Category Archives: Smart Contracts
The arbitrability of Web3 disputes: An effective court of First World … – Lexology
This article explores the arbitrability of blockchain, cryptocurrency, NFT and metaverse disputes and considers the issue of what arbitration and its supporting ecosystem must do, in order to remain an effective forum for the resolution of such disputes.
What are blockchain, cryptocurrency, NFT and metaverse disputes?
For the sake of simplicity, we shall refer to all such disputes within this article as, Web3 disputes. Web3 disputes are disputes which are connected with the rapidly-growing range of decentralised technologies which utilise blockchain and smart contracts to record transactions, and to automate particular functions. These technologies include those powering cryptocurrencies and non-fungible tokens (NFTs), the records of transfer of which are stored on blockchains and are publicly viewable. Web3 disputes may also encompass disputes connected with the metaverse, a virtual-reality (VR) world, accessible through VR headsets, within which participants may engage with each other and interact in a computer-generated environment.
Disputes in the Web3 space may arise in a multitude of different ways and may fall within a number of categories of law (or within multiple categories). There may, for example, be disputes arising from criminal acts, such as hacks or exploits, or the theft or unauthorised movement of cryptocurrencies or NFTs. There may be tortious actions which give rise to liabilities and claims, either within or outside of the context of contractual relationships. Alternatively, disputes pertaining to Web3 may fall within the category of regulatory disputes, such as issues falling within the remit of the Securities and Exchange Commission or the Commodity Futures Trading Commission in the U.S., or within the regulatory scope of the Monetary Authority of Singapore the question of whether particular cryptocurrencies are securities, for example.
However, at the heart of a tremendous number of Web3 disputes lies private law. In most cases, given the internet-based global nature of Web3, this means private international law. While the above description of Web3 sounds and is - incredibly tech-driven, what is not always immediately apparent is that there is a raft of considerably more traditional legal contractual relationships and structures at play behind a significant amount of this technology. Those legal relationships are formed of bilateral and multilateral private contracts, most commonly written in plain language (as opposed to code), and which refer disputes between their various participants to a range of traditional forums for dispute resolution, pursuant to their chosen governing laws. It is those contracts, and the disputes which arise thereunder, which form the primary focus of this article.
How do Web3 disputes arise?
Web3 disputes may arise in a vast number of different ways the majority of which have most likely not even been contemplated yet, such is the rapid pace at which the relevant technology is developing.
Taking a few examples which have already occurred, we have seen examples of each of the following:
Are Web3 disputes arbitrable?
By and large, Web3 disputes are not only arbitrable but in many cases, arbitration would be the most suitable forum for their resolution.
The reasons for this being so are in many cases down to the very same set of fundamental reasons why arbitration is so popular as a dispute resolution forum in international contracts generally. In brief summary, such reasons include:
There already exist a very significant range of Web3-related contractual relationships which incorporate traditional arbitration agreements, and which refer disputes to arbitration under a variety of institutional rules. Some examples of such contractual relationships are set out below:
What are the limits to the arbitrability of Web3 disputes?
There are, however, limits to the use of arbitration as a dispute resolution tool in the Web3 space. We discuss a number of the relevant issues below.
These limitations give rise to the need to consider a range of factors when determining whether to refer Web3 disputes to arbitration.
How may these limits to arbitrability be mitigated?
While arbitration may be an excellent forum for the resolution of many Web3 disputes, the adoption of arbitration must still be carefully considered by the parties at the contracting stage, to ensure its suitability for the particular circumstances. The current limits of, or impediments to, the arbitrability of Web3 disputes are broad-ranging and for this reason, it is necessary to give specific consideration to the question of whether an arbitration agreement is suitable in each instance, as well as to the choice of institutional rules, and the seat of the arbitration.
How can arbitration remain the forum of choice for Web3 disputes?
There will be constant developments in the Web3 space over the coming years, both in terms of technological and legal advances. It will be critical for arbitration, and the national laws and international conventions which underpin it, to continue to adapt, in order to embrace technology as it develops and to remain relevant to, and suitable for, the resolution of Web3 disputes.
Adapting to developing technology may involve pushing the existing boundaries of international arbitration, and the fundamental norms which we associate with it. For example, could parties mutual contractual agreement as to what constitutes due process, and their submission to directly enforceable decentralised on-chain arbitration, be capable of recognition and enforcement without challenge? Could parties in the Web3 space freely agree at the contracting stage that ex parte applications for interim reliefs shall be permissible, in the context of arbitration? May we see arbitration commenced by or against pseudonymous persons who wish to retain entire anonymity, even within the confidential confines of arbitration, or against persons unknown, in the manner which court action in certain jurisdictions may be? Could we potentially see the development of Web3-specific arbitration rules within a particular metaverse, and agree to seat our arbitrations there, in an effective private bubble, removed from the complexities of conflicts of often outdated national laws, and the vagaries of public policy?
