Ethereum Proof of Stake (PoS) Will ‘Launch in 2020’ as ETH 2.0 Dec. 1st Launch Confirmed

It’s official! ETH 2.0, the Beacon Chain, is coming next week.

In a dramatic move, Ethereum community members deposited a huge chunk, more than 40% of all ETH required to reach the threshold to trigger ETH 2.0.

With an increase of 279% in deposits in just one day, the ETH community did the deed a day before and confirmed the launch of Phase 0 on December 1st as scheduled.

Interestingly, the price of ETH moved in the exact direction as of the staked Ether, as per Crypto Quant.

The price of ETH was just under $400 when the deposit contract for Beacon Chain was released to the public. And yesterday, ETH hit $600, going as far as $621.

CryptoQuant ETH 2 Staking Rate
Source: CryptoQuant

Now that ETH 2.0 is officially coming in a week and BTC price is making some moves today, ETH price is retreating but still around $600.

Along with this positive price action, Perpetual Swaps Open Interest also reached a new yearly high of $1.69b, both in USD terms and Ether terms.

The crypto community is excited about this development and congratulated the Ethereum team for this achievement.

“Congratulations to the ETH2 deposit contract for hitting the needful amount of ETH for Beacon Chain activation. A momentous achievement indeed!” said Su Zhu, CEO of Three Arrows Capital.

This is a very bullish development not only for Eth but for all things DeFi as “transition to PoS, alongside various upgrades will enable greater network scaling, with that, cheaper transaction and more efficient running of the network,” noted Denis Vinokourov of Bequant.

As for those who still want to deposit their ETH, they can do so at any time that is up until it officially closes today.

Bloomberg also noted this development that will allow the second largest network to process the same number of transactions like Visa and Mastercard. Launched in 2015, the project has been working on the upgrade for years now.

“Ethereum needs to scale to become a global substrate of the clearing and settlement layer,” Andrew Keys, a managing member in Darma Capital, told Bloomberg.

According to him, while the current version of Ethereum proved that the real-world items like gold, music, and currencies can be successfully digitized, “now, it needs to be able to serve global volume.”

Keys, who was one of the first employees of ConsenSys, is “100% certain that proof of stake will launch in 2020.”

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Author: AnTy

Ethereum 2.0 Devs Debate On The Legitimacy Of The Just-Launched ETH 2.0 Deposit Contract

Ethereum 2.0 Beacon Chain is nearing full mainnet release as developers announce an unconfirmed launch of the deposit contract. However, some developers have strongly warned against sending your ether (ETH) tokens to the contract before the official announcement from ETH 2.0 lead developers.

As the crypto social media world remains glued to the U.S. Presidential Election, Ethereum enthusiasts are rejoicing on the “possible” launch of the long-awaited Ethereum 2.0 deposit contract. Following the successful launch of the Zinken testnet, ETH 2.0 focused developers have continuously teased at the launch of Beacon Chain – Phase 0 – starting with the deposit contract.

A deposit contract was apparently posted on GitHub, gaining support from some developers on Ethereum as excitement levels across the community hit peak levels. No official announcement from the lead ETH 2.0 developers has surfaced yet.

The deposit contract will allow users to switch their “ETH 1.0” tokens to the proof of stake ETH tokens. This will lay the groundwork and foundation for users to start staking on the platform and earn rewards.

The contract was apparently posted from lead Ethereum Foundation developer Carl Beekhuizen’s GitHub account, making a case for the release of ‘v1.0.0 eth2.0-deposit-cli’. However, a section of the community has raised doubts on whether Carl’s account is hacked or compromised – with no other channel or developer reporting the release.

Despite the mainstream focus on the U.S Presidential elections, the Ethereum community still celebrated one of ETH 2.0 major steps to a full launch in 2020. A lead developer at ConsenSys, Ben Edgington, however, is cautioning users on sending their cash to the deposit smart contract yet stating the launch will be in the coming “hours.”

