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ADALend Sign the Contract With Robatz Network for the Cardano Native Decentralized Lending Protocol Development
ADALend and Robatz Network sign the contract for the development of the decentralized lending protocol. Robatz Network and ADALend represents a significant milestone for developing the lending protocol and will allow both companies to work together to further the development of the protocol, which will ultimately increase the utility of the platform for users.
ADALend is a scalable, trustless, and decentralized lending protocol built on the Cardano blockchain. The partnership will allow developers to perform further research to analyze the aggregate protocol environment, including liquidity, swap, UI, and UX. Robatz Network will also be involved in the design and deployment of the platform, with an expected date to commence development of the protocol architecture around the 1st of April 2022.
Robatz Network plans to improve the user experience on the ADALend platform, allowing users to conduct self-governed lending transactions with greater ease. Read More
Gas-free transactions will revolutionize Web3
The next wave of DeFi will see users utilizing L2 chains, interacting freely or at near-zero cost with newer DeFi applications.
Scalability is one of the main hindrances within decentralized finance (DeFi) applications and has created huge barriers to entry. Closely linked to this has been the issue of high gas fees, which continues to be a major pain point for newcomers to the Web3 space. When Web3 goes mainstream, these gas costs will become minimal. For the user, the experience will become completely gas-less like how it is on Web 2.0 applications.
As a result of the lack of scalability and network congestion, gas fees have skyrocketed, further preventing users from performing various transactions on the blockchain. According to YCharts report, the average gas price on Ethereum is at a level of around 146 Gwei at the time of writing. The high cost of gas fees has become a financial nightmare for regular users in the Web3 space. This has led to the search for a solution that improves the decentralized finance ecosystem and makes it more usable and accessible. Read More
Easy-to-use DeFi protocols will become the new gatekeepers to crypto
Future and current decentralized projects need to consider utility and ease of accessibility in order for DeFi to survive the unpredictable volatility of the market.
It has arguably never been easier to participate in the crypto ecosystem. After centralized exchange powerhouse Coinbase recently began allowing its users to deposit part of their fiat paychecks into the exchange in the form of crypto, more people are beginning to realize the potential of the industry and participate in this ever-growing ecosystem.
But, crypto is commonly perceived as fundamentally intricate or lacking the proper interfaces, and whether this is right or wrong, this has been the perception for some time. To some people, the premise of digital currencies will always seem far too complicated. More recently, however, there has been an emergence of easier avenues into the crypto space for those keen to learn more.
It’s important to establish just why people should consider getting into crypto. As with the rest of the world’s industries, digitalization is revolutionizing every facet of our lives. To be able to understand it early on will help more people to comprehend the benefits of this technology in the financial world and become accustomed to a future that will likely heavily feature digital currencies. Read More
DAOs are meant to be completely autonomous and decentralized, but are they?
Are decentralized autonomous organizations really decentralized? Find out why they’re struggling to become fully autonomous.
While the organizational structure of a decentralized autonomous organization (DAO) is fundamentally meant to be “decentralized,” some of the biggest DAO protocols including Uniswap are not. A lot of the day-to-day activities within DAOs still involve a few core members of the organizations to make major decisions. This raises the question as to whether DAOs are completely decentralized. And, if not, is complete decentralization even possible?
More broadly, DAOs can be compared to how democratic nations are run. While the ideology is to have decisions for the country made by the people, it’s mainly governed by a few powerful individuals who hold most of the license to determine laws and control decisions. Also similar to large organizations, shareholders are allowed to vote but the key policies are determined by the board of directors.
DAOs differ in that they possess qualities that are more appealing than traditional organizations. For example, if anyone has an idea within a traditional organization, the idea has to go through a manager first before it reaches the higher levels. In a DAO, everyone can act on the proposal due to the flat structure and no hierarchy. Read More
A Technology Ecosystem For The New Internet
Cryptocurrencies have many use cases. Some act as a store of value, others power blockchains that make it possible to create trustless digital contracts and permissionless, decentralized applications. Some cryptocurrencies are pegged to Fiat currencies to allow for stable transfers of value, and a few even underpin protocols that offer decentralized data, storage, and video streaming.
Each of these use cases requires a particular set of blockchain attributes and economic incentives. This is why it's often said that there is no single cryptocurrency project that can do it all. That may well be true, but there is one that comes close.
Elrond has combined the scarcity of Bitcoin, the programmability of Ethereum, and the speed of next-generation cryptos, like Solana, to create a cryptocurrency network unlike any other. Elrond is a platform built for internet-scale and capable of processing thousands of transactions per second at $0.001 per transaction, and able to scale to hundreds of thousands with demand.
