SPL Tokens and Solana Now Compatible with Trezor Wallet; New Memecoin Poised to Outperform Dogecoin Finbold – Finance in Bold
Source link ]]>
Staying Ahead of the Curve: Shiba Inu Dishes Out Early Access for DNS Compatible Domains DailyCoin
Source link ]]>
A local report confirmed that Busan, the second most populous city in South Korea, plans to use the Ethereum and Cosmos for its project “Blockchain City.” The Asian city has been developing its blockchain capabilities for a while and plans to double down on its efforts.
South Korea’s Blockchain City To Operate On Ethereum And Cosmos
The report claims the project is expected to be completed by 2026 as part of the Busan Digital Asset Exchange (BDAE) and Future Schedule Plan. The South Korean city has been experimenting with different implementations of blockchain technology.
Busan is looking for ways to offer services, such as digital vouchers and others, and for ways businesses can operate on the blockchain. However, the experiments hit an obstacle due to the difference between the networks and “uncomfortable user experience (UX).”
As crypto users know, operating on Ethereum and its many sidechains differs greatly from applications running on Cosmos, Cardano, Tezos, Solana, and other networks. These blockchains have transaction costs and speed and require tools many are unwilling to master.
Therefore, Busan decided to concentrate on Ethereum and Cosmos to standardize its blockchain initiatives. Implementing this “Blockchain City” will cost around 100 billion Korean won or $74 million US dollars. The project will operate around the BDAE.
Busan City’s Efforts To Contribute With Blockchain Technology
According to the report, the BDAE was launched in November 2022 but is yet to roll out operations. The company will disclose its business plans in an upcoming event this November.
The trading venues will provide users access to commodities, raw materials, and other assets via tokenized products. In the long term, the BDAE plans also to offer access to other assets, including tokenized global intellectual property (IP) rights.
Tokenized assets and related financial products have been gaining attention from different sectors. Banks, exchanges, and financial service providers have noted the potential benefits of implementing these products.
In a paper published on September 8, the US Federal Reserve (Fed) stated the following regarding the potential benefits of tokenization:
the programmability of crypto tokens and the ability to leverage smart contracts, allows for additional features that can be embedded into the tokenized asset which might also benefit markets for the underlying reference assets. For example, liquidity saving mechanisms could be implemented in the settlement of the tokenized asset even if they are not implementable for its real-world counterpart.26 These attributes might lower barriers to entry for a wider set of investors, resulting in more competitive and liquid markets, and better price discovery.
In addition to the “Blockchain City” and the BDAE, Busan will launch a blockchain innovation fund. The initiative will support the development of blockchain technology and related infrastructure.
As of this writing, Ethereum (ETH) trades at around $1,600 and faces considerable selling pressure on short timeframes.
Cover image from Unsplash, chart from Tradingview
Injective has introduced the first-ever Ethereum Virtual Machine (EVM) that has the capability of achieving true composability across Cosmos and Solana. The newly launched product is dubbed inEVM.
inEVM to Benefit Ethereum Developers
Notably, the inEVM network was built in collaboration with Caldera, a Layer-2 rollup infrastructure that is greatly supported by Sequoia. The launch of this Solana and Cosmos-compatible EVM comes with a number of benefits including providing Ethereum (ETH) developers with unrivaled access to Injective’s global network as well as its customer base.
This guarantees access to several novel opportunities which would help them expand the reach of their respective protocols. Leveraging a parallelized structure, instant transaction finality, a modular toolkit, shared liquidity, and composability across the Cosmos IBC universe alongside Solana, the inEVM promises to provide ultra-fast speed to developers.
Eric Chen, co-founder and Chief Executive Officer (CEO) of Injective Labs cited that the inEVM will enable ETH developers to effortlessly deploy applications across Injective rollups and at the same time, tap into an expansive network of users and liquidity.
He acknowledged that it marks a significant stride forward for the Web3.0 ecosystem especially as it helps developers maximize the benefits of an optimized infrastructure stack without being hindered by barriers between networks.
