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Protocol Upgrade to Boost Transactions Speed & Cross-Chain Communication Security: Algorand
Algorand said the new protocol upgrade would boost its transactions per second (TPS) and cross-chain communication security via state proofs.
Algorand is a proof of stake Layer 1.
The blockchain cryptocurrency protocol's state proofs aim to connect Algorand to other blockchains and boost TPS.
The state proofs' interoperability standard provides an interface with any proof of stake blockchain can use for cross-chain communication and transactions, The Block reported.
According to Algorand, this upgrade will increase the network TPS from 1,200 to 6,000.
However, more details are yet to be seen to confirm the upgrade benefits for users and protocols.
According to The Block, "TPS is a measure of speed and is not correlated to finality, which is when a transaction is processed and finalized on the blockchain."
It added that finality in terms of security guarantees that the transaction will not be reversed and must be considered when assessing TPS in blockchains. Read More
BNB Chain Launches Zero-Knowledge Proof Scaling Tech
BNB Chain has launched a zero-knowledge proof scaling technology, zkBNB.
According to Ethereum co-founder Vitalik Buterin, the zero-knowledge proof is an option for long-term solutions for decentralised blockchain scalability.
The zero-knowledge proofs utilise mathematical proofs to allow the verification of specific data without the requirement to reveal the details.
BNB Chain is a part of Binance's Layer 1 protocol which is the most widely adopted in Layer 1 blockchain. It hosts more than $5.4 billion in total value locked (TVL) and currently ranks three across all chains, according to DeFiLlama.
Binance has introduced zkBNB to manage security from its base layer. ZK SNARKs will be utilised to speed up transactions per second (TPS), finality, lower transaction costs, and "scalability, the likes of which have not been seen before in the industry," according to BNB Chain. Read More
Zeus Finance to Integrate Chainlink Keepers, Price Feeds, and VRF
Zeus Finance has announced triple integration, where it has added all three major Chainlink services to the network, making it the first DeFi protocol on the Avalanche network to do so. The integration includes the addition of Chainlink Keepers, Price Feeds, and VRF.
Every service will have a different function to perform with a common objective of making the platform more robust. This will, in turn, help the protocol deliver a consistent and transparent experience to the users.
Chainlink Price Feeds will enable the platform to convert currency and calculate fees by providing real-time data. Chainlink Keepers will eliminate the manual interaction by automating the reward distribution process. Chainlink VRF will extend a helping hand to support the randomized airdrops of the native token.
Frank, the Chief Executive Officer of Zeus, called the triple integration an obvious choice by stating that all the services work together to deliver the required experience to the users. Read More
Nigeria plans to create a crypto-friendly free zone with Binance
The Nigerian government is in discussions with crypto exchange Binance regarding a potential crypto-friendly economic zone similar to Dubai’s virtual free zone.
On 2 September, the Nigeria Export Processing Zones Authority (NEPZA), announced that it had held preliminary meetings with Binance and tech infrastructure firm Talent City to talk over the proposed “first Virtual Free Zone in West Africa”.
The zone would focus on blockchain and the digital economy, making Nigeria a hub for global digital assets and promoting long-term economic growth, NEPZA said in a press release.
“Our goal is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy,” Adesoji Adesugba, NEPZA’s managing director, said in the statement.
NEPZA, which operates free zones and regulates exports across Nigeria, envisions the end result as being much akin to Dubai’s virtual free zone. Read More
We have a lot to be grateful for within Markethive. It’s like stepping out of the rat race into an oasis of humanity at its best. As an inbound marketing, business-based blockchain platform with an inherent entrepreneurial spirit, we have all the tools to get our message out to the whole world. We have a social media interface with a collaborative ethos rarely experienced on legacy social media.
We are starting to see new integrations in the blogging section in preparation for the customized, more intuitive interface and dashboard of Markethive and, of course, the Markethive Wallet that will facilitate the Merchant accounts for members as well as personal transactions, the Vault, etc.
The new-look Blogcasting Hub is located at the top of all blogs in the system. Blogcasting is a term introduced by Markethive and is an enhanced broadcasting system. In the traditional broadcasting sense, only the people who physically subscribe to your blog or newsletter are usually notified of your updates via email.