Afri Schoedon, a long time Ethereum contributor, previously stated the Beacon Chain would launch in November – a prospect that is increasingly looking to be true. Speaking to Coindesk, David Rugendyke, from ETH 2 staking DApp Rocket Pool cautioned the ETH community that the deposit contract would take a while, but it’s earing its mainnet launch soon. He said,

“This is a tool for generating keys needed for making deposits on the ETH2 deposit contract.

So it looks like they’re announcing this tool is ready to go for mainnet, at least that’s my take.”

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Author: Lujan Odera

Coinbase and Circle Consortium’s USDC Stablecoin is Now Integrated on Solana Blockchain

The Center announced today Solana blockchain as an official Chain for its USDC stablecoin.

As an expansion of the “fully-reserved and regulated digital dollar stablecoin,” the Coinbase and Circle consortium went with the new blockchain on which crypto derivatives platform FTX’s DEX Serum is built.

“We are excited about the new use cases that USDC on Solana will be able to serve, further growing the cryptoeconomy” said Alesia Haas, Chief Financial Officer at Coinbase.

“We look forward to supporting USDC on Solana for both our retail and institutional customers in the future.”

With this collaboration, USDC aims to take advantage of Solana’s significant scalability, speed with 50,000 TPS, and “extremely” low fees.

Circle also announced a separate partnership with Solana and Sam Bankman-Fried’s FTX, and Alameda Research also announced immediate support for USDC on Solana.

“Solana has quickly emerged as a compelling new blockchain platform focused on the critical scaling issues facing the broader DeFi ecosystem,” said Jeremy Allaire, Chairman, and CEO of Circle.

Allair took to Twitter to further share his excitement about this collaboration, which he says is a “pivotal moment in the use of public chains.”

This brings forth a clear path to a global scale payment utility on-chain along with an infrastructure for the hot decentralized infrastructure (DeFi) that can transform capital markets, especially at a time when Ethereum is hitting its limits, Allaire said.

As part of the partnership, Circle is sponsoring the Solana Hackathon and a $200K prize to be paid in USDC-SPL.

In recent news, USDC stablecoin also became available on Algorand (ALGO) as well as Stellar (XLM), while Tether (USDT) recently rolled out on Solana.

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Author: AnTy

Ethereum’s Sister Chain Is Getting Hot as Second-Largest Network Becomes a Whale Game

Ethereum’s Sister Chain Is Getting Hot as Second-Largest Network Becomes a Whale Game In the past month. The Ethereum fees have skyrocketed as DeFi protocols and ‘yield farming’ platforms gained extensive popularity. Just this week, the Ethereum network faced congestion of an extreme level never seen before.

On Wednesday, with the launch of the much-anticipated UNI governance token of Uniswap, the second-largest network saw a spike in daily transaction fees. The daily Ethereum’s average fees went as high as $11.61, marking the highest fee hike since the SUSHI saga earlier this month.

What this means is, the network has become almost impossible for small market participants to enjoy. Instead, it has become a whale game.

“While the smaller and less efficient market participants may be struggling, the larger firms that can capitalize on inefficiencies,” said Denis Vinokourov of Bequant.

This has brought the solutions like zk-Rollups and the sister chain of Ethereum xDai in the limelight.

True Defender of Ethereum’s Value Proposition

Gnosis, the prediction market firm, has already moved on to the Ethereum sidechain, xDai, which has been in operation for the last two years.

“To ensure high demand doesn’t mean low adoption, we’ve teamed up with xDai, an Ethereum sidechain designed for fast and inexpensive transactions, providing a developer-friendly environment that retains real-world economic incentives,” said Gnosis in its announcement about the partnership.

Just this week, data privacy and protection platform HOPR, P2P lending & marketplace EthicHub, Sablier, Ethereum-based privacy-focused multi-contract 0xMonero, prediction market Reality Cards, and The Commons Stack have joined Dai.

