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This L1 network creates a secure and efficient interoperable network with Bitcoin, Ethereum and more
A new layer-1 blockchain seeks to establish secure connections between different chains — including smart contract chains like Ethereum and non-smart contract chains like Bitcoin.
In a world of different blockchains, interoperability is becoming an increasingly important issue. While many solutions are already connecting the numerous chains, they don’t come without risks.
Different layer-1 blockchains aim to solve this interoperability problem by creating a network with integrated bridges between chains and asynchronous message passing. Using a cross-chain bridge, it’s possible to move value from one chain to another. However, this raises several issues for developers and users. One major issue is the potential for bridge hacks, which have caused billions of dollars in damage in recent years.
In addition, a fragmented blockchain landscape leads to inefficiencies and complexity, exposing additional vulnerabilities. Trading across chains can be costly with rising gas prices and slippage risks. What’s more, bridging solutions can take anywhere from minutes to hours to get a transaction through. Read More
Starknet moves closer to EVM compatibility with upcoming ‘Kakarot’ testnet
With fresh funding under its belt, Starknet will launch a new testnet zkEVM in August that allows developers to write in any EVM-compatible language on Starknet.
Starknet, a zero-knowledge layer-2 scaling solution for Ethereum, is one step closer to becoming fully Ethereum Virtual Machine (EVM) compatible, pending an August testnet launch of Kakarot, a new zkEVM.
On June 3, the Kakarot team announced it had received new backing from Ethereum co-founder Vitalik Buterin, Ledger co-founder Nicholas Bacca and Starkware.
In an interview with Cointelegraph, Kakarot CEO and co-founder Elias Tazartes explained that while Starknet stands as a leading Zero Knowledge roll-up in the Ethereum ecosystem, it’s not EVM compatible, so there’s “kind of a barrier to entry.”
Starknet is used by developers to scale decentralized applications, transactions and computation on Ethereum but uses its own native language, Cairo. According to Starknet, the use of Cairo makes it easier and faster to develop, review and maintain new code.
The downside is that it isn’t EVM compatible, which could dissuade some developers.
“The greatest impact that Kakarot can have is to make Starknet EVM compatible.” Read More
Web3 protection tool releases update that improves security against scam tokens and dangerous contracts
The latest update of this Web3 security tool addresses new social engineering schemes and hacking attacks.
Web3 and other blockchain-powered markets are still in their infancy, with most of the underlying technologies, economic models and coding architectures still being improved, tested and updated. While this is normal for an emerging market and technology, there are always loopholes that bad actors can exploit and target to attack their victims. In particular, with social engineering tactics, scammers manipulate users’ emotions and create a sense of trust and urgency.
At the beginning of 2023, bug bounty platform Immunefi estimated that the Web3 ecosystem lost around $3.9 billion to scams and hacking attacks in 2022, with decentralized finance (DeFi) being the most targeted sector, suffering 80% of the calculated losses.
In the ever-evolving landscape of blockchain technology, two pivotal issues stand out that demand users’ attention and solution-oriented approach. The first revolves around the stealthy seizure of token approvals, often unbeknownst to actual contract owners. This practice leverages complex contract features to manipulate token approvals without alerting the rightful owner, thereby compromising the security and integrity of their digital assets. Read More
Has True Blockchain Interoperability Been Achieved?
Blockchain users could be forgiven for losing count of the number of different networks they interact with. As established blockchains such as Bitcoin and Ethereum experience limitations over the number of use cases they support and their scalability, crypto projects are looking to newer chains to support their activities. By building on alternative blockchains, projects can tap into the new capabilities they offer and benefit from faster transactions and lower processing costs.
As a result, the number of blockchain networks competing for market share in industries like decentralized finance, gaming, metaverse, and other areas is growing. There is no single blockchain that has emerged as the platform for every type of use case, as each network comes with trade-offs. As a result, developers simply select the most appropriate blockchain for whatever it is they’re trying to achieve. Read More
Markethive Leading The Way In Web 3 Social & Market Media
Web 3.0 is the next generation of the internet which people envision will be more decentralized and permissionless. One that's built on decentralized protocols, where users help with content creation and the governance of the web itself. They also have the ability to own a part of the network, so you can think of it as a Read-Write-Own Internet.
There are already several technologies that could serve as the backbone for a Web 3 world. Most point to blockchains like Elrond, Cardano, or Ethereum, for example, but other distributed technologies like IPFS can also be used to decentralize networks.
