Supra is a next-generation, vertically integrated blockchain ecosystem with powerful smart contracts, native Oracles, cross-chain communication, automation, and more into one unified, shared security infrastructure. Josh Tobkin is the Co-Founder and CEO of Supra. He recently joined the Bitcoin.com News Podcast to talk about the future of the crypto ecosystem and how his company fits […]
Bitcoin News
Vitalik Buterin Among Several High-Profile Names With Over $1 Million Locked in Bridges
Vitalik Buterin, co-founder of Ethereum, reportedly has over million trapped in the Optimism bridge, a situation highlighted in a broader analysis by Arkham, which exposes numerous wallets with significant funds locked on various bridge contracts. Among these, a wallet associated with Bofur Capital has .8 million in wrapped Bitcoin stuck on an Arbitrum bridge […]
Bitcoin News
Are Bridges Solving the Interoperability Problem?
The blockchain landscape is as vast as it is diverse. Filled with a rapidly growing number of tools, platforms, and protocols, each designed to boost the utility of cryptocurrencies and provide value to users.
But in this complexity, a major obstacle has emerged. Blockchains simply can’t interact with one another. Ethereum, Binance Smart Chain, Solana, Terra, and dozens more blockchains are effectively operating in isolation, due to a lack of in-built interoperability. This has had a knock-on effect of dividing the blockchain community, who often need to pick and choose which platform to get to grips with and support.
As it stands, to interact with services on multiple blockchains, users would need to have at least a basic understanding of how that platform works, hold a wallet, and own at least some of its native assets. Understandably, few individuals and businesses want to go through the hassle of familiarizing themselves with multiple platforms.
Over the years, a range of options has been pushed as potential solutions to this challenge. These include interoperability solutions like Polkadot, which enables interblockchain communication by connecting distinct blockchains through a central relay chain. As well as Cosmos’ interblockchain communication protocol (ICP), which allows homogeneous blockchains to exchange data and value by providing a single standard for communication.
Image credits: Cosmos
But despite this, some of the earliest and least complicated solutions are providing to be the most effective. We’re talking about bridges — deceptively simple platforms that allow users to easily move their assets from one blockchain to another (a process known as bridging).
The way these platforms work is typically relatively simple. Let’s say you want to move 500 USDT from the Ethereum network to Avalanche. You’d select your bridge, choose your input (Ethereum) and output networks (Avalanche), select the asset (USDT) and amount (500, enter your output address (your Avalanche address) and initialize the bridge. The bridge smart contracts would then burn 500 USDT on Ethereum, and mint 500 USDT on Avalanche — effectively moving 500 USDT between chains without running the risk of accidentally doubling the total amount of USDT in circulation.
Other bridges, such as Celer’s cBridge, keep liquidity pools on each chain rather than burning tokens. When a user bridges their assets, their funds on the origin chain are simply added to that chain’s asset pool, while the equivalent amount of funds on the destination chain are released to their address. This effectively accomplishes the same thing, without requiring token burns (a feature not all blockchains support).
The platform is able to support trustless any-to-any liquidity transfers across close to a dozen networks (including Ethereum, Polygon, Binance Smart Chain, Arbitrum, and Avalanche) and has seen its use soar in the last four months, climbing from m total volume in its first month to over m per day in October — demonstrating the rapidly increasing demand for cross-chain liquidity.
The team behind the platform is now finishing up v2.0 of cBridge — bringing with it increased liquidity, more chains, improved benefits for liquidity providers, and more.
Other platforms, including the PancakeSwap bridge, Terra Bridge, and even Binance’s bridge platform have also seen a dramatic uptick in use over the past several months, as an increasing number of users look to interact with projects and services building on alternate blockchains.
By effectively solving the liquidity issue by allowing users to move their assets from one blockchain to another at low cost, without requiring a steep learning curve or excess capital, cross-chain bridges are quickly becoming the go-to solution for those looking to regularly interact with multiple blockchains.
And given their rapid adoption in recent months, it looks likely that they will continue to gain momentum in the months and years ahead as more people recognize the benefits of utilizing multiple blockchains.
World’s First Platform in web3 Ecosystem That Zap Out Scams & Bridges a Gap Between Users, Developers, and Investors
Web3 ecosystem is in the nascent stage and evolving continuously with cutting-edge products and more innovators taking a keen interest in exploring blockchain in general. But, when we talk about web3 adoption at scale, it somehow fails due to some significant hurdles faced by many.
For starters, if you’re a new entrant exploring the Dapps or crypto space, it’s likely to come across many sketchy and lucrative products that are too good to be true. Many people fall prey to such frauds and lose thousands of dollars.
Similarly, developers with innovative ideas don’t get much support from the start in the form of validation from the community or capital from the investors. Hence, we see potential products fading out. Nor the devs have many connections in the industry that could conceivably lend them the missing support.
Now, what if all these could be avoided? One way to do so is by drawing users, developers, & investors in unison and then operating together to solve this menace. One such startup that is aiming to do just this is The Dapp List.
The Dapp List is all set to launch a multichain ecosystem for web3 curation. They commenced their journey back in 2020. Since then, they experimented, ideated, and gained validation from the community and experts to envision a bulletproof approach on Community governance powered with reputation mechanism.
Recently The Dapp List released an Intro article on their blog, which encircles companies core principles, the challenges users, developers and investors face in the web3 ecosystem, along with a suite of features to combat them and prevent malpractices.
Upkeeping the core idea of decentralization, The Dapp List has built a perfect solution that drives scams and malpractices of centralized fashion aside and revolutionizes the user experience, developer support, and investor engagement.
The recent Intro blog has mentioned a hunting and voting mechanism that rewards users to hunt and vote for the dapps. Furthermore, by engaging in these activities, a user gets a certain amount of tokens and reputation, later reputation can be redeemed for a rare NFT. Slashing of reputation happens when someone tries to manipulate the listing process, and thus they also lose any future rewards.
Furthermore, developers are promised unmatched community support where they can present their vision, get validation, and with the help of investment partners, they can make their idea into an outcome.
“We’re eager to announce our product features, and soon enough, the V2 launch will bring the explore module in action. Later we have the BUIDL module for developers, and after that, in Q4 our investment module will be seen in action”.
— Nirbhik Jangid, Co-founder of The Dapp List
The Dapp List was very clear about supporting other Dapps with community building, developer support, and investor engagement with a unison of all parties under one roof. Going further, they have asserted that The Dapp List is not interested in becoming an IDO platform. However, they sure hint towards onboarding exclusive IDO partners and other ecosystem partners to bring maximum value for the Developers, Dapps, and Users in the web3 community.
What Is So Special About Bridge’s TRON-Based Oracle Network?
The Bridge Oracle IEO, which sold out in six hours on September 15th on BW.com, kicks off the introduction of TRON network’s first Oracle System and has already led off excited chatter over the cryptosphere. What exactly led to Bridge being able to raise million in a few hours?
To understand why exactly smart contract and blockchain proponents are getting so enthused about Bridge, this article explores the incredible potential for smart contracts in decentralizing trust, and the final piece of the puzzle that Bridge Oracle proposes.
Decentralizing the Web
Since migrating to its native architecture in 2018, in two short years, the TRON protocol has been making headway into the emerging technology ecosystem, with its smart contract platform now recognized as one of blockchain’s leading lights. Its mission was a simple one: ushering in the age of the Third Web or Web 3.0, where the new web will enable people to use the Internet the way it was meant to be: an open-access network decentralized to enable free and fair use for all.
For users, this meant putting control over their own data back into their hands. For developers, this meant the flexibility and freedom to code with any high-level language for smart contracts for decentralized applications (Dapps) and decentralized autonomous organizations (DAOs).
While Ethereum is still at the head of the pack in terms of smart contract platforms, in three short years, TRON has built up an impressive base of users, developers, and applications that continues to grow at a rate that is set to outpace Ethereum and dislodge it as the top Dapp network of choice.
Currently, at just over 327,000 active accounts on the network, TRON is on the brink of surpassing Ethereum’s number of active accounts (currently at 455,000). While Ethereum has been struggling to prevent user attrition, down from its all-time high, TRON has been making steady gains, in no small part thanks to better scalability in terms of transactional capacity and cost — something Ethereum users are painfully reminded of each time they’re interacting with their blockchain.
Oracles: the Missing Link
Smart contracts themselves are a major part of this Web 3.0 future — taking away decision-making and contract fulfillment from centralized entities and allowing objective code to automatically verify conditions and execute instructions.
But to do this, smart contracts require authentic, true data that accurately represents the real-world data sets that eventually specify the terms of contracts. Therein lies the failure of current smart contract implementations: if the data is not true, or is not certain to be free from tampering and manipulation, how can the agreements bound by the contract be absolutely trustless?
This is the precise solution promised by Bridge Oracle: a bridge that ensures actual, clean, and accurate data from the real world, is safely injected into smart contracts in the way they can be properly used.
The industries that sorely need this solution are many. Insurance policies that can finally use verified data on accidents, damage to precisely calculate disbursements to policyholders. Shipping companies that can reliably track deliveries from source to destination, with payments executed as soon as the recipient signs. Outsourced talent companies that can use trusted data on fraud-free deliverables, with payments settled with service providers automatically based on precise pay-per-action,
Bridge Oracle: the Final Piece of the Web 3.0 Puzzle
The premise of Bridge Oracle as the smart contract enabler is already attracting much interest, with major industry publications doing steady coverage of the rapid uptake of its limited IEO on BW.com.
With blockchain luminaries Hakan Estavi (CEO) and Keyvan Abedi (DAO and Dapp pioneer) counting on an advisory panel headed by Bitcoin.com CEO Mate Tokay, The Currency Analytics CEO Sydney Ifergan and TRON influencer Mike McCarthy, it is of little surprise that keen interest has been gathering around Bridge Oracle.
As more explorations of use cases firm up towards the planned launch of a mainnet in the coming months (Q4 2020), there is a definite urgency for blockchain investors to get in on the ground floor of a rare and unique opportunity to be part of a watershed moment for smart contract adoption.
Already oversubscribed on its private sale and its public IEO, BRG tokens will be available for purchase on Digifinex, with the listing going live in a few days.
With oracles completing the smart contract premise for real-world application, there is every chance that the era of real-world applications of smart contracts will soon be upon us.
Learn more about Bridge Oracle advanced DeFi protocol: https://bridge.link/
Crypto and FBs Libra Are Bridges to a Bitcoin World, Says Tim Draper
n Tim Draper world will change thanks to Bitcoin in the endn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Crypto Tidbits: Jack Dorsey Loves Bitcoin, Abra Bridges Gap Between Stocks & Crypto
For once in a blue moon, the Bitcoin (BTC) market saw notable price action over the past week. On Friday, the aggregate value of all crypto assets saw a 9% hike, as Litecoin (LTC) posted a jaw-dropping 34% gain to precede a collective market rally. BTC moved above ,700, catalyzing optimists’ quips that further recovery is inbound.
This aside, the fundamental side of this budding space posted just as strong of a performance, as notable strides were made by crypto startups. ErisX, a crypto trading platform backed by TD Ameritrade, secured three key staffers, Abra revealed a plan to allow its users to purchase U.S. equities with Bitcoin, and Kraken finalized a 0+ million deal straight out of left field.
Crypto Tidbits
- Twitter CEO Lauds Bitcoin, Makes Public Lightning Network Transaction: Just days after Jack Dorsey took to Joe Rogan’s podcast to laud the merits of Bitcoin, the chief executive of both Square and Twitter, made a surprise appearance on what is best known as Crypto Twitter. In the midst of a community-run initiative called the Lightning Trust Chain, which sees participants send marginally more BTC with each transaction on the Lightning Network, someone called on Dorsey to take the “torch.” Surprisingly, the Silicon Valley star accepted the offer, pasting a Lightning Network invoice in response to the inquiry from Matt Odell. And just like that, proverbial lightning struck, and Dorsey was sent 2.86 million satoshis (0.0286 BTC) for near-negligible fees, within seconds, and broadcast for the world to see. In later tweets, the Bay Area citizen doubled-down on his affection to the Bitcoin maximalist mindset. When asked why he only holds BTC, an amount which he deemed “enough,” Dorsey noted that the project is resilient, principled, native to the ideals of the Internet, and a great brand in and of itself.
- Coinsquare Lays Off 40 Staffers: According to Canadian fintech media outlet Betakit, the Toronto-based Coinsquare, one of the North American nation’s leading Bitcoin exchanges, laid off a good portion of its staffers last week. Citing sources with familiarity with the unfortunate debacle, the company purged 40 employees across the board, bringing its cumulative headcount down to ~150. This represents a 27% reduction in total staffers. It was also revealed that even key C-suite members, including COO Robert Mueller and CFO Ken Tsang, were shown the door. In a statement, CoinSquare chief executive Cole Diamond remarked that the current market conditions are the “most volatile that you or I have ever seen,” thus mandating tough choices, such as laying off staffers. The Canadian entrepreneur explained that Coinsquare needs to be “prudent” in the way it uses its capital, as it needs to stay afloat to fulfill its long-term ambition of creating an organization that “has a real chance at changing the world.”
- ErisX Hires Wall Street Execs: ErisX, an American crypto investment upstart that is backed by TD Ameritrade, Virtu Financial, and CBOE, recently hired an array of key staffers as it purportedly nears its launch. Per a press release from the company released Thursday, ErisX will be bringing on Robert Thrash, Arnold Connell, and John Denza, who will take up executive and C-Suite positions at the group. Thrash, chief operating officer, joins the Bitcoin-friendly company from Barclays, where he headed the giant’s futures execution and clear platform facets. This new hire is evidently a step that ErisX is taking towards the eventual launch of cryptocurrency futures, pending approval from U.S. regulators. Former Youtube executive Connell will be taking up the mantle of the infrastructure head, while Denza hails from the CBOE. In a comment regarding the new ErisX staffers, chief executive Tom Chippas, a Wall Street legend that once was a part of top brasses of Citadel, Citi, Barclays, and Deutsche Bank, stated that the three bigwigs’ move onto ‘Satoshi Street’ only accentuates the opportunity that crypto & blockchain pose.
- Abra To Allow For U.S. Stock Purchasing With Crypto Assets: Popular crypto investing upstart Abra, headquartered in Mountain View, California, revealed that it would soon allow its clients to invest in “stocks, ETFs, commodities, cryptocurrencies, and fiat currencies,” all through its flagship application. Starting shortly, users in 155 countries will be able to buy U.S. stocks, whether it be Apple, Amazon, Google, or otherwise, along with a list of other traditional equities for no fee, and with a minimum investment of . Interestingly, all this will be done through crypto-collateralized contracts, which will be based on Bitcoin. As this news propagated, the broader crypto sector erupted in excitement. Ryan Selkis of Messari noted that this is “much, much bigger news than the Lightning torch if it works,” referencing the Jack Dorsey narrative.
- Kraken Secures 0+ Million Deal To Launch Crypto Futures: San Francisco-based Kraken, headed by Jesse Powell, revealed Monday that it had acquired Crypto Facilities, a European digital assets derivatives provider, for a minimum of 0 million. This marks the biggest crypto-related deal in 2019 so far. With this move, Kraken will now be able to offer crypto-linked futures investment opportunities for Bitcoin, Bitcoin Cash, XRP, Litecoin, and Ethereum.
Featured Image from Shutterstock
The post Crypto Tidbits: Jack Dorsey Loves Bitcoin, Abra Bridges Gap Between Stocks & Crypto appeared first on NewsBTC.
Bridges in a Fractured Cryptosphere
&8230nThe post Bridges in a Fractured Cryptosphere appeared first on CryptoCoinsNews.n
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7