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Chainlink integrates with Moonbeam to provide price data to Polkadot developers
Derek Yoo, the founder of Moonbeam, noted that the integration lets their platform provide “building blocks” to DeFi developers.
Decentralized oracle network Chainlink (LINK) has integrated its service called Chainlink Price Feeds to Moonbeam, a smart contract parachain on Polkadot (DOT), to provide data to developers in the platform.
In a release sent to Cointelegraph, Chainlink's team noted that going live on Moonbeam will allow those who build within the platform to access price information that’s compiled and aggregated from many different exchanges. This allows decentralized finance (DeFi) developers to bring price accuracy to their decentralized applications (DApps).
Moonbeam founder Derek Yoo mentioned that access to off-chain asset prices has many uses in DeFi, but resistance to attacks and manipulation in price data is hard to achieve. However, the Moonbeam founder believes that Chainlink is able to solve the issue and can help DeFi developers within their platform. He explained that:
“This Chainlink integration is one of the last integrations needed to provide a full set of building blocks to Moonbeam DeFi developers.” Read More
OpenSea Moves to Seaport Protocol to Cut Ethereum Gas Fees by 35%
The world's largest NFT marketplace pushes Wyvern overboard, finding safe harbor in Seaport.
OpenSea has moved to the “Seaport Protocol,” a new smart contract that the NFT marketplace says will allow its 1.8 million users to save money on Ethereum gas fees.
With the Seaport contract, users will be able to save roughly 35% on gas, the company said. And new accounts will no longer require that one-time “setup fee” OpenSea previously charged.
NFTs are blockchain-based tokens that show ownership over digital or physical assets. Gas fees are essentially transaction fees, and they can rise quickly during periods of high demand.
Prior to OpenSea’s migration to Seaport, it used the less-efficient Wyvern protocol, which was also leveraged by attackers back in February in an off-platform phishing scam to siphon $1.7 million from traders.
“We estimate the new contract will save [over] $460 million in total fees each year,” OpenSea wrote in a Twitter thread detailing the Seaport announcement. Read More
Global compute network announces mainnet launch to solve fundamental problems with cloud services
Ethereum proves to be both a breakthrough and a factor of constraint for new blockchain protocols.
The internet continues to exist as the backbone of society at large. The only drawback is that the traditional internet model relies on all devices being connected to nodes that centralize information, redistributing it to form a flow. Consequently, centralization can lead to a lack of privacy and a single point of failure for all websites that rely on it. Blockchain changes this by creating a distributed network, where all devices store all the information on the web. Although the technology is still new, its aspirations are large and its computational needs are growing.
Ethereum (ETH) has attempted to overcome scalability with the sharding upgrade. However, deploying this has been slow. In response, other projects have tried to solve these concerns, only to miss the Turing-complete layer, one that ensures users can compute anything that any other computational method can. Going the opposite direction, other projects have created data feed oracles, seeking out external data to be made available on the blockchain. Unfortunately, even here, the capabilities of these platforms have revealed a gap in the market for cost-effective computational platforms.
Bridging this gap is Cudos, a project positioned to disrupt the market as a scalable computing network while simultaneously offering a professional mining platform. With its mainnet launch, the project is placing the industry one step closer to solving fundamental problems with cloud computing. Read More
Blockchain's potential: How AI can change the decentralized ledger
Artificial intelligence’s transformative power in relation to blockchain technology is being severely overlooked, say experts.
One reason is that blockchain’s use of a decentralized ledger offers insight into the workings of AI systems and the provenance of the data these platforms may be using. As a result, transactions can be facilitated with a high level of trust while maintaining solid data integrity. Not only that, but the use of blockchain systems to store and distribute AI-centric operational models can help in the creation of an audit trail, which in turn allows for enhanced data security.
Furthermore, the combination of AI and blockchain, at least on paper, seems to be extremely potent, one that is capable of improving virtually every industry within which it is implemented. For example, the combination has the potential to enhance today’s existing food supply chain logistics, healthcare record-sharing ecosystems, media royalty distribution platforms, and financial security systems.
That said, while there are a lot of projects out there touting the use of these technologies, what benefits do they realistically offer, especially since many AI experts believe that the technology is still in its relative infancy? There are many firms that are marketing the use of AI as part of their current offerings, giving rise to the blatant question: What exactly is going on here? 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
Immutable launches its $500M Fund to Boost Web3.0 Gaming Adoption
Blockchain infrastructure platform Immutable has launched a new $500 million fund for emerging gaming protocols and non-fungible token (NFT) startups in the Web3.0 ecosystem.
