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Polygon and others extend helping hand to Terra blockchain projects
These efforts are sure to help get many Terra projects back on their feet following last week's devastating events.
Numerous developers have been left in uncertainty in the aftermath of the Terra (LUNA) collapse. These Terra-based projects, which are already under a lot of pressure, may be able to save their communities and projects by migrating to other networks.
In a move that is expected to benefit both the Polygon (MATIC) community and Terra projects, Polygon Studios' CEO Ryan Wyatt tweeted on Monday that Polygon is working with a number of Terra projects to assist them migrating to the Polygon Network. The Polygon community, according to Wyatt, "is ready to welcome the developers and communities of these Terra projects." He also stated that Polygon would provide the capital and resources needed to assist them in their migration.
Polygon founder Sandeep Nailwal added his two cents by detailing the options most suitable for Terra projects. He suggested that Polygon's proof-of-stake (PoS) chain may be utilized by community projects needing a common chain. Nailwal noted that zk-Rollups will be available on the PoS network soon.
Layer-1 blockchain project Fantom (FTM) also extended its support to the Terra community by stating that Fantom is prepared to assist any project or developer who desires to move away from Terra blockchain. The team at Fantom also detailed a grant program to help with integration, marketing, and connections. Read More
What is Wrapped Bitcoin (WBTC)?
As Ethereum's DeFi ecosystem grows, Bitcoin holders increasingly want to take part. Enter ERC-20 token Wrapped Bitcoin, a 1:1 representation of BTC.
WBTC is an Ethereum ERC-20 token that represents Bitcoin and can be swapped on a 1:1 basis for BTC.
BTC holders can use WBTC to participate in Ethereum's decentralized finance (DeFi) ecosystem.
Bitcoin is the world’s first, largest, and most-recognized crypto asset. Since Bitcoin’s creation over a decade ago, the technology behind the revolutionary “peer-to-peer electronic cash system” has largely remained the same.
But Bitcoin isn't the be-all and end-all of cryptocurrency. On smart contract blockchains such as Ethereum, developers have created a thriving decentralized finance (DeFi) ecosystem.
In order to use Bitcoin within Ethereum's DeFi ecosystem, it's necessary to create an ERC-20 token that represents it. This is Wrapped Bitcoin (WBTC), which aims to combine the best of both worlds by bringing the value and liquidity (money) of Bitcoin to the dynamic and rapidly-evolving world of DeFi. Read More
Cloudflare to run Ethereum node experiment to help ‘build a better internet’
“Cloudflare is going to participate in the research and development of the core infrastructure that helps keep Ethereum secure, fast, as well as energy-efficient for everyone,” the firm stated.
Ahead of Ethereum’s highly anticipated switch to proof-of-stake (PoS), cybersecurity firm Cloudflare is set to launch and fully stake Ethereum validator nodes over the next few months.
It aims to study energy efficiency, consistency management, and network speed of the PoS network as part of its commitment to environmental sustainability and to help “build a better internet.”
Cloudflare was founded in 2010 and provides web security services such as distributed denial-of-service (DDoS) mitigation to protect clients from DDoS attacks.
Cloudflare said it was experimenting with the “next generation of Web3 networks that are embracing proof of stake,” with Ethereum being the first in line for the company.
At this stage, it appears the Merge and transition to a PoS consensus mechanism is slated to go live by Q3 or early Q4, barring any further delays, with Cloudflare noting that this will lead to “significant energy efficiency improvements” for the network. Read More
Fireblocks introduces Web3 Engine with developer tools to accelerate ecosystem growth
This suite of tools is designed for developers to build products and services in the DeFi, GameFi, and NFT spaces.
As the world accelerates towards a decentralized future, Fireblocks, a digital assets custody platform, announced the launch of their new Web3 Engine to help foster the development of the Web3 ecosystem.
The company announced on Tuesday that the dedicated Web3 engine includes a set of tools for developers to create products and services in decentralized finance (DeFi), GameFi, and nonfungible tokens (NFTs). Fireblocks has also opened up a world of decentralized apps (DApps), exchanges, NFT marketplaces, and more for alternative asset managers and capital market participants.
