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Why Startups Are Front on Bitcoin Base Layer for Building the New Age of dApps?
It’s no secret that dApps and Blockchain-oriented businesses have taken the world by storm these past few years. However, Ethereum, Solana, and the like have started to crop up issues. These Blockchains have been facing issues with security and uptime while being overwhelmed with the number of their users.
When startups look for a base layer Blockchain to build upon, they look for a secure, reliable foundation. This means a strong proofing algorithm and uptime as close to 100%. A recent report by Trust Machines, one of the most promising startups in the space, shows that Bitcoin might be just what they’re looking for.
The Base layer or layer 1 Blockchain is a Blockchain like Bitcoin, Ethereum, or Solana and their underlying infrastructure. These layer 1 Blockchains can validate and finalize Blockchain transactions without needing another network. Layer 2 protocols, on the other hand, are generally more scalable but rely on another network for security and a consensus protocol. These are your Polygons, your Arbitums, your xDai Chains.
Layer 2 chains are used because they aren’t as restrictive in building complex applications and generally have a higher capacity for scaling than their layer 1 counterparts. Similarly, due to Bitcoin’s large transaction times, you’re unlikely to be able to build a satisfying game directly on top of it. However, the layer 2 chain does open additional avenues for threats to waltz through, making the layer’s security even more important. Read More
Generative Art NFTs Are Booming Despite the Crypto Slump
Although the crypto market has looked weak for several months, Anticyclone, Chromie Squiggle, and other generative art NFTs are holding strong.
The floor prices for many prized generative art NFT collections have soared in recent weeks.
William Mapan's Anticyclone has led a market boom that's helped several other Art Blocks collections rally.
As the dollar value of assets like ETH and XTZ has fallen, top-tier generative NFTs have held their value.
Despite falling crypto prices and weak sentiment across the entire space, one subsect of the NFT market is showing strength.
Generative art sales have boomed over the past few weeks, with many of the most sought-after collections benefiting from the rising interest. One of the catalysts for the rally has been William Mapan’s Anticyclone, which minted out at 0.75 ETH when it was unveiled on the Art Blocks platform on Apr. 29. The floor price for one of the 800 intricately rendered art pieces steadily climbed throughout June, with the cheapest pieces now priced at 5.4 ETH on the secondary market. In dollar terms, the floor price has risen from around $2,100 to $5,800. Read More
Spritz Finance Launches Direct Wallet Pay, An Easy Way To Pay Real-World Bills With USDC From Any Crypto Wallet
Spritz Finance, a Web3 bill pay platform for decentralized finance (DeFi) users to easily pay their bills with crypto, announced today a new product feature allowing customers to directly pay their bills straight from crypto wallets, such as Metamask, using USD Coin (USDC). The feature is available now for Spritz private beta users active on the Polygon Network.
Spritz Founder and CEO Chris Sheehan said the new feature will further support the company’s goal of bridging decentralized and traditional finance.
“Our Direct Wallet Pay release helps us bridge TradFi to DeFi in the most straightforward way possible, by leveraging the world’s top crypto wallets and stablecoins like USDC together,” he said. “This brings us one step closer to our vision of connecting every smart contract and crypto wallet to real-world utility, and bringing web3 personal finance to more people with less complexity.” Read More
Lamborghini-backed GT racing team to authenticate car parts using NFTs
Former racing champion Vincenzo Sospiri said that this will allow them to monitor and ensure the quality of their car parts.
Vincenzo Sospiri Racing (VSR), a GT racing team backed by Lamborghini's motorsport department, has announced its partnership with nonfungible token (NFT) platform Go2NFT to launch a program that certifies racing car parts.
In an announcement sent to Cointelegraph, former racing champion Vincenzo Sospiri from the VSR mentioned that their team will build NFT certification for their race cars with Go2NFT and blockchain platform Skey Network. This will allow them to monitor and ensure the quality of the car parts. He explained that:
“This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance.”
Apart from the car parts, VSR is also looking to expand the NFT certification program to official merchandise and its other products as well. According to the team, this will give fans peace of mind when purchasing branded goods.
Boris Ejsymont, an executive at Go2NFT, mentioned that their team understands the challenges that brands face when it comes to protecting their intellectual property, and they believe that NFTs can provide a solution. Ejsymont said that:
“We believe that NFT utility can help create more trust and transparency for brands and their fans. This project with VSR is just the start of many such co-operations for beloved brands across the globe.” Read More
Also, Updates On New Integrations And The Markethive Wallet
As the bear market continues wth its crypto-cleanse and traders bemoan the adverse price action, some industry leaders opine these conditions will eradicate bad actors and create more significant opportunities for upcoming projects and future participants. Several leading crypto analysts and engineers embrace the idea that this is the time to engage in moves leading to the loftiest gains when the bull cycle returns.
Markethive stands firm with these sentiments and continues to build its next-generation entrepreneurial platform and be ready for the market-cleansed bull run. Those on the Markethive journey may be aware that new features are being integrated into the newsfeed in preparation for the five-channel dashboard housing various feeds.
