x
Image Source: Pixabay
Ethereum dev addresses node centralization concerns in runup to the Merge
A majority of 4,653 active Ethereum nodes are being run through centralized web providers like Amazon Web Services, which experts believe could become a central point of failure.
Ethereum is a few weeks away from officially moving to a proof-of-stake (PoS) mining consensus from its current proof-of-work (PoW) one. The transition, officially dubbed the Merge, is slated for Sept. 15, but in the run-up to the major upgrade, Ethereum node centralization has become a hot topic.
As Cointelegraph reported last week, the majority of 4,653 active Ethereum nodes are being run through centralized web providers like Amazon Web Services (AWS), which experts believe could expose the Ethereum blockchain to the central point of failure post Merge.
The same concern was put forward by Maggie Love, co-founder of Web3 infrastructure firm W3BCloud. She claimed that the centralization of nodes in the Ethereum PoS network could become a big concern that nobody seems to be focusing on.
Ethereum lead developer Péter Szilágyi addressed the mounting centralization concerns and claimed that they have been aiming to prune the database since Devcon IV. Pruning refers to reducing the size of the blockchain to a point where developers can create a reliable registry with a certain size. Read More
Cardano hard fork ‘ever closer’ as upgraded SPOs account for 42% of blocks
IOHK wants to see at least 75% of new blocks coming from upgraded nodes, along with two other “critical indicators” before implementing the Vasil hard fork.
Input Output Hong Kong (IOHK), the blockchain company behind the Cardano network, says the much anticipated Vasil hard fork is “ever closer” after revealing the state of three critical indicators that will trigger the mainnet update.
In a Twitter thread posted on Thursday, IOHK shared its latest “rollout status” of the Vasil upgrade to its 265,800 followers, with updates on “three critical mass indicators,” which will determine when the mainnet update will go ahead.
This includes having 75% of mainnet blocks produced by nodes running 1.35.3, around 25 exchanges upgraded (representing 80% of liquidity) as well as the top ten key mainnet decentralized applications (DApps) also having upgraded.
On Thursday, the blockchain company noted that Stake Pool Operators (SPOs) running the latest node 1.35.3 now account for 42% of mainnet block production in the current epoch, which is now more than halfway to the 75% required.
IOHK also noted that one of the world’s largest exchanges, Binance, has reportedly upgraded its Cardano nodes to the latest version. The firm has been targeting roughly 25 exchanges to upgrade their nodes, as it would account for approximately 80% of its native token’s total liquidity. Read More
Don’t trust your coins to anyone, Ledger CEO warns
The Ledger CEO said that until people begin using decentralized technology, control over assets and data will remain in the hands of the big tech giants and centralized intermediaries.
The rise of decentralized services and hardware security wallets means that we no longer need to rely on intermediaries to manage our financial assets and data, according to CEO Pascal Gauthier of hardware wallet Ledger, who has urged people to take on more responsibility.
Speaking to Cointelegraph at Surfin’ Bitcoin 2022 on Thursday, Gauthier said that the recent collapse of centralized exchanges has showcased why investors shouldn’t rely on intermediaries to manage their digital assets.
While most actors are well intended, Gauthier said “the [crypto] industry is too young,” the current state of the economy is “under stress” and, if necessary, intermediaries will continue to prevent investors from accessing their holdings in times of need, citing the now bankrupt Celsius as a textbook example:
“Don’t trust your coins and your private keys to anyone because you don’t know what they’re going to do with it.”
Gauthier admitted the bad news added “fuel to [their] business,” but reinforced that people need to “move their coins before it’s too late.” Though Gauthier, unfortunately, noted that people in crypto often need to “get burned a little bit” before learning the hard way.
But, he also believes that the transition from Web2 to Web3 is taking its time because, in today’s internet, users are content with the speed and efficiency of Web2 services:
“A lot of people are still in Web2 [...] because they want to stay in the matrix where they’re being controlled because it’s easier, it’s you know just click yes yes yes and then someone else is going to deal with your problems. It’s all good and well but actually I don’t think this is how you [become] free [...] taking responsibility is how you become free.” Read More
Miners Eye Ethereum Classic Activity as Merge Nears
The hash rate of ETC hits an all-time high, which reduces the risks of a "51% attack."
Holders of Ethereum Classic (ETC) are cautiously watching the mining activity of its blockchain, as the approaching merge of Ethereum (ETH) and its transition to the proof-of-stake consensus mechanism puts more attention on the six-year-old cryptocurrency.
The drastic jump in activity may signal a shift in focus for cryptocurrency miners. It could also reduce the risks of a so-called "51% attack" on ETC, which have been levied against the blockchain in the past.
The hash rate of the Ethereum Classic network—a measure of the computational power per second used when mining a cryptocurrency—hit an all-time high on Thursday. According to data from crypto market intelligence firm Messari, the ETC hash rate was 42 terahashes, or 42 trillion hashes per second.
The previous high was 28.32 terahashes last May, coinciding with ETC's all-time-high price of $118.
A likely reason for the increased activity is the fact that the merge will leave Ethereum miners in the lurch, holding expensive hardware designed for proof-of-work blockchains that are useless in the new proof-of-stake model. While some miners want to create a hard fork of Ethereum to retain their livelihood, others may redeploy their gear to mine other proof-of-work cryptocurrencies, like Ethereum Classic.