Injective Brings Innovation to Reality
When developers eventually launch their Decentralized Applications (DApps) on the inEVM, these DApps would be able to compose directly with Cosmos and Solana applications. Eventually, builders/developers on the inEVM layer will be able to achieve both inter and intra-EVM compatibility.
In the long run, this will help to either eradicate or mitigate the challenges faced by several developers. They would be privy to a more seamless development experience that is not characterized by traditional complexities and barriers.
Noteworthy, this is not Injective’s first time of launching an innovative solution. The protocol is globally recognized for driving innovations and pioneering ground-breaking technologies in the field of Web3.0.
Prior to the launch of inEVM, Injective was released in SVM (formerly known as “Cascade”), the first Solana Virtual Machine (SVM) roll-up solution integrated into the larger Inter-Blockchain Communication (IBC) ecosystem.
It is clear that Injective is dedicated to fostering innovation in the Web3.0 ecosystem using similar strategies that other platforms like Cardano, Filecoin, and Telos are also employing.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano is now compatible with Ready Player Me, a default avatar platform for the Metaverse used in more than 2500 games and apps, according to a recent announcement. Cardano’s first Metaverse, Pavia, will be utilizing the Ready Player Me platform for its 3D avatars, with the full details to be revealed soon.
Cardano now compatible with Ready Player Me
@Pavia_io announcement coming soon! #readyplayerme #3davatars #cardano pic.twitter.com/Em30MVnJaN
— Ready Player Me (@readyplayerme) July 29, 2022
Ready Player Me allows users to create a full-body 3D avatar with a selfie and use it in the Metaverse, thus bringing an increased potential to the Cardano space.
During the week, the Pavia project announced a rebrand, which included changes to its virtual world map as well as the launch of a new version of the project’s website.
The Cardano ecosystem continues to experience growth. Currently, 1,045 projects are building on Cardano, while 93 projects have recently been launched on Cardano. The number of NFT projects is at 6,304, while Cardano native tokens stand at 5.6 million. Plutus scripts were at 2,981, while Github commits totaled 2,615 for the week.
Ads
Cardano’s IOG shares update on work progress for Vasil
On July 3, the IOG teams hard forked the Cardano testnet to Vasil functionality. After the testnet hard fork announcement, work continued in earnest, starting with the initial node v.1.35.0. The IOG teams progressed to working on nodes v.1.35.1 and v.1.35.2.
In its most recent weekly update, IOG reported work done by the Cardano teams during the week on fixing the bugs found in node v.1.35.2. Currently, preparations are being made towards the release of node v.1.35.3. The teams also continued working on a cryptographic primitive implementation after the Plutus cost model was updated on the Vasil testnet.
During the week, the Plutus tools were updated to the latest Vasil node version. Likewise, the Plutus-contract emulator was updated to work with Babbage-era transactions.
As reported by U.Today, Kevin Hammond, IOG’s Technical Manager, hinted that there could be a few more weeks of delay for the Vasil mainnet launch during the Cardano360 event.
- The announcement comes after Input Output proposed increasing the network’s block size by 10%, from 80 KB to 88 KB per block, in order to increase throughput and DApp performance as the network load has remained above the 80% mark.
- According to the news release: Wanchain bridge nodes will also be modified to peg the Wanchain and Cardano networks, making Cardano’s cross chain bridges and transactions even more safe. In other words, Wanchain will become a Cardano sidechain that is EVM compatible.
- Cardano now has over 900 projects built on it, according to CryptoGlobe, and has seen significant changes in recent months, including the implementation of an ERC-20 converter. So far this year, the number of wallets created on the Cardano blockchain has increased by over 500,000, with 453,000 of those wallets created in the first quarter.