While some of these concepts may seem far-fetched and outlandish, as both technology and law continue to develop, we may see issues of this nature being considered in all seriousness in years to come. The resolution of some of these legal issues may indeed bring greater confidence to the development of Web3 projects, and ultimately aid the adoption of the underlying technology, which presently suffers from a significant degree of legal uncertainty in many jurisdictions. The resolution of issues of this nature will be necessary, in order for arbitration to remain the most relevant and effective court of First World problems.
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The arbitrability of Web3 disputes: An effective court of First World ... - Lexology
Revolutionizing the Travel and Hospitality Industry with Blockchain … – Hospitality Net
To understand how the Travel and Hospitality industry can benefit from blockchain, it is appropriate to focus on two fundamental points: immutability of the data written on the distributed ledger and programmability of the data itself. On a blockchain, the dispersion of the ledger is such as to guarantee to everybody, and in a transparent manner, the possibility of verifying the validity of a transaction from its origins and to ensure that once it has been approved in a blockchain, it can no longer be disallowed.
By 'transaction' I mean a complex concept that joins both the data (i.e., the information) and the rules that manage it; we call this conceptual set 'Smart Contract'. A Smart Contract is - thus - the 'translation' into computer code of a contract, which allows for the automatic verification of the occurrence of certain conditions and the automatic execution of actions when the conditions determined between the parties are reached and ascertained.
Disintermediation and decentralisation, together with the immutability of the data written on the distributed ledger and the distributed computational capacity, can thus benefit the Travel and Hospitality Industries in terms of, for example: efficiency in the management of supply chains, optimisation of processes (especially the more repetitive ones) to the benefit of the traveller, and the lowering of barriers to entry for small realities and operators who can promote valuable initiatives linked to their territories (e.g. wine, food, wine and culture initiatives).
The possibility offered by blockchain to support the creation and management of NFTs is a further opportunity for the travel and hospitality sector.
An NFT is a digital token that allows whoever owns it to claim the availability of an asset (tangible or intangible), while also being able to exploit the rights associated with it or related to it. To give a very simple example, let us think of a digital voucher that allows access to a particular site, or to take advantage of a preferential route, to unlock an experience and witness its authenticity. Despite being digital, our token is immune to the risk of replication, and thus cannot be cloned, thanks to the very blockchain on which it was minted or exchanged.
With NFTs, therefore, travel coupons can be tokenized, by giving them an outlet in secondary markets, characterised by the traveller's particular needs (last minute, last chance, best-fit-opportunity, ...). In addition (and here I raise my eyes a little, suggesting the exercise of 'lateral' thinking), the use of NFT can be extremely functional in supporting experiential tourism, enabling a sharing of the story of the journey, the places visited and the relationships with destinations and territories that can be put to value. The "tokenization of emotions" (to use a term I coined and explained in my last book "All about NFTs", Hoepli pubblisher), makes it possible to represent an authentic value, in a reputational key, that can be "spent", for example, for story-telling at the return of the trip or after the experience, to the benefit of the destination, the operator and the tourist.
Finally, NFT and blockchain can also find an important use in business travel by streamlining certain processes. I am thinking of the benefits that companies and employees could have in the booking and reporting of expenses, in compliance with company policies: notarisation of expenses/travel contracts, smart contracts for control and compliance with rules, the advantage offered to corporate payments where fungible tokens are used - a sort of branded currency that can be spent on the basis of established rules -, which are controlled at the very moment the expenditure takes place).
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Revolutionizing the Travel and Hospitality Industry with Blockchain ... - Hospitality Net
Aave: The Basics Global X ETFs – Global X
What separates Aave from traditional lending and borrowing is that all aspects of Aaves operations are dictated by code. In its most basic application, Aave offers a first principles approach to increasing the productivity of digital assets. Aave connects users seeking a source of passive income or yield from their digital asset holdings with those seeking accessible and affordable liquidity.
Smart contracts govern the platforms operations, including making funds readily available to borrow, determining interest rates, and maintaining and liquidating collateral when necessary. By removing intermediaries from the process, lending and borrowing can become highly cost-effective, credit risk-minimized, and globally accessible.
Aave dates to 2017, when it was called ETHLend and when DeFi was largely conceptual. Developed by Stani Kulechov and his team, ETHLend introduced basic rules-based lending and borrowing systems governed by smart contracts. The protocol connected users on the Ethereum network and allowed them to issue and take loans of ETH against one another. Its native asset, LEND, raised $16.2 million in an initial coin offering (ICO).1
ETHLend transitioned to Aave in January 2020, and users were able to swap LEND for the AAVE token on a 100:1 basis. The first version of the Aave protocol changed how users lend and borrow in DeFi, shifting from direct loans between lenders and borrowers to a pool-based strategy.2 Aaves pools are smart contracts containing loaned assets which borrowers can draw from by putting up collateral and paying interest.
