CRYPTOLOGY

2023-11-20 18:12:28 Open / Comment

2023-11-18 22:04:45 Microsoft and Tencent Join Forces with Infura for Blockchain Infrastructure

Crypto infrastructure giant Infura is taking its first step toward decentralizing core components of its service following years of criticism that the company is a ‘single point of failure’ for Ethereum.

Over a dozen Web2 giants including Microsoft and Tencent have partnered with Infura’s parent company, Consensys, to help decentralize the network, which will help prevent outages for the firms leveraging its technology stack.

That includes the Consensys-owned Metamask wallet – the most popular Ethereum / Web3 wallet boasting over 30 million users.

“The cost and complexity involved with running a service like Infura was kind of limiting in terms of who we could partner with to serve this traffic,” said Andrew Breslin, senior product manager at Consensys, to CoinTelegraph. “Now there’s this huge flourishing ecosystem of Web3 infrastructure providers that can provide a service that’s complimentary to Infura.”

Infura first announced plans to decentralize its service over a year ago. In August 2023, it published a blog post explaining how its Decentralized Infura Network (DIN) would begin by federating its RPC layer by routing requests “based on a federated system of providers with distinct offerings.”

According to Breslin, DIN will offer “failover support” for Ethereum and its layer 2 Polygon network, meaning Infura can reroute traffic to its partners in the event of an outage. Open / Comment

2023-11-17 14:27:21 Open / Comment

2023-11-15 21:01:26 Ripple’s XRPL solution readies for significant upgrade

Ripple’s XRP Ledger (XRPL) is rolling out an upgrade as part of a two-week activation countdown, with backing from over 80% of validators. XRPL is gearing up for new features, and users on the Ripple v1.11.0 or earlier versions are urged to update their software, particularly for the critical fixReducedOffersV1 addressing DEX issues. For the upgrade to get executed, an 80% consensus must be reached within a 14-day period.

According to the XRPL v1.12.0 update, fixReducedOffersV1 upgrade’s goal is to reduce obscured order books caused by reduced offers, thereby improving the overall functionality of the XRPL. This amendment also allows protocol changes with 80% validator support within two weeks, prompting users to upgrade for continued engagement. From the taker’s standpoint, fixReducedOffersV1 can enhance exchange rates on DEXs, making reduced offers more appealing. In September, XRPL rolled out version 1.12.0, featuring significant additions like fixReducedOffersV1. This update not only addressed bugs but also made amendments to the Automated Market Maker (AMM) and Clawback functions. Open / Comment

2023-11-14 15:33:49 Polygon Network Records Robust User Activity Amid Broader Crypto Market Weakness in Q3 2023

In a recent report by the blockchain data analytics platform Nansen, the Polygon network showcased remarkable resilience and robust user activity during the third quarter of 2023, defying the broader weakness observed in the crypto markets. The report emphasizes Polygon’s sustained growth trajectory, characterized by diverse collaborations, and anticipates further positive impact with the introduction of Polygon 2.0.

During Q3 2023, Polygon Network experienced a dynamic transactional landscape, with daily transactions peaking at 2.8 million and reaching a low of 1.9 million. This fluctuation suggests a resilient network. Also, the user base demonstrated remarkable stability, with daily active addresses consistently ranging between 275,000 and 466,000, indicating Polygon’s success in retaining a robust and engaged user community.

In terms of Polygon’s competitive edge in providing cost-effective transactions, the peak average daily gas fee for Polygon transactions was $0.05, maintaining a range of $0.01 to $0.05 throughout the quarter. In contrast, Ethereum’s fees displayed higher fluctuations, ranging between $1.95 and $15.

With Polygon known to be a diverse and active ecosystem, Chainlink led with 47.08 million transactions, followed by Galxe with 8.29 million and Planet IX with 7.52 million transactions. Contributions from notable participants such as Stargate, LayerZero, Tether, and USDC further enriched the network’s vibrancy. Open / Comment

2023-11-13 10:01:14 Open / Comment

2023-11-12 19:50:54 Court Approves Celsius Network’s Bankruptcy Exit, Transition to Bitcoin Miner

The U.S. Bankruptcy Court has approved Celsius Network LLC’s transition from a failed crypto lender to a Bitcoin mining business, setting the stage for the company to begin repaying its customers.

Judge Martin Glenn confirmed the company’s plan to compensate its creditors using a mix of digital assets and shares in the new Bitcoin mining operation, which will be publicly traded. According to Celsius’s legal team, asset distribution could commence early next year, providing long-awaited relief for affected customers whose accounts have been frozen for over a year.

Though Celsius Network filed for Chapter 11 bankruptcy protection in 2022. The bankruptcy file it submitted to the court revealed that the company held $4.3 billion in assets against $5.5 in liabilities, amounting to around $1.2 billion in deficits. The majority of the $5.5 liabilities consisted of the $4.72 billion worth of user deposits.

Meanwhile, Celsius has been seeking a way out to restructure and compensate the customers. Upon the filing of Chapter 11, the company made a statement that it may repay the customers by the mining equipment it possessed at the time. Celsius’s mining operation, Celsius Mining LLC, could “over time” generate enough assets to repay some loans. The mining branch owned 80,850 mining rigs, out of which 43,632 were “in operation.” Open / Comment

2023-11-11 20:01:02 Stablecoins Not Secure as Store of Value

Fiat-backed stablecoins are “not a safe store of value,” according to a new research report from the Bank for International Settlements (BIS).

According to the report, the BIS found that from January 2019 to September 2023, fiat-backed stablecoins were able to maintain their peg ratio only 94% of the time, falling short of the 100% assurance often promised in project white papers.

Crypto-backed stablecoins and commodity-backed stablecoins fared even worse, with peg ratios of 77% and 50%, respectively. The BIS highlighted that only seven fiat-backed stablecoins managed to keep their deviations from the peg below 1% for more than 97% of their lifespan.

Notably, Tether (USDT) and USD Coin (USDC), the two most-used stablecoins in the market, met this standard, while other fiat-backed stablecoins experienced more frequent and larger deviations from their pegs.

Stablecoins generally attempt to maintain a 1-to-1 peg to an underlying fiat currency, most often the US dollar. However, stablecoins backed by other currencies like the euro or gold have also gained popularity in recent times.

For the purposes of its own research, the BIS categorized stablecoins as either fiat-backed stablecoins, crypto-backed stablecoins, commodity-backed stablecoins, or unbacked stablecoins. Open / Comment

2023-11-09 09:51:57 Ripple Collaborates to Power Payments Corridors Between Africa and Rest of the World

Crypto payments giant Ripple has partnered with fintech Onafriq for cross-border payments between Africa and the rest of the world.

The deal would facilitate crypto-enabled cross-border payments between 27 African countries and markets including the UK, Australia, and the Gulf. Per the company press release, Onafriq utilizes Ripple’s blockchain payments technology to establish three new payment corridors.

Onafriq would establish alliances with customers of PayAngel in the U.K., Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia. The company made the announcement on Wednesday at Swell, Ripple’s annual conference, in Dubai.

Dare Okoudjou, CEO at Onafriq, noted that the company aims to “make borders matter less” in terms of payments.

“These connections enable fast, secure and low-cost remittances at scale between Africa and the rest of the world. It represents a bold step for our crypto-strategy to leverage blockchain to amplify our impact on people and businesses.”

Onafriq is a leading mobile payments fintech in Africa, recently rebranded from MFS Africa. The rebranding mirrors Onafriq’s evolution to expand its services beyond mobile finance to become a versatile omnichannel platform, it noted. Open / Comment

2023-11-07 20:00:19 Open / Comment