Worldcoin, the digital biometric identification project, has rejected the claims made by Buenos Aires regarding possible infringements of customer protection laws. The organization told local sources that it answered Buenos Aires’ requirements since January to show the transparency it exercises in its operations. Worldcoin might face a deeper investigation if a local proposal gets approved. […]
Bitcoin News
More Than 250 Zambian Students Attend Hackathon; Over 100 Earn Smart Contract Development Certification
More than 250 Zambian university students recently participated in an online boot camp and hackathon which saw over 100 earning certification in smart contract development. The students who complete their minimum viable products (MVPs) can apply for grants ranging from ,000 to ,000. Students Trained in Decentralized Application Development More than 250 students from St. […]
Bitcoin News
Circle Unveils Smart Contract Service for Blackrock BUIDL Holders to Convert to USDC
On Thursday, the financial technology firm and stablecoin provider Circle introduced smart contract capabilities aimed at enabling holders of the Blackrock USD Institutional Digital Liquidity Fund (BUIDL) to exchange their shares for USDC through Circle. Circle Provides BUIDL Off-Ramp This week, Circle announced it is providing a redemption pathway for BUIDL holders through USDC. BUIDL, […]
Bitcoin News
The Polygon Vesting Contract Is Officially Empty, Will This Send MATIC Price To $3?
Like many other crypto projects, the native token of the Polygon network, MATIC, was launched with some portion of the supply vested for the team over a period of time. In the case of Polygon, the vesting was for five years, and since 2019, there have been periodic token unlocks. However, the unlocks, which have often been a deterrent for investors, are now over, as the last batch was just released to the team.
Polygon Last Unlock Goes To Team
On Wednesday, February 21, the Polygon Foundation received the very last portion of their vested tokens from the vesting contract. In total, 273,304,816 million MATIC tokens valued at 0 million were released to the Foundation’s wallet.
This unlock marks the very last unlock that the Foundation will receive, meaning that almost all of the available supply of MATIC is now in circulation. The latest unclog brings the circulating supply of the cryptocurrency to 9,618,318,574 out of its 10,000,000,000 maximum supply. As a result of this, the market cap of Polygon is sitting just above .14 billion with a fully diluted valuation (FDV) of approximately billion.
The entirety of the MATIC supply has been unlocked, which means that there will be no more tokens being brought into circulation. This is a huge milestone for the project, whose investors have waited years for the vested tokens to finally run out.
How Will This Affect The MATIC Price?
The fact that the entirety of the MATIC supply is now in circulation is bullish for the digital asset, especially in the long term. Inflation is a factor that tends to drive investors away and keep them from holding their coins due to the fear of more tokens coming into circulation, causing supply to exceed demand.
Now that the entirety of the supply is now in circulation, it gives the MATIC price a chance to enter into price discovery. However, there is still some concern about when the Polygon Foundation might start selling their coins as the entirety of the unlocked tokens still sit in the Foundation’s wallet.
If they do decide to sell, though, it is likely that the foundation would do so through OTC (over-the-counter) deals to minimize the impact of such a sale on the token price. As a result, the MATIC price might not suffer much.
At the time of writing, the MATIC token is trading at .95 with a 24-hour increase of 1.11%. Although its performance has been far from encouraging, the token is sitting only 67% below its 2021 all-time high of .92.
Smart Contract Tokens Solana and Avalanche Surge, Closing in on BNB and Ethereum
Recently, the smart contract platform tokens solana (SOL) and avalanche (AVAX), both considered layer one (L1) crypto assets, have been narrowing the gap with ethereum (ETH), the most prominent smart contract platform in terms of market valuation. Over the past month, solana has experienced a 42% surge, while avalanche has soared by 104%.
Solana and Avalanche Make Strong Comeback in Crypto Market
Following the collapse of the Terra blockchain and the FTX failure, SOL and AVAX suffered substantial declines against the U.S. dollar. These cryptocurrencies, once ranked among the top ten, were briefly ousted from their elite top ten status.
However, they have since reclaimed their positions among the top ten leading tokens, with SOL currently in fifth place, having overtaken XRP, and AVAX at ninth, excluding Lido’s staked ether (STETH) from the count.