Lending in Aave is as simple as depositing one of the 30+ supported assets into a liquidity pool. In exchange, depositors receive aTokens which represent a pro-rata share of the pools deposited liquidity and which serve as a receipt for lenders claims to their principal and any accrued interest. For example, a lender depositing ETH to a pool will receive aETH in return.3 aTokens increase in value proportionately to the interest accrued by the pool. To redeem loaned assets and the accrued interest from the pool, lenders burn their aTokens and receive the corresponding amount of value in return. The process can be thought of in a similar manner to cashing a check at the bank. A check represents a claim to some amount of value. When a check is cashed, funds are transferred and the check no longer represents a valid claim.
Users can borrow funds from liquidity pools in exchange for an interest rate when they deposit collateral. The amount of collateral required is pool-dependent, but it must always exceed the value of the assets borrowed. Only specific low-risk digital assets such as stablecoins, BTC, and ETH are accepted as collateral. Aave offers maximum flexibility for loan repayment, allowing users to fully or partially repay loans at any time.
In traditional lending and borrowing, an inherent risk is that borrowers may not be able to pay back their loans, leading to bad debt. While credit risk still exists in Aave, bad debt is managed by the platforms proprietary algorithm which liquidates collateral at pre-defined debt-to-collateral ratios.4
Interest rates are specific to each liquidity pool and are dependent on the amount of funds available at a given time. The algorithm governing interest rates sets low rates when a pools liquidity reserves are plentiful in order to encourage borrowing activity. Conversely, interest rates are raised when a pools reserves fall.
Lenders accrue the majority of the interest paid by borrowers. The remaining interest earned is used to secure the protocol. In 2022, lenders accrued $169m in fees or 89% of the total interest, while users securing the protocol received $21m, the remaining 11%.5
Flash Loans: Borrowing Without Pledging Collateral
Flash loans allow any user to access large uncollateralized loans, but the borrowed assets must be returned plus a fee within a single transaction. The fee is 0.09% of the flash loan volume, which is a source of revenue for the Aave protocol.6
To execute a flash loan, a user requests the Aave protocol to transfer assets from a pool, or from multiple pools to a smart contract. The smart contract is usually purpose-built to carry out a specific task, such as a pure arbitrage strategy. After the specific transaction is executed, the smart contract returns the principal to the pool.
Once received, Aave audits the deposit to ensure the principal and loan fee have been repaid in full. Because this process happens within a single transaction, Aave is able to reverse the entirety of the transaction before any data is settled on the blockchain should any shortfall materialize.
Flash loans are complex and require technical knowledge and programming proficiency. However, they are a unique and powerful tool that level the financial playing field by enabling skilled users to profit from opportunities that are typically reserved for large financial institutions.
The AAVE token is a critical component of the protocols built-in insurance mechanism called the Safety Module (SM).7 The SM is a smart contract containing AAVE tokens that are staked by users in exchange for AAVE-denominated rewards. This reserve of tokens is used primarily as a liquidity backstop for loan pools in the rare occurrence of bad debt. While Aaves liquidation algorithm is highly effective at reducing bad debt, such scenarios may arise from thin liquidity for a particular token used as collateral, for example. Thin liquidity can lead to significant price slippage during the auto-liquidation process and can result in fewer funds returned to the pool than borrowed. In these scenarios, the SM can sell a portion of the AAVE tokens held in its smart contract on the open market in order to make the pool whole.
Users are incentivized to stake AAVE in the Safety Module. The rewards, called Safety Incentives, consist of AAVE tokens as well as the portion of accrued yield and fees not distributed to lenders. The clever design of the SM creates a positive feedback loop:
Aaves on-chain governance system allows token holders and stakers to participate in the platforms decision-making. Governance voting occurs at both the protocol and pool level, as every pool has independent parameters. AAVE holders can vote on:
Aaves focus on security, transparency, and ease of use has helped it attract a large and growing user base. The protocols upgrades demonstrate a commitment to continuous improvement and innovation. In January 2023, Aave governance unanimously approved the V3 version of the protocol to go live on Ethereum. V3 unlocks new technical features and benefits including capital efficiency, collateral options, and gas optimization improvements.8
In July 2022, Aave users also approved a proposal to launch GHO, a U.S. dollar-pegged stablecoin. Users will be able to mint the stablecoin by depositing an excess amount of accepted cryptocurrencies into a smart contract in a process similar to an overcollateralized loan. With GHOs potential to attract more liquidity providers to the protocol, the AAVE token could benefit from increased adoption and protocol fees.
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Travolution Summit 2023: ‘Blockchain will… – Travolution
Blockchain will simplify the travel industrys complex web of fragmented technologies in much the same way as Tesla has simplified the motor vehicle, the Travolution Summit was told.
Anke Hsu, head of business development at Chain4Travel, said one connection to a single network can supply retailers with all the product and content they need while verifying each transaction.
Chain4Travel is building the Camino blockchain network specifically for the travel industry and aims to launch its main net within weeks following the successful introduction of a test net last year.
Hsu said blockchain has the potential to do away with the many product APIs and aggregators travel firms have to integrate with which add costs to the distribution and retail of travel products.
And she said it will support new business models like C2C where consumers can trade products stored on the network as immutable digital assets, opening new revenue opportunities to suppliers.