With this blogcasting system, your social networks are informed of your blog as and when you publish them. What this means is the potential reach is into the millions. Read More
Delphi Labs shifts research focus to a new crypto ecosystem, and it’s not Ethereum
As part of Delphi Digital’s research into major ecosystems to find a new focus for its R&D arm, the firm has selected Cosmos over Ethereum as it thinks the latter is too slow and expensive.
Crypto research firm Delphi Digital has shifted the focus of its research and development (R&D) protocol arm Delphi Labs to the Cosmos ecosystem.
Delphi Labs is Delphi Digital's protocol R&D arm, with a team of around 50 aimed at incubating “Web3 primitives.” The R&D arm had previously been focused on researching and developing protocols on Terra but was forced to look into other ecosystems following its collapse in May.
Delphi Digital is an independent research and investment firm founded in 2018 that provides institutional-grade analysis of the digital asset market, which launched its Labs wing in 2021.
In a lengthy report published on Thursday, Delphi Digital said its team analyzed a range of different blockchain ecosystems to determine which was the most suitable for its needs, particularly in relation to decentralized finance (DeFi), but ultimately decided on the Cosmos ecosystem. Read More
Polygon CSO blames Web2 security gaps for recent spate of hacks
Polygon’s chief of security says his department now employs 10 experts to ensure top-notch cybersecurity practices are adopted, recommending other crypto firms do the same.
Polygon chief security officer Mudit Gupta has urged Web3 companies to hire traditional security experts to put an end to easily preventable hacks, arguing that perfect code and cryptography are not enough.
Speaking to Cointelegraph, Gupta outlined that several of the recent hacks in crypto were ultimately a result of Web2 security vulnerabilities such as private key management and phishing attacks to gain logins, rather than poorly designed blockchain tech.
Adding to his point, Gupta emphasized that getting a certified smart contract security audit without adopting standard Web2 cybersecurity practices is not sufficient to protect a protocol and user’s wallets from being exploited:
“I’ve been pushing at least all of the major companies to get a dedicated security person who actually knows that key management is important.” Read More
UK economic secretary commits to make country a crypto hub under new PM
“We want to become the country of choice for those looking to create, innovate and build in the crypto space,” said MP Richard Fuller.
Richard Fuller, the Economic Secretary to the Treasury, said the government wants the United Kingdom to be the “dominant global hub for crypto technologies.”
In a parliamentary debate on crypto asset regulation in the U.K. on Wednesday, Fuller spoke in favor of “powerful” use cases for cryptocurrency and blockchain technology, including using distributed ledger technology for customs and international trade and storing medical records on the blockchain. Alexander Stafford, the parliamentary private secretary to newly elected Prime Minister Liz Truss, added the prime minister “reaffirmed” her commitment to providing internet connectivity for U.K. residents, which could allow access to buying, selling and mining crypto.
“As crypto technologies grow in significance, the U.K. Government are seeking ways to achieve global competitive advantage for the United Kingdom,” said Fuller.
The economic secretary added:
“We want to become the country of choice for those looking to create, innovate and build in the crypto space [...] By making this country a hospitable place for crypto technologies, we can attract investment, generate new jobs, benefit from tax revenues, create a wave of groundbreaking new products and services, and bridge the current position of UK financial services into a new era.” Read More
Web3 Music Platform Coop Records Raises $10 Million
Coop Records, a Web3 music-focused platform founded by NFT song collector Cooper Turley, has raised $10 million, according to Billboard.
The specific investors have not been disclosed to the public; only several well-known Web3 founders and investors have participated in the investment.
The platform aims to provide funding for music-loving users and creators by building a "community-as-a-community" portfolio with non-fungible tokens (NFTs) to change the situation where contracted creators cannot control their own autonomy.
Coop Records will allow companies to share their code, infrastructure and assets,
Turley said artists can raise money and earn money from their work without selling their songs to record labels in the future—perhaps by tokenizing the ownership of their music-making companies.
He wrote on his official Twitter: "Coop Records invests in platforms, artists and tokens uniquely enabled by web3. Think of it as a hybrid between a venture fund, a record label, and an incubator. We work with founders to create new revenue streams for music." 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.