Since the beginning of 2023, both SOL and AVAX have registered impressive triple-digit growth. Solana has escalated by 734% since Jan. 1, 2023, while avalanche has increased by 306% year-to-date, with 104% of this growth occurring in the last month alone.
Solana is now the closest contender to ethereum, needing an additional .04 billion to surpass BNB, the fourth-largest crypto asset. However, solana’s market capitalization remains 7.6 billion behind ethereum’s. At present, SOL is trading 68.20% below its all-time high of 9 per unit, which it reached on Nov. 6, 2021.
Similarly, AVAX is 69.6% below its peak price of 4, recorded on Nov. 21, 2021. Currently, at 2:34 p.m. (EST) SOL is priced at .59, up 13.1% in the last 24 hours, while AVAX is trading at .96, reflecting a more than 9% increase in the same period.
Among the leading smart contract platform tokens by market capitalization, SOL and AVAX hold the third and fifth positions, respectively. Over the past week, these two cryptocurrencies have outperformed all others within the top ten smart contract platform coins.
The notable resurgence of solana and avalanche underscores the dynamic nature of the cryptocurrency market at any given time. Despite past setbacks, both SOL and AVAX have demonstrated signifcant growth, challenging the dominance of established players like BNB, ADA, and XRP.
What do you think about solana and avalanche and their market performances? Share your thoughts and opinions about this subject in the comments section below.
Smart Contract Platform Tokens Command 26% of Crypto Economy Amidst Market Gains
It’s been a strong week for smart contract platform tokens, with the top ten performers all notching growth against the U.S. dollar. The rise ranged from ethereum’s (ETH) 4.2% jump to solana’s (SOL) 32.5% surge. The smart contract coin sector witnessed 32 crypto assets achieving double-digit percentage increases, starting with OMG’s 10.2% and scaling up to JUNO’s 110.8% escalation.
From Ethereum to Solana: Smart Contract Platforms Defy Odds
Smart contract coins have had a banner week, charting a collective market uptick of 1.6% in just the last day. As of today, November 5, these platform tokens hold a market cap of 7 billion, which accounts for 26% of the total value of the crypto economy.
Dominating this niche, ethereum (ETH) constitutes 62.18% of the market, with its own value appreciating by 4.2% this week. Close on its heels, BNB experienced a 4.9% increase. SOL, meanwhile, marked a 32.5% leap within the same timeframe.
In addition, cardano (ADA) enjoyed a 12.4% uptick versus the dollar, tron (TRX) edged up by 3.4%, and chainlink (LINK) expanded by 4.4%. Five smart contract tokens even boasted gains surpassing 35%, with juno (JUNO) skyrocketing by 110.8%. bitrock (BROCK) wasn’t far behind with a 69% gain, followed by phantasma (SOUL) with a 49.3% boost.
Multiversx (EGLD) rose by 47.4% and immutable X (IMX) also made notable strides, advancing 35.4% against the dollar. However, not all smart contract coins had a favorable week from October 29 to November 5, 2023.
Viction (VIC) stumbled with a 25.4% decrease, cypherium (CPH) receded by 14.5%, and meter governance (MTRG) slipped by 7.9%. Additional losses were seen by Concordium (CCD), canto (CANTO), chromia (CHR), and bytom (BTM), which recorded downturns between 7% and 3.1%.
Meanwhile, the top 100 smart contract crypto assets amassed .12 billion in day-long trades. While ETH reigns over 62% of the smart contract token economy, the leading ten smart contract coins combine to a commanding 4 billion or 90.75% of this market segment.
What do you think of the top smart contract token economy swelling in value over the past week? Share your thoughts and opinions about this subject in the comments section below.
Computable Functions Verified on Bitcoin — How BitVM Seeks to Elevate BTC’s Smart Contract Game
A new computing model, BitVM, aims to enhance Bitcoin’s smart contract capabilities without requiring changes to the blockchain’s consensus rules. The white paper, published on October 9, 2023, has drawn significant attention and its fair share of criticism.
Can BitVM Set a New Precedent for Bitcoin’s Smart Contracts?