Today we talk about B2B, and we know and B2C, but now we can talk about C2C and secondary markets.
Customers that cannot travel can sell their trip to another customer or even back to the original company. With smart contracts you can define the conditions about how that can be sold.
This is possible now with the enablement of blockchain and digital assets that are protected.
Web 3.0 is all about read, write and own and blockchain is the enabling technology because for the first time you can actually protect digital assets with a smart contract.
In the travel industry we have a lot of data. Every trip is a digital asset until departure. For us its very important that we can protect those digital assets.
Why is that important? We can trade. And we can actually decide whether we want to share anything of our identity.
What was missing in Web 1.0 and Web 2.0 is the ownership of our contributions. The big platforms [like Twitter, Google and Facebook] they make the money with our data.
Hus added: In tourism everything is on a leash, we have a lot of APIs a lot of data going to different pools, to different distribution systems a lot of ways to connect, a lot of aggregators.
Mostly aggregators dont have all the content you want to have. Its impossible to sell, for example, small ancillaries because its too complex to connect.
With blockchain it could be very different. You have, in the network, the possibility to connect with your offers.
Imagine a lake where you throw your offers in and everybody can fish for the offers they want as a tour operator with just one connection to the network. Sell to may or buy to many.
Chain4Travel has won the support of 120 travel companies including major players like Lufthansa, Tui and Der Touristik.
But Hsu said the concept is to give sector players of all sizes equal say on how the network develops and the transactions it validates.
We have designed the blockchain so the smaller and medium sized companies have the same voice, the same vote on decisions as the big companies. Unique for the whole industry, she said.
Hsu added: Its not another app, its an endeavour to actually move away from the legacy systems we have and establish a joint shared infrastructure where every travel company can take part in.
With blockchain and smart contracts travel will be able to react instantly to disruption with any delay sparking the terms in a smart contract and initiating a rebooking.
It will also mean compensation for delays can be paid directly and instantly to the customer improving service and satisfaction levels.
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The Arbitrum Foundation Announces Launch of Arbitrum Orbit: Layer 3 Chains for All – Yahoo Finance
To encourage ecosystem growth, developers will have access to a permissionless solution that will allow them to build their own Layer 3 blockchains in the Arbitrum ecosystem
NEW YORK, March 16, 2023 /PRNewswire/ --The Arbitrum Foundation, announced today the launch of Arbitrum Orbit, a permissionless solution for any developer to build a Layer 3 (L3) blockchain using Arbitrum technology. Arbitrum Orbit will give developers access to the full suite of Arbitrum's market-leading technology and allow them to customize it to their needs.
Arbitrum Foundation (PRNewsfoto/Arbitrum Foundation)
Arbitrum is the leading Ethereum scaling technology and the only EVM scaling solution that has fully working proofs, a critical piece of technology that allows the Arbitrum chains to derive their security from Ethereum. With the announcement of Arbitrum Orbit, developers can now easily launch their own permissionless Layer 3 blockchain leveraging Arbitrum's best-in-class technology and Ethereum's security.
Arbitrum Orbit is designed to strengthen and grow the Arbitrum ecosystem by providing a clear and simple path for not only developing new Arbitrum applications but also launching new Arbitrum chains. Developers building L3s on top of an existing Arbitrum chain are granted a free and perpetual license that also allows them to customize and modify the Arbitrum source code as they see fit. The Arbitrum DAO will have the ability to grant even more permissive licenses ensuring that the community is in full control over the future of Arbitrum and its technology.
Besides attracting new developers into the Arbitrum ecosystem, this initiative also pushes for innovation within the community, encouraging a wider variety of chains to be built with technology that's proven to have the security level of Ethereum. Arbitrum Orbit L3 chains will support the upcoming release of Arbitrum Stylus, which will allow developers to use the C, C++, and Rust programming languages for their chains, in addition to Solidity and other EVM languages.
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Steven Goldfeder, CEO and co-founder of Offchain Labs, commented on today's news: "The launch of Arbitrum Orbit marks another step in the goal of growth through ecosystem expansion by way of onboarding new developers. Arbitrum is already the technology stack of choice for Ethereum smart contract developers, but with today's announcement, developers now have another tool allowing them to not only build their own smart contracts, but to also launch their own L3 chains leveraging the best technology available. I'm excited to see the next wave of innovation that Arbitrum Orbit will enable."
Arbitrum is the leading Layer 2 (L2) scaling solution for Ethereum, and the Arbitrum One and Arbiturm Nova blockchains boast the highest Total Value Locked (TVL) across all L2 networks with approximately $3.61B, 55% market share across all rollups, and the Arbitrum One network recently surpassed Ethereum daily transactions on two occasions.
About The Arbitrum FoundationThe Arbitrum Foundation has a mission to help support and grow the Arbitrum network and its community while remaining at the forefront of blockchain adoption. The Foundation oversees the $ARB token and governance structure as well as the Arbitrum Security Council, a 12-member multisig of well regarded community members designed to ensure the security of the chains.