Input Output, a Cardano ($ADA) developer, is apparently working with Wanchain, a blockchain interoperability solution, to enable it to become an Ethereum Virtual Machine (EVM) compliant network on Cardano, adding to the network’s utility. Input Output and Wanchain are working together on enabling interoperability between the Cardano mainnet, Cardano sidechains, and other blockchain networks, according to a press release, and will deploy decentralized, non-custodial, bi-directional crosschain bridges to connect Cardano to other blockchains.
Linking More Than 15 Layer 1 As Well As Layer 2 Networks
According to the news release: Wanchain bridge nodes will also be modified to peg the Wanchain and Cardano networks, making Cardano’s cross chain bridges and transactions even more safe. In other words, Wanchain will become a Cardano sidechain that is EVM compatible.
Wanchain, the document advertisements, is a decentralized blockchain interoperability solution and a layer-one proof-of-stake blockchain that acts as a complete Ethereum-like ecosystem. According to reports, its cross chain bridges are decentralized, direct, and non-custodial. Without requiring any relay chains or intermediary networks, they connect EVM and non-EVM networks. They presently link more than 15 Layer 1 and Layer 2 networks, according to the statement. It continues:
Cardano’s inclusion in this wide-area network of blockchains connects the Cardano network to other DeFi and Web3 ecosystems, expanding both the potential use cases for ADA holders on other chains and the possibility of BTC, ETH, DOT, WAN, XRP, and other coins being used in Cardano’s own Dapp ecosystem. It goes on to say that making Wanchai an EVM-compatible Cardano sidechain will provide Cardano’s decentralized app developers access to additional coding languages, frameworks, and integrated developer environments.
ALSO READ – Gibraltar introduces regulations which aim to tackle crypto market manipulation
Over 900 Projects Built
Transactions can effectively be taken off of the main Cardano network, with only critical information being logged on it, according to the move, which also serves as a scaling solution. It was seen as a move that might help Cardano transition into a fully-fledged multi-chain ecosystem with more security and scalability than other networks.
The announcement comes after Input Output proposed increasing the network’s block size by 10%, from 80 KB to 88 KB per block, in order to increase throughput and DApp performance as the network load has remained above the 80% mark. Cardano now has over 900 projects built on it, according to CryptoGlobe, and has seen significant changes in recent months, including the implementation of an ERC-20 converter. So far this year, the number of wallets created on the Cardano blockchain has increased by over 500,000, with 453,000 of those wallets created in the first quarter.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Latest posts by Nancy J. Allen (see all)
- Cardano price could post double-digit gains over the past week as the community awaits updates in the altcoin’s ecosystem.
- Milkomeda C1 mainnet, an Ethereum Virtual Machine compatible layer two is set to launch on the Cardano network on March 28.
- Analysts are bullish on Cardano price, predicting a continuation of the altcoin’s uptrend.
Cardano price started a massive uptrend, posting 25% gains within a week. Analysts are bullish on the altcoin ahead of the Milkomeda launch.
Cardano price on track to post double-digit gains
Cardano price could continue its uptrend as the community prepares for Milkomeda C1 mainnet. Proponents believe Cardano could hit a significant interoperability milestone with Ethereum, as Milkomeda goes live on March 28.
Milkomeda is compatible with the Ethereum Virtual Machine (EVM), making it a gateway to the ETH ecosystem. Though proponents have criticized the lack of decentralized applications on the Cardano network, with Milkomeda launch, layer two could boost the altcoin’s growth significantly.
In late February 2022, Milkomeda launched a testnet bridge between Cardano and the Ethereum network. The layer two protocol had collaborated with Nomad, an interoperability project to build the bridge that is now set to go live on Cardano.
Once Milkomeda goes live on the mainnet, investors would be able to send assets back and forth between the two blockchains.
Analysts have evaluated the Cardano price trend and predicted a rally in the altcoin. @AltcoinSherpa, a pseudonymous crypto analyst, has set a minimum price target of $1.25 for Cardano as the altcoin continues its uptrend.
Analysts argue $1.12 is the key resistance for Cardano price; the altcoin retested the level on its climb. FXStreet analysts believe Cardano price could pullback to $1; this would provide a buy opportunity to investors. Analysts remain bullish on Cardano in the long term.