Elrond’s distinction is being a project with a soul. One that has united forces of an incredibly vibrant community of 190,000 people, spanning 18 languages and in almost 30 countries. Elrond aims to create the backbone for high bandwidth, transparent financial system, and extending universal access to anyone, anywhere.
Elrond’s egold (EGLD) native token has exploded in value over the last year and seems to be poised for more gains. The Blockchain project has been considered under the radar and received very little crypto media exposure until now. Read More
Ferrari Looking at Blockchain Technology and NFTs, Admits CEO
Digital technologies such as Web3, blockchain, and NFTs are interesting areas for Ferrari, CEO Vigna stated.
Benedetto Vigna – Chief Executive Officer of Ferrari – opined that the blockchain and NFT industry are niches that “deserve some attention.” As such, the exec hinted that the luxury sports car manufacturer might continue with its cryptocurrency endeavors in the future.
‘Blockchain and NFT Can Be Interesting for Us’
While outlining the Q4 2021 results during the recent earnings call, Ferrari CEO Benedetto Vigna asserted that the firm will focus on the Web3 universe in the future.
“We strengthen our relationship with leading-edge technological partners such as Amazon Web Services in Wales to be at the forefront of digital technologies and Web 3.0.”
The top executive added that blockchain technology, Web3, and NFTs are interesting areas for Ferrari. Those could help for the brand’s future development and strengthen its position as a leading company in its field, Vigna noted:
“I think that as we said, it’s important that we look and we see how the new technologies can help our brand. For sure, the digital technologies, the web 3.0 technologies that they’re using the Blockchain and the NFT is an area that can be interesting for us, it deserves some attention.” Read More
Decentralized autonomous organizations: Tax considerations
Much has been said about the legal implications of DAOs, but little attention has been paid to the tax and reporting considerations for DAOs and their token holders.
A decentralized autonomous organization (DAO) is an organization that is managed by a computer program powered by blockchain and run by a group of individuals who collectively vote to decide on organizational proposals. Typically, each member’s voting power is determined by their percentage interest in the DAO, which is calculated by dividing the digital assets contributed by a member by the total amount of digital assets in the DAO.
A DAO generally (but not always) operates without the need for a board of directors or other governing body and can provide an effective and (potentially) secure platform to gather individuals and resources to achieve a collective goal.
Many DAOs are formed to make investments. A typical DAO activity starts with investors transferring their digital assets, typically Ether (ETH), to a DAO in exchange for DAO tokens, which usually represent an ownership interest in the DAO. Though in some cases, DAO tokens do not amount to ownership interest, but merely represent, for example, a right to govern a DAO’s assets, depending on how the DAO defines its tokens. Read More
Ethereum Co-Founder Vitalik Buterin Discusses Proposal to Alleviate Network's Congestion, High Fees
Ethereum’s co-founder, Vitalik Buterin, and developer Tim Beiko have been discussing a proposed solution to the data transfer gas problem and current scaling issues. Buterin talked about adding a feature like “blob-carrying transactions” in a “near-future hard fork.”
‘Blob-Carrying Transactions’
The price of ethereum (ETH) has moved northbound during the last two weeks, climbing more than 25% higher within that time frame. Last week, ETH gained over 16% and the crypto asset managed to climb above the $3K per ETH zone. On February 4, 2022, Ethereum’s co-founder Vitalik Buterin shared a tweet written by ETH developer Tim Beiko which proposes a new Ethereum transaction format.
“Some proposals to add ‘blob-carrying transactions’ in a near-future hard fork, bringing higher scalability to rollups before full sharding is complete,” Buterin wrote. Ethereum’s co-founder further shared an explainer that was published to Reddit which details how the network can scale. Buterin’s proposal notes further detail:
‘[Blob-carrying transactions]’ contain a large amount of data that cannot be accessed by EVM execution, but whose commitment can be accessed. The format is intended to be fully compatible with the future Danksharding spec. Read More
RSS3 aims to be the decentralized information processor of Web3
The developers behind the project noted that the deployment of RSS3 could take six to eight months.
Really Simple Syndication (RSS), the first information distribution protocol that saw massive adoption across the internet, is all set to take on Web3 with a decentralized information processing protocol called RSS3.
In a technical white paper released on Monday, RSS3 laid out plans for taking its popular internet feed update to Web3. RSS3 would offer every entity an RSS3 file that will act as source data and be updated continuously. The source data file then can be used as an aggregation of all the cyber activities, which can then be used to build out social media, content networks, games, and other data-driven applications. The source data will have control over what information to broadcast and what to keep private.
RSS is a feed file containing a summary of a website’s updates, usually in a list of articles with hyperlinks. These feed files were meant to be decentralized and have played a key role in exchanging information across the internet. However, the monopoly of centralized web hosting services providers has led to the creation of the decentralized RSS3. 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.