This proof-of-stake chain enables fast transactions for a minimal amount, just fractions of a penny. With stablecoin DAI as its core currency, the cost involved in these transactions is predictable and not highly volatile. In the case of xDai, users entrust their assets to a multi-sig controlled xDai bridge.

Being EVM compatible means any smart contract or Dapp deployed on Ethereum can also be deployed on xDai with minimal changes.

It is also planning to onboard a fiat-to-crypto option in the next quarter, which means one wouldn’t’ have to interact with Ether at all.

“Ethereum little sister xdaichain is getting hot. XDAI is the true defender of Ethereum’s value proposition before a fully functional ETH 2.0, can easily K.O stuff like BSC (sorry @cz_binance),” tweeted Dovey Wan, founding partner at Primitive Crypto.

ETH 2.0 takes the First Step Towards Launch

ETH 2.0, meanwhile is ready for its first step towards launch after core developer Danny Ryan submitted, a proposal for its critical phase.

Ethereum co-founder and the creator of Cardano meanwhile, found Gasper to be “insecure.” “Discovered a liveness attack on Gasper in the standard synchronous model where messages can be delayed arbitrarily by the adversary up to a known network delay bound….” he said.

Dubbed “Serenity Phase 0,” this proposal is responsible for bringing about the PoS consensus mechanism. The PoS chain called “Beacon Chain” will be built alongside the existing network.

However, it is just the first step of the 6-phase launch extending well into 2022, while Phase 1 is expected to be rolled out next year.

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Author: AnTy

Stablecoin Issuer Tether To Move $1B In USDt From TRON To Ethereum; Total Supply Unchanged

  • Tether announces a chain swap transaction containing $1 billion worth of its stablecoin, USDt, from the Tron blockchain to Ethereum.

In an announcement made on Monday, the stablecoin issuer stated the swap will be completed in two tranches, starting Tuesday, September 15. A tweet from the official page of Tether vaguely stated the swap will be completed by a Tier 1 exchange, which asked to perform the swap. The tweet reads,

A token chain swap is a process of moving tokens from one blockchain to another. This process allows users to directly trade on one blockchain instead of another e.g. a user can move their tokens from the Ethereum blockchain to Omni or Tron. It happens solely on the demand by users and issuers have no power over the chain swap.

This does not change the total market capitalization and supply of USDt.

The latest Tether chain swap from TRON to Ethereum comes three weeks following a similar move in August. As the decentralized finance (DeFi) space grows, investors are moving their capital to Ethereum in a bid to capture the gains from the emerging field.

This will set the TRON blockchain aback to about 43.7 billion in total supply hosted by the blockchain while ERC-20 based USDt market cap surges to $9.8 billion.

Tether is opening up its borders to faster and more scalable blockchains such as Solana and Algorand in a bid to ease the congestion on Ethereum. However, the demand for ERC-20 based USDt does not seem to end any time soon as exhibited by the latest chain swap.

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Author: Lujan Odera

C.R.E.A.M Finance Goes Live on Binance Smart Chain; Deposits Jump Past $300 Million

Earlier this month, Binance announced the launch of Binance Smart Chain to enable the creation of smart contracts and the staking mechanism for BNB.

At that time, it announced Ethereum-based Cream as its DeFi collaborator, and today the DeFi project has gone live on Binance Smart Chain.

Unlike the sky-high costs on the Ethereum network, BSC boasts of only $0.05 – $0.10 per transaction.

“BSC never aimed to replace ETH, BSC is just ETH-compatible. Smart projects are giving their users more options. Option for cheaper fees,” said Binance CEO Changpeng “CZ” Zhao.

Binance is speeding up its efforts to keep up with the DeFi world. Recently, it announced a $100 million fund to connect the DeFi and CeFi world with “support for Yield Farming with major crypto assets coming soon to Binance Smart Chain.”

As Binance chases DeFi, its native token BNB enjoys the greens of 