Media contact: Dillon Arace, arbitrumpr@mgroupsc.com
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The Arbitrum Foundation Announces Launch of Arbitrum Orbit: Layer 3 Chains for All - Yahoo Finance
Global X rolls out three new crypto ETPs – ETF Strategy
Sector & Thematic Strategy Briefing - Wednesday 29th March 2023 - The Berkeley, London Please join us for our annual sector and thematic investing event, featuring DWS Xtrackers, First Trust, MSCI, Redburn and Sprott Asset Management. Please register now if you would like to attend.
Global X has launched three new crypto ETPs in Europe providing directly backed exposure to LINK, UNI, and AAVE, the native tokens underpinning the Chainlink, Uniswap, and Aave networks.
The listings represent the first crypto ETPs to be launched in Europe in 2023.
The Global X Chainlink ETP (LI0X GY), Global X Uniswap ETP (UNIX GY), and Global X Aave ETP (AVMX GY) have been listed on Deutsche Brse Xetra in euros.
The ETPs are passported for sale in Austria, Denmark, Finland, Germany, Netherlands, Norway, and Sweden.
Each ETP provides 100% physically backed exposure to its underlying digital asset while maintaining the added oversight, security, and liquidity inherent in the ETP structure. The underlying crypto holdings are custodied by Coinbase Custody International.
Each ETP comes with an expense ratio of 0.99%, notably cheaper than rival products such as the VanEck Chainlink ETN and CoinShares Physical Chainlink, both of which are priced at 1.50%; the Valour Uniswap ETP, which has an expense ratio of 1.90%; and the 21Shares Aave ETP, which costs 2.50%.
The new listings represent the first digital asset ETPs to be introduced in Europe in 2023 after new product launches ground to a halt last year amid plummeting values in the crypto sector, a period that has become known as crypto winter.
Chainlink
Chainlink is a decentralized oracle network a blockchain abstraction layer that enables blockchains to interact with external data and systems through entities known as oracles.
Oracle networks have been instrumental in the evolution and proliferation of hybrid smart contracts which are smart contracts that combine blockchain-based code with off-chain oracles.
By also utilizing blockchain-based technology, oracles ensure the correct data is retrieved from a high-quality data provider, is verified, and then delivered onto the blockchain without manipulation from hackers.
LINK, which is used to pay oracles for their services, has a total market capitalization of $3.6bn, making it the 21st-largest crypto asset.
Uniswap
Uniswap is one of the largest decentralized cryptocurrency exchanges globally. Operating on the Ethereum blockchain, Uniswap uses smart contracts to facilitate automated transactions between any pair of Ethereum-compatible tokens.
Uniswap users may create liquidity pools of tokens they are willing to trade. Other users who then wish to trade with a liquidity pool enter into a smart contract that uses automated market-making technology to algorithmically determine the best execution price.
UNI is a governance token, allowing holders to vote on project developments, while the token may also be used to fund liquidity mining pools, grants, partnerships, and other growth-driven initiatives.
Although UNI serves as a governance token on the Uniswap platform, investors can also trade the token on exchanges and treat it as a speculative investment.
With a total market capitalization of $4.8bn, UNI is the 18th-largest crypto asset.
AAVE
Aave is a platform for borrowing and lending crypto assets. The platform uses smart contracts to automate the lending process with pre-set rules on how funds are distributed, collateral is handled, and fees are assessed.
Aave specializes in overcollateralized loans, a feature that protects lenders from losing money due to loan defaults and allows the Aave protocol to liquidate the collateral if it drops too much in value.
AAVE is used as collateral for taking loans and for paying loan fees. With a total market capitalization of $1.1bn, it is currently the 48th-largest crypto asset.
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Polygon Wallet Suite allows users to safely bridge, swap, and … – Crypto News Flash
The Polygon (MATIC) network is preparing for the zkEVM mainnet beta launch on March 27. Among the hotly anticipated features include the Polygon Wallet Suite, an all-in-one front-end solution that allowed 100,000 Polygon users last month to safely bridge, swap, and manage their assets. The Polygon network has worked on Ethereum scaling solutions and facilitated over 1.2 million smart contracts from more than 224 million unique addresses and 292k contract creators.
Decentralised financial ecosystems (DeFi) have tapped into the Polygon scaling solution due to its low transaction cost. Moreover, the average cost per transaction on the Polygon network is about $0.018.
With the Polygon Wallet Suite, customers can expect a similar user experience (UX) on the Polygon PoS. However, the functionality will be different due to the environments within which they operate.
Functionality will not be exactly 1:1 because ZK environments operate a little differently. But as Polygon zkEVM matures, so will the Polygon Wallet Suite, Polygon noted in a blog post.
During the first day of Polygon Wallet Suite, users can expect to manage their assets and securely bridge between Ethereum and transact within the rollup with fast finality.
The Polygon networks zero knowledge EVM will have more exciting features besides the Polygon Wallet Suite. Among other key features include the Matic.js SDK and Gas Station will also be supported shortly after the launch of Polygon zkEVM Mainnet Beta. The Polygon developers can rest assured all their favorite assets are supported, including the ERC-20 and ERC-77.
