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Tether launches on Solana to leverage high speeds and low costs

Tether, the company behind the USDT stablecoin, has announced that it has launched its coin on Solana, a blockchain platform that aims to compete with Ethereum.

The post Tether launches on Solana to leverage high speeds and low costs appeared first on CryptoSlate.

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Tether, the company behind the USDT stablecoin, has announced that it has launched its coin on Solana, a blockchain platform that aims to compete with Ethereum. In a press release shared with CryptoSlate, the company said that Solana will enable users to exchange USDT at speeds greater than 50,000 tx/s for less than $0.00001.

Tether, the company behind the largest stablecoin in the crypto market, has announced its partnership with the Solana network. According to a press release shared with CryptoSlate, Tether will be integrating USDT into the Solana network to leverage its low costs and high speeds.

What pushed Tether to put USDT onto its eight blockchain platform so far is the promise of unprecedented throughput on Solana—the company said that it’s able to support between 50,000 and 65,000 transactions per second at 400ms block times for fees as low as $0.0001 per transaction. This, the company said, marks a major advance in Tether’s quest for high-speed DeFi apps.

Anatoly Yakovenko, the founder and CEO of Solana, said that the platform was originally designed to support thousands of transactions at Nasdaq speed. Tether’s support, he explained, helped Solana realize that dream.

“Tether is the lifeblood of DeFi and an important pillar of the crypto community at large. In order for developers to leverage the real potential of Solana, an integration with USDT was absolutely essential.”

Another major project launched on the fast-growing Solana

While this might not be as much of a breakthrough for Tether, which already exists on Ethereum, EOS, Liquid Network, Omni, OMG Network, Algorand, and Tron, it is major news for Solana.

Despite being relatively young, the year-old Solana is currently one of the fastest-growing blockchains both by market capitalization and use. Integrating the largest stablecoin on the market comes at a busy time for the blockchain platform, which announced partnerships with some of the most prominent projects in DeFi.

Last month, Project Serum, a cross-chain decentralized exchange developed by FTX and Alameda Research, launched on Solana. The platform has also integrated with key management system Torus and Chainlink, one of the largest decentralized oracle networks in the industry.

Paolo Ardoino, the CTO of Tether and Bitfinex, acknowledged the fact that Tether’s partnership with Solana is set to hugely benefit the platform’s growing ecosystem:

“Our integration with Solana serves a growing ecosystem of projects that are now getting developed and launched on Solana, Serum being a notable example.”

The addition of Tether makes it possible to build ultra-high-speed, low-cost DeFi applications on Solana, the company said in its release, noting that few assets play as pivotal of a role in the industry as USDT does.

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Source: https://cryptoslate.com/tether-launches-on-solana-to-leverage-high-speeds-and-low-costs/

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Bitcoin Proponents Against Elon Musk Following Heated Dogecoin vs Bitcoin Tweets

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Last week, Elon Musk and Tesla shocked the entire crypto industry following an announcement that the electric car company will no longer accept bitcoin payments for “environmental reasons.”

A Hard Pill For Bitcoin Maximalists

Giving its reasons, Tesla argued that Bitcoin mining operation requires massive energy consumption, which is generated from fossil fuel, especially coal, and as such, causes environmental pollution.

The announcement caused a market dip which saw over $4 billion of both short and long positions liquidated as the entire capitalization lost almost $400 billion in a day.

For Bitcoin maximalists and proponents, Tesla’s decision was a hard pill to swallow, and that was evident in their responses to the electric car company and its CEO.

While the likes of Max Keiser lambasted Musk for his company’s move, noting that it was due to political pressure, others like popular YouTuber Chris Dunn were seen canceling their Tesla Cybertruck orders.


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Adding more fuel to the fire, Musk also responded to a long Twitter thread by Peter McCormack, implying that Bitcoin is not actually decentralized.

Musk Working With Dogecoin Devs

Elon Musk, who named himself the “Dogefather” on SNL, created a Twitter poll, asking his nearly 55 million followers if they want Tesla to integrate DOGE as a payment option.

The poll, which had almost 4 million votes, was favorable for Dogecoin, as more than 75% of the community voted “Yes.”

Following Tesla’s announcement, the billionaire tweeted that he is working closely with Dogecoin developers to improve transaction efficiency, saying that it is “potentially promising.”

Tesla dropping bitcoin as a payment instrument over energy concerns, with the possibility of integrating dogecoin payments, comes as a surprise to bitcoiners since the two cryptocurrencies use a Proof-of-Work (PoW) consensus algorithm and, as such, face the same underlying energy problem.

Elon Musk: Dogecoin Wins Bitcoin

Despite using a PoW algorithm, Elon Musk continues to favor Dogecoin over Bitcoin. Responding to a tweet that covered some of the reasons why Musk easily chose DOGE over BTC, the billionaire CEO agreed that Dogecoin wins Bitcoin in many ways.

Comparing DOGE to BTC, Musk noted that “DOGE speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

Max Keiser: Who’s The Bigger Idiot?

As Elon Musk continues his lovey-dovey affair with Dogecoin, Bitcoin proponents continue to criticize the Dogefather.

Following Musk’s comments on Dogecoin today, popular Bitcoin advocate Max Keiser took to his Twitter page to ridicule the Tesla boss while recalling when gold bug Peter Schiff described Bitcoin as “intrinsically worthless” after he lost access to his BTC wallet.

“Who’s the bigger idiot?” Keiser asked.

Aside from Keiser, other Bitcoin proponents such as Michael Saylor replied to Tesla’s CEO:

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Source: https://cryptopotato.com/bitcoin-proponents-against-elon-musk-following-heated-dogecoin-vs-bitcoin-tweets/

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ETH Developers Calculated How To Defuse The Difficulty Bomb

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ETH developers calculated how to defuse the difficulty bomb because if they leave it untreated, they will slow down the network as we can see more in our Ethereum news today.

Ethereum’s encoded difficulty bomb is set to explode this summer and James Hancock as well as Tim beiko said that the ETH developers calculated the time needed to delay the bomb and this could the last time the developers need to take that action. Ethereum developers agreed on Friday how to delay the difficulty bomb ad if that is left untreated, the entire network could be slowed down. The difficulty bomb is an old piece of code that makes mining on ETH slower and less profitable over time by increasing the lag between the production of blocks.

Ethereum 2.0 switches the network from proof of work as a way of validating transactions with powerful mining computers to Proo of Stake which rewards the ones that pledge the coins to the network. It takes an average of 13 seconds to mine a block on ETH right now and without delaying the bomb, it could take more than 20 seconds to validate the block by the end of the year. Ethereum developers agreed on how many blocks were quite necessary to delay the bomb until December. The calculation for the delay was proposed by the ETH core developers James Hancock as he said:

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“The bomb’s always there, and we defuse it by turning the blocktime back just for the bomb.”

block time
The block time chart on Etherscan. Annotated by James Hancock for Decrypt.

He later said that the proposal will delay the bomb by 9,700,000 blocks. Tim Beiko, the ETH core developer also said that the developers dismissed a proposal to delay the bomb next spring but that won’t be necessary. The developers expected that by December, the network will update to allow the ETH 1.0 the network that relies on PoW to communicate with ETH 2.0 as the new network relies on PoS and this is known as the Merge:

“If the Merge is ready by December, we won’t need to do anything about the bomb because we will move away from mining entirely.”

If the merge plans remain unimplemented, the Shanghai fork is expected to go live and will delay the bomb once again. The Bomb has been delayed three times so far.

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Source: https://www.dcforecasts.com/ethereum-news/eth-developers-calculated-how-to-defuse-the-difficulty-bomb/

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