BitVM was proposed in a recent white paper by blockchain programmer Robin Linus. It allows for the expression of Turing-complete Bitcoin contracts through fraud proofs and a challenge-response protocol between two parties. While some believe the model has limitations, others say it paves the way for more intricate Bitcoin transactions.
BitVM operates with a prover making a claim that a program runs correctly for specific inputs and outputs. The verifier can challenge that assertion with a series of succinct fraud proofs, penalizing the prover if their claim is untrue.
By encoding the program into a binary circuit and committing to it bit by bit in a Taproot address, both the prover and verifier can execute complex computations with a minimal onchain footprint. This permits any computable functions to be verified on Bitcoin, according to the white paper. However, BitVM is currently confined to a two-party setting between a prover and a verifier.
The paper points out drawbacks such as substantial off-chain computation for both parties. Yet it positions BitVM as a fresh approach to broaden Bitcoin’s capabilities without any protocol changes. This means there’s no need to modify the consensus rule set through a soft or hard fork.
Some developers have critiqued the model’s current utility. “Cool but effectively a generalization of a two-party game,” Blockstream CEO Adam Back wrote on the social media platform X (formerly Twitter). Lead Blockchair developer Nikita Zhavoronkov labeled it “Cool, but overhyped,” stating BitVM can’t “even multiply numbers efficiently.” The developer added:
Definitely not an ‘EVM on Bitcoin.’
Nevertheless, BitVM’s foundational framework hints at potential as a means to someday facilitate more elaborate smart contracts on Bitcoin. The two-party constraint implies functions like token swaps aren’t feasible yet.
Sam Parker commented on the social media platform X, noting that BitVM enhances capabilities without protocol changes, lessening ossification risks. Crypto analyst Sunny Decree wrote that a “new Bitcoin white paper enables all Altcoin utilities on Bitcoin” and emphasized “no soft fork required.”
“The thing that I am most excited about is being able to implement a ZK verifier in the BitVM,” said the CEO of Bioniq, Bob Bodily. “We still don’t know how, where, when, or if this will happen, but if you could implement a ZK verifier in the BitVM then you would unlock the full power of L2s directly on Bitcoin. Trustless bridging, more throughput, more privacy, cheaper transactions, unlimited programmability, more scale, etc. And all without a Bitcoin upgrade.”
The white paper describes BitVM as a “novel design space” for Bitcoin contracts and off-chain computation. As studies progress, its uses might broaden to fully highlight Bitcoin’s inherent computing prowess. In the short term, BitVM lets a prover and verifier execute Turing-complete programs with payments, validating outcomes through Bitcoin’s current fraud-proof system, thus widening smart contract prospects without changing the protocol.
In addition to the white paper, the project has been receiving donations to an address left at the bottom of the document. The donation address “bc1qf” has received 0.18555681 BTC worth just over K using current exchange rates.
What do you think about BitVM? Share your thoughts and opinions about this subject in the comments section below.
Smart Contract Automation Helps Dapps Maintain Data Integrity Without Relying on External Databases — Pavel Salas
According to Pavel Salas, the chief growth officer at Gear Foundation, on-chain smart contract automation makes applications “truly decentralized” because it “removes dependencies on centralized servers or external entities.” Salas also claimed that on-chain smart contract automation means participants can “engage in transactions or exchanges without relying on a central authority.”
Webassembly Not a ‘Direct Replacement for EVM’
In his written answers sent to Bitcoin.com News, Salas argued that on-chain smart contract automation also helps decentralized applications (dapps) maintain data integrity without having to rely on external databases. He said since the code of smart contracts deployed on the blockchain is immutable this means it cannot be altered once deployed.
Meanwhile, when asked to offer his thoughts on Webassembly (WASM) and the possibility it will overtake the Ethereum Virtual Machine (EVM) at some point, Salas, said he does not see WASM as a direct replacement for EVM. Instead, he views ongoing efforts to integrate WASM with EVM-based ecosystems as something that “highlights its potential to expand the capabilities of smart contract development in the broader Web3 landscape.”
Also, in his written answers sent to Bitcoin.com News via Telegram, the Gear Foundation chief growth officer discussed factors that inhibit developers as well as the lessons that can be drawn from the experiences of Web2 platforms which excel at providing “intuitive and user-friendly experiences.” Below are Pavel Salas‘ answers to all the questions sent.
Bitcoin.com News (BCN): What are the most common factors or limitations in the blockchain industry today that inhibit developers, especially those in decentralized finance (defi) and Gamefi from building Web2-like rich experiences for their users?
Pavel Salas (PS): The blockchain industry faces a significant hurdle in scalability. The current state of many blockchain networks, especially those supporting defi and gamefi [the intersection of finance and gaming], grapples with scalability bottlenecks. The transaction throughput is often limited, leading to congestion during peak usage times. This results in higher fees and slower transaction processing.
For developers aiming to create Web2-like experiences, the scalability challenge poses a critical barrier. Users expect seamless and quick interactions, a standard set by centralized platforms. Current blockchain limitations hinder developers from replicating this level of user experience. Blockchain networks often operate with limited interoperability. Defi and gamefi developers, seeking to create interconnected experiences, face hurdles due to the lack of effective communication between disparate blockchain networks. The absence of interoperability hampers developers’ ability to craft applications that can leverage the strengths of different blockchain ecosystems.
Traditional Web2 platforms excel in providing intuitive and user-friendly experiences. Blockchain, on the other hand, introduces complexities such as private key management, transaction confirmations, and wallet integrations, leading to a steep learning curve. While smart contracts are foundational to defi and gamefi, they currently have limitations. Execution times, resource-intensive operations, and the inherent determinism of smart contracts also can be bottlenecks for creating complex and dynamic applications. The broader adoption of blockchain applications relies on educating users about the benefits and usage of decentralized platforms. This educational gap also affects user onboarding and retention.
BCN: Vara Network is based on the Gear Protocol and claims to offer simplified blockchain development. Could you describe what Gear Protocol is all about and how it helps simplify the developer experience for the next-gen gaming, defi and experimental use cases?
PS: First of all it’s important to understand the Gear Protocol. Beyond this, there are several important technical features:
Actor Model. It is a paradigm for concurrent computation that conceptualizes both the data and processes as “actors.” In the context of blockchain, these actors are programs or entities that interact with each other through asynchronous message passing. This approach brings a layer of security by not allowing actors to share a state, a departure from traditional shared-state models. In the context of Vara Network, this means enhanced security and reduced complexities in handling data. The Actor Model’s concurrency capabilities enhance the development of gaming applications, where real-time interactions are critical. This concurrent approach, coupled with the speed of execution, sets the stage for next-gen gaming experiences.
Persistent Memory. It refers to the idea that programs don’t use shared storage; instead, their entire state is persisted in individual memory space. It means more effective memory virtualization, with only required pages being persisted and loaded when needed. In blockchain development, this has profound implications. It simplifies the development process by removing many complexities associated with shared storage. Running programs and their states more closely resembles real-life operating system primitives. The security enhancements from both the Actor Model and Persistent Memory directly benefit defi applications. Smart contracts on Gear Protocol can execute with greater efficiency and security, which is crucial for defi protocols.
WASM. The WASM is used as a virtual machine (VM). It enables developers to write and compile code in familiar languages, significantly lowering the barrier to entry. This means that developers from Web2 spaces, accustomed to languages like C++ or Rust, can seamlessly transition to blockchain development. This allows developers to explore experimental and novel use cases. Its modular architecture enables the creation of diverse applications.
BCN: Most decentralized applications are not truly decentralized. Often, many of them rely on third parties for off-chain processing to keep the app features working smoothly. Do you believe that on-chain smart contract automation could make dapps truly decentralized?
PS: One of the prevailing challenges in the blockchain space, particularly in decentralized applications, is the often misunderstood nature of decentralization. Many applications claim to be decentralized but, in reality, rely on off-chain processing or third-party intermediaries for certain functions. This introduces a level of centralization, compromising the core tenets of blockchain technology.
The advent of on-chain smart contract automation holds immense promise in rectifying this centralization paradox. On-chain smart contract automation involves the execution of predefined functions directly on the blockchain without relying on external systems.
This autonomy ensures that critical functions of a dapp, from transaction processing to complex logic, occur within the decentralized realm. It removes dependencies on centralized servers or external entities, fostering a truly decentralized environment.
Smart contracts, when automated on-chain, enable trustless interactions between users or entities. The decentralized and trustless nature of on-chain execution means that participants can engage in transactions or exchanges without relying on a central authority. This is fundamental to achieving genuine decentralization.
On-chain automation extends beyond transactions to include the handling of data. By managing data on-chain, dapps can maintain data integrity without reliance on external databases. This is important in scenarios where data manipulation or corruption risks compromise decentralization. Smart contracts deployed on the blockchain are immutable, meaning their code cannot be altered once deployed. This immutability ensures that the rules governing a dapp’s behavior remain tamper-proof. Unlike centralized systems where rules can change at the discretion of a governing entity, on-chain smart contracts guarantee consistency and transparency.
So yes, I believe that on-chain smart contract automation could make dapps truly decentralized.
BCN: Webassembly (WASM) is said to give blockchain developers the freedom to write and compile code in traditional languages that they might already be familiar with. Could you tell our readers more about WASM and your thoughts on whether it’s capable of communicating with the popular EVM-based smart contracts?
PS: One of the key strengths of WASM is its interoperability. It’s not tied to a specific blockchain or platform, making it versatile for different use cases. WASM code is designed to run in a secure and isolated execution environment, ensuring consistent performance across different architectures.
EVM primarily supports smart contracts written in Solidity. While Solidity is powerful, it has a learning curve, and transitioning from traditional languages can be challenging for developers. There have been efforts to bridge the gap between WASM and EVM by creating EWASM, but it’s a different story. While WASM itself isn’t a direct replacement for EVM, ongoing efforts to integrate WASM with EVM-based ecosystems highlight its potential to expand the capabilities of smart contract development in the broader Web3 landscape.
BCN: Many people seem to believe gaming is the thing that will lead to Web3 mass adoption. Yet, despite the hype over the last few years, we have not seen any successful Web3-native games. What could be the reason for this?
PS: Unlike traditional games, Web3-native games leverage blockchain technology to introduce true ownership of in-game assets, interoperability across games, and novel economic models. The industry is maturing, and developers are recognizing the importance of prioritizing engaging gameplay and user experience alongside blockchain integration. Collaborations between Web3 projects and established gaming platforms can also facilitate smoother transitions for mainstream gamers into the Web3 space.
The immersive nature of gaming presents a significant opportunity for driving mass adoption of Web3. However, challenges such as scalability issues, user experience enhancements, and the shift from centralized to decentralized models must be addressed for Web3-native games to be successful. Overcoming these challenges will create an environment conducive to broader user adoption and engagement.
What are your thoughts on this interview? Let us know what you think in the comments section below.
XRPL Labs Reveals Smart Contract Sidechain For XRP Ledger, What This Means For The Altcoin
Earlier today, XRPL Labs divulged its latest development: Xahau Ledger, a smart contract sidechain integrated into the XRP Ledger (XRPL) ecosystem. This is said to enhance the capabilities of the XRP Ledger, pushing it a step closer to widespread retail adoption.
The announcement by XRPL Labs, the brain behind the XRP Ledger’s self-custody wallet named Xumm, has reignited excitement within the community, pointing toward significant advancements for this altcoin. However, so far, the altcoin remains in red down by 1% in the past 24 hours.
An Introduction To Xahau Ledger
On August 28, XRPL Labs conveyed its integration with the Xahau Ledger, characterizing it as an “ambitious move” to introduce multifaceted features to the XRP Ledger. This integration is seen as a catalyst, propelling the adoption of the altcoin and its foundational ledger.
We are proud to be part of the Xahau network (@XahauNetwork) as a launch participant. As stated earlier, we will support multiple chains that use the XRPL protocol and our commitment to the main XRPL remains steadfast. https://t.co/olzsK3veCx
— XRPL Labs (@XRPLLabs) August 28, 2023
Such progress firmly positions the XRP Ledger protocol to break new ground in the retail sector. Furthermore, XRPL Labs is in the phase of rolling out a comprehensive whitepaper for the Xahau Ledger.
As emphasized by the developers, this sidechain’s primary purpose is to infuse the XRPL ecosystem with smart contract capabilities.
The Vision For The Smart Contract Sidechain For XRP Ledger
Wietse Wind, the founder of XRPL Labs, in a recent update on X (formerly recognized as Twitter), disclosed the collaboration with prominent names, including GateHub, Alloy Networks, and EvernodeXRPL.
For ~two years @XRPLLabs has collaborated with other entities with a track record of building on and supporting the XRPL ecosystem.
Today, together we publish the Whitepaper for “Xahau”, an XRP Ledger protocol chain.
We’re proud to publish the Xahau Whitepaper alongside of… https://t.co/q75V1djsSp
— WietseWind (+ Xumm @ XRPL Labs) (@WietseWind) August 28, 2023
According to Wind, their joint efforts have led to the Xahau whitepaper’s publication, underscoring the potential of the Ledger-powered smart contracts. Wind envisions these contracts as pivotal in crafting solutions for daily life challenges.
The XRPL founder further disclosed his commitment to the XRP Ledger ecosystem. In his words:
We will continue to build for the entire XRP Ledger ecosystem, and everything we build will be open for the entire ecosystem to benefit from.
He further expressed his optimism for a multi-chain XRPL Protocol ecosystem, emphasizing the combination of XRPL Mainnet’s proven resilience with the limitless potential of Hooks.
Furthermore, Wind dropped hints about future updates to the Xumm wallet, indicating support for multiple XRPL Protocol networks, notably XRPL Mainnet and Xahau.
According to the founder, this is a move aimed at achieving the overarching vision of XRP retail adoption. To add to the anticipation, Wind hinted that Xahau might become operational before the year concludes.
Featured image from Unsplash, Chart from TradingView
Law Professors Blast SEC’s Concept of Investment Contract in Amicus Brief
Six professors of law have issued an amicus brief in favor of Coinbase, blasting the U.S. Securities and Exchange Commission’s (SEC) stance on the definition of investment contracts. Through a historical examination of the development of securities laws, the brief concludes that an investment contract “requires contractual undertakings to deliver future value.”
Law Professors Explain Investment Contracts in Amicus Brief
Six professors from different U.S. universities have filed an amicus brief backing Coinbase’s position in its battle against the U.S. Securities and Exchange Commission (SEC).
Stephen M. Bainbridge from UCLA, Tamar Frankel from the Boston University School of Law, Sean J. Griffith of the Fordham Law School, Lawrence Hamermesh of the Widener University Delaware Law School, M. Todd Henderson from the University of Chicago Law School, and Jonathan R. Macey from Yale Law School argue that for the tokens listed on Coinbase to be considered investment contracts, their issuers need to have some contractual undertaking for investors.
In their brief, the law professors undertake a historical look at the origins of securities laws, explaining that the current security law framework was inspired by “blue sky laws” (laws seeking to establish safeguards for investors against securities fraud), with these routinely relying on contractual arrangements between issuers and investors to determine what constituted an investment contract.
Case Law Examined
According to several cases examined by the legal scholars, in every case where investment contracts were recognized by the Supreme Court and the second circuit, there was some contractual binding between issuers and investors, even in post-Howey test trials.
This view is also shared by Coinbase, which introduced a filing on June 28 declaring that “an economic arrangement can qualify as an investment contract only if it involves
an ongoing business enterprise whose management owes enforceable obligations to investors.”
The brief states the court should “adhere to the settled meaning of the term—consistently applied by the state courts interpreting state blue-sky laws, as well as by the federal appellate courts before and since Howey,” concluding that:
Under that settled meaning, an investment contract requires contractual undertakings to
deliver future value reflecting the income, profits, or assets of a business.
However, this view runs counter to SEC filings, which stated that Coinbase “attempts to construct its own test for what constitutes an investment contract.” For the regulator, even in the absence of a contractual obligation, an arrangement might be considered an investment contract, detailing that “Howey did not require a common law contract, and no court has held otherwise.”
What do you think about the amicus brief introduced by six law professors on investment contracts? Tell us in the comments section below.