"Web3 is the future," said Michael Shaulov, CEO of Fireblocks, adding that "we’ve already entered a new era of the Internet.” Shaulov said that for the Web3 ecosystem to continue to develop, the community must address a significant issue: security.
According to the announcement, Fireblocks' new Web3 Engine makes it simple for developers to construct DApps on top of Fireblocks' tech stack or securely access the full breadth of existing Web3 applications. Fireblocks enables Web3 firms like Animoca, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius, and Utopian Labs to protect against human error and hackers. 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
Universal Music Group to Release NFTs on LimeWire’s Algorand Marketplace
The major music label behind Taylor Swift, U2, Kendrick Lamar, and BTS will let artists drop NFTs on the new Web3 version of LimeWire.
Universal Music Group has signed a deal to let its artists release NFTs via the upcoming music platform, LimeWire.
Previously a peer-to-peer music sharing service, LimeWire will launch a music-centric NFT marketplace on Algorand.
Digital music sharing services are coming back… in Web3 form. Just days after news broke that Napster will return in the form of an NFT marketplace on Algorand, LimeWire—which announced its own Algorand-based marketplace in March—announced today that it has signed major label Universal Music Group to its platform.
The global deal will let artists signed to Universal Music Group and its myriad imprint labels release tokenized digital collectibles via the upcoming LimeWire marketplace. Universal’s imprints include the likes of Interscope Records, Def Jam Records, Motown Records, Geffen, Republic Records, EMI, Virgin Music, and others. Read More
Robinhood Plans Ethereum Wallet With DeFi, NFT Trading—And No User Gas Fees
Robinhood is joining the ranks of MetaMask and Coinbase by launching a user-controlled crypto wallet that it plans to roll out by the end of the year.
Robinhood's new wallet will give customers full control over crypto and NFTs.
The new wallet will complete with the likes of Coinbase Wallet and MetaMask.
There is a waitlist for the wallet, which is expected to launch by end of the year.
Robinhood is wading deeper into the world of crypto, announcing on Tuesday that the company is building a standalone, non-custodial wallet that will give customers full control over their crypto assets.
The company is currently in the process of rolling out wallets to millions of users, but those wallets—so-called custodial wallets—are managed on the back-end by Robinhood. The new product, by contrast, will be akin to Web3-focused products like MetaMask and Coinbase Wallet that give users full control but also require them to manage their own private keys (essentially a password that unlocks access to their crypto stash).
According to the company, the forthcoming wallet will let users "trade and swap crypto with no network fees," access DeFi services and store NFTs. Read More
Coppola-Backed Decentralized Pictures Launches Web3 Film Funding Platform
The blockchain-based film financing application will launch with a $50,000 documentary funding award from The Gotham Film & Media Institute.
Web3 film funding platform Decentralized Pictures has announced the launch of its blockchain-based film financing application, set to go live during the Cannes Film Festival on May 20.
The app will launch with a documentary film award in partnership with The Gotham Film & Media Institute; up to two winning projects will receive up to $50,000 each in finishing funds, alongside mentorship from the Decentralized Pictures Foundation and The Gotham.
The platform effectively works along the same lines as a decentralized autonomous organization (DAO). Filmmakers are invited to submit proposals on the platform for review, paying a small submission fee in the project's native token, FILMCredits.
They can earn FILMCredits tokens by providing feedback on other projects' proposals. The community then votes to determine which projects should be considered for funding awards. Read More
Why decentralized messaging apps will replace today’s social media platforms
Centralized communication platforms prove to be an easily identifiable weakness in activist movements.
In the decentralization of communication, blockchain technology is looked to as playing a critical role as a starting point for messaging applications. These solutions effectively go above and beyond encryption to add another level of privacy. Set up correctly, this technology can become the shield for protecting the innocent and encourage efforts that support the greater good.
One example of that is Oxen, a platform designed to build a private future for the internet by providing tools and services that enable users to leverage blockchain networks to achieve privacy across all areas of their day-to-day lives.
To support this, Oxen released Session. Session is a messaging app tailored for activists, protestors, and others in high-risk situations. Due to their decentralized nature, these platforms make it more difficult for malicious governments or authorities to block, censor or surveil the content being exchanged. 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.