Thousands of dApps (decentralized applications) are already being built in the Web 3 environment. These often include native tokens to add value to the application to those who hold the tokens. These native crypto assets allow those who participate in the network to share in the value generated from it.
Web 3 promises a decentralized alternative where we are all users, owners, and developers. This quote from Fabric Ventures sums it up beautifully,
“Web 3.0 enables a future where distributed users and machines are able to interact with data, value, and other counterparties via a substrate of peer-to-peer networks without the need for third parties—the result: a composable human-centric & privacy-preserving computing fabric for the next wave of the web.” Read More
The best blockchain “does not exist” — Cardano Foundation exec
Mel McCann, vice president of engineering at the Cardano Foundation, argued that there are different use cases for various blockchains.
While many community members enjoy arguing about what the ultimate blockchain is, an executive from the Cardano Foundation believes that these arguments should stop, as use cases dictate which blockchain is most appropriate for specific projects.
At the World Token Summit in Dubai, Cointelegraph spoke with Mel McCann, vice president of engineering at the Cardano Foundation. The executive spoke about various topics, including enterprise adoption and the need to stop arguing about what blockchain is the best.
According to McCann, blockchain offers many potential benefits in terms of tracking the history of basically anything. “There’s lots of different ways that you can use the blockchain for proof of origin, for provenance, for all of these things,” he said. There are many ways for companies to leverage the blockchain for different purposes. Read More
Stepping Into the Web 3.0 Arena – It’s Easier Than You Think
The word ‘Web 3.0’ can spark a strange kind of fear.
It’s tangled up in technical words that sound complicated and exclusive, as though it’s a club for tech wizards only – a place where the rest of us, who don’t speak the language of algorithms or blockchain, wouldn’t dare to tread.
The reality is that Web 3.0 is an open frontier, accessible to anyone possessing a spirit of curiosity and an inclination toward exploration.
If you rewind to the days of Web 1.0 and 2.0, we were all strangers in a new land. We learned to send emails, discovered social media and dared to shop online.
Fast forward to today, and it’s hard to imagine life without these tools. The key to navigating this new territory is similar to what it was before, knowing where to look and being eager to learn.
Web 3.0 is more than just a new piece of tech. It’s the start of a more interactive and personalized digital era. Read More
Web 3.0 Cannot Tackle Network Manipulation Using Token-Based Governance
Web 3.0 promotes community-driven ecosystems with decentralized, fair and resilient governance.
Its goal is to disrupt traditional, top-down organizational structures that suffer centralization – manipulation, insider control, strong-arming, etc.
But this requires a radical shift in how we perceive ownership, competence and decision-making.
Most Web 3.0 networks currently implement token-based governance. Their token holders get voting rights – i.e., a say in the project’s future.
However, a closer look reveals that the one-token-one-vote approach of token-based models ultimately negates the foundational principles of Web 3.0. Read More
Crypto scams are going to ramp up with the rise of AI
Remember HarvestKeeper, the AI project that scammed users for $1 million? You can expect similar AI-based scams to soar over the next couple of years.
With talk about integrating artificial intelligence and the cryptocurrency industry mostly focusing on how AI can help the crypto industry combat scams, experts are failing to pay attention to the fact that it could have the complete opposite effect. In fact, Meta recently warned that hackers appeared to be taking advantage of OpenAI’s ChatGPT in attempts to gain entry into users’ Facebook accounts.
Meta reported blocking more than 1,000 malicious links masked as ChatGPT extensions in March and April alone. The platform went as far as calling ChatGPT “the new crypto” in the eyes of scammers. In addition, searching the keywords “ChatGPT” or “OpenAI” on DEXTools, an interactive crypto trading platform tracking a number of tokens, collectively reveals over 700 token trading pairs that mention either of the two keywords. This shows that scammers are using the hype around the AI tool to create tokens, despite OpenAI not announcing an official entry into the blockchain world.
Social media platforms have become popular channels for promoting new scam coins online. Scammers take advantage of the widespread reach and influence of these platforms to generate a significant following within a short period. By leveraging AI-powered tools, they can further amplify their reach and create a seemingly loyal fanbase consisting of thousands of people. These fake accounts and interactions can be used to give the illusion of credibility and popularity to their scam projects. 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.
