Consensys, a leading blockchain and Web3 software technology company, has been going through a rebranding process recently starting with a 3D logo change. Consensys was founded by one of the creators of Ethereum, Joe Lubin. The idea behind the creation of Ethereum was the desire to expand the capabilities of blockchain technologywhich is just a ledgerbeyond simple financial transactions. Based on the knowledge of how blockchain technology works the creators realised that by imputing logic (a programming language now called Solidity) into the blockchain, they can go beyond just updating a ledger to creating a base layer that can support the development of decentralised applications (dApps) and smart contracts. Post Ethereum, Joe Lubin decided to build the ecosystem by directly investing and building a range of different projects on the Ethereum blockchain.

Consensys started as an incubator for blockchain startups but has now become a unified software company that provides a suite of Ethereum products for builders. Two core projects that have come from this are Infura; which is an endpoint that helps users send transactions to the blockchain and MetaMask; which is a crypto wallet and the gateway app many people use to interact with the blockchain.

The core of this rebrand is to emphasise the focus on builders. As the world changes and blockchain products rise, fall, and become embedded in daily human life, Consensys is leading the charge in this change by creating products and services that encourage the builders of this new world to keep innovating. One way theyre doing this is with the ongoing Not Another Virtual Hackathon (NAVH) dedicated to Web3 developers, NFT artists, students, community builders, product specialists, and all innovators. I had a sit down with Samuel Akpan, Strategic partnerships and PR lead at Consensys Nigeria, to discuss what this rebrand means and this exciting ongoing hackathon.

What inspired this rebrand of Consensys?We realised that we hadnt done a rebranding for a very long time. Consensys has been seen as this Ethereum incubator and that is not really the case anymore. If you look at the trajectory of crypto also, youll see that it has come a long way from the very early days of Bitcoin and Ethereum. One thing that led to that is the empowerment of the builder and we at Consensys feel that was our value. So one way that we felt we could translate our values into our identity, based on this commitment to building, was to rebrand. We want to further this empowerment of the builders similarly to how Nike treats everyone as an athleteevery single person can be an athlete, it doesnt matter what size you are. At Consensys, our view and our vision of the world is anyone and everyone is a builder. Since weve never done a rebranding since founding, this rebrand gave us the opportunity to align ourselves more with our values and that is directly articulated into our mission, which is to inspire and empower the builder in everyone.

So what youre saying is that with this rebrand nothing specific has changed but rather you want to be more visible to your community?

Exactly. So like I said earlier, we see a Web3 paradigm shift where everyone and anyone is building and is capable of being a builder. This rebrand is a nod to say, Hey, we see you, we recognise you, and we are aligned. We buy into that paradigm shift that we see, we want to be part of that, we want to encourage you to build, and we have the product suite of tools that can enable you to build So we are signalling to builders to let them know that Consensys is the one-stop-shop that you need to get started with building in crypto. Whether you are a user, a developer, an organisation, or a country, everything and anything you need is at Consensys. We are encouraging you to build similarly to how Nike encourages any and everyone to run.

Speaking of Web3, what would you say is the next phase or the future for Web3 and blockchain technology now that global interests and use for its most popular products, cryptocurrencies and NFTs, has waned and some people think of these as failed products?

I take a different view. I do not care about the commentary that assumes that prices are the best way to define the success or failure of an ecosystem. If you look at the developer activity in crypto, there hasnt been any impact from any of these events from 2022. I think developers and people who are building apps and trying to get the next billion users in crypto are naturally built and ready for bear markets. If you look at activities on chain and if you look at the number of people that are transacting and engaging in cryptocurrency activitiesthis can be either buying and selling of tokens, buying and trading of NFTs, or deploying smart contracts on different blockchainsyou will see that we have a very strong and healthy activity regardless of the ups and downs or the price movements. If you also look at the number of blockchains that have been deployed, in 2023 alone we have had a number of ZK layer-2 rollups that have gone live despite what may be the popular narrative about crypto being dead. I think what has just happened is that a lot of the noise has been drained out of the system but when you look beneath the surface, the demand is still there. And so, I do not share that view at all.