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Along the way, the Polygon zkEVM has hit several milestones, including over 84k wallets, over 300k blocks produced, over 75,000 ZK proofs generated, and more than 5,000 smart contracts deployed.
Polygon zkEVM is the gold standard for EVM-equivalence, having passed 100 percent of the Ethereum test vectors that apply to a zkEVM. Developers can copy-paste code that works on Ethereum and use it to build on Polygon zkEVM without having to change a thingall Ethereum tooling works seamlessly with Polygon zkEVM. Thats frictionless scaling,
Polygon (MATIC) has remained among the top ten by market capitalization despite the year-long bear market. According to our latest crypto market data, Polygon (MATIC) has been up approximately 8.8 percent in the past seven days despite being down over 60 percent from its ATH.
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With a market capitalization of approximately $10,436,979,483, the Polygon network reported a 24-hour trading volume of about $918 million. With over 587,517 holders, according to on-chain data, Polygon (MATIC) is poised to gain more global recognition before the next bull market.
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Polygon Wallet Suite allows users to safely bridge, swap, and ... - Crypto News Flash
Can Circle [USDC] turn things around with new plan? All you need to know – AMBCrypto News
Circle faced its toughest week so far this year after USD Coin [USDC] lost its dollar peg. It has since recovered, but the stablecoin issuer just released a new update regarding its USDC operations.
According to the update, Circle redeemed 2.9 billion USDC and minted 700 million USDC on 14 March. Those efforts were part of its action plan to aid the peg recovery. More importantly, Circle announced that it was securing new transaction banking partners. The companys goal is to facilitate round-the-clock transactions that will not be limited by regular banking hours.
Circle further revealed that it had limited funds held by its transaction banking partners to support redemption and minting. It also revealed that it held a cash position of its reserve at BNY Mellon. Thus, at press time, it had on-ramps for users looking to move their funds into the crypto segment.
The move by Circle underscored plans to bypass regulators efforts to prevent banks from working with crypto companies. It also came just days after multiple banks collapsed, adding more pressure to the fiat system. As a result, more people were losing their trust in the fiat system, and this was a key factor that fueled the rally in the last three days.
The aforementioned factors and the fact that USDC has regained its test have restored some confidence back into the stablecoin. The supply of USDC in smart contracts recently bounced back to a new four-month high.
But what about actual market demand? Well, a look at address characteristics revealed that USDC receiving addresses were slightly higher than sending addresses. Another key observation is that both metrics dropped substantially since 11 March, as people moved to other stablecoins.
However, addresses began leveling out at press time, suggesting that USDC trading activity is recovering. This is evident in the stablecoins exchange flows. Both exchange inflows and outflows have been on the rise for the last three days after previously tanking because of the depeg.
The exchange outflows remain higher than inflows, hence confirming that USDC is yet to regain full confidence. This may also be due to the recent crypto rally, which meant that investors have been buying crypto for stablecoins.
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Can Circle [USDC] turn things around with new plan? All you need to know - AMBCrypto News
Solana vs Ethereum: How to Choose One With Better Features and … – Cryptopolitan
In the world of blockchain and cryptocurrency, two names stand out: Solana and Ethereum. Both of these blockchains have gained a significant amount of attention and adoption in recent years, and for good reason. Solana and Ethereum are two of the most advanced and innovative blockchain platforms on the market, each with its own unique set of features and capabilities. This article will take a dive into the differences between these blockchains.
To understand the differences between Solana and Ethereum, we first need to look at their respective technology and architecture. Solana was designed from the ground up to be a high-performance blockchain platform that can handle a large number of transactions per second. Solanas architecture is based on a unique combination of technologies, including a permissionless, proof-of-history (PoH) consensus mechanism, a Tower BFT consensus algorithm, and parallel processing.
Solanas PoH mechanism records the ordering of events in a verifiable way, which enables the platform to achieve high throughput without sacrificing security. The Tower BFT consensus algorithm enables nodes to reach consensus on the ordering of transactions, while parallel processing enables Solana to process multiple transactions simultaneously.
Ethereum, on the other hand, is based on a different architecture. It uses a virtual machine called the Ethereum Virtual Machine (EVM) to execute smart contracts, which are self-executing contracts that run on the blockchain. Ethereums architecture is based on a proof-of-work (PoW) consensus mechanism, which requires nodes to solve complex mathematical problems to add new blocks to the blockchain.
One of the main differences between Solana and Ethereums architecture is their approach to scaling. Solanas parallel processing and PoH mechanism enable it to achieve high throughput, while Ethereums PoW consensus mechanism is known for its energy-intensive nature, limiting its scalability. However, Ethereum is currently transitioning to a proof-of-stake (PoS) consensus mechanism, which is expected to reduce its energy consumption and increase its scalability.
One of the most critical factors in blockchain technology is scalability, the ability to handle a large number of transactions per second (TPS) without sacrificing security. Solana and Ethereum have taken different approaches to achieve scalability, each with their own benefits and limitations.
Solanas architecture is designed to maximize scalability, and the platform is capable of handling up to 65,000 TPS. Solanas parallel processing enables the platform to process multiple transactions simultaneously, which significantly increases its throughput. Additionally, Solanas PoH mechanism ensures that the platform can maintain high throughput without sacrificing security or decentralization.
Ethereums scalability, on the other hand, has been a long-standing issue. The platforms PoW consensus mechanism has limited scalability, as it is energy-intensive and requires significant computing resources. However, Ethereum is in the process of transitioning to a PoS consensus mechanism called Ethereum 2.0, which is expected to increase the platforms scalability and reduce its energy consumption.
In addition to throughput, another critical factor in scalability is network congestion. When a blockchain platform becomes congested, it can result in slower transaction times and higher transaction fees. Both Solana and Ethereum have experienced network congestion in the past, but Solanas parallel processing and PoH mechanism have enabled it to handle congestion better than Ethereum. Ethereum, on the other hand, has experienced network congestion during periods of high usage, resulting in slower transaction times and higher fees.
The consensus mechanism is a critical component of any blockchain platform. It is the mechanism by which nodes in the network agree on the state of the blockchain. Solana and Ethereum use different consensus mechanisms, each with its own benefits and limitations.
Solana uses a unique consensus mechanism called Proof of History (PoH). PoH is a timestamp-based mechanism that provides a verifiable and auditable record of the ordering of events in the blockchain. PoH enables Solana to achieve high transaction throughput without sacrificing security or decentralization. Additionally, Solana uses a Tower Byzantine Fault Tolerance (BFT) consensus algorithm, which enables nodes to reach a consensus on the ordering of transactions.
Ethereum, on the other hand, currently uses a proof-of-work (PoW) consensus mechanism, which requires nodes to solve complex mathematical problems to add new blocks to the blockchain. PoW is known for its energy-intensive nature, which limits its scalability. However, Ethereum is in the process of transitioning to a proof-of-stake (PoS) consensus mechanism called Ethereum 2.0, which is expected to reduce its energy consumption and increase its scalability.
PoS works by using a stake-based mechanism where nodes that hold a certain amount of cryptocurrency, also known as a stake, are chosen to validate transactions and add new blocks to the blockchain. PoS is considered more energy-efficient than PoW, as it requires less computing power to validate transactions.
While Solana and Ethereums consensus mechanisms are different, they share a common goal: to provide a secure and decentralized network. Solanas PoH and Tower BFT consensus algorithms enable it to achieve high throughput while maintaining security, while Ethereums PoW and upcoming PoS mechanisms provide a decentralized way of adding new blocks to the blockchain.
Choosing between Solana and Ethereum depends on the specific needs of each application. Solanas PoH mechanism and Tower BFT consensus algorithm make it a strong choice for high-performance and low-latency applications, while Ethereums smart contract capabilities and upcoming PoS mechanism make it a strong choice for decentralized applications that require a more flexible programming environment.
Smart contracts are self-executing contracts that run on a blockchain platform. They enable the creation of decentralized applications (DApps) that can operate autonomously and securely without the need for intermediaries. Ethereum is widely recognized as the leading platform for building DApps, thanks to its smart contract capabilities. However, Solana is quickly emerging as a competitor in this space.
Ethereums smart contract capabilities enable developers to build complex DApps on the blockchain. Ethereums smart contracts are written in a programming language called Solidity, which is specifically designed for building smart contracts. Solidity is a high-level language that is easy to learn and use, making it accessible to a wide range of developers. Additionally, Ethereums smart contracts are compatible with a wide range of tools and libraries, making it easy for developers to build and deploy DApps on the platform.
Solana, on the other hand, uses a programming language called Rust for its smart contracts. Rust is a systems programming language that is known for its performance and security. While Rust is not as widely used as Solidity, it has a growing community of developers who are familiar with the language. Additionally, Solanas smart contract capabilities are designed to be highly performant, making it an attractive option for DApps that require high throughput and low latency.
A blockchain platforms ecosystem and community are essential factors to consider when evaluating a platforms suitability for building DApps. A thriving ecosystem and community provide developers with the tools, resources, and support they need to build successful applications on the platform.
Ethereum has a well-established ecosystem and community that has been growing since the platforms inception in 2015. Ethereums ecosystem includes a wide range of tools and libraries that enable developers to build and deploy DApps on the platform. Additionally, Ethereum has a robust community of developers who actively contribute to the platforms development, including the development of new protocols, tools, and libraries.
Solanas ecosystem is less established than Ethereums, but it is rapidly growing. Solana has been gaining popularity among developers due to its high-performance capabilities and low-latency smart contracts. Additionally, Solana has been making significant investments in its ecosystem, including the creation of the Solana Foundation, which provides funding and support for developers building on the platform. Solanas community is also growing rapidly, with a growing number of developers contributing to the platforms development and building new tools and applications on the platform.
When it comes to the community, both Solana and Ethereum have active and engaged developer communities. Ethereums community is more mature and has a broader range of developers contributing to the platforms development. Solanas community is younger but growing fast, with a focus on high-performance and low-latency applications.
Tokenomics is the study of a blockchain platforms economic model and the incentives it provides to its users. Vital to the respective ecosystems of both Solana and Ethereum, are their respective native tokens that have an indispensable role.
Solanas native token is called SOL, and it is used to pay for transaction fees and participate in the platforms governance. SOL has a fixed supply of 500 million tokens, and it is used to reward validators for participating in the network. Additionally, SOL is used to fund development on the platform, including the creation of new applications and protocols.
Ethereums native token is called Ether (ETH), and it is used to pay for transaction fees and participate in the platforms governance. ETH has a variable supply, with no fixed maximum limit. Ether is also used to fund development on the platform, including the creation of new applications and protocols.
Both SOL and ETH play an important role in their respective platforms ecosystems, providing incentives for users to participate in the network and contributing to the overall health and growth of the platforms. Additionally, both platforms have a thriving ecosystem of decentralized applications and protocols that use their respective tokens.
Both Solana and Ethereum have seen significant adoption in recent years, with a growing number of developers and businesses using their respective platforms for a wide range of applications. Ethereum has seen widespread adoption as the leading platform for building decentralized applications, or DApps.
Ethereums smart contract capabilities enable the creation of a wide range of DApps, including decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and gaming applications. Additionally, Ethereums ecosystem includes a wide range of tools and resources that enable developers to build and deploy DApps on the platform.
Solana is a newer platform, but it is quickly gaining popularity among developers and businesses. Solanas focus on high-performance and low-latency applications has made it an attractive option for developers building applications that require fast transaction processing and scalability. Additionally, Solanas ecosystem is growing rapidly, with a growing number of tools and resources available for developers building on the platform.
Both Solana and Ethereum have seen adoption in a wide range of use cases beyond DApps. For example, Solana has been used for gaming applications, while Ethereum has been used for supply chain management and identity verification applications.
Solana and Ethereum are two of the most advanced and innovative blockchain platforms available today. Both platforms have their own unique set of features, capabilities, and limitations that make them suitable for different use cases. Solanas focus on high-performance and low-latency applications, combined with its unique consensus mechanism, makes it an attractive option for developers who require fast transaction processing and scalability. Ethereums well-established ecosystem, broad developer community, and smart contract capabilities make it a strong choice for developers who require a more flexible programming environment. Ultimately, the choice between Solana and Ethereum comes down to the specific needs of each application.
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Solana vs Ethereum: How to Choose One With Better Features and ... - Cryptopolitan
Grupo Pro Arte y Cultura Announces Winners of the 2022 Mayte … – GlobeNewswire
Grupo Pro Arte y Cultura Announces Winners of the 2022 Mayte Spnola Gold Medals on the WISe.ART Platform and showcased in Times Square in NYC
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New York / Madrid March 16th, 2023: WISeKey International Holding Ltd. (WISeKey) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, AI, Blockchain, and IoT company, in partnership with Grupo Pro Arte y Cultura, announced today the winners of the 2022 Mayte Spinola Gold Medals through the WISe.ART platform, showcased in Times Square. The ceremony will take place on June 13, 2023.
Mayte Spnola founded The Pro Arte y Cultura Group in 1990. Over the past few years, she has been presenting awards to recognize the works of outstanding people in fields such as culture, art, technology and solidarity.
This year, the medal ceremony will be combined with NFTs minted on the WISe.ART platform, the Entrusted Next-Gen NFT Marketplace secured by WISeKey technology that guarantees an authenticated and signed version of the actual digital asset, providing proof of ownership, provenance and a set of terms and conditions of smart contracts that describe future usage and monetization streams.
WISeKey's innovative security technologies enable the authentication of phygital assets in a secure end-to-end process, proven by its 20-year experience and work in this domain. The trust is enabled by the OISTE/WISeKeys Swiss based cryptographic Root of Trust (RoT).
The Mayte Spnola 2022 Gold Medals have been awarded, in their VIII edition, by a panel chaired by Mayte Spnola, and made up of:
The Medals, which will be delivered at the Hacienda de San Antonio, Valencia, owned by Antonio Snchez de Len y Cotoner, on June 13, 2023, have been awarded to:
About WISeKey: WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping todays Internet of Everything. WISeKey IoT has an install base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
About WISe.ART: WISe.ART is a fully-fledged marketplace. It can connect all actors of the arts industry. Our white-labeling options and special NFT designs ensure that besides an authenticated and signed version of the actual digital asset, creating an irreversible link to the physical object, providing proof of ownership, provenance, and a set of smart contracts describing future use and monetization streams.
The WISe.ART NFT platform is fully secured by WISeKeys innovative security technologies enabling the authentication of digital assets, in a safe end-to-end process based on our experience and proven expertise in this domain.
Disclaimer: This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
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Grupo Pro Arte y Cultura Announces Winners of the 2022 Mayte ... - GlobeNewswire