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What is Mimblewimble, and how does it work?
Mimblewimble is a privacy-oriented decentralized protocol that uses a novel way of structuring and storing transactions on the blockchain. It was designed and introduced by an anonymous developer who went by the name Tom Elvis Jedusor, who was a French counterpart for “Voldemort” in mid-2016.
Taking its name from the Harry Potter books series’ well-known tongue-tying spell that ties the victim’s tongue to prevent it from revealing specific information, Mimblewimble protocol literally works like a spell. It provides a framework for a blockchain that offers a new realm of potential in terms of scalability, fungibility, privacy, and crypto anonymity, as the protocol allows cryptocurrency information to remain completely anonymous.
Mimblewimble transactions' complete anonymity feature stands in contrast to the pseudonymity of Bitcoin (BTC) and other cryptocurrencies where usually three secrets are revealed: the sender’s address, the amount of crypto sent, and the receiver’s address. Mimblewimble does not reveal any of the three secrets or information. Read More
Venezuelans promised Axie Infinity scholarships for crypto training courses
The initiative is a part of the La Guaira Digital program, which aims to fast-track growth and induce economic stability in the country.
A gubernatorial candidate from Venezuela has promised to offer scholarships for citizens interested to join the Technical Training Center for Mining and Administration of Digital Crypto Assets.
José Alejandro Terán, the aspiring governor who represents the country’s ruling party, started the initiative as a part of the La Guaira Digital program, which aims to fast-track growth and induce economic stability in the country.
As Cointelegraph Spanish reported, Terán’s training center will provide specialized training to the scholarship holders in nonfungible tokens (NFT), crypto mining, and trading. Read More
US Navy to pilot blockchain-based project to improve medical supply lines
The United States military continues to explore blockchain technology to improve its processes. The U.S. Navy has signed a $1.5-million contract with Consensus Networks to develop a blockchain-enabled logistics system named HealthNet back in May. The project, built on the Internet of Things-focused blockchain IoTeX, is halfway complete, counting the days for its pilot scheduled for early 2022.
According to the information shared with Cointelegraph, Consensus Networks aims to provide real-time monitoring and logistics for nearly 700,000 sailors and marines via the HealthNet platform. The developer picked the IoTex blockchain to meet the security and scalability requirements of the Navy. Read More
Avalanche Slides into Top 10 as Ethereum Users Complain About Gas Fees
People are looking for alternatives to Ethereum and Avalanche's cheap and fast blockchain offers an enticing alternative.
Avalanche, a high-speed low-cost blockchain that wants to take on Ethereum, has made its way into the top ten coins by market capitalization.
The coin’s now worth $134.74 and has a market capitalization of $30.19 billion. It set its all-time high earlier today when it peaked at $146.22.
Avalanche rose to the top 10 position eight hours after Zhu Su, the CEO of Singaporean crypto hedge fund Three Arrows Capital, tweeted that he had “abandoned Ethereum despite supporting it in the past”. Read More
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
Meet Web3.0: The New Internet, Blockchain Edition?
Web3 (also known as Web 3.0) is the idea of a version of the Internet that is decentralized and based on public blockchains. The concept has gained immense popularity in 2020 and 2021, with interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.
In Web3, data is stored in multiple copies of a P2P network. The management rules are formalized in the protocol and secured by the majority consensus of all network participants, who are incentivized with a native network token for their activities. The Blockchain will be the backbone of the Web3, as it redefines the data structures in the backend of the Web. It introduces a governance layer that runs on top of the current Internet, which allows for two people who do not know or trust each other to reach and settle agreements over the Web. Read More
Electric Coin Company Reveals Zcash Network to Transition to Proof-of-Stake in 3 Years
On Friday, Electric Coin Company (ECC), the developers behind the privacy-centric crypto-asset zcash, revealed the network plans to transition to proof-of-stake (PoS) consensus. ECC also revealed the team plans to launch an official ECC wallet, as well as bolster the network’s cross-chain interoperability.
Zcash to Change From PoW to PoS
The Zcash network currently leverages a proof-of-work mining algorithm called Equihash, which allows miners to compete in order to find new blocks on the Zcash chain. In a blog post published on November 19, ECC announced the network will transition toward a proof-of-stake (PoS) consensus algorithm over the next three years. Zooko Wilcox-O’Hearn discussed the network moving from PoW to PoS in a blog post published on August 3, 2021. Read More
NFT Gamification: How Blockchain Is Redefining The Gaming Industry
Blockchain technology, which was once solely used to power cryptocurrencies, has evolved into a game-changing technology that can be applied to a wide range of industries. Each industry domain benefits from at least four distinct characteristics provided by blockchain: decentralization, immutability, transparency, and better security. These characteristics are also revolutionizing the gaming industry.
This innovative gaming system leverages non-fungible tokens (NFTs) and the concept of decentralized finance (DeFi) to introduce a new type of immersive experience in which end-users can own, purchase, sell, build, share, and even auction their digital assets with the rest of the world, while game developers have no authority or power over those digital assets.
Although the blockchain gaming industry is at the early adoption, however, the sector has witnessed explosive growth at a breakneck speed. Read More
Southeast Asian financial institutions turn to the Ethereum blockchain
Is Ethereum the blockchain of choice for financial institutions in Southeast Asia, or will companies seek alternatives due to limitations?
Blockchain innovation is surging throughout Southeast Asia, as the region is home to a number of fintech firms and global crypto companies. In particular, Singapore has become one of the world’s most crypto-friendly countries. This was recently highlighted in a report conducted by crypto exchange Gemini, which found that 67% of 4,348 respondents currently own crypto. The report further noted that Ether (ETH) is the most popular cryptocurrency in the region, with 78% of surveyors claiming to own the digital asset.
Interestingly enough, the Ethereum blockchain may also be the network of choice for financial institutions based in Southeast Asia. This notion was discussed during an event hosted recently by the Enterprise Ethereum Alliance called "Ethereum in Finance: A view from Singapore." Charles d'Haussy, Asia managing director at blockchain firm ConsenSys and event panelist, told Cointelegraph that companies in the region looking to empower e-commerce cross-border payments favor Ethereum for a number of reasons: 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.