Lets talk about the ongoing hackathon. Weve seen a lot of virtual hackathons so what do you want Nigerians to know about Not Another Virtual Hackathon?The most important thing that I really want is for Nigerians to apply. We have technical challenges for a lot of our different products, from Linear to MetaMask, to Infura, to the MetaMask SDK. There are also lots of prizes from $10,000 up to a $37,500 pool. It is a global initiative, so its not just meant for people in North America, or Asia. The most important thing is to encourage builders, whether you are a developer or whether youre just looking to create a course on teaching people how to do things in crypto, you can do anything that you think is possible, just visit the website and get in it. Web3 is an open ecosystem, you dont need to be KYCed and you dont need to prove that you are from x country or x personality to participate, its open to everyone. My message is to encourage as many Nigerians as possible to just apply and you never know what could happen from there.

What are you excited about concerning this hackathon? What are you hopeful that this hackathon will do for your builders and the Web3 ecosystem?There are two things that I hope will happen. The first is that I hope we get a successful story similar to MetaMask in 2016, which actually started as a hackathon. I hope we get something similar that can onboard the next hundred to one billion users in crypto from this. A second thing that Im hopeful for is that an African, preferably Nigerian, is part of whatever success stories come out of the hackathon.

About Samuel AkpanSamuel is a PR & marketing maven with seven years of experience building brands, leading communications and building partnerships in the Fast Moving Consumer Goods, entertainment, and luxury goods industry across sub-Saharan Africa, The US, and EMEA regions. He is bullish on the promise of Web3 and has working knowledge on many aspects of the Web3 space from DeFi to MEV.

He currently works in the PR and communications team at Consensys managing a portfolio of Consensys products including MetaMask, the worlds leading self-custodial Web3 wallet with over 30 Million Monthly Active Users.

Samuel recently managed the Champagnes portfolio at Louis Vuitton Moet Hennessy(LVMH) in Nigeria, where he secured over 20+ local, regional and international coverage for the launch of the Veuve Clicquot Bold Woman Initiative, achieving record-breaking metrics on the campaignreaching over 18 million people within Nigeria, + 890,000 engagements and 40 million impressions.

Read more here:

Consensys rebrands and launches a hackathon for builders - TechCabal

Now you canbuy Ethereumand leverage its blockchain capabilities, from developing DApps and DAOs to using smart contracts for almost anything possible.

Investors and experts have already discussed this matter and even named it The Flippening, which well get into later. Whats sure is that Bitcoins future is already decided, since after it reaches its maximum coin supply, users wont be able to mine it anymore. Although it might take more than a decade for this to happen, it may seem like Bitcoin wont improve too soon, which is why Ethereum might take its place. On the other hand, Ethereums capabilities exceed most coins simple asset value.

Bitcoin was created in 2009 to provide digital financial means in a world where economic crises are expected and customers cant always rely on these solutions. With Bitcoin, people could make worldwide transactions and avoid third-party financial institutions processing them, boosting speed and minimizing fees.

However, reaching such potential came with certain challenges. First, volatility led to a lack of trust from investors, as Bitcoins value surged and clashed so much that some predict its price will either reach millions or go down to zero in the following years. Of course, popularity always triggers cybertheft, despite the solid technologies that protect the network.

Then, mass adoption is far from being approachable since not all nations are ready to foresee the consequences of changing their financial systems. Using El Salvadors example, Bitcoin is the last thing a developing country needs now. Plus, taxing and regulation policies still need consultation and testing, which hinders the process of adoption. Bitcoin still needs to fix these aspects before becoming the worlds best digital currency.

Released in 2015, Ethereum made its way into the mainstream by introducing the concept of smart contracts, DApps and DAOs. Focusing only on decentralization, Ethereum gained popularity by ensuring developers and digital creators have all the knowledge and support to leverage benefits on the network.

Ethereum became a big deal only in recent years when its value increased considerably, and the community got more intertwined in common objectives. The blockchain has numerous technologies and strategies, making it the perfect solution for businesses and regular users. For example, the protocols used on the network help developers base their creations on reliable systems and trustworthy solutions.

One essential thing about Ethereum is its continuous striving for the better. With plenty of updates, the blockchain constantly improves with the communitys help, attracting even more investors for the future. Ethereum slowly solves one of its more enormous challenges, from energy consumption to scalability concerns. The latest update, the Merge, has already dealt with sustainability challenges by reducing the amount of energy required for mining by about 99%.

Ethereum plans on multiple upgrades in the following months, such as the following:

Follow us for the latest crypto news!

The Flippening started being discussed in 2017 on platforms like Reddit and Twitter, where most investors and crypto users gather. The term describes the event of Ethereum overtaking Bitcoin, considering the smart contract feature a staple in the crypto world. On the other hand, Bitcoin supporters believe that Bitcoin is the only decentralized cryptocurrency that will rule the market forever.

Considering that around 2017, Bitcoins market dominance fell tremendously, the Flippening came to life to remind users that the coin will not be here forever and it can become nothing in a matter of minutes due to its high volatility. Around this time, too, the price of Ethereum increased, getting the interest of many investors and developers.

Despite being one of the most innovative blockchain technologies, Ethereum must work hard to overtake the competition. Blockchains like Cardano and Solana have already been praised for providing similar solutions to Ethereum, but with smaller fees and faster transactional speeds.

For example, Cardano uses the Ouroboros Consensus protocol and bases its knowledge on scholarly academic research, incorporating peer-reviewed and evidence-based methods. On the other hand, Solana uses PoH (Proof-of History) that leverages a cryptographically secure function, a unique feature of the cryptocurrency. It has better transaction speeds than Ethereum and even more enhanced security measures since the network is scalable at its core level. On the contrary, Ethereum needs Layer-two solutions to make the blockchain efficient.

Overall, Ethereum is trying to solve its issues, but its a matter of time before it succeeds fast enough. In the meantime, its competitors might discover better practices and strategies. Still, considering its popularity, this is less likely to happen.

Ethereum and Bitcoin are massive cryptocurrencies that leverage incredible network capabilities. However, Bitcoins purpose is mainly being used as a store of value. At the same time, Ethereum has the advantage of smart contract features, through which investors can benefit from remarkable DApps, DAOs and even NFTs that developers create efficiently. Ethereum might overtake Bitcoin, but were unsure about the timeline, so were waiting to see how the two blockchains will further develop.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

See the rest here:

Why Ethereum will surpass Bitcoin in the following decade - Crypto News Flash

Top Solana protocol Marinade Finance will support direct-to-validator staking of SOL tokens alongside its popular mechanisms for issuing mSOL, the liquid staking token (LST).

The new service, called Marinade Native, eliminates the smart contract risk of swapping SOL for mSOL while preserving the expected yield of around 7%, developers say. Thats because users retain custody of their SOL as opposed to receiving what amounts to a yield-infused depository receipt.

Marinade is already responsible for $167 million in crypto assets just a touch over half of the total value locked (TVL) on Solana. But its liquid staking solution seems to have hit a ceiling at 2% of the networks SOL, protocol insiders say. Theyre convinced Marinades further growth will come only from appealing to institutional investors too weary to handle LSTs.

Marinade Native is basically targeting the 50-times bigger market and hoping to see more decentralization within staking on Solana, said Michael Repetny, a core contributor to Marinade.

Staking SOL directly to validators is not new. Its the original method investors used to capture the upside of Solanas proof-of-stake blockchain, which pays interest to those who financially vouch for the validators powering the network.

What is new is that it spreads the staked SOL across an index of top validators rather than just one. The technique, called automated staking, is one of the two main benefits of its LST mechanism, alongside the part where it issues mSOL.

Its not staking to one, but to about 130 validators that are ranked based on their performance, based on some decentralization aspects and so on, Repetny said. Were introducing a product that relies on this automated staking and avoids completely the smart contract risk.

The risk of locking SOL into a liquid staking contract was demonstrated last November, when the collapse of FTX prompted a flight to safety across the Solana ecosystem, including in Marinade. Spooked mSOL holders began trading their liquid staking tokens at a discount rather than wait the few days it would take to reclaim their SOL from the protocol.

Story continues

Although Marinades mechanics worked just fine throughout the process and none of the staked SOL was lost, the event underscored the limitations of liquid staking. The protocol is still recovering from the TVL rout it suffered during the incident.

Solanas adoption of liquid staking remains far below Ethereums, the largest blockchain for DeFi and staking protocols. Repetny chalked the difference up to tech differences between the two chains and how they handle unlock periods.

Theres also about 60 million SOL locked in vesting contracts that Repetny said cannot be put to work through liquid staking solutions but can nonetheless earn yield using Marinade Native.

Unless DeFi picks back up which were starting to see hints of the liquid value proposition on Solana to me is a bit small, Repetny said.

Read more: Solana Liquid-Staking Tool Marinade Looks to Bolster Its Token Value With Staked SOL Capture

UPDATE (July 19, 11:31 UTC): Adds liquid staking risk starting in eighth paragraph, comparison with Ethereum in ninth.

View post:

Solanas Largest Protocol, Marinade, Bets Growth on Native SOL Staking Product - Yahoo Finance

21 Jun How Can RGB Improve Bitcoin?Posted at 16:33hin Educationbyadmin

RGB is a smart contract layer and off-chain protocol built on the Bitcoin blockchain, which allows for the minting and issuing of Bitcoin-based digital assets. With RGB, users will be able to issue stablecoins, tokens, Non Fungible Tokens (NFTs), and create client-validated confidential smart contracts on Bitcoin.

With the success of Ethereums Web3 smart contract ecosystem, and the recent hype surrounding Ordinals and Inscriptions, BRC-20 tokens, Stamps, and other methods to create tokenised assets on Bitcoin, its clear that crypto users really want smart contracts and tokens on Bitcoin.

One of the key philosophical differences between Bitcoin and Web3 blockchains like Ethereum, is the desire in Bitcoin, to push unnecessary data off-chain, to keep the base layer blockchain simple, nimble, and scalable. The less data that needs to be stored on-chain, the easier it is for a user to run their own node, helping with the networks overall decentralisation and censorship-resistance.

Bitcoiners have long disagreed with Ethereums design choices of having the computational logic of smart contracts, tokens, and more elaborate use cases like Decentralised Finance (DeFi), or Decentralised Exchanges (DEXs) on-chain on the base layer blockchain.

By adding this complexity to layer one, it makes it harder for normal users to run their own node which adds a vector for centralisation, as it becomes much harder to scale the network as it consumes more bandwidth and computational resources.

It also makes the chain easier to attack or censor, as there are less nodes, and they are more often run by companies or individual blockchain projects who utilise data centres, like Infura, rather than average users on their own personal computers. Public organisations like a blockchain startup or foundation have a much larger regulatory attack surface than a random anon running a node at home.

With the advent of the Lightning Network, as a cheap and instant settlements layer, with its vast improvements to scalability, Bitcoiners now have a viable path forward to implement smart contracts, tokens, and other Web3-style features. Better yet, they can be implemented in a way that could address the perceived flaws of adding smart contracts and complexity to the base layer blockchain.

Lightings scalability benefits allow for smart contracts and associated data to be stored off-chain, and its high transaction throughput and instant settlement make for more performant smart contracts, done the right way from a design perspective.

With the more recent attempts at tokenisation and smart contracts on Bitcoin, like Ordinals, which have been in the news a lot recently, the approach has been accused of being sloppily hacked and slapped together.

Inscriptions are created by including an arbitrary blob of data in the SegWit witness data using Taproot spend scripts, which were never intended to be used in this way. This creates more on-chain data, making operating a node resource intensive, and making it harder to scale Bitcoin.

As a result, Ordinals, Inscriptions, and BRC-20 tokens suffer from technical limitations that Ethereums ERC-20, ERC-721, and ERC-1155 token standards do not.

With RGB however, smart contracts and tokenised assets will have several notable advantages over Ethereums current tokenisation schemes.

Simply put, RGB is a layer two network for asset tokenization and smart contracts on Bitcoin and Lightning Network using the client side validation model.

RGB, which stands for Red, Green, Blue, paying homage to Bitcoins coloured coins which laid the foundation for the projects research. RGB is based on research by Peter Todd which was later adapted and repurposed by Giacomo Zucco to create the design for RGB.

After several years of continuous improvements and development, RGB is now represented by a diverse ecosystem of entities and individuals who build on top of the protocol and contribute to it.

The way RGB works is quite innovative. RGB employs client-side validation which means that all the data associated with transactions and smart contracts is kept off-chain and verified by the user. Client side validation has two principal advantages.

First, it enables Lightning Network compatibility without any additional changes to the Lightning Network protocol. Second, it lays a strong base for more scalability, privacy, and programmability, since it keeps all the validation logic outside the blockchain.

This means that on-chain fees are minimised, blockchain observers cannot violate the privacy of RGB users, and there is no need for a global consensus to update the protocol and its validation logic.

This client side validation model employs single-use seals defined over Bitcoin transaction outputs (UTXO) which provides the ability to fully leverage Bitcoins double spending protection and censorship resistance without any trust compromise.

An asset is always allocated to a Bitcoin output (which has the role of single-use seal in the protocol), and when it is transferred to a new owner such outputs needs to be spent, meaning that a Bitcoin transaction is created with that UTXO as an input, and the off-chain RGB transfer data will define which UTXO is the new owner of the asset.

To issue a new asset, a user needs to create an issuance contract, which will define all the parameters of the token, such as total supply, metadata, media attachment and transaction validation rules.

The user can define these parameters for each smart contract in a Schema, which can be seen as a template to create new issuance contracts. Different Schema can be used for different use cases, for example, issuing tokenised assets that are fungible uses one Schema, issuing NFTs use another Schema, while a digital identity may use yet another Schema.

Each RGB smart contract operates independently, as its own shard or segment, which means its fully independent of other contracts, and they never interact directly, meaning that, unlike other token protocols, each user needs to validate only the contracts that are relevant for him, keeping the hardware requirement for full validation low.

Thanks to the compatibility with the Lightning Network, it is possible to send and receive RGB assets with the same speed and costs of Bitcoin Lightning Network payments, while retaining all the security of the Bitcoin blockchain. This represents a paradigm shift compared to other asset protocols which usually achieve fast and cheap transactions only by sacrificing network decentralisation, security and censorship resistance.

Moreover the Lightning Network can be leveraged also to enable DEX functionalities, letting users swap assets against Bitcoin directly on Lightning. Compared to liquidity pool based DEXes, this model offers lower latency, lower fees, more privacy, no risk of front-running by miners or flashbots and certainty on the execution price, all elements that contribute to developing a more efficient market with better prices for all the participants.

RGB, while extremely exciting, is still in its final stages of development and testing. Many developer tools and wallets have already been created, but at the time of writing they are still only used in testnet. RGB can be compared to the early days of the Lightning Network, where using it was considered reckless and the protocol may still have bugs and users could potentially lose funds if they are not very careful.

That being said, for the brave and adventurous, theres already a great educational website for users who want to start understanding and playing around with the protocol, and for developers interested in building with RGB.

As it stands currently, there are several RGB wallets that users can start using to issue, send, and receive tokenised assets via RGB. While many Bitcoin wallets have not implemented support for RGB, it can be expected that they will as the protocol matures.

The current wallet offerings include Iris, Bitmask, MyCitadel, and Shiro, and new teams that want to build on top of RGB can leverage the rgb-lib library for faster development without having to dive too deep in the protocols technicalities.Interested users can also elect to run their own RGB compatible Lightning Network node, which can be used to create Lightning channels denominated in RGB assets and send payments through them .

RGB is a very promising protocol that can solve many of the problems currently faced by the digital assets ecosystem. This is why Bitfinex is actively supporting RGB with an entire team dedicated full-time to advancing its development. Bitfinexs RGB team is contributing to RGB not only by contributing to the protocol itself, but also by releasing several developer tools, launching the Iris Wallet and the Lightning Node. Tackling ecosystem-wide problems with new approaches is the best way to enable progress and advance the whole industry.

Go here to see the original:

How Can RGB Improve Bitcoin? - Bitfinex blog - Bitfinex

What Is Ethereum Virtual Machine (EVM)?

Ethereum Virtual Machine (EVM) is a software that sets the rules of computing the state of the Ethereum network from block to block. The EVM is a core part of Ethereum as it executes smart contracts, processes transactions, and updates account balances.

In simple words, EVM is a virtual machine or a cloud computer that powers the Ethereum protocol. Just like a computer, it executes code and has memory to save information. However, EVM is not just a single computer but a pool of thousands of cloud machines around the world.

EVMs Key Functions

Managing the state of the Ethereum blockchain

Executing smart contracts

Calculating gas fees

Developers on Ethereum write their smart contract code in a programming language called Solidity. The code is then translated to byte code so that the EVM can read the instructions.

In the process of translating the code from Solidity to byte code, the instructions are first broken down into opcodes or operation codes. Every line of code is converted to opcodes so that the EVM knows exactly how to execute a transaction.

As we know, every transaction on Ethereum requires a gas fee to be executed. Therefore, the relationship between opcodes and gas fees is also important in understanding how the EVM works.

In theory, when you are paying gas fees, you are actually paying for the opcodes to be executed by the EVM. The more opcodes there are, the higher your gas fees will be.

Simple transactions like sending ETH from one account to another will require less gas compared to complex processes like creating a smart contract, as the EVM is required to do more work.

The EVM is designed as a Turing-complete virtual machine. Turing completeness refers to a machine that can solve any problem if it is given the necessary resources of time, energy, and complete instructions.

Ethereums Turing completeness is the networks ability to understand and implement future agreements of a smart contract.

The EVM executes code deterministically. A particular smart contract will always produce the same output for the same input. It does not matter where the smart contract is executed or who is executing it, the output will always be consistent for a particular input.

The EVM is designed to work in isolation from the rest of the computer system. This ensures that the smart contracts are executed within a safe environment.

EVM code:The byte code that the EVM can execute.

State:Ethereum is a large data structure that holds information on accounts and balances. The state of this information changes from block to block as the EVM processes new inputs to produce deterministic outputs.

Transactions: Transactions are cryptographically-signed instructions from users that the EVM executes. There are two types of instructions:

Space:The EVM utilizes three space components:

Gas: The amount of computational effort required to execute operations on a blockchain network. Every EVM computation requires gas fees otherwise, the transaction will not be processed.

Ethereum has grown to become the most valuable smart contracts public blockchain network in the world.

On June 21, 2023, Ethereums ecosystem of decentralized applications (dApps) boasted a total value locked (TVL) of $24.63 billion. The second most-valuable chain Tron held a TVL of $5 billion, according to DefiLlama.This shows a clear market preference for Ethereum, which has established itself as the go-to blockchain for decentralized finance (DeFi).

Numerous blockchain networks are designed to be EVM-compatible. This allows the blockchain to execute Ethereum smart contracts. EVM compatibility enables developers to easily deploy their smart contracts across Ethereum and multiple EVM-compatible chains.

EVM-compatible networks can tap into the vast pool of Ethereum users, which can be critical for growth and mass adoption.

The EVM software is the lifeblood of Ethereum as it maintains the state of the blockchain and executes smart contracts.

The meteoric growth of Ethereum has made EVM an industry standard, so much so that rival blockchain networks are designing their systems to be compatible with it.

See the original post here:

What Is Ethereum Virtual Machine (EVM) and How Does It Work? - Techopedia