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Ethereum Scaling Solution zkSync Unveils Latest Prover Tech ‘Boojum’
zkSync’s new prover plummets transaction time and the amount of expensive hardware needed for everyday users to help secure the network.
zkSync is taking yet another step to decentralize.
Named after a mythical creature found in Lewis Carroll’s poem ‘The Hunting of the Snark,’ the team behind zkSync has launched the latest upgrade to the speedy layer-2 network.
The launch is in so-called mainnet shadow mode, per the team, as part of the launch's phased rollout. This mode is a testing zone that runs in parallel to the mainnet.
zkSync is a novel scaling solution for Ethereum and one of the few that use zero-knowledge (zk) rollups to do so. Rollups come in two varieties: zk and optimistic. Both batch transactions off of the mainnet, roll them up into even smaller bundles, then those bundles are compressed into a proof, and settled on Ethereum. Read More
How BaaS Is Driving Innovation and Accelerating the New Age of Finance
The BaaS market has garnered a lot of attention in recent times. According to a fresh study, it is set to expand to $11.4 billion in the next seven years at a 16.9% CAGR.
Another report projects the sector to grow to $66 billion during the same period.
While the projections vary greatly, one thing is certain – we can’t underestimate the potential of this breakthrough technology for the modern financial industry.
As a win-win solution for all involved participants – banks, fintechs and consumers – BaaS has the potential to become a crucial building block of a diverse financial system that facilitates financial inclusion across the globe. Read More
What is Bitcoin Ordinals?
Bitcoin Ordinals, also known as digital artefacts, are a way to inscribe digital content on the Bitcoin blockchain. They were introduced in January 2023 by Casey Rodarmor, a programmer and artist, who saw an opportunity to create a unique experience on the Bitcoin blockchain similar to non-fungible tokens (NFTs) on Ethereum and other blockchains.
Bitcoin Ordinals are a system for numbering and tracking individual satoshis (the smallest unit of Bitcoin), transforming them into non-fungible tokens (NFTs). Ordinals are based on ordinal theory, which gives individual identities to satoshis and allows them to be tracked, transferred, and imbued with meaning.
The Ordinals protocol assigns a unique number to each satoshi based on when it was mined. Smaller numbers correspond to older satoshis. As transactions occur, the Ordinals protocol tracks each satoshi through subsequent transactions in a "first-in-first-out" scheme. The satoshis' identifying numbers are called Ordinals, as both the identification and the tracking mechanism are dependent on the chronological order of creation and transactions. Read More
Bitcoin Lightning Network Now Live On Binance
Binance has successfully integrated Bitcoin Lightning Network on its platform for faster BTC withdrawals and deposits.
Binance Integrates Bitcoin Lightning Network:
Binance, one of the leading cryptocurrency exchanges, has achieved a significant milestone by successfully integrating the Bitcoin Lightning Network on its platform. Around the end of June, the company announced its decision to integrate the Bitcoin Lightning Network to scale up its BTC transaction.
Earlier today, the Binance team put out a statement on its website, announcing the successful integration and providing all the details users would need to access these transactions. Binance users will now be able to now conduct BTC deposits and withdrawals on the Lightning Network, opening up new possibilities for faster and more cost-effective transactions. 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
Chainlink launches cross-chain protocol bridging blockchain to TradFi
Several top banks around the world are already collaborating with Chainlink to explore applications for the Cross-Chain Interoperability Protocol.
The development firm behind the Chainlink protocol and its native token has gone live with its cross-chain protocol, aimed at providing interoperability between traditional financial firms and both public and private blockchains.
In a July 17 post on the Chainlink blog, Chainlink Labs Chief Product Officer Kemal El Moujahid announced that its Cross-Chain Interoperability Protocol (CCIP) has launched under early access on Ethereum, Avalanche, Polygon, Arbitrum and Optimism.
Developers on these platforms will have access to CCIP on their respective testnets on July 20.
CCIP is an interoperability protocol that allows enterprises to transfer data and value between public or private blockchain environments directly from their backend systems.
Chainlink’s interoperability solution uses Swift’s messaging infrastructure, which is used by over 11,000 banks around the world to facilitate international payments and settlement. Read More
Healthy competition welcome — Polygon zkEVM lead
Prominent Ethereum development firms have rolled out varying zero-knowledge scaling solutions that drive healthy competition in the ecosystem.
An environment of healthy competition is being fostered between the Ethereum ecosystem’s top development firms building zero-knowledge Ethereum Virtual Machines (zkEVMs) to scale the network, according to one of Polygon’s co-founders.
Jordi Baylina, technical lead of Polygon Hermez zkEVM, spoke to Cointelegraph ahead of the start of EthCC in France. With builders from across the Ethereum ecosystem converging on Paris, zero-knowledge-proof (ZK-proof) scaling tools are set to be a major focal point.
Polygon’s zkEVM uses ZK-proofs to reduce transaction costs and increase the throughput of the Ethereum network, while taking advantage of the security and finality of the layer-1 blockchain.
ZK-proofs have proved to be an important scaling tool for the Ethereum ecosystem. The technology allows protocols like Polygon’s zkEVM to handle transaction computations off-chain before providing a resource-lite proof to the Ethereum mainnet without revealing any of the associated data. Read More
Chainlink Launches Cross-Chain Protocol to Bridge Blockchains With Traditional Capital Markets
Dominant data oracle Chainlink launched its Cross-Chain Interoperability Protocol (CCIP) on its Mainnet today. The early access phase supports Avalanche, Ethereum, Optimism and Polygon (MATIC) networks, with CCIP also adopted by DeFi lending protocols Aave and Synthetix.
Chainlink says the same security model that powers price oracles—which are designed to be flash-loan attack resistant and able to withstand other commonly known threats—is behind the protocol.
CCIP aims to become the “TCP/IP of finance,” said Sergey Nazarov, co-founder of Chainlink, referencing the core architecture of the internet created nearly 50 years ago.
“CCIP creates a standard communication system between different chains,” Nazarov told Decrypt. “In the public blockchain sphere, it will be used to connect DeFi applications with a number of other chains.”
“These networks will get the benefit of an immense security system, through their newly created active management network,” he added.
And the focus isn’t solely on cryptocurrency. Read More
Web3 Revolution: 'Low Latency Is King' Says Fleek Network Lead Researcher
According to Parsa Ghadimi, the lead researcher at the Web3 infrastructure platform Fleek Network, many developers of decentralized apps (dapps) continue to shun Web3 infrastructure because it has low latency. Ghadimi asserts that developers and users are more concerned with performance than the novelty of Web3 applications.
Web3 Regulation a ‘Certainty’
While this may explain developers’ use of or preference for Web2 infrastructure, according to Ghadimi, participants in the Web3 ecosystem can reverse this trend by “matching the performance and latency of Web2.”
Meanwhile, when asked about reports of the United States’ attempt to regulate the decentralized finance (defi) ecosystem, Ghadimi told Bitcoin.com News that he remains optimistic regulators will not go after projects which adhere to rules. Although the eventual regulation of Web3 is now widely seen as a “certainty,” the researcher nevertheless said he is “increasingly optimistic” that this will be done in a “sensible” way.
In his written answers sent to Bitcoin.com News via Telegram, Ghadimi also shared his thoughts on why the web infrastructure needs Web3. He also offered his thoughts about the future of centralized entities in Web3. 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.
