big guns of the Speakers’ list will show up at the Congressional Auditorium of the US Capitol where GBA will host their 2-day flagship event, The Future of Money, Governance, & The Law. During these two days, global leaders in blockchain, finance, cryptocurrency, government, and law enforcement will discuss where and how blockchain will dramatically change their industry. During the 2 days at the Capitol, GBA will host their

Annual Achievement Awards,

and a Digital Art Show.

On Thursday night, on the rooftop of Capital View 400, the guests of Government Blockchain Week can purchase tickets to attend the

Inventors and Pioneers Evening Reception.

For centuries, inventors and pioneers have shaped and impacted the whole of humankind. On this night, we celebrate the inventors and pioneers of the 21st Century who will impact the decade and the century to come. This final Evening Reception will be a great celebration of a monumental week, overlooking the dome of the Capitol under a sky full of stars.

Government Blockchain Week, September 27 through October 1, 2021, will be packed with forums, presentations, competition, awards, art, parties, and most of all, powerful and impactful networking. Anyone who hopes to make a stand in blockchain technology will benefit by attending this monumental event.

Author Bio

Kathy Dache’ is the Events Director of the Government Blockchain Association (GBA). She has over 30 years of training and events experience. She co-founded a blockchain professional networking group in 2016 and helped launch the Government Blockchain Association in 2017. She has conducted extensive research on blockchain and cryptocurrency topics including economic analysis, financial systems, and the impact of cryptocurrency adoption on governments. She has developed presentation and training materials on blockchain use in healthcare, identity management, supply chain management and many others. She has also been the GBA liaison for GBA speakers and dignitaries. Her passion is graphics and art.

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Blockchain

Wall Street Bets ‘Chairman’ Tweet Sends Dogecoin (DOGE) Soaring 85% in Hours

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The price for the popular meme coin, Dogecoin (DOGE), went flying today. The cryptocurrency skyrocketed by almost 90% in just a couple of hours after the ‘Chairman’ of the now popular Wall Street Bets group tweeted about it.

  • About a couple of hours ago, the ‘Chairman’ of the popular Wall Street Bets group asked whether or not DOGE has ever been trading at $1.
  •  After the Tweet went live, DOGE’s price went for the skies. The cryptocurrency soared by about 85% in a matter of hours and reached an intraday high at around $0.0145. The price has since corrected, but it appears that there’s still momentum in the market.
  • The reason for this excitement is what recently happened with the stock price of GameStop.
  • The Wall Street Bets group on Reddit saw more than 2 million people joining it with the common cause of buying GME stock against the trades of Wall Street hedge funds, who have been shorting it.
  • Not long after that, the price soared by up to 600%, causing mayhem on Wall Street and even getting one large hedge fund out of its position for what was reported as a massive loss.
  • The entire ordeal even saw the CEO of NASDAQ say that they would potentially halt trading in case of increased social media chatter.

“When we evaluate how we would manage through a situation where you see a significant run-up with a stock that is not based on news or fundamentals, we have technology that evaluates social media chatter, and if we see a significant rise in the chatter on social media channels and we also match that up against unusual trading activity – we will potentially halt that stock.”

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Source: https://cryptopotato.com/wall-street-bets-chairman-tweet-sends-dogecoin-doge-soaring-85-in-hours/

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Reddit Doubles-Down on Blockchain: Partners With The Ethereum Foundation

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The giant social media platform Reddit has doubled-down on its blockchain and cryptocurrency involvement with a new partnership with the Ethereum Foundation. As a result, Reddit plans to utilize the Ethereum network to create larger-scale applications like the Community Points introduced last year.

Reddit Doubles-Down On Blockchain

CryptoPotato reported last year that the San Francisco, US-headquartered platform launched Community Points as tokens built on the Ethereum blockchain. Users from two subreddits, namely r/CryptoCurrency and r/FortNiteBR, were able to receive the ERC-20 coins and spend them on various services, such as membership purchases or voting on polls.

Reddit asserted that the points will be a measure of reputation and contribution within each of the communities. Earlier, a platform administrator going by the handle u/jarins reaffirmed the relationship between Reddit and the blockchain space with a fresh partnership with the Ethereum Foundation.

“In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. Our intention is to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum.”

Furthermore, the post explained that the Ethereum choice was rather apparent as Reddit was looking into exploring an open-source and publicly available scaling technology.

An Increasing Commitment To Blockchain

The post highlighted that the most recent initiative with Ethereum is a step to increase the platform’s “commitment to blockchain,” which should help bring “the value and independence of blockchain technology to millions of Redditors.”

Consequently, Reddit has established a designated Crypto Team and is looking for “engineers who want to build the decentralized Internet.”

Aya Miyaguchi, the executive director at the Ethereum Foundation, also commented on the new partnership. She noted that the team behind the second-largest cryptocurrency by market cap continues to “be impressed with Reddit’s vision, and by how it maintains its culture and philosophies, which were key in forming this relationship.”

Additionally, representatives of both parties plan to host an online session to answer users’ questions.

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Source: https://cryptopotato.com/reddit-doubles-down-on-blockchain-partners-with-the-ethereum-foundation/

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