Key interoperability milestone nears on Cardano as EVM-compatible Layer 2 launches
Cardano might be set to hit a major interoperability milestone amid the debut of Milkomeda, an EVM-compatible Layer 2. The Milkomeda C1 mainnet is expected to launch on March 28.
Think AVAX C Chain, but for Cardano. When most of us have been talking about the dozens/hundreds of dapps coming to Cardano we weren’t even really factoring this one in. With a high TPS EVM compatible layer 2 coming to Cardano within days, things are legit going to get wild https://t.co/7dZvXt5tBh
— ADA whale (@cardano_whale) March 26, 2022
In late February, Milkomeda, a Layer 2 Protocol (Rollups) delivering EVM capabilities to non-EVM blockchains in collaboration with Nomad, a novel interoperability protocol, launched a bridge testnet between Cardano and Ethereum. Now, the bridge is expected to go live in mainnet.
Once deployed, assets can be sent back and forth between the two blockchains via the bridge. Milkomeda will work to achieve both sidechain and multi-blockchain interoperability visions.
Users holding tokens on the connected chain can move these assets to Cardano and vice versa, simply by wrapping them on the sidechain that links the two blockchains. These tokens become native assets on Cardano mainnet and perform the same functions as native assets on Cardano, once wrapped.
ADA price action
ADA was trading at $1.12 at the time of publication, up 3.05% on the day. By market value, ADA is the seventh-largest cryptocurrency, with a 28.79% drop in the last seven days.
After a drop to the $1.07 level the day before, ADA recovered to highs of $1.14 as seen at press time. ADA has rallied more than 80% since hitting lows of $0.80 on March 15. ADA rose above the crucial barrier at $0.95 to climb higher.
As it stands, ADA might be forming a bullish pennant that might lead to a continuation of its upside move. In this case, the next barrier is at $1.52, while support remains at $0.95.
IntotheBlock analytics reports increasing accumulation across the board in different tier addresses. The on-chain analytics firm notes that addresses holding 10-100 ADA and 100,000-1 million ADA have increased their balances by 12% and 11%, respectively, since March.
The Cardano (ADA) network is set to become browser and mobile-compatible in the near future thanks to a new upgrade being worked on by the team behind the project. The upgrade will allow running the Plutus application backend in Javascript, the most widely-used programming language on the web.
In a brief update published by Cardano creator Charles Hoskinson, first reported on by Cryptobriefing, Hoskinson noted that Cardano will support add support for web browsers and mobile devices through the application’s backend running in JavaScript, which allows Cardano’s smart contracts to be compatible with web browsers.
Hoskinson described this as a major update that’s part of the network’s progress to roll out smart contracts and compete with networks such as Ethereum and the Binance Smart Chain. He added the team will keep optimizing the application to improve Plutus smart contracts’ compatibility with web browsers.
The team behind the project is also looking to implement the Mithril protocol, which is critical to launching lightweight clients of Cardano. These lightweight clients will allow users to verify transactions on a device without downloading the entire blockchain.
As reported one of the companies behind the Cardano blockchain, Input Output Hong Kong (IOHK), has announced the launch of Alonzo Blue 2.0’s testnet for the cryptocurrency’s blockchain last month.
Alonzo Blue is part of a series of upgrades that will bring smart contracts to the Cardano network and allow developers to create decentralized applications on it, bringing the decentralized finance ecosystem to ADA.
The Alonzo hard fork is part of the network’s “Goguen” era, named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford. The Goguen era comes after the Shelley phase, in which Cardano became a decentralized blockchain and community members became validators.
Alonzo will roll out in three phases: blue, white, and purple. Each opens up more to the public until the upgrade’s full integration is complete, with the process taking 90 days. It’s expected to be completed by the end of August. It will include a converter to allow ERC20 tokens from the Ethereum blockchain to run on Cardano.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured Image via Pixabay.com
✓ Share: