Category Archives: Binance Smart Chain
Crypto Bridges Prone to Hacks: Are Vigilance and Robust Security … – Cryptopolitan
Description
Cryptocurrency bridges have emerged as critical instruments that facilitate the transfer of tokens between disparate blockchains. By permitting the seamless interplay of digital assets across different ecosystems, they stimulate an unprecedented level of interoperability in the cryptocurrency space. The fact that crypto bridges prone to hacks are solvable makes this matter crucial. However, this powerful Read more
Cryptocurrency bridges have emerged as critical instruments that facilitate the transfer of tokens between disparate blockchains. By permitting the seamless interplay of digital assets across different ecosystems, they stimulate an unprecedented level of interoperability in the cryptocurrency space. The fact that crypto bridges prone to hacks are solvable makes this matter crucial.
However, this powerful functionality is not devoid of significant security vulnerabilities. This article delves into the susceptibility of these cryptocurrency bridges to potential hacking threats, illustrating the necessity of continual vigilance and robust security measures to mitigate these risks.
The digital world of cryptocurrency and blockchain often feels akin to a vast cosmos filled with individual, yet separate celestial bodies. Each of these bodies different blockchains is endowed with unique properties and characteristics. Think of a blockchain bridge or a cross-chain bridge as a celestial highway that weaves these disparate digital worlds together.
In simpler terms, it links two distinct blockchains, granting users the ability to send their cryptocurrency from one blockchain to another. Imagine owning Bitcoin, but wishing to use it as though it were Ethereum. This becomes possible via the bridge.
Historically, one of the most significant hindrances of blockchain was its isolationist nature. Imagine each blockchain as a self-sufficient island nation, effective and operative within its borders, but surrounded by impassable waters. This insular existence often results in exorbitant transaction costs and traffic congestion.
Here is where blockchain bridges come in to fill the gaps, quite literally. They provide a functional solution to this isolation, allowing the seamless transfer of tokens, the execution of smart contracts, the interchange of data, and more between two distinct platforms. Its a transformative innovation that surmounts the digital walls that have long impeded true blockchain interoperability.
Each blockchain system produces different types of coins and operates on a unique rule set. The bridge functions as a diplomatic zone, facilitating the smooth transition between these disparate worlds. The ability to traverse multiple blockchains within the same network greatly enriches the user experience for crypto enthusiasts and newcomers alike.
At a glance, one might find similarities between blockchain bridges and layer-2 solutions. However, the underlying purposes of the two systems diverge significantly. Layer-2 systems are built atop an existing blockchain, enhancing its speed but not addressing the interoperability issue. On the other hand, cross-chain bridges act as independent intermediaries, not tied to any specific blockchain, promoting a level of seamless interaction that brings us closer to a truly interconnected crypto universe.
Cryptocurrency bridges perform a multitude of impressive tasks. They translate smart contracts, dispatch data, and their most notable role, facilitate the transfer of tokens. To illustrate, lets consider the two titans of the cryptocurrency world: Bitcoin and Ethereum, each with its unique set of rules and protocols.
A blockchain bridge empowers Bitcoin users to ferry their coins across the digital divide into Ethereum territory, enabling transactions that would be impossible within Bitcoins native environment. This could range from acquiring various Ethereum tokens to making cost-efficient payments.
Imagine youre a Bitcoin holder, intending to migrate some of your digital wealth to Ethereum. The blockchain bridge acts as a secure holding area for your Bitcoin, spawning an equivalent sum in Ether (ETH) for your use. Its crucial to understand that no actual crypto makes a physical move. The designated amount of Bitcoin is effectively frozen or locked in a smart contract, and in its stead, you gain access to an equal value of Ether.
When you decide to retrace your steps and return to the Bitcoin blockchain, the remaining Ether (depending on your transactions) is annihilated or burned, and a corresponding number of Bitcoin reappears in your wallet.
In comparison to traditional methods, where you would typically convert BTC to ETH via a trading platform, withdraw it to a wallet, then deposit again to another exchange, the blockchain bridge bypasses these stages and the associated fees. Essentially, youd likely have saved more than you planned to transact in the first place.
Crypto bridges facilitate cross-chain interoperability, essentially allowing different cryptocurrencies to interact and be transferred between multiple blockchain platforms. However, their increasingly pivotal role has made them attractive targets for malicious hackers.
Lets look at a number of common security vulnerabilities inherent in these bridges, which can make them prone to hacks.
The first critical vulnerability often arises from weak on-chain validation. On-chain validation refers to the process of verifying transactions on the blockchain itself. In the case of a cryptocurrency bridge, this validation involves verifying that the incoming transaction from a source blockchain is valid and doesnt involve any malicious intent.
Weak on-chain validation could mean the bridge fails to fully authenticate and verify these transactions, leaving the door wide open for fraudulent transactions. Hackers could exploit this loophole to replicate transactions, effectively double-spending the same cryptocurrency, a scenario that could prove disastrous for the bridges integrity and its users.
Equally as critical is the off-chain validation. This process refers to the validation that takes place outside the blockchain, usually by the operators of the cryptocurrency bridge. These operators validate the transaction before it is confirmed on the destination blockchain.
Weak off-chain validation procedures are tantamount to leaving the digital vaults back door open. Its like letting transactions through without a thorough identity check, exposing the bridge to fake transactions and even manipulation of the value of transactions. This vulnerability makes it a prime target for hackers seeking to exploit this laxity.
Next in line of vulnerabilities is the improper handling of native tokens. Each blockchain platform has its native token for Ethereum, its Ether, for Binance Smart Chain, its BNB, and so on. A cryptocurrency bridge must handle these tokens with extreme care, keeping accurate track of the amount and identity of tokens being moved across chains.
When native tokens are handled improperly, such as not correctly registering their movement or not adequately securing them during transit, it creates an opportunity for malicious parties to manipulate or steal these tokens. This could result in significant financial loss for users and undermine the entire function of the cryptocurrency bridge.
Last, but by no means least, is misconfiguration. Cryptocurrency bridges are complex technological architectures that require correct configuration to ensure security. This involves setting up security protocols, firewalls, permissions, and various other technical details.
Misconfigurations, like leaving a systems default settings unchanged, not regularly updating or patching systems, or mishandling user permissions, can make a bridge a soft target for cybercriminals. In essence, its like leaving the blueprint of your security system in the hands of thieves. With such an advantage, hackers can easily plan and execute their attacks, leading to catastrophic losses and damages.
Starting with the Ronin Bridge, a significant breach was observed, attributed to sophisticated social engineering techniques. This bridge, developed by Sky Mavis for Axie Infinity, enables interaction between the Ronin Networkan Ethereum Virtual Machine-based sidechainand Ethereum itself.
In an incident dated 23rd March 2022, malevolent actors successfully employed social engineering to compromise the validators private keys. This breach led to the unlawful removal of 173.6K ETH and 25.5M USDC tokensamounting to over $600 million at the timefrom the Ronin Bridge. The attackers approached Axie Infinity engineers via LinkedIn with a fraudulent job opportunity. Regrettably, one senior engineer fell prey to the deceit, culminating in the download of a malicious PDF file masked as a compensation package. This tactic allowed the attacker access to four of the nine validators.
The North Korean hacking group Lazarus is suspected of orchestrating this exploitation. Following the attack, the malefactors attempted to leverage the incident by short-selling Axie Infinity (AXS) and Ronin (RON) tokens, in anticipation of a price drop due to the news. However, this attempt was foiled as their positions were liquidated before the news broke. Post-incident, the bridge recommenced operations, enhancing its decentralization by increasing the number of validators and necessitating software updates.
The Binance Bridge, offering inter-blockchain liquidity for BNB Chain, BNB Smart Chain, and Ethereum, also fell prey to a hacking exploit.
On 6th October 2022, attackers exploited a proof verifier bug, draining $570M worth of BNB tokens. The preliminary step for the malefactors was registering as a relayer for the BSC Token Hub, exploiting a bug in the proof verification method used by the BSC Token Hub. Post-incident, urgent countermeasures were undertaken, including the suspension of all 44 validators and the application of a patch to rectify the issue.
Wormhole, a bridge offering Ethereum and Solana connectivity, was exploited on 2nd February 2022, leading to a loss of $236M worth of tokens. An attacker successfully exploited a deprecated and insecure function, bypassing signature verification. The vulnerability was quickly patched, and operations resumed the following day.
On 2nd August 2022, Nomad Bridgean optimistic interoperability protocol for secure cross-chain communicationwas exploited, leading to the loss of over $190 million in WETH and USDC. A trusted root exploit facilitated the attack. The Nomad team swiftly urged users who had acquired funds illicitly to return them, offering a 10% retention on the returned amount.
Harmonys Horizon Bridge, which offers users a trustless method of transferring crypto assets among the Harmony, BNB Smart Chain, and Ethereum blockchains, suffered an exploit on 23rd June 2022. This resulted in the loss of $100M after the private keys were compromised. Following the attack, the bridges multi-signature scheme was updated to necessitate approval by 4 of the 5 validators. Furthermore, the Harmony Protocol offered a $1M bounty for the return of the bridge funds.
Cryptocurrency bridges have undoubtedly ushered in a new era of blockchain interoperability, fostering seamless interactions among disparate ecosystems. However, their potential to transform the digital asset landscape comes with a significant caveatsecurity vulnerabilities. As our exploration of various cryptocurrency bridge hacks reveals, these structures can be prime targets for malicious exploits. Thus, it is incumbent upon developers and users alike to prioritize robust security protocols and to remain vigilant of potential threats. By doing so, we can ensure the continued growth and resilience of our interconnected blockchain world.
A cryptocurrency bridge is a technology that allows the transfer of tokens between different blockchains, facilitating interoperability among various cryptocurrency ecosystems.
The Ronin Bridge was exploited using social engineering tactics, compromising the validators' private keys and resulting in the theft of a large amount of ETH and USDC tokens.
Yes, the Binance Bridge was exploited in October 2022, where a proof verifier bug was manipulated, leading to a substantial loss of BNB tokens.
A blockchain validator is a network participant that verifies and validates new transactions and blocks, helping to maintain the blockchain's integrity and security.
Cryptocurrency bridges permit the transfer of tokens between different blockchains, allowing users to utilize the benefits of various ecosystems seamlessly.
The Wormhole Bridge was exploited by bypassing the signature verification using a deprecated and insecure function, leading to the unlawful minting of ETH.
Social engineering refers to manipulative tactics that trick individuals into divulging sensitive information, such as passwords or private keys, which are then used for malicious exploits.
No, the Nomad Bridge hack occurred due to a trusted root exploit, where all messages were erroneously deemed verified, leading to the theft of a large amount of WETH and USDC.
The Harmony Horizon Bridge was exploited when the private keys were compromised, enabling an attacker to create and approve a malicious transaction leading to the theft of $100 million.
Post-exploit, bridges often introduce immediate patches to fix vulnerabilities, adjust validation schemes, increase the number of validators, and sometimes offer bounties for the return of stolen funds.
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Crypto Bridges Prone to Hacks: Are Vigilance and Robust Security ... - Cryptopolitan
Hackvolution: BNB Chain kicks off Hackathon to Drive Innovation and Collaboration – CryptoSlate
July 13th, 2023, Chainwire
BNB Chain, the worlds largest smart contract blockchain in terms ofdaily active users, has today announcedHackvolution, its global 7-week Hackathon, starting on July 13th and running until September 1st. Hackvolution gets support from COMBO, Google Cloud, CyberConnect, Hooked Protocol, and Ultiverse as key partners with mentors joining from leading universities. Interested participants can registerhereto take part in the upcoming hackathon.
The hackathon aims to bring the Web3 community, developers, researchers and scientists together to contribute to the advancement of blockchain technology. The core focus will be onopBNBandBNB Greenfieldwithin the BNB Chain ecosystem, whereby developers will have the opportunity to build decentralized applications (dApps) that leverage the functionality and modularity of these platforms. To bolster innovation across a diverse set of sectors, dApps will be categorized into four domains including, Infra, DeFi, Gaming, and AI. In addition, this event also opens up potential opportunities to access grants and the Most Valuable Builder (MVB) program under Binance Labs incubation.
All applicants can expect four days of online workshops and an opportunity to engage with the BNB Chain developer community of 10,000+ developers. They will also receive 24/7 tech support, early access to BNB Chain updates and and exclusive access to the BNB Chain team
A panel of judges made up of experts from the Web3 media, community and education sector will evaluate projects based on five key aspects:Technical innovation,Business modelandTeam configuration. The best 12 projects s from four domains will be selected to participate in the demo day and be eligible for rewards including:
There will also be a separate $7500 prize pool for winners of the Local Hacker Stars awards. The hackathon will have a global reach, with offline meet-ups planned across different regions, including Asia-Pacific, CIS, Europe, Middle East & North Africa and Latin America.
We are thrilled to invite participants from all over the world to join us in the BNB Chain Hackvolution, said Victor Genin, Senior Solution Architect at BNB Chain. This hackathon is a fantastic opportunity to not only benefit from the rewards on offer but to play a part in shaping the future of blockchain technology and contribute to the growth of the BNB Chain ecosystem.
The key dates for the BNB Chain Hackvolution are as follows:
To learn more about the hackathon and to register to take part, please visithere.
Join us for the BNB Chain Hackvolution and let your ideas, skills, and passion ignite while leveraging the potential of opBNB and BNB Greenfield to create meaningful dApps.
About BNB Chain
BNB Chainis a community-driven and decentralized blockchain, powered by BNB. It consists of BNB Beacon Chain, its staking and governance layer, BNB Smart Chain (BSC), which is EVM compatible and facilitates a multi-chain ecosystem with its Layer-2 solutions, and BNB Greenfield, its decentralized data storage network. It is the worlds largest smart contract blockchain bydaily active users.It has processed 3 billion transactions to date from232 Million unique addressesmaking it the largest layer 1 blockchain globally and bringing developers massive user access with ultra-low gas fees, higher transactions per second and has experienced zero crashes since its inception. The ecosystem has more than 1,500 estimated active dApps at any given time across multiple categories such as DeFi, Metaverse, Blockchain Gaming, SocialFi, NFT, Infrastructure, and more. There are numerous programs available to support the Web3 ecosystem including theGas Grant,Builder Grant,Kickstart,Most Valuable Builder (MVB)andAvengerDAO.
Rebecca Reidrebecca.reid@bnbchain.org
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Hackvolution: BNB Chain kicks off Hackathon to Drive Innovation and Collaboration - CryptoSlate
An Overview of Cartesis Collaborations with Other Blockchain Projects – Business News This Week
Cartesi, a prominent blockchain platform, has established numerous collaborations with other leading blockchain projects, forging strategic partnerships that have significantly shaped its ecosystem. In an industry driven by innovation and collaboration, Cartesi has actively sought out collaborations to enhance its offerings and expand its reach. These collaborations have proven instrumental in driving the adoption and development of Cartesis solutions. By joining forces with Chainlink, the decentralized oracle network, Cartesi has integrated real-world data inputs into smart contracts, unlocking new possibilities for decentralized applications (DApps). Additionally, collaborations with Polkadot, Filecoin, Ethereum, and Binance Smart Chain have further enriched Cartesis capabilities, fostering interoperability, scalability, and off-chain storage solutions for developers and users alike.
Cartesis collaboration with Chainlink, the decentralized oracle network, has been instrumental in enhancing the capabilities of its blockchain platform. By integrating Chainlinks oracle services, Cartesi has gained access to real-world data inputs, bridging the gap between blockchain applications and external information sources. This partnership has unlocked a multitude of use cases and projects that leverage the power of smart contracts with reliable off-chain data.
For instance, Cartesi has enabled smart contract solutions that require real-time data, such as weather conditions, market prices, or sports scores. By leveraging Chainlinks decentralized oracle network, Cartesis smart contracts can fetch accurate and tamper-proof data from various sources, ensuring the integrity and reliability of the information.
Moreover, the collaboration with Chainlink has significantly contributed to enhancing scalability and security in decentralized applications (DApps) built on the Cartesi platform. By utilizing Chainlinks decentralized oracles, Cartesi can offload computationally expensive tasks to off-chain environments, thereby improving the efficiency and cost-effectiveness of DApps.
Cartesis integration with Polkadot, the multi-chain network protocol, has been a significant milestone in the development of its blockchain platform. By becoming a part of Polkadots ecosystem, Cartesi has gained access to a robust network of interconnected blockchains, unlocking new opportunities for interoperability and scalability. This integration allows developers to leverage the benefits of both Cartesi and Polkadot, facilitating seamless cross-chain communication and the exchange of assets and data. Together, Cartesi and Polkadot are working towards fostering blockchain interoperability and building a more connected and efficient decentralized ecosystem.
Cartesis cooperation with Filecoin, the decentralized storage network, has been a mutually beneficial collaboration that has enhanced the capabilities of both platforms. By joining forces, Cartesi and Filecoin have combined decentralized computing and storage solutions, unlocking new possibilities for developers and users. Through this collaboration, Cartesi has integrated off-chain storage solutions into its Layer-2 infrastructure, enabling efficient and secure storage of data for decentralized applications (DApps). The cooperation has also facilitated the integration of decentralized storage into Cartesis ecosystem, providing developers with reliable and scalable storage options. This partnership has strengthened the foundation of both Cartesi and Filecoin, delivering decentralized solutions that empower the broader blockchain community.
Cartesis integration with Ethereum, the leading blockchain platform, has marked a significant milestone in its development and expansion. By seamlessly integrating with Ethereums infrastructure, Cartesi has unlocked a wide range of benefits for developers and users. This collaboration enables Cartesi to leverage Ethereums robust ecosystem, vast developer community, and security features while introducing advanced off-chain computing capabilities. The integration allows Cartesi to perform complex computations off-chain while maintaining the security and decentralization of the Ethereum network. Furthermore, this collaboration enhances scalability and reduces gas costs for decentralized applications (DApps), providing a more efficient and cost-effective environment for developers and users within the Ethereum ecosystem.
The joint development between Cartesi and Binance Smart Chain (BSC), a popular blockchain platform, has resulted in a fruitful collaboration that benefits developers and users alike. By working together, Cartesi and BSC have enabled the integration of Cartesis Layer-2 infrastructure into the BSC ecosystem. This collaboration empowers developers to build decentralized applications (DApps) on BSC that leverage Cartesis off-chain computation capabilities, enhancing scalability and performance. Additionally, the collaboration focuses on enhancing interoperability between BSC and other blockchains, fostering a more connected and inclusive blockchain ecosystem. The joint efforts of Cartesi and BSC have provided developers with new opportunities and expanded the possibilities for building innovative and efficient DApps.
The collaborations between Cartesi and various blockchain projects have played a crucial role in shaping Cartesis ecosystem and driving its growth in the blockchain industry. Partnerships with Chainlink, Polkadot, Filecoin, Ethereum, and Binance Smart Chain have brought significant advancements to Cartesis platform, ranging from real-world data integration and scalability enhancements to off-chain storage solutions and interoperability. These collaborations have not only expanded the capabilities of Cartesi but have also fostered knowledge exchange and synergistic efforts within the blockchain community. As Cartesi continues to forge strategic partnerships, its position in the market is strengthened, paving the way for further innovation and adoption in the ever-evolving blockchain landscape.
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An Overview of Cartesis Collaborations with Other Blockchain Projects - Business News This Week
Shiba Memu presale gathers steam amid positive Doge Killer … – InvestorsObserver
Shiba Memu presale gathers steam amid positive Doge Killer (LEASH) market sentiment
2023-07-11 02:47:31 ET
The presale of the new Shiba Memu , a new artificial intelligence (AI) powered meme coin, is gathering momentum by the day amid a positive meme coins market sentiment led by Doge Killer (LEASH) which has surged by 36% in the last week.
The meme coin market has exploded with its market capitalization growing from $0 in early 2020 to over $20 billion in early 2022. The main reason behind the exponential meme coin market explosion is the growing number of meme coin projects that have gone ahead to attract a lot of hype.
Doge Killer (LEASH) is one of the many dog-themed meme coins. The token was launched to compete with Dogecoin (DOGE) which took the crypto market by storm in 2021.
The LEASH is part of the Shiba Inu (SHIB) ecosystem along with another cryptocurrency called Bone ShibaSwap (BONE). Doge Killer actualized Shiba Inus nickname Dogecoin Killer and it has maintained that slogan to date through its growing community and massive price surge that has seen the price jump above $417, way above any meme coins.
Although Doge Killers price is down 9.6% today, the meme coin has been on a very strong bullish trend in the past seven days that has seen it price go above $410.
A majority of technical indicators including the exponential moving averages (EMA) point to a bullish LEASH trend at least for the next few days.
However, LEASH needs to stay above the $388.85 level for it to have a chance at its first major resistance level of $454.57. If it surges above $454.57 and sustains a significant price rally, it could test the next major resistance level at $524.66 and even have a shot at $618.57.
However, if the Doge Killer price drops below $388.85, it could dip towards the second major support level at $295.19.
According to the market analysis , the 14-day relative strength index (RSI) of the LEASH is currently at 68.33, indicating Natural conditions in the market without being oversold or overbought. Similarly, the weekly charts relative strength index (RSI) is at 44.77, also indicating natural conditions in the market.
Shiba Memu (SHMU) is a meme coin that aims to capitalise on both the markets hype around artificial intelligence (AI) and the current meme coin craze.
Shiba Memu uses AI-based software to create its own PR, promote itself on relevant forums, and learn from successful marketing techniques. The Shiba Memu coin will develop over time, becoming progressively more intelligent and potent as it moves towards dominating the cryptocurrency market.
By combining the two technologies (blockchain and AI) Shiba Memu positions itself at a superior level compared to other Shiba-themed meme coins. In addition, its self-sufficiency, and complete transparency offer investors a special potential by utilising AI to improve its marketing capabilities.
Shiba Memu is currently in the development stage awaiting its mainnet launch in Q1 2024. The team behind the project has already launched the Shiba Memu token on Ethereum and Binance Smart Chain (BSC) blockchains.
The team is now conducting a presale for the native token, SHMU, which has been allocated 85% of the total SHMU token supply.
Besides, completing the Shiba Memu token presale, the team also aims at having the token listed on a decentralized exchange and launching a staking program to encourage community participation and engagement by the end of Q3 2023.
The SHMU value is set to double in price throughout the presale. It started at $0.011125 and it is expected to end at $0.0244. At press time, one SHMU was going for $0.012475, with a price change set to take place in the next 10 hours.
The post Shiba Memu presale gathers steam amid positive Doge Killer (LEASH) market sentiment appeared first on Invezz .
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Shiba Memu presale gathers steam amid positive Doge Killer ... - InvestorsObserver
What Is the Next Ethereum? Top 6 Competitors in 2023 – CoinCodex
There are several blockchain networks competing for a piece of Ethereums smart contract and DeFi market share. Projects like BNB Smart Chain, Cardano, Solana, Tron, Polkadot, and Avalanche are some of the most prominent Ethereum killers.
Ethereum (ETH) is a blockchain protocol that supports decentralized applications and smart contracts. It is the second-largest cryptocurrency by market capitalization and the most widely used platform for decentralized finance (DeFi) and non-fungible tokens (NFTs).
However, it also faces some challenges, such as high gas fees, network congestion, scalability issues, and environmental concerns. Therefore, many other blockchain platforms have emerged as potential competitors or alternatives to Ethereum, offering different features and advantages.
In this article, we are going to examine the most prominent Ethereum competitors and look into pros and cons of 6 crypto projects that are vying to become the next Ethereum.
Data collected on July 12, 2023.*Polkadots TVL is calculated as the total sum of TVL across Polkadot parachains (Moonbeam, Acala, etc.)
When talking about the next Ethereum, we are referring to cryptocurrency projects that are leveraging blockchain and smart contract technology for developing DeFi and NFT solutions, which is currently the arena Ethereum is dominating thanks to its first mover advantage. In the following sections, we are going to examine six projects with robust feature sets and active communities that could challenge Ethereums dominating market share in the future.
BNB Smart Chain (BSC) is a blockchain platform launched by the popular cryptocurrency exchange Binance. Powered by its native token BNB, BSC aims to provide an alternative to the Ethereum network by offering faster and cheaper transactions. It achieves this by using a different consensus mechanism called Proof of Staked Authority (PoSA). BSC's compatibility with the Ethereum Virtual Machine (EVM) allows developers to easily migrate their dApps from Ethereum to BSC, leveraging its high throughput and low fees.
Why is BNB Smart Chain considered the next Ethereum?
Thanks to a large number of users, familiar features that are heavily inspired by the Ethereum blockchain, and backing by the worlds largest crypto exchange, BNB Smart Chain is considered as the top Ethereum killer.
Cardano (ADA) is a blockchain platform that aims to provide a secure and sustainable infrastructure for the development of decentralized applications and smart contracts. Built using a peer-reviewed academic approach, Cardano boasts a high level of security and scalability. It utilizes a unique consensus algorithm called Ouroboros, which ensures that the network remains decentralized while maintaining fast transaction processing.
Why is Cardano considered the next Ethereum?
Cardano is not only one of the most popular crypto projects but also one of the most actively developed blockchains in the space, making it not only one of the top Ethereum killers, but also a potentially good investment overall.
Solana (SOL) is a high-performance blockchain platform designed for decentralized applications and crypto-currencies. It leverages a unique combination of proof-of-stake (PoS) and proof-of-history (PoH) mechanisms to achieve fast transaction speeds and low fees. Solana's scalability and throughput make it an attractive option for developers looking to build complex applications that require high-performance capabilities.
Why is Solana considered the next Ethereum?
Solana is one of the most energy-efficient and cheapest crypto networks for transferring value. In addition, Solana features a healthy ecosystem of dApps and an active community, despite SOLs rapid price decrease last year, due to its connection with the now defunct FTX exchange.
Tron (TRX) is a blockchain platform that aims to create a decentralized digital entertainment ecosystem. It focuses on providing a decentralized infrastructure for content creators and consumers in the entertainment industry. Tron offers high throughput and low transaction fees, making it suitable for applications such as gaming, social media, and digital content distribution.
Why is Tron considered the next Ethereum?
Over the years, Tron has emerged as a credible alternative to Ethereum due to the speed of transactions and overlapping features. Also, Tron has looked to expand its offering in recent years, integrating decentralized file-sharing capabilities with the acquisition of BitTorrent (BTT) and launching a decentralized stablecoin USDD.
Polkadot (DOT) is a multi-chain platform that enables the transfer of any type of data or asset across different blockchains. It aims to create a decentralized internet where different blockchains can communicate and share information securely. Polkadot's unique architecture allows for interoperability between different chains, facilitating seamless data transfer and enabling developers to leverage the strengths of multiple blockchains simultaneously.
Why is Polkadot considered the next Ethereum?
Polkadot was conceived by Gavin Wood, a computer scientist and co-founder of Ethereum. Wood launched Polkadot with the intention of enhancing scalability with parachains, which enable parallel processing of transactions, allowing Polkadot to handle a larger volume of transactions compared to Ethereum.
Avalanche (AVAX) is a highly scalable blockchain platform that prioritizes speed, security, and decentralization. It utilizes a novel consensus protocol called Avalanche, which enables high throughput and fast finality. Avalanche's unique approach to consensus makes it highly resilient to attacks and allows for quick transaction confirmations, making it an attractive choice for developers seeking a scalable and secure blockchain platform.
Why is Avalanche considered the next Ethereum?
Avalanches focus is on overcoming some of the scalability and speed limitations of Ethereum. While the blockchain itself is capable of processing about 150 times the number of transactions as Ethereum, Avalanche has struggled to build a dApp and NFT ecosystem that could challenge Ethereum, at least so far.
In addition to the blockchain networks described above, like BNB Smart Chain, Cardano, and Polkadot, there are numerous other platforms considered members of the group of Layer 1 networks called Ethereum killers.
Some examples of blockchain platforms that have an overlapping feature set as Ethereum include several smaller market cap projects, including Cosmos, Ethereum Classic, Near Protocol, Tezos, Algorand, and Fantom.
It is also worth mentioning that several Layer 2 solutions that aim to alleviate scalability issues on the Ethereum network, like Arbitrum, Polygon, and Optimism, are also considered by some as Ethereum competitors. However, that categorization would be somewhat nonsensical, as these solutions aim to enhance the operations of the Ethereum blockchain, not replace it.
Bitcoin and Ethereum are both cryptocurrencies that use blockchain technology, but they have different purposes and features. Bitcoin is designed as a digital currency and a store of value, while Ethereum is a platform for smart contracts and decentralized applications. Therefore, they are not direct competitors but rather complementary projects that aim to solve different problems using blockchain technology.
However, from the perspective of traders and investors, Bitcoin and Ethereum may be seen as competitors as they vie for market share and adoption. Bitcoin is the first and largest cryptocurrency by market capitalization, and it has a high level of security, decentralization, and network effects. Ethereum is the second-largest cryptocurrency by market cap, and it has a high level of innovation, functionality, and scalability. Both cryptocurrencies have their advantages and disadvantages, and their performance may vary depending on market conditions and user demand.
Ethereum was the first major blockchain platform to build the necessary infrastructure and building blocks to support the creation of decentralized applications, decentralized financial systems, and new tokens, thanks to the ERC-20 token standard. Since its launch in 2015, numerous other networks have tried to overcome Ethereums first mover advantage, but to no avail. BSC comes the closest, especially in terms of active users, however, the ecosystem of products and services is considerably smaller on BSC than on Ethereum. Other networks, like Cardano, Solana, and Polkadot, are even further removed, despite their ability to process considerably more transactions and at a lower price than Ethereum
For more information about whether it is a good idea to buy Ethereum, and what are the pros and cons of investing in Ethereum, you can check the video below.
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What Is the Next Ethereum? Top 6 Competitors in 2023 - CoinCodex
Exploring The Best Altcoins For The Next Bull Run: Cardano … – Tekedia
For investors, maintaining and growing their portfolio is most important. And so, they are constantly on the lookout for promising altcoins that have the potential to generate substantial returns. This article will delve into three prominent contenders for the next bullish phase: Cardano, Avalanche, and BEASTS Coin (BEASTS). While all three projects operate within the same industry, they possess distinct features and value propositions that set them apart. By examining them, we can provide existing crypto investors with valuable insights and exciting prospects for the future of the digital currency landscape. Stay tuned as we explore these three intriguing cryptocurrencies unique characteristics and potential growth opportunities.
Avalanche addresses the challenges of scalability and security faced by existing blockchain networks, aiming to provide a decentralized platform. It achieves this by implementing a consensus protocol known as Avalanche consensus. Its the fundamental building block for decentralized applications and financial systems.
The consensus protocol employed by Avalanche, known as the Snow family of consensus algorithms, takes a distinctive approach. It enables rapid block confirmation by randomly sampling network participants to achieve consensus. Using a lightweight network structure, Avalanche processes transactions swiftly without compromising security.
Avalanche has gained significant recognition in cryptocurrency due to its innovative technology and the potential to revolutionize the scalability of blockchain networks. With increasing developer and project adoption, investing in Avalanche presents an opportunity to become part of a growing ecosystem that aims to reshape the future of decentralized finance and applications.
BEASTS Coin defies the conventions of a typical cryptocurrency, embodying the concept of caged liquidity that accumulates strength and resilience over time. Its narrative revolves around the transformation of Rabbit 4001, a former tormented soul who emerges as a brilliant scientist. This symbolic journey represents the pursuit of financial liberation and empowerment. As your investment progresses, the Caged Beasts evolve into potent entities poised to break free and bestow you the freedom you deserve.
BEASTS Coin operates similarly to other meme coins, leveraging blockchain technology to facilitate transactions and ensure transparency. It is built on the Binance Smart Chain, allowing fast and cost-effective transactions. BEASTS Coins ecosystem includes features such as staking, NFTs, and community-driven initiatives, contributing to its vibrant and engaging community.
Despite its recent establishment, this emerging cryptocurrency has quickly caught the attention of astute investors searching for the next significant opportunity. This formidable digital currency offers a plethora of investment prospects, boasting a supply of 10 trillion tokens and featuring a tax-free buying and selling system. During the presale phase, 60% of tokens are available for acquisition, while 30% of the presale funds are locked until the release date to promote stability. Moreover, an extra 25% of tokens fuels the marketing wallet, enhancing its visibility and enticing a growing number of enthusiasts to participate in this vibrant and dynamic community.
Cardano strives to establish a secure and scalable foundation for smart contracts and decentralized applications (dApps) through its decentralized blockchain platform. It differentiates itself from other cryptocurrencies by emphasizing scientific research and peer-reviewed methods. Cardano aims to foster transparency and sustainability in digital transactions by integrating advanced technology with rigorous academic principles.
Cardano employs a unique consensus algorithm, Ouroboros, ensuring the networks security and reliability. This algorithm organizes time into epochs and slots, facilitating efficient block generation and verification processes. Cardanos multi-layered architecture also separates the settlement layer from the computational layer, introducing enhanced flexibility and scalability to the platform.
Cardano has gained substantial recognition and support from the cryptocurrency community thanks to its ambitious roadmap and talented development team. The project has yet to achieve several vital milestones, including implementing intelligent contracts and finalizing its governance model. Consequently, investing in Cardano can be viewed as a strategic decision before these critical features are fully realized, offering the potential for significant growth and advancement in the future.
Cardano, Avalanche, and BEASTS Coin offer investors distinct value propositions and opportunities. Cardano stands out with its commitment to scientific research and robust blockchain infrastructure. Avalanche excels in its consensus protocol and scalability solutions. BEASTS Coin caters to a niche, providing an entertaining investment experience.
BEASTS Coin (BEASTS):
Website: https://cagedbeasts.com
Twitter: https://twitter.com/CAGED_BEASTS
Telegram: https://t.me/CAGEDBEASTS
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Exploring The Best Altcoins For The Next Bull Run: Cardano ... - Tekedia
What is Sepolia and How to Get Sepolia ETH From Faucets – CoinGecko Buzz
Sepolia ETH tokens are needed for the Sepolia testnet to test upcoming dApps before they go live on the Ethereum mainnet. You can claim Sepolia testnet ETH from Alchemy, QuickNode, and Infura faucets.
You can obtain test Ethereum tokens for the Sepolia network from the official faucet and a handful of other independent faucets.
Sepolia ETH is only meant for testing applications deployed on the network and pending final deployment on the main network. They are not meant to be traded.
Sepolia is the recommended testnet by the Ethereum core team. Projects are moving over to Sepolia as other testnets are being deprecated.
Ethereums Kiln Testnet has been deprecated since the Ethereum Merge was completed. The Ropsten testnet network followed shortly as the list of Ethereum testnets continue deprecating as planned. The quite popular Goerli Testnet and the newer Sepolia Testnet are currently the most used Ethereum test networks, with the latter being recommended by the Ethereum core team.
This article will focus on the Sepolia testnet and how you can obtain Sepolia ETH.
Alchemy offers faucet service for Ethereums Goerli and Sepolia testnets. Alchemy remits up to 0.5 Sepolia ETH daily. In order to mitigate abuse, an Alchemy account is needed to access the faucet service.
Step 1: First, create an Alchemy account to request Sepolia ETH.
Step 2: Visit the Alchemy Sepolia faucet and log in with your Alchemy account.
Step 3: Enter your wallet in the provided box, complete the CAPTCHA verification, and click Send Me ETH.
Sepolia ETH will be sent to your wallet and will be accessible once the transaction is complete.
QuickNode is a multichain faucet service, and supported testnets on the platform include testnets for Ethereum, Polygon, Binance Smart Chain, Solana, Coinbases Base, and several other chains testnets.
QuickNode offers 0.05 Sepolia ETH daily, and you can double this by tweeting about your claim.
To obtain Sepolia ETH from QuickNode:
Step 1: Visit QuickNode
Step 2: Choose a preferred connection method. You can directly connect your wallet to the platform, or copy and paste your wallet address on the provided box.
Select Ethereum from the chain options and Sepolia from the network options and click Continue.
Step 3: Enter the link to your Tweet (if you wrote one) for a 2x bonus, or simply skip and receive 0.05 Sepolia ETH.
Note that you must hold at least 0.001 ETH on Ethereum Mainnet to use the QuickNode faucet for EVM testnets.
Infura claims to be the world's most powerful suite of high-availability blockchain APIs and developer tools. It offers faucet services for the Sepolia network and Consensys Linea network. To mitigate abuse of the platform, Sepolias faucet services are only available to registered users, and the receiving wallet must have at least 0.001ETH on the main network. Infura offers 0.5 Sepolia ETH daily to registered users.
Steo 1: To obtain Sepolia ETH from Infura, register for an Infura account. Follow the email confirmation prompts to complete your personal or company details.
Complete account creation and log into your account.
Step 2: Visit the faucet platform for the Sepolia network. Enter your wallet address in the provided box and click Receive ETH.
Done! 0.5 Sepolia ETH will be sent to your wallet.
Now that you have received some Sepolia testnet ETH, you might wonder how you can put your new test token to use. Here are somethings you can do with your Sepolia ETH
Test your application(s): Every developer needs a testing environment. Web2 applications can be easily tested on your local host, but Web3 applications and smart contracts are quite different. Testing smart contracts on the main network can be risky, with real funds involved. With Sepolia testnet and the Sepolia ETH, you can deploy your application in a free-to-use environment where you can discover mistakes (and fix them). Use your Sepolia ETH to performpreliminary tests on your applications functionalities before opening it up for further testing.
Assist individual testers: When you are done with in-house testing for your application, the next stage (in most cases) is to invite individual testers to use the application as well. Regardless of the technological exposure of your testers, there is a need to guide them through the application. This could be through live demonstrations or by simply helping them out with testnet tokens. Whichever it is, your Sepolia ETH can be easily sent to the testers wallets or used to demonstrate the functionalities of your applications.
Explore the Sepolia testnet: Sepolia is Ethereums newest testnet at the moment. Likely, a good percentage of EVM and blockchain enthusiasts are yet to use the network. Goerli is currently the go-to testnet for Ethereum developers and testers, although this is set to change in the near future as Goerli will be deprecated. You can use your Sepolia ETH to explore the network and the applications available.
Test and improve applications on the network: Developers are encouraged to deploy their test applications on Sepolia testnet. Individual users play the vital role of testing applications and pinpointing the strengths and weaknesses of these applications, and if you're interested, you can take on this role for the applications deployed on Sepolia by using your Sepolia ETH to perform activities available on dApps deployed on the network. If the testing program is incentivized, you could benefit handsomely from playing this role as well.
As an example, you can check out Taiko, an Ethereum equivalent zero knowledge EVM Layer 2. Visit the Taiko bridge, connect your wallet, and switch to the Sepolia network to bridge your Sepolia ETH to Taiko ETH
After which youll be able to swap between all available tokens and potentially score an airdrop!
Get familiar with EVM and blockchain networks: For newbies in the crypto space, DeFimight be daunting. Using the main network for the learning process might lead to a loss of assets, and even technologically exposed users might still find new dApps a little complicated.
Test networks come in handy for instances like this. You can use your Sepolia ETH to run transactions similar to the activities you wish to perform on the main network, and familiarize yourself with the processuntil you are confident to use the main network.
To access the Sepolia Network via MetaMask, you will need to add the network to your MetaMask account.
Log into your MetaMask, click on the network bar in the top left corner, and toggle theShow test networksswitch.
From the list of preset networks, select Sepolia and your account will be connected automatically.
Alternatively, you can select Add network, and add the network manually.
In the form that pops up, fill in the following accordingly;
Network Name - Sepolia Testnet
New RPC URL - https://rpc2.sepolia.org
Chain ID - 11155111
Currency Symbol - SepoliaETH
Block explorer URL - https://sepolia.etherscan.io/
Click Save, and Sepolia can now be accessed via your MetaMask wallet.
To switch between networks, simply click the drop-down menu at the top left corner of your wallet toggle it to Show test networks, and select Sepolia.
Another way to add Sepolia to your MetaMask wallet is via theChainlist application. Chainlist pools together a comprehensive list of EVM networks and allows blockchain enthusiasts to add them to their wallets through simple clicks.
You can follow this simple process to get started:
Visit the ChainList platform and connect your MetaMask wallet.
Search 'Sepolia' in the search bar at the top of the page (for ETH Sepolia, select the network with chain ID = 11155111).
Tap 'Add to MetaMask,' and the verified Sepolia network information will be automatically added to your extension.
You can now connect to Sepolia network dApps from the MetaMask extension. Visit the dApps website from your Chrome browser to connect to the Sepolia network. Mobile application users can use the Sepolia network via the dApp browserclick the menu at the top left corner and select Browser from the drop-down.
On a short note, the Sepolia testnet is a playground for developers on the Ethereum network. It gives developers and individual users an avenue to explore applications functionalities and fix discovered errors before deploying on the main network. Smart contract applications are designed to handle high-profile transactions. An average interaction with a smart contract means way more than plain action. Therefore, theres a need to make sure that these applications work as intended. But testing on the main network is cost-intensive, and errors might lead to the loss of valuable assets, which defeats the goal.
As a fix, testnets were created. Most blockchain networks, especially EVM networks and related new-generation blockchains, have testnets. Testnets are designed to mirror the setup on the main network but leverage valueless tokens to develop a zero consequences scenario. Zero consequences in the sense that errors lead to no significant financial or security implications, and Sepolia is such an environment for Ethereum developers and users.
Sepolia Testnet was initially launched in 2021 as a closed testing environment running the Proof of Work (POW) consensus mechanism. However, it has transitioned with the main network into a public testnet and running the Proof of Stake (POS) consensus mechanism following the Merge in September 2022. Since this time, Sepolia has emerged as the recommended testnet by the core Ethereum team. And as detailed in this announcement, it is likely to take up a majority of the testnet activities since other testnets are getting deprecated.
Sepolia testnet was named after a neighborhood in Athens, Greece, where one of the Ethereum developers grew up. It is designed to mimic a harsh network environment and allow developers to get a feel of how their applications will perform in an extreme environment. You can access the Sepolia network by adding the network details to your MetaMask or other supported wallets. The Ethereum core team will strive to equip developers with everything they need to build efficient and safe applications on the main network through the Sepolia testnet.
Sepolia will attempt to oust Goerli in terms of relevance. Anyways, since the Goerli testnet will be deprecated soon, this will be an easy one for Sepolia. However, before this happens, Sepolia and Goerli are the two most relevant Ethereum testnets at the time of writing. But both networks have a couple of differences in areas like;
Goerli testnet and Sepolia have both transitioned into POS networks alongside the main network thanks to the merge. Prior to this, Goerli ran the POA (Proof of Authority) consensus mechanism, while Sepolia used the POW consensus mechanism. Running the POS consensus mechanisms, the security and decentralization of both networks are vested on validators. Validators lock up assets on the network and verify the authenticity of new blocks before they are added to the network. But both networks differ in validator access.
On Goerli, anyone can freely create a validator node; this is different for Sepolia. At the time of writing, Sepolia runs a closed validator system. Validators on the network are selected by the team to secure the network. This might change in the future as the network expands. The permission validator system shares a striking resemblance to the POA consensus mechanism. POA validators are also required to verify their real identity as a way of ensuring that they dont approve malicious blocks and distort the network.
Goerli is a large state network, thanks to tons of test version applications deployed on the network and a long chain of transactions. In comparison, Sepolia is newer, has lesser application, and has a shorter chain of transactions. Sepolia is, therefore, a lighter network and is more efficient. This efficiency could deplete as the network grows. Goerli is also more resource intensive. It takes a long time to synchronize the network, and running the Goerli network will also require a larger storage capacity. Sepolia is time efficient, as it takes a shorter time to synchronize. It is resource-efficient as well, it requires a lesser storage capacity to run.
Sepolia is still in the shadow of Goerli at the time of writing. This is evidenced in the on-chain and off-chain proof of demand. The scarcity of Goerli testnet tokens and the resultant trading of Goerli ETH, while not encouraged, is thanks to the high activity on the network. Incentivization of these activities played a significant role. This brings the Goerli testing environment closer to the main network in terms of activity, while Sepolia attempts to artificially create this scenario by simulating a harsh network condition. But in terms of real activities, Sepolia is still an emerging network and still not as openly used as Goerli. On the bright side, this makes it a lighter and more efficient network.
As a developer working on a decentralized application, the need to perform several road tests on the contracts and the interactions cannot be overemphasized. When smart contracts malfunction, the most likely outcome is the loss of assets. Smart contracts, on the other hand, are tedious, and its quite easy to leave room for exploitations and seriousfailures. Testnets hand users and developers a platform to reduce and possibly prevent this. Sepolia network mirrors the Ethereum network and the freedom and zero-cost testing ground it offers are quite important.
Test running new applications is not only the duty of the developers but the users as well. The more diverse parties are involved, the better the application. This article takes you through the process of obtaining Sepolia ETH and getting involved in testing new applications. Note that these tokens only have testing values and are not meant to be traded. It is also recommended that you verify the authenticity of any independent faucet before connecting your wallet to them. Finally, note that this article is only educational and not financial advice.
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Joel Agbo
Joel is deeply interested in the technologies behind cryptocurrencies and blockchain networks. In his over 7 years of involvement in the space, he helps startups build a stronger internet presence through written content. He is the founder of CryptocurrencyScripts.Follow the author on Twitter @agboifesinachi
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What is Sepolia and How to Get Sepolia ETH From Faucets - CoinGecko Buzz
SquidGrow Revolutionizes Crypto Space with BSC to Ethereum … – InvestorsObserver
SquidGrow Revolutionizes Crypto Space with BSC to Ethereum Bridge: Seamlessly Transfer Tokens Across Chains
Kingstown, Saint Vincent and the Grenadines, June 09, 2023 (GLOBE NEWSWIRE) -- SquidGrow , the trailblazing multi-chain cryptocurrency project, has launched its highly anticipated Binance Smart Chain (BSC) to Ethereum Bridge. This groundbreaking development will empower users to effortlessly and securely transfer their SquidGrow tokens between the two prominent blockchain networks.
The BSC to Ethereum Bridge is a major milestone in SquidGrow's evolutionary journey. Months of meticulous planning and development have gone into creating this robust infrastructure, which promises to deliver a seamless token transfer experience for users across chains. With the bridge, SquidGrow holders can enjoy the flexibility of moving their tokens between BSC and Ethereum with utmost ease and security.
"We are thrilled to unveil the BSC to Ethereum Bridge, marking yet another significant achievement for SquidGrow," said Shibtoshi, the visionary crypto billionaire and driving force behind the project. "Our mission has always been to empower crypto enthusiasts with innovative solutions, and this bridge is a testament to our commitment to revolutionizing the way cryptocurrencies are utilized."
