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DeFi Blockchain Behind Cardano’s New Djed Stablecoin Announces Successful Hard Fork and Updated Fees
The decentralized finance (DeFi) protocol behind Cardano’s (ADA) new stablecoin says that it has successfully updated its network.
According to a recent blog post by COTI Network, the scalable layer-1 behind ADA’s upcoming Djed stablecoin, the update transitioned the blockchain to a multi-token network that now supports the creation of private payment networks.
“The launch of the MultiDAG 2.0 protocol heralds the full transition of COTI from a single currency infrastructure to a multi-token network…
We believe COTI is uniquely positioned to serve enterprises, enabling them to launch their own Private Payment Network (PPN) which includes the issuance of CMD [COTI MultiDAG] branded payment tokens, issuance of CMD branded loyalty tokens, and more.”
COTI is also announcing an adjustment to its user fees. According to the firm, its deposit fee will be decreased by 50%, and its withdrawal fee will switch from a set price to a dynamic one but the early withdrawal fee will remain intact. Read More
Future of layer-1 protocols: The tectonic shifts
The great cleansing in Web3 is here and it starts with the key shifts in market-driven correction, changes in VC investments' posture and technology adoption.
Web3 has become an abused industry term over the past two years. Many centralized players classified themselves as Web3 and rode the euphoria and narrative around the buzzword. 2021 saw an unprecedented change with macroeconomic headwinds, geopolitical risks, hacks on DeFi, the blow-up of Terra and one of the biggest frauds committed by FTX — all creating headwinds for price action and beginning the great cleansing event for the industry loosely called Web3.
Based on many conversations with enterprises, developers, venture capitalists and existing ecosystem players, a few tectonic shifts are underway. Web3 is being altered at a fundamental level and the next bull run could be poised to have a different signature.
Here are points to consider. These are all based on data, facts, anecdotes and my own analysis. While these may not be set in stone, I still believe they are directionally correct. Read More
Blockchain & Internet Of Things Are A Perfect Match
Internet of Things technology has given rise to concepts such as smart factories, cities and vehicles and next-generation agri-tech, among many other use cases. Almost every industry is looking to take advantage of IoT and the world is well set for that to happen. These days, almost everyone owns a smartphone or tablet device, and a great many machines are equipped with Wi-Fi-enabled sensors that can send data to a centralized server. Things like factory machines, traffic lights, airplanes - you name it, they all have the ability to talk to one another thanks to IoT.
However, the rise of IoT may present some problems. With so many devices in the world all collecting, sending, receiving and processing data, existing networks will soon become clogged, resulting in very high costs for computing and storage power.
This is why blockchain is often touted as an ideal platform for IoT devices. With blockchain, data is stored on a distributed, decentralized ledger that’s hosted on multiple nodes. Its immutable nature means that the data stored within it cannot be corrupted. The merger of blockchain and IoT results in a reliable and secure method of storing that’s generated and processed by intelligent devices. Moreover, because it’s decentralized, there’s no need for centralized control, management and maintenance, and no expensive costs associated with it. Read More
Final Fantasy Maker Square Enix Reaffirms Focus on Blockchain Games
Square Enix isn’t deterred by the crypto bear market or gamer pushback, plotting multiple blockchain-powered games ahead.
Even as crypto markets remain down and many video game enthusiasts vocally oppose the potential for NFTs in gaming, one major game publisher remains focused on Web3 gaming: Square Enix, the creator of major franchises like Final Fantasy and Dragon Quest.
The Japanese firm has gradually increased its investment and presence in the Web3 space over the last few years, and in President Yosuke Matsuda’s annual new year’s letter for 2023, he explained that Square Enix is “most focused” on blockchain-powered gaming amid its new business development efforts.
Square Enix is developing “multiple blockchain games” based on original IP, rather than its existing franchises, Matsuda wrote, and the firm plans to announce further games this year. The firm is also still considering investment opportunities around blockchain. “[We] will continue to take stakes in promising businesses whether we find them in Japan or abroad,” he wrote.
Matsuda’s letter highlights the growing use of the term Web3, which he writes has become “a firmly established buzzword among businesspeople.” However, he also notes the market challenges that emerged in 2022, including the collapse of the cryptocurrency exchange FTX in November and the subsequent industry contagion.
“Blockchain has been an object of exhilaration and a source of turmoil,” Matsuda explained, “but with that in the rearview mirror, we hope that blockchain games will transition to a new stage of growth in 2023.” Read More
Innovations that will change the way we work and interact online.
The Markethive Social Market Broadcasting Network becomes more prominent daily as the blockchain-driven ecosystem for entrepreneurs with a non-adversarial, bi-partisan free speech ethic and the collaborative culture we rarely see on social media platforms today. Even the newer acclaimed, free speech platforms are partisan to the left or right and deal with de-platforming and boycotts from payment providers.
Unlike the social media giants, which only have one primary news feed algorithmically set by the central authorities, Markethive is integrating four news feeds to accommodate the multi-functional platform within the Markethive ecosystem.