As reported by TechCrunch, the new fund will be used to back protocols that are building web3 games and NFT-focused companies on its layer-2 Ethereum-focused platform, Immutable X.
“We see gaming being one of the biggest opportunities in web3 to have ever existed,” said Robbie Ferguson, president, and co-founder of Immutable. “The total addressable market is going to be enormous and much bigger than what gaming is today — a $100 billion industry for in-game items alone,” a figure that emphasizes how important the industry is and why Immutable is all out to support this new niche.
Ferguson noted that the funds came from diverse sources including from its “venture partners who are using their balance sheets and VC allocations to come in on these deals, there’s cash-backed on [Immutable’s] balance sheet and there’s also the foundation’s grants, which are specifically designed for this purpose to incentivize and build the Immutable ecosystem.”
Immutable’s ImmutableX is fast becoming the go-to place for both Web2 and Web3 companies looking to embrace blockchain gaming and NFTs. While the protocol currently plays host to outfits like GameStop, OpenSea, TikTok, and Illuvium, it plans to partner with a couple more brands in the industry in order to bolster its plans to support its chosen startups. Read More
New Blockchain Reports Almost 100% Lower Energy Usage Than Bitcoin
Blockchain has disrupted not only the traditional financial system but also international trade, commerce, and supply chain management industries with its innovative ways to maintain a secure and decentralized record of transactions and build trust among users without a trusted intermediary.
Although praised for its technological advancements, one of the technology’s flaws is its significant energy usage. Top cryptocurrencies like Bitcoin, which are powered by blockchain technology, require a large amount of energy to function.
In a report by The Digiconomist, as of June 9, a single Bitcoin transaction was found to use 205.50 TWh, as much energy as a US household would over 75.53 days. Although Ethereum is better, a single transaction currently still uses 84.02 TWh, as much electricity as a US household would over 7.27 days.
Together, Bitcoin and Ethereum use gargantuan amounts of energy. It only makes sense that end-users and companies alike are starting to advocate for greener alternatives. Although new technology ultimately comes with growing pains, blockchain’s energy usage issue has spurred innovators to think about how blockchains can further move towards environmentally friendly practices. Read More
PayPal finally allows digital currency transfers to an external wallet
PayPal is finally allowing users to transfer digital currencies to an external wallet or exchange, nearly two years after the payments giant first opened up to cryptocurrency.
The feature is currently available to select users in the United States with plans to expand to the entire country in the coming weeks. It will initially support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
It comes at a time when other large fintechs have been making similar shifts in strategy towards opening up their offerings. For example, trading app Robinhood is working on a new web3-focused crypto wallet aimed at experienced DeFi and NFT users.
What’s more, PayPal has also become the latest recipient of New York’s virtual currency license.
The New York Department of Financial Services’ Superintendent, Adrienne Harris, said: “The conditional virtual currency licence allows businesses to have well-regulated access to the New York marketplace through partnerships with licenced firms, ensuring that New Yorkers have access to a wide variety of virtual currency products with appropriate consumer protections.
“With PayPal’s conversion to a BitLicence, the conditional licence is now a proven framework for licensure.” Read More
Ethereum Virtual Machine goes live on Cardano testnet
Ethereum developers that are considering defecting to Cardano can now test their dApps on the growing blockchain platform.
Cardano’s Ethereum Virtual Machine (EVM) has full compatibility with Ethereum upgrades and tools, Web3 wallet compatibility, can use the Ouroboros Byzantine Fault Tolerance consensus protocol, and inherit security from Cardano’s main chain.
Ethereum is currently in the process of switching away from the energy-intensive Proof of Work algorithm to the greener and more scalable Proof of Stake. However, it’s proving a difficult task to safely transition a live system with tens of billions of dollars at, umm, stake.
An event called “The Merge” (when Ethereum will officially become a Proof of Stake blockchain) is tentatively set to happen in August, but that’s looking uncertain and won’t be an overnight solution to Ethereum’s high fees and slow transaction speeds.
In contrast, Cardano launched as a Proof of Stake blockchain and has spent years building on that core base. Instead of the “move fast and break things” ethos adopted by most centralized tech companies, Cardano’s developers have taken a very methodical approach (it’s published over 100 peer-reviewed papers) to try and build a platform that will last. 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.
