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Here’s how abstraction minimizes fragmentation in DeFi, making it more fluid
A DeFi chain abstraction protocol aims to provide seamless liquidity flow, simplify onboarding and enhance security across multiple blockchains.
With its chain abstraction infrastructure, zkCross Network addresses fragmentation, complex participation processes and security concerns to create a seamless cross-chain liquidity flow.
Despite advances in interoperability within the decentralized finance (DeFi) sector, most blockchains remain siloed, limiting value transfer and liquidity efficiency. The fragmentation of assets across multiple networks results in liquidity isolation, making it challenging for users to move assets across chains.
Additionally, the onboarding process for newcomers to DeFi is complex. Users must manage private keys, navigate different interfaces and understand blockchain transactions.
Security and privacy concerns are also significant in the decentralized space. DeFi’s open and decentralized structure makes it a frequent target for hacking and attacks. Read More
Coinwire Report: Latam to More Than Double Its Crypto Trading Levels This Year
A recent report by Coinwire, a cryptocurrency research portal, predicts that cryptocurrency adoption levels in Latam will more than double in 2024. The report, which examined trading movements on trusted centralized exchanges according to Coingecko, forecasts that crypto trading volumes in the region will reach $7.82 trillion in 2024, with Brazil and Chile being the top two dominant markets. Read More
Galaxy Research Warns of Sustainability Concerns for Bitcoin Layer-2 Rollups
Galaxy Research indicates that the sustainability of most Bitcoin layer-2 rollups is questionable due to expensive data posting.
A recent report by Galaxy Research has raised concerns about the long-term sustainability of Bitcoin Layer-2 (L2) scaling solutions, particularly rollups, which have gained popularity as a means to keep transactions cheap, fast, and decentralized.
Despite the initial promise, the report suggests that these solutions may face economic challenges due to the inherent limitations and costs associated with Bitcoin’s blockspace. Read More
How mobile technology can drive mass Web3 adoption
According to the Global System for Mobile Communications (GSMA), 49% of individuals globally access the internet from smartphones.
Mobile technology has been a catalyst for radical change in everything from the social media experience to software distribution, ultimately reshaping society and molding behavior in largely unanticipated ways.
Several Web3 companies are now exploring using mobile hardware and operating systems to drive mass adoption of Web3 by sidestepping restrictive app store policies seen on traditional Big Tech platforms and lowering the barrier to entry for users struggling with the technical user interfaces of current Web3 products.
In an interview with Cointelegraph, Max Richter of the Aphone team, a decentralized Web3 operating system that can run on smartphones, tablets, and computers, discussed the role of mobile technology in driving Web3 adoption.
Richter explained that many Web3 developers currently have trouble listing decentralized applications on the Apple App Store and Google Play Store. Even if approved, the software developers must contend with these stores taking a considerable chunk of revenue for listing their applications. The software developer had this to say about the high barrier to entry imposed on Web3 builders by traditional app stores:
"If you’re really struggling to get your apps on board or improving the App Store, which is usually what we see the most, is that there’s a lot of due diligence that goes in on that side.” Read More
The New Mini Blog Newsfeed Is Here At Markethive! A significant achievement unlocked, with many more to come
The Markethive Social Market Broadcasting Network is rapidly gaining prominence as a blockchain-based ecosystem that empowers entrepreneurs with a unique blend of uncensored expression and impartial dialogue, fostering a spirit of collaboration. This sets it apart from the often divisive and restrictive social media landscape.
At Markethive, your experience is our top priority. That's why we're recognized for our evolutionary and innovative ethos. We consistently broaden our decentralized, all-encompassing platform, creating a distinctive news feed interface that fully captures the user's experience.
We operate as an Inbound Marketing platform similar to Marketo and Paragon. The platform is comparable to popular platforms such as YouTube, Instagram, LinkedIn, and Twitter. However, we aim to surpass these traditional Web 2.0 media platforms with the upcoming release of Markethive 2.0, which includes various new features and an improved layout.
In contrast to traditional social media platforms, which rely on a single, primary news feed algorithmically set by the central authorities, Markethive's innovative approach will incorporate four distinct news feeds tailored to support the diverse range of features and functions within the Markethive ecosystem.
Markethive's feeds, including the Conglomerate or general newsfeed, video content, blogging, and curated content, are all about putting you in control. With advanced algorithms, you can tailor these feeds to your preferences, giving you the power to shape your Markethive experience. Markethive's reach is vast, as it consolidates the various features of other platforms into a single, unified system. This article illustrates the different newsfeeds in development and much more. Read More
Devs to Launch New DeFi and Smart Contract Solution on Bitcoin
OP_NET uses the Taproot upgrade to enable smart contracts and other functionality on Bitcoin.
