x
Image Source: Pixabay
Vitalik Buterin opts for faster Ethereum, EIP-7732 gives hope
Ethereum developers have introduced a new Ethereum improvement proposal, EIP-7732, which aims to overhaul the block validation process and speed up the blockchain.
The proposal introduces significant changes to block validation to improve the blockchain’s security and performance by separating the process into consensus and execution.
EIP-7732 responds to the growing demand for efficiency on the Ethereum blockchain and follows Ethereum co-founder Vitalik Buterin’s push for faster transaction confirmation times. Read More
Friend.tech Plunges 25%, Hits All-Time Low After Saying It'll Stay on Base L2
The Friend.tech team's decision not to migrate off the Coinbase incubated Base L2 sent its token plummeting to an all-time low.
Decentralized social media platform Friend.tech has decided to keep its token and liquidity on Coinbase-incubated layer-2 network Base. It was just last month, on June 10, that the team announced it would leave Base and start its own chain.
But news of the reversal has been even worse for its FRIEND token price than the initial migration announcement.
FRIEND plummeted to a new all-time low of $0.2973 Thursday morning, per data from CoinGecko. At the time of writing, FRIEND is trading 25% lower than it was yesterday, having rebounded slightly to $0.3557.
It's now less than half the price it was trading at on June 10, the day when its announcement that the project would be migrating off the Base L2 was widely panned by its community. Read More
Layerzero Integrates Flare, Enabling Connectivity to 75 Blockchains
According to an announcement shared with Bitcoin.com News, this integration represents an advancement in the blockchain space, linking Flare with 75 blockchains, including Ethereum and Solana. Flare’s team noted that this connection grants Flare access to over 50,000 dapps that use Layerzero’s cross-chain messaging standards. Additionally, Flare explained that it enables secure and decentralized data sharing across these networks.
“Deployment of Layerzero V2 will help accelerate Flare’s expansion, paving the way for builders to develop a wide variety of innovative interoperable products,” Flare co-founder Hugo Philion stated in communications shared with our newsdesk on Wednesday. “Of great interest to me is the ability of LayerZero to help Flare facilitate a cross-chain money market, leveraging in addition, the integration on Flare of non smart contract tokens, such as [bitcoin].”
Layerzero’s cross-chain messaging protocol enables the secure transmission of information between blockchains for dapps. Read More
Consensys Acquires Wallet Guard to Enhance Metamask Security
The acquisition comes as the Web3 ecosystem faces persistent security challenges, with scams and hacks resulting in significant financial losses. Consensys highlights a 2024 Crime Report by Chainalysis, over $1.7 billion in cryptocurrency was stolen through scams in 2023. The company said it plans to leverage Wallet Guard’s advanced security engine to enhance Metamask’s defense mechanisms against such threats.
Joe Lubin, co-founder of Ethereum and CEO of Consensys, highlighted that Wallet Guard’s integration will advance Metamask’s security capabilities. This includes improved scam detection and transaction validation to protect users from malicious activities. “Wallet Guard has quickly become a premier security tool with advanced capabilities and constant innovation that strategically aligns with Consensys’ goal of putting user safety at the forefront. We’re excited to welcome them to our team,” Lubin stated.
The blockchain firm further noted that Metamask will benefit from Wallet Guard’s expertise in real-time protection and security-enhancing plugins. Read More
From Financial To Physical. The Next Big Thing In Crypto - DePIN
Recently, there has been significant interest in decentralized physical infrastructure, also known as DePIN, within the crypto space. People are curious about the potential of this niche and which specific projects within it are worth noting. The latest detailed study, titled State of DePIN 2023 by Messari, aims to provide insights into these questions. This summary will highlight key findings from the report and discuss their potential impact on the cryptocurrency market.
The report commences with a concise delineation of DePIN, an acronym for decentralized physical infrastructure. It encompasses a cluster of ventures that employ cryptocurrency-based incentives to foster a range of physical infrastructure. These initiatives span from decentralized Wi-Fi systems, decentralized computing clouds, decentralized cloud storage solutions, and decentralized mobile networks to other similar endeavours. A salient feature that sets most DePIN projects apart, in addition to their crypto-based incentives, is the accessibility for individuals to contribute, provided they possess the requisite hardware. Read More
Japan Is on a Web 3.0 Hot Streak, and the World Should Take Notes
As lawmakers and regulators from the US to Europe advance cautiously into crypto, Japan’s Web 3.0 cooperation remains one of its national mandates. Why is that?
From its cultural heritage to cutting-edge technological advancements, Japan is where ancient customs and modern marvels converge.
The unique blend of tradition and innovation reflects Japan’s strategic positioning within crypto.
In recent months, the country has strategically bolstered its regulatory frameworks, allowing only licensed entities to issue stablecoins to ensure stability within a fragile financial system.
Fostering non-adversarial relationships between stakeholders and regulators has made advancing financial systems and global innovation driven by cryptocurrencies more evident. Read More
Taiwan Mobile receives VASP license, entry to crypto market
Taiwan’s second-largest telecom has found a way into the crypto market, bring resources and experience with it.
Taiwan Mobile, the country’s second-largest telecommunications provider, has received a virtual asset service provider (VASP) license from the country’s Financial Supervisory Commission (FSC), according to local reports. The license creates a path for it to open a cryptocurrency exchange.
Taiwan Mobile, which is called Taiwan Big Brother in Chinese, is the 26th company to be licensed as a VASP. It has been eyeing a place in the crypto market for over a year, according to Bloomberg, which speculated that Taiwan Mobile was seeking to buy an existing exchange. It was licensed under the name of Fusheng Digital, which Taiwan Mobile owns. Both companies are headed by Lin Zhichen. Read More
Crypto remittances in Venezuela surge as economic situation worsens
Sanctions from the United States, spiralling inflation and government corruption have created an economic nightmare for Venezuelans.
As the economic situation in Venezuela continues to worsen, crypto remittances from family members living abroad have surged to support residents inside the country suffering from persistent inflation and supply issues.
In 2023, cryptocurrencies accounted for 9% of the $5.4 billion in remittances sent to Venezuela, representing $461 million in value. Remittances to Venezuela have increased every single year since 2018, with the exception of 2020, according to Chainalysis.
Remittances are typically sent using services such as Western Union. However, comparatively steep fees, wait times and currency supply issues can often make these services, as robust as they are, unviable for individuals in the developing world.
Despite having the largest proven oil reserves in the world, the Venezuelan economy continues to be plagued by persistent inflation, crushing sanctions, supply issues and government corruption. Read More
Tron develops gas-free stablecoin for Ethereum and Tron chains
Tron’s founder Justin Sun believes gas-free stablecoins could take corporate adoption of blockchain to a new level.
Tron founder Justin Sun has revealed that his team is building a gasless stablecoin solution to make peer-to-peer transfers free for all.
Sun hopes to integrate the stablecoin solution on the Tron blockchain in the fourth quarter, followed by Ethereum and other Ethereum Virtual Machine-compatible public chains soon after.
Sun believes the gas-free stablecoins could be a game-changer for companies looking to offer stablecoin services:
“I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