Ethereum Classic is a fork of the Ethereum blockchain launched after the Ethereum blockchain had to be rolled back and relaunched in 2016 after the hack of The DAO project, causing a split within the Ethereum community. 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
How GameFi Is Driving a New Wave of Blockchain Adoption
The global blockchain technology market reached $5.9 billion in 2021 and is projected to snowball at an annual growth rate of 85.9% until 2030.
Several factors can be attributed to this growth rate, including the rising interest in DeFi (decentralized finance) and non-fungible tokens (NFTs). Despite the positive forecast, these verticals still have much to deliver.
Creating real impact in the global blockchain ecosystem can be fun – and that’s exactly what the play-to-earn (P2E) paradigm is bringing to gamers around the world.
In fact, 18% of global NFT gamers aged between 18 and 34 have experienced P2E gaming. Regions in Southeast Asia, alongside India and Brazil, have the highest participation rates.
The emerging field powered by DeFi and NFT technologies is enhancing attractive incentives for the GameFi ecosystem. For instance, players can earn token rewards by completing missions in a game. In most cases, the earned tokens can be traded into local currency or other digital assets.
DEXs, the pinnacle of DeFi’s core offerings, are a popular route used for token swaps. NFT marketplaces have also surged in popularity as an integral GameFi pillar. Read More
THORSwap Introduces the Ethereum (ERC-20) Cross-Chain Aggregator
The presentation layer for all THORChain offerings, THORSwap is a multi-chain DEX Aggregator developed on the cross-chain liquidity mechanism of THORChain. Users can conduct permissionless cross-chain exchanges directly from their wallets under their control. There is now a Golden Age for THORSwap! They added a fully functional ETH ERC-20 DEX Aggregator to THORChain’s flagship frontend on August 23.
Customers of THORSwap could now transfer funds in a frictionless, non-custodial way alone without the usage of bridging or bundled assets between 4,800+ approved ERC-20 tokens and Layer 1 blockchains, including BTC, Cosmos, Binance Beacon Chain, Litecoin, Bitcoin Cash, Dogecoin, THORChain (and shortly Avalanche). Cryptocurrency exchanges have become more popular due to the emergence of Automated Market Makers. Given this, DeFi has had to rely more and more on centralized mediators, gateways, and/or bundled assets to get around the problem of fragmented liquidity across the constantly expanding number of L1 and L2 communities.
By developing a cross-chain aggregation system that links numerous Aggregators + DEXs and utilizing THORChain to facilitate native exchanges between various blockchains, the team at THORSwap believes they can achieve genuine multi-chain clement.
Cross-chain solutions will be crucial in the long term as there will be dozens of blockchain systems with huge assets and volatility.
This historic update redefines the foundation of DeFi’s multi-chain potential by allowing native assets to be swapped cross-chain in a smooth, non-custodial trade. Read More
Ethereum Creator Vitalik Buterin Explains How Crypto Payments Can Be Adopted by the Masses
Ethereum (ETH) creator Vitalik Buterin says he considers crypto assets to be a superior form of making payments compared to mainstream alternatives.
The 28-year-old programmer says that using digital coins for payments doesn’t just deter censorship, it is also a more convenient method for international remittances and business deals, based on his personal experiences.
“People continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they’re so much more convenient. Big boost to international business and charity, and sometimes even payments within countries.
Buterin says that he uses digital assets to support charities and academic organizations that otherwise have had limited or no connection to crypto assets.
“I’ve used crypto to give grants to medium-sized charities and otherwise-unconnected-to-crypto academic orgs. Not big orgs the average person would have heard of, but still significant stuff outside the crypto bubble.”
He says that the non-discriminatory and fair character of crypto, a concept known as credible neutrality, can drive more people into using digital assets for buying goods and services. Read More
Nature’s Vault Launches Gold-linked Utility Token NVLT in the Polygon Ecosystem
Nature’s Vault, a Singapore-based Greentech company, announced today a strategic collaboration with Polygon Network, a leading Web3 protocol provider.
Nature’s Vault Is Tokenising Gold Deposits:
Launched earlier this year, Nature’s Vault’s mission is to develop innovative and impactful ESG investments that combat climate change, namely greenhouse gas emissions and ecosystem degradation. It’s the first blockchain solution to tokenize geologically quantified un-mined gold deposits. The company’s first project, the Legacy Token, ultimately aims to acquire the mining rights over and protect at least one million ounces of gold, located in environmentally pristine locations across Canada. The company has already acquired the first 125,000 ounces at a location called Pistol Lake in Ontario and is in active negotiations on its second acquisition. This preservation of gold is then tokenised as the Legacy Token or NVLT.
Polygon is a Layer 2 blockchain development platform that believes in making Web3 more accessible. Polygon enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security. The Polygon ecosystem allows developers to sidestep a number of limitations on the Ethereum blockchain, namely high gas fees, and sluggish throughput all while leveraging the security features of the Ethereum mainnet.
Stefan Renton, Sustainability Lead at Polygon, said:
“Polygon acts as a base layer for innovation and development of new solutions to our planet’s most critical problems. That is why we are delighted to have Nature’s Vault on Polygon. Nature’s Vault is tackling environmental impact in a creative way, showcasing itself as an example of projects we are strongly committed to supporting.” 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.