The dream of decentralized finance (DeFi) on the Bitcoin blockchain has eluded developers for nearly as long as it the dominant blockchain has existed. But a crucial component of DeFi, smart contracts, are not native to the Bitcoin blockchain. A group of developers, however, is set to launch the OP_NET testnet on Wednesday, which they say will bring the programmable feature to Bitcoin.
OP_NET takes advantage of the Tapscript component of the Bitcoin Taproot upgrade, which also made Ordinals and Runes possible.
According to pseudonymous OP_NET co-founder Chad Master, the objective is to build a meta protocol system that is permissionless and allows anyone to deploy decentralized applications and smart contracts on the Bitcoin network.
“We want to actually see DeFi on Bitcoin in full force,” Chad Master told Decrypt, providing a preview of the testnet launch and noting that the mainnet should come online in late September. Read More
‘Dark Skippy’ method can steal Bitcoin hardware wallet keys
Malicious firmware can embed secret data into a public Bitcoin transaction, which the attacker can then use to extract a person’s seed words.
Security researchers have discovered a troubling new method that hackers can use to extract private keys from a Bitcoin hardware wallet with only two signed transactions, which they’ve named “Dark Skippy.”
The vulnerability potentially affects all hardware wallet models, but it can only work if the attacker tricks the victim into downloading malicious firmware.
A previous version of the method required the victim to post “dozens” of transactions to the blockchain. But the new “Dark Skippy” version can be performed even if the victim only posts a couple of transactions to the blockchain. In addition, the attack can be executed even if the user relies on a separate device to generate seed words.
The disclosure report was published by Lloyd Fournier, Nick Farrow and Robin Linus on Aug. 5. Fournier and Farrow are co-founders of hardware wallet manufacturer Frostsnap, while Linus is a co-developer of Bitcoin protocols ZeroSync and BitVM. Read More
Ethereum Can't Keep Up With Bitcoin Or Solana: What's Going On?
“Ethereum investors are less loyal than Bitcoin investors” and seek different things, one expert tells Decrypt.
Even after Ethereum’s celebrated arrival on Wall Street, the price of ETH has failed to keep in step with rival cryptocurrencies this cycle.
As the crypto market nosedived on Sunday, the ETH-to-BTC conversion ratio tapped a yearly low of 0.041, according to TradingView. Although digital assets—including ETH—have posted a solid recovery since then, the ratio remains at 0.043 at writing time.
Many can’t help but find the trend unusual. In bull market years, altcoins have frequently outperformed Bitcoin as capital spills over from the leading digital asset into riskier small-cap assets. In fact, this proved true during Bitcoin’s first-quarter rally for altcoins like Solana, and meme coins like PEPE and WIF. Just not ETH.
“This shift challenges the long-held belief that network effects alone would maintain Ethereum’s dominance,” wrote financial analyst Wesley Kress to Twitter on Tuesday. “Ethereum is trading horrible this cycle and I think people are realizing it’s not the future.” Read More
Putin Signs Bill to Green Light Crypto Mining in Russia
Russia appears to be increasingly warming to digital currency as the embattled state eyes ways to escape sanctions.
Russian President Vladimir Putin has signed a law allowing cryptocurrency mining in the country, state-owned media has reported, as lawmakers brainstorm how to skirt sanctions in the pariah state.
The law establishes regulations for the previously outlawed crypto mining industry in the country, limiting the activity to legal entities and individuals who register with the Ministry of Digital Development. Entities and entrepreneurs who do not register will be allowed to mine only if they do not exceed certain energy limits, the Tass state news agency reported.
Russian residents will also be allowed to trade digital currencies, according to the report, but the Russian central bank reserves the right to ban any activity it deems to be a threat to the country's currency. Read More
Solana prevents potential outage, patches critical vulnerability
Solana validator Laine said that an attacker could have attempted to reverse engineer the vulnerability, which could have halted the network.
Solana ecosystem participants patched a major vulnerability on the network, securing the blockchain before disclosing the information to the public.
On Aug. 9, Solana validator Laine posted on X that a “critical security vulnerability” was fixed by developers, validators and client teams working within the Solana ecosystem.
The company shared that it first received a message on Aug. 7 from multiple members of the Solana Foundation. Within the messages, it was advised about an upcoming critical patch and a hashed message with the date and unique identifier of the incident. Laine wrote:
“[...] the hash shared in this message was published by multiple prominent members of Anza, Jito and Solana Foundation on Twitter/X, Github and even Linkedin in order to confirm the veracity of the message.” 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.
Image Source: Pixabay