The innovative five-channel dashboard integration will consist of five newsfeeds—the general newsfeed, the blog, the video channel, curation, and surveys.
It will significantly streamline your activities and business facilitation and will include a search engine so you can build your personal algorithms. This will save time and effort by eliminating what you don’t want to see in your newsfeeds, be more intuitive, and enhance the user experience.
CEO of Markethive, Thomas Prendergast, and the team of engineers have made substantial headway with the wallet. It is all but done, and the release is imminent. It’s not a simple wallet that just transfers coins. It is a complete portfolio and accounts of all your transactions, payments, and affairs, including your ILPs. The wallet comprises fourteen major foundational processes and is your internal wallet on the Markethive database. Read More
Ethereum Name Service Registrations Spike 216% in One Week
Secondary sales on OpenSea meanwhile exceeded $7.9 million over the same period.
The Ethereum Name Service (ENS) saw registrations spike over the weekend, with 64,000 .eth names created on Sunday and Monday alone.
In the past week, 108,000 ENS domains were registered. This 216% increase, revealed in data published by lead ENS developer Nick Johnson, brought a notable spike in revenue. On Sunday, the ENS made $684,000—a half a million dollar increase compared to the previous day.
The ENS manages the issuance and renewal of .eth domain names, which are built on Ethereum, sold as NFTs, and can be linked to one’s cryptocurrency wallet.
If the recent spike in sales is any indication, the ENS domain name craze hasn’t fizzled out just yet—000.eth sold for 300 ETH ($344,000) on Sunday. And non-roman character names (such as Arabic or Chinese characters) have also seen some interest, with ٠٠٠.eth selling for 100 ETH ($114,500) on Monday. Read More
Much Ado About 'Nothing'? Why Polygon Is Making a Web3 Push Into Mobile
The upcoming Nothing Phone (1) will integrate Polygon’s tech for easier mobile access to dapps, games, payments, and more.
Ethereum scaling solution Polygon has partnered with phone maker Nothing to bring Web3 tech to mobile users.
Polygon’s Arjun Kalsy discussed the news and future plans with Decrypt.
Don’t call it a comeback: Tech firms’ so-called blockchain phones never appeared to click with consumers, despite multiple attempts, but now crypto networks themselves are making fresh moves to try and bring Web3 to a potentially vast mobile audience.
Solana recently announced its Solana Mobile Stack (SMS) software initiative and Saga phone, and Polygon today revealed its own mobile play. Polygon, an Ethereum scaling platform, announced a collaboration with tech startup Nothing that will see Polygon’s tech integrated into the company’s first smartphone, the Nothing Phone (1).
Initially, the partnership will be an NFT membership club, with Polygon NFTs provided to people who helped crowdfund Nothing’s launch, as well as those who pre-ordered the Nothing Phone (1). Nothing’s Black Dot NFTs, as they’re called, provide potential benefits to holders, such as early access to products or entries to events. Read More
UK Consults On Crypto Tax With Particular Focus On DeFi
Her Majesty’s Revenue and Customs agency (HMRC) has opened an 8-week tax consultation period for collecting evidence on crypto taxes, and specifically on DeFi activities.
HMRC is asking for views on the taxation of crypto-asset loans and staking within the context of decentralized finance (DeFi). The government wants to know how it can reduce burdens and costs to taxpayers.
The chancellor of the exchequer, Rishi Sunak, announced plans earlier this year to make the UK a global hub for cryptocurrency. However, with much opposition to the idea, and a general slowness to act, the project has somewhat stalled.
The current opening of a consultation on loaning and staking in the area of DeFi is quite refreshing therefore and could be taken as a positive sign that the UK authorities really are trying to make such things as staking, less of a burden taxwise.
The government wants to collect the evidence submitted and use it to reduce frictions in the current tax laws pertaining to lending and staking. All other DeFi activities are not covered in the scope of this consultation.
There are 10 questions altogether in the document, and they range from seeking to understand how many lending/staking platforms are based in the UK, and how many UK citizens use them. It asks whether the UK is an attractive place to do this kind of business and whether respondents would like to see a change to the current rules. Read More
Italian government will provide $46 million in subsidies for blockchain projects
All companies developing IoT, AI, or blockchain technology will be eligible to apply for government subsidies provided the funds will be used in specific sectors, such as health.
The Ministry of Economic Development of Italy has announced that certain blockchain projects will qualify to apply for up to $46 million in government subsidies starting from September.
In a Tuesday announcement, the Ministry said companies and public or private research firms will be able to apply for funding from the government for the development of projects related to artificial intelligence, the Internet of Things, and blockchain technology. The fund will have an initial budget of 45 million euros — roughly $46 million at the time of publication — for expenses and costs from 500 thousand (worth $512,150) to 2 million euros ($2,048,600) as part of the Italian government’s goals for investments in technology, research, and innovation.
“We support companies' investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast,” said Minister of Economic Development Giancarlo Giorgetti. “The goal of competitiveness requires the manufacturing industry to constantly innovate and use the potential of new technologies.” 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.