Shibtoshi, known for his astute business acumen and pioneering spirit, has successfully steered SquidGrow to its current multi-chain status. Assisting him in this endeavor is his trusted confidant and right-hand man, AreDub, whose expertise in the crypto industry has played a pivotal role in the project's success.
The BSC to Ethereum Bridge is set to unleash a new era of possibilities for SquidGrow and its growing community. By bridging the gap between these two popular blockchain networks, the project aims to create a more interconnected and inclusive ecosystem that transcends the limitations of a single chain.
"We firmly believe that interoperability is key to unlocking the full potential of decentralized finance," emphasized AreDub. "The BSC to Ethereum Bridge is a significant step forward in our journey towards building a truly connected crypto landscape, where users can seamlessly interact with different chains and tap into a wealth of opportunities."
SquidGrow's relentless pursuit of innovation has garnered attention from crypto enthusiasts and industry experts worldwide. With the BSC to Ethereum Bridge launch coming Monday, 12 June, at 6 p.m. PST, the project is poised to make an even greater impact, solidifying its position as a pioneering force in crypto space.
About SquidGrow:
SquidGrow is a project constantly innovating and pushing the boundaries of what is possible in crypto space. With the launch of the BSC to Ethereum Bridge, the introduction of an NFT marketplace, and the development of a decentralized perpetual swap, SquidGrow is poised to make a significant impact on the crypto industry.
Following this exciting development, SquidGrow is looking forward to unveiling the following features in the near future:
- NFT Marketplace: SquidGrow is launching its own NFT marketplace, featuring a curated selection of rare and valuable digital assets. As part of their commitment to the community, SquidGrow will be giving away 100 exclusive blue-chip NFTs to lucky miners.
- Decentralized Perpetual Swap (SGX): SquidGrow is developing a decentralized perpetual swap known as SGX. This groundbreaking financial instrument will revolutionize the trading experience for users, offering seamless access to perpetual contracts across a range of cryptocurrencies and assets.
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SquidGrow Revolutionizes Crypto Space with BSC to Ethereum ... - InvestorsObserver
Proof of Talk 2023 Has Just Closed the First Round of Its Start-up Competition! – Yahoo Finance
PARIS, June 09, 2023--(BUSINESS WIRE)--The competitors for the Top-10 Web3 Startup fame at Proof of Talk, organized by X Ventures, have altogether raised over $370 million in various funding rounds previously. Competitors include EtherMail, Sonr, RedStone, WeatherXM, Solity Network, and 3RM.
A few facts & figures:
Applicants' geographical location
The selected startups come from all over the world, demonstrating the breadth of global commitment to blockchain technology: San Francisco, Singapore, London, Berlin, Latin America, Africa, and Southeast Asia.
Blockchain powers their solutions
The solutions proposed by the selected startups are powered by a variety of blockchains. Ethereum remains the most popular blockchain, however, we have also noticed the emergence of new blockchains, such as Polkadot, Solana, and Binance Smart Chain, which are attracting growing interest due to their unique characteristics.
Current funding and objectives
The selected startups have already raised impressive amounts of funding, but they also have ambitious goals for the future. Ternoa Wallet by Capsule Corp. Labs, for one, closed a $7.8 million (7.3 million) seed funding round in October 2022 to promote NFT adoption and Web3 services in Dubai. Other notable competitors include EtherMail, Sonr, and RedStone, who have received $22 million (20 million) in collective funding from Draper Labs, Outlier Ventures, Fabric Ventures, Coinbase Ventures, and 1kx, among others. Projects like WeatherXM, Solity Network, and 3RMbacked by leading angel investors like Stani Kulechov, Sandeep Nailwal and VCs like Shima Capital, Consensys VC and Protocol Labs have also entered the Proof of Talk Competition.
Their business sectors
The selected startups operate in a variety of sectors, testifying to the diversity of blockchain use cases. We have companies focused on decentralized financial services (DeFi), NFTs, decentralized governance (DeGov), blockchain gaming, logistics, healthcare and renewable energy. Each startup brings a unique value proposition and seeks to solve real problems through the adoption of blockchain technology.
Story continues
And this is just the beginning! See you on June 15th to discover the laureates.
Tickets are now on sale in limited quantities: http://www.proofoftalk.io
For more information:
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230609005186/en/
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Proof of Talk 2023 Has Just Closed the First Round of Its Start-up Competition! - Yahoo Finance
Expand.network launches API adapter to connect blockchains – The Paypers
Singapore-based Expand.network, an API service offering both read and write connectivity to major public blockchains and DeFi protocols has announced its official launch for public use.
The solution promises to save time and resources for blockchain developers and digital asset traders working in an increasingly multi-chain world. Under the status quo, developers need to work across multiple protocol APIs and SDKs in order to directly interact with each chain or protocol. Expands API infrastructure provides a one-stop shop for developers to make chain enquiries, trade preparations and conduct whatever transactions they want. Critically, users retain their private keys and never have to trust a third-party with their assets.
As representatives say, Expand is all about ease-of-use, security and versatility. By supporting DeFi protocols, such as decentralized exchanges, lend and borrow protocols, yield aggregators, oracles, as well as all major layer-1 and layer-2 chains, the platform could solve billion-dollar inefficiencies in the blockchain landscape.
Expand supports EVM-compatible chains including Ethereum, Binance Smart Chain, Avalanche, Polygon, Cronos, Arbitrum and Optimism as well as non-EVM-compatible chains like Solana, Tron, NEAR and Algorand.
Expand is the latest company to launch from Web3 incubator Cumberland Labs, who conceived of the product, and undertook the initial build, funding, resources, and consulting in support of the platform. The upcoming Expand release sees additional chain support for Aptos, Sui, Lido, LayerZero, and StarkNet, and additional DeFi protocols.
In February, Cumberland Labs launched Hashnote, the first fully regulated, institutional-grade investment management platform for DeFi. The addition of Expand continues the incubators goal of producing solutions-oriented startups with unprecedented offerings.
Blockchain interoperability has recently been recognized as an issue in the evolving world of crypto. That is also why Belgium-based Swift announced its partnership with crypto startup Chainlink and multiple other institutions to explore blockchain interoperability challenges.
Swift wants to engage in a series of trials to integrate with multiple public blockchains in collaboration with Chainlink and institutions such as ANZ Bank, BNP Paribas, BNY Mellon, Citi, Lloyds Bank, central securities depositaries Clearstream and Euroclear, as well as the DTCC and SIX Digital Exchange.
Company representatives put an emphasis on the highly fragmented blockchain ecosystem and observed the lack of feasibility for financial institutions to connect to every platform individually. Swift is working with the community to address this issue by developing an interoperability model that enables access to different platforms globally.
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Expand.network launches API adapter to connect blockchains - The Paypers