Blockchain News

Staking on Ethereum 2.0, explained
Blockchain News

Staking on Ethereum 2.0, explained

While Ethereum 2.0 staking allows validators to be compensated for securing the network, ‘Ethereum 2.0 Staking Earn’ is its own product, providing users rewards from several DeFi products. On Ethereum 2.0, the PoS-powered blockchain will bundle 32 blocks of transactions during each validation round. Each block bundle is known as an epoch, which are finalized transactions. During the validation process, also known as "attesting," the Beacon Chain assigns groups of stakers into "committees" of 128, who are then given a shard block. A base reward will determine the issuing rate of Ethereum 2.0. As the number of validators connected to Ethereum 2.0 increases, the lower the base reward will be per validator. This is true since the base reward is inversely proportional to the...
Bitfinex launches the first L2 bridge from CeFi to DeFi
Blockchain News

Bitfinex launches the first L2 bridge from CeFi to DeFi

Crypto exchange Bitfinex has today announced a market-debut service to bridge its centralized platform with the layer-2 decentralized trading platform and subsidiary DeversiFi. The bridge will provide users access to the permissionless and privacy-centric experiences of decentralized finance (DeFi) systems, in combination with the highly liquid, accessible features of centralized finance (CeFi) institutions. A release from the company noted that transactions will be initially exclusive to Tether (USDT) — a stablecoin affiliated with the exchange — but may eventually open up to various ERC-20 tokens in the future.Ethereum-based DeversiFi is a trading platform built upon StarkWare’s scalable technology. Two months ago, they launched the first layer-2 bridge between Ethereum and Polygon ...
New decentralized stablecoin in China targets international trade
Blockchain News

New decentralized stablecoin in China targets international trade

As financial authorities around the globe become increasingly concerned about stablecoin regulation, a jurisdiction in China is preparing to pilot a new yuan-pegged stablecoin for international trade.Chris Banbury, head of global operations at permissionless blockchain project Conflux, told Cointelegraph on Sept. 21 that the firm will provide its technology to launch an offshore renminbi (RMB) stablecoin pegged to China’s central bank digital currency (CBDC), the digital yuan.“This is going to be pegged to the digital yuan in price only with no formal integration,” Banbury noted, adding that the project will be exploring how the token trades against other currencies.The new stablecoin project will facilitate international trade in Shanghai’s Lin-gang Special Area after the Chinese governme...
NFTs could mark a resurgence in art galleries
Blockchain News

NFTs could mark a resurgence in art galleries

For decades, art galleries and museum exhibitions around the world have facilitated the presence of cultural education, social interaction and visual moments of awe.Michelangelo’s “Sistine Chapel,” Georgia O’Keeffe’s “Black Iris III” and Picasso’s “Weeping Woman” have all inspired generations of art lovers in their own pursuits of life — creative or otherwise.However, since the turn of the century — grossly impacted by seismic shifts in digital behaviors, economic uncertainties and enduring complaints of exclusivity — art galleries have seemingly depreciated in societal appeal.A piece by Arts Professional in late 2017 exposed the decline in visitor numbers to London’s most prominent art attractions, a damning paradox to the year’s record tourism to the city.After the start of the...
10% of early-stage startups working on blockchain: GSER 2021
Blockchain News

10% of early-stage startups working on blockchain: GSER 2021

With venture capital funding seemingly prioritizing emerging technology, the blockchain industry experiences a significant influx of capital from corporate backers.According to the Global Startup Ecosystem Report 2021 published on Wednesday, blockchain-based businesses account for 10% of startups worldwide.The figure is part of a more significant trend that has seen emerging technology become a fast-growing sub-sector in terms of early-stage funding. The report divides startups into growing, matured and declining sub-sectors. Unsurprisingly, blockchain technology is in the first group, where the average growth rate is 107%, along with agriculture technology (agtech) and new food, advanced manufacturing and robotics, artificial intelligence (AI) and big data, and fintech.According to the re...
Sommelier partners with Mysten Labs to launch Cosmos smart contracts
Blockchain News