The individual feeds are General, Video, Blogging, and Content Curation, and they are all accessible from the main page and can be algorithmically set by the individual user. The scope that Markethive has is enormous as it integrates all the vertical systems of the other platforms under one roof.
Social + Video + Blogging + Marketing + Curation + Broadcasting + Affiliate + Gamification + Cottage Businesses = Markethive: A Powerful Blockchain-driven Ecosystem
There is nothing out there like Markethive. We are an Inbound Marketing (automated marketing platform) like Marketo, Paragon, and even the wannabee MLM Onpassive platform. We are like Youtube, Instagram, LinkedIn, Twitter, etc., but will be superior to these legacy Web 2 media when we release all the aspects and layout of Markethive 2.0.
We have a dynamic social media interface and growing community with a strong collaborative ethos, with SaaS and broadcasting capabilities already operational. We are not waiting for the launch to access the services; they are already there for you to use to help you facilitate your business and increase your reach and following.
Markethive is enhancing and bringing the platform into the future internet with our new technology and interfaces, but still in keeping with the human touch. Read More
Integrating Decentralized Cross-Chain Communication Makes Bridges 'Substantially Safer' — Flare CEO
Although they grabbed less media attention than the collapse of centralized organizations, the so-called bridge exploit incidents in 2022 again proved that the decentralized finance (defi) ecosystem still lacks sufficiently secure solutions, Hugo Philion, the co-founder and CEO of Flare, has argued. Philion insists that the lack of such secure solutions has constrained the growth and use of defi products.
Lack of Communication Between Chains:
In written responses sent to Bitcoin.com News, Philion claimed that the large-scale, cross-chain experimentation primarily seen in 2020 and 2021 potentially explains why more than $2 billion has been lost via the so-called bridge exploits of the past 12 months. However, according to the Flare CEO, while it may not be possible to completely eliminate risks for users, bridges could “be made substantially safer.”
Besides addressing security-related issues, Philion also offered his thoughts on many other issues that range from the possible use of non-smart contract digital assets in defi and Web3, to insuring digital assets when they are moved across chains. Read More
XRP Whales Moves Over 200,000,000 Tokens As Ripple Unlocks Escrow Funds: On-Chain Data
XRP whales are making major waves, moving over 200 million tokens to start the new year.
According to new data from whale-surveying platform WhaleAlert, 70,000,000 XRP were moved from an unknown wallet to crypto exchange Bitstamp yesterday in two separate transactions.
“40,000,000 XRP (13,485,157 USD) transferred from unknown wallet to Bitstamp…
30,000,000 XRP (10,113,868 USD) transferred from unknown wallet to Bitstamp.”
In addition to the large Bitstamp transactions, WhaleAlert also finds that nearly 150,000,000 XRP were transferred between two unknown wallets on the first day of the new year.
“148,700,000 XRP (50,372,552 USD) transferred from unknown wallet to unknown wallet.”
Both wallets are unidentified and do not have registered usernames on XRPL explorer Bithomp. Read More
Arbitrum One goes live on Nitro
The moment seems to have finally arrived when the Arbitrum is functioning live on Nitro. For all concerned and connected users, this simply means they will now have the added benefit of an increased amount of throughput and immensely lesser fees. There will also be the factor of the new-age rollup architecture. Incidentally, this is all functioning live on the Arbitrum One mainnet.
This indeed happens to be a new benchmark set by Arbitrum. The team is excited about this occurrence as they have put in a lot of effort and time to achieve this. With the Arbitrum One network finding its place online, it will be instrumental in continuously bringing back the ecosystem framework online, and this process will be something the users will be able to track.
Where Nitro is concerned, now that it is fully in the picture, it will be the turn of all developers and users to gain from the added benefits that have been incorporated and that it will be providing. Read More
Biggest blockchain trends for 2023 and beyond
After a year of new all-time highs for major cryptocurrencies in 2021, 2022 was a challenging year for Web3. Industry experts tell Forkast what crypto has in store for 2023 and beyond.
The cryptocurrency industry in 2022 was hit by black swan events like the Terra-LUNA crash, the collapse of cryptocurrency exchange FTX and the subsequent fall from grace of its founder Sam-Bankman Fried, who was among the most lauded industry figures just a few months ago.
Forkast spoke to crypto industry experts to reflect on the potential of blockchain technology and discuss trends for 2023.
Traditional companies adopting Web3 could end crypto winter
“In 2022, I saw many Web2 companies accept crypto payments and add blockchain innovations like NFTs (non-fungible tokens) to their services… This is a trend that will continue to grow as more people become aware of blockchain technology,” Alex Onufriychuk, head of growth at blockchain-based music crowdfunding platform Corite, said.
“The key to the next ‘crypto summer’ will be mass adoption of Web3 elements by traditional Web2 companies. As this transition accelerates, more attention will be spent on designing interfaces and experiences that are more intuitive for the average user,” Onufriychuk said. 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.
