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Ripple wants to bring Ethereum smart contracts to the XRP Ledger
The EVM-compatible XRP Ledger sidechain is set to undergo its second phase in early 2023, which will make the chain permissionless and improve scalability.
Ripple users may be able to interact with Ethereum-compatible decentralized applications (DApps) in the future following the launch of a test phase of Ripple’s new XRP Ledger sidechain.
The launch of the sidechain was shared in a Tweet by blockchain development firm Peersyst Technologies on Oct. 17, noting that the new sidechain is compatible with Ethereum Virtual Machine (EVM).
This means that Ripple users could eventually have access to DApps like Uniswap (should it port over) and Web3 wallets such as MetaMask and XUMM Wallet.
The new sidechain also comes with a cross-chain bridge built to transfer XRP and other assets between the EVM-supported sidechain and the XRP Ledger Devnet.
According to RippleX software engineer Mayukha Vadari, the release “means developers no longer have to choose between XRPL or EVM-compatible blockchains.” Read More
STEPN Competitor Gritti Steps Up in Move-to-Earn Space
A new move-to-earn game is arriving later this year with designs on setting a "gold standard" for mobile fitness apps.
Gritti, an upstart competitor in the move-to-earn gaming space, has closed its $1.7 million seed round.
Previous attempts at such gaming models have enjoyed fleeting success but ultimately succumbed to poor token mechanics.
Gritti is happy to boast its credentials, but whether or not it can deliver remains to be seen.
An upcoming move-to-earn game is hoping to get the formula right once and for all.
Gritti, an upcoming Web3 social fitness app for runners, has announced the closing of its $1.7 million seed funding round. The scrappy upstart is the latest entrant into the move-to-earn craze, which reached recent heights in April and May with the initial success of STEPN, an archetypal move-to-earn fitness game on Solana. From this perspective, Gritti has big shoes to fill, so to speak. Read More
Ripple’s $250M fund backs Web3 projects focused on ‘entertainment and media’
A Ripple executive said the company believes that tokenization can transform the creator economy and create new business models.
In September 2021, enterprise blockchain and crypto solutions company Ripple launched the Ripple Creator Fund, a $250 million initiative committed to providing creators with the financial, creative and technical support needed to create nonfungible tokens (NFTs) and other tokenization projects on the XRP Ledger.
On Oct. 18, Ripple disclosed the second wave of creators to receive funding for their NFT projects through Ripple’s Creator Fund. This round of funding was awarded to independent creators focused on building functional use cases in gaming and the Metaverse, as well as music and media on the XRP Ledger. This round of recipients included companies like 9Level9 Productions, Anifie, Capital Block, NFT Avatar Maker, NFT Master, SYFR Projects and ThinkingCrypto.
Speaking with Cointelegraph, Markus Infanger, vice president of RippleX Growth, shared that Ripple chose projects that brought life to tokenization use cases — in particular, projects that provide functional utility, such as access rights, ticketing and phygital items. According to the vice president, Ripple looked for ideas, teams and visions that best aligned with bringing innovation and creativity to NFTs that go beyond digital art. Read More
Crypto Winter Is Rough. Here Are Five Essential Survival Tips
Crypto is currently caught in one of the most brutal bear markets in its 13-year history. Here are our top survival tips for investors looking to navigate the market and emerge stronger once the skies clear.
Bear markets are where the money is made, so sticking around and staying engaged is crucial for success in crypto.
Second-order thinking and expected value are two instrumental mental models to use when preparing for the next leg up.
Bear markets could last years, and crypto asset prices could go lower than everyone's expectations, so staying patient is essential for surviving the crypto winter.
It’s been a brutal year for crypto investors. After an extended market rally saw the global cryptocurrency market capitalization top $3 trillion in late 2021, Bitcoin and other digital assets have been battered by macroeconomic turmoil, suffering a decline that’s sent many of last year’s new crypto adopters running for the exit. Today the space is worth just under $1 trillion, with Bitcoin and Ethereum both trading over 70% down from their all-time highs. Read More
Because of Solana’s POH method, it can horizontally scale the rest of the blockchain, the same way that operating systems and databases scale their software. Each Solana team member has over a decade of experience working in operating systems GPU acceleration. Compilers, networks, etc., giving them extensive and deep experience optimizing software.
Solana is based on scaling software with hardware, with the vision of building the world's largest decentralized, single-chart blockchain. The only way to do that is by scaling all the core technologies with hardware.
Scaling the Blockchain in this way delivers a cheap cryptographic base for financial transfers and, more importantly, outside of finance. It is a way for Solana to build a better web experience for social media communities regarding micropayments.
Also, advertising-based revenues can be relinquished for social networks, leading communities to generate value by self-expression, creating their own content, and growing the network and the connections within the community, creating a better world for all. Read More
Sam Bankman-Fried Pitches 'Sanctions, Allowlists and Blacklists' in Crypto
Regulation is inevitable, notes the FTX CEO, but the right approach will make a world of difference.
FTX boss Sam-Bankman Fried thoroughly broke down his ideal regulatory framework for the crypto industry on Wednesday.
The billionaire said he is a proponent of regulation using blacklists or blocklists, a model where individuals may freely trade unless explicitly sanctioned. This is in contrast with whitelists or allowlists where individuals are banned from trade by default unless explicitly granted permission.
“We need fast, reliable lists of addresses associated with illicit finance,” said the CEO. “But peer-to-peer transfers should generally be free as long as they're not going to sanctioned actors.”
In a more detailed document on FTX’s website titled "Possible Digital Asset Industry Standards," the exchange—likely channelling its top executive—further argued that using allowlists would be a massive burden on innovation and commerce that “freezes out the economically disadvantaged.” On the other hand, the exchange noted, simply allowing all transfers would open the floodgates to financial crime.
Blocklists, it argues, strike a much healthier balance between the two. Read More
Shapeshift Migrate Users to Open-Source Mobile App Boosting Decentralization
Shapeshift has now created a new open-source app to which users will have to migrate, to take additional steps into complete decentralization.
On Wednesday, noncustodial crypto exchange and decentralized autonomous organization (DAO), Shapeshift, announced the launch of its new open-source mobile application to move fully into decentralization.
According to Shapeshift, this new move would enhance user mobility, and in addition, provide an authentic DeFi universe experience for its users, as well as also offer additional flexibility, mobility, and features when interacting through the wallet and trading crypto on the platform.
Willy Orgorzaly, head administrator for Fox Foundation, stated that the mobile app is fully ‘’open source’’ and that the only backend is ‘’blockchain data,” — which is also advancing into the process of being truly decentralized.
In addition, to go fully decentralized, Shapeshift has provided users with more options for crypto asset services such as investing and managing crypto assets. It has also vowed that it will permanently erase all users’ data once the company’s centralized infrastructure has completely worn out. Read More
‘The social benefits are huge’: Web3 gaming to shift digital ownership
Immutable co-founder Robbie Ferguson highlights the potential for Web3 gaming to cause a shift in digital property ownership and value sharing.
There is no substitute for experience. Even when an experience can feel regrettable, like getting your brother’s Runescape account banned.
Robbie Ferguson grew up as an avid gamer, accumulating thousands of hours playing his favourite games. One fateful day, he logged into Runescape and set in motion a series of events that would forever change his view on digital ownership and the world of Web3 gaming:
“I logged into my brother’s Runescape account, which we shared, and went into the wilderness and lost all his red dragon armor. The next day, I felt so bad, I went and bought gold from a gold farm to replace it. The following day, the account was banned.”
The incident left a mark on Ferguson, a software developer who became involved in the blockchain space through his introduction to Bitcoin in 2014. His interest was super-charged in 2015 with the advent of Ethereum and the potential of the ecosystem.
Ferguson’s Runescape banning incident provided the impetus for his move into blockchain gaming development, having been left frustrated by what he described as the “arbitrary impunity” by which gaming economies and assets were governed by mainstream companies. Read More
What is Comtech Gold (CGO) and how does it work?
Is owning digitized gold a better option than physical gold? Comtech Gold tokenizes the metal making it more liquid and secure.
The take-off of digital gold has the potential to disrupt the industry to an unprecedented degree. Historically, gold has been used as a global currency as a hedge against inflation. It has also been serving as an investment venue (commodities), often preferred over other asset classes like equities or foreign exchange, particularly in conventional markets.
However, there are certain disadvantages to owning physical gold, such as inconvenience in transport and storage, as well as the risk of theft. Gold exchange-traded funds (ETFs) might come across as an alternative option, but it cannot be forgotten that the traders don’t actually own the gold while paying the same taxes as gold bullion, or gold bars, and also investors have to pay an annual fee of around 0.4% to 1%. Gold contains all forms of metal, like coins and bars, whereas bullion includes all the exchangeable physical forms of other precious metals, like silver and platinum.
In contrast, digitized gold stored on blockchain comes across as a robust option. This is what Comtech Gold (CGO) comes in, combining the benefits of gold with the advantages of blockchain. CGO solves the prevailing problems in gold trading by rolling out a 100% gold-backed cryptocurrency. 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.