Sommelier partners with Mysten Labs to launch Cosmos smart contracts

Sommelier, a co-processing protocol to the Ethereum Virtual Machine, or EVM,  announced a research and development partnership with Mysten Labs to increase liquidity transaction speeds and launch smart contract applications on the Cosmos blockchain on Tuesday.Founded in 2020 by Zaki Manian, a core developer on the Cosmos protocol, Sommelier is a test-net protocol designed to deliver enterprise-grade automated financial transactions such as limit orders, batched orders and portfolio rebalancing to decentralized finance, or DeFi, traders and liquidity providers, or LPs.The blockchain, which combines the Tendermint consensus layer, Cosmos Stargate SDK, and dual-way Ethereum bridge, will work with Mysten to implement Move smart contract programming to provide the entire ecosystem of Cosmo...
DeFi platform Vee Finance exploited for $35M on Avalanche blockchain
Blockchain News

DeFi platform Vee Finance exploited for $35M on Avalanche blockchain

Decentralized finance (DeFi) platform Vee Finance reported $35 million in losses in an exploit, just a few days after launching its mainnet on the Avalanche network.After pausing services due to suspicious activity on Monday, Vee Finance confirmed that its platform was under attack resulting in a loss of 8,804 Ether (ETH) and around 214 Bitcoin (BTC). The total amount is worth more than $35 million at the time of writing.According to the official incident announcement, the suspected attacker has collected stolen assets on one address after exploiting the Vee Finance trade contract address. In order to prevent further losses, the Vee Finance team suspended the platform’s contracts alongside deposits and borrow function.Vee Finance did not elaborate on the specifics and possible causes behin...
BBA pushes for crypto regulatory clarity in Massachusetts
Blockchain News

BBA pushes for crypto regulatory clarity in Massachusetts

The Boston Blockchain Association, or BBA, together with Boston-based media house Media Shower and the Chamber of Digital Commerce, are working to lobby for favorable crypto regulations in Massachusetts.According to a release issued on Monday, the BBA in collaboration with Media Shower and the Chamber of Digital Commerce has released a crypto regulatory toolkit for lawmakers in the state.Dubbed the Massachusetts Edition of the Legislator’s Toolkit for Blockchain Technology, the document reportedly aims to guide the state's policymakers toward enacting laws that will benefit the cryptocurrency industry within the Commonwealth.The policy document reportedly covers five core recommendations for crypto-related legislative actions including tax laws, regulatory sandboxes, and the creation of a ...
Indians opt for state-run blockchain platform amid bulk SMS regulations
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Indians opt for state-run blockchain platform amid bulk SMS regulations

India’s state-owned telecom Bharat Sanchar Nigam Limited (BSNL) has registered 7,477 businesses on its blockchain-based communication platform after authorities imposed new regulations to protect consumers from spam and fraud.The Telecom Regulatory Authority of India (TRAI) established messaging regulations that require scrubbing consumer communication messages to ensure that the receiver of the message has opted in for such interactions. The drive is supported by BSNL DLT, a content verification platform built on ledger-based blockchain protocols.As the SMS regulation is applicable for all industry verticals, the list of 7,477 registrations includes banks, educational institutions and private businesses. TRAI had reportedly warned about blocking communications of non-compliant entities, a...
Thai SEC issues license to Ethereum-based real estate project
Blockchain News

Thai SEC issues license to Ethereum-based real estate project

The Securities Exchange and Commission of Thailand has a license to an asset-backed token offering service based on the Ethereum blockchain.Fraction, a wholly owned subsidiary of the Hong Kong-based fintech firm Fraction Group, has received a license allowing it to list and trade tokens for fractional ownership of physical or digital assets, the firm announced Thursday.The license was granted through the Thai SEC’s official portal for initial coin offering established back in 2018. The license lays out the foundation for Fraction’s upcoming service for asset digitization and fractionalization, referred to as an initial fraction offering (IFO).The firm expects to list the first IFOs for subscriptions in Q1 2022, focusing on tokens for properties in collaboration with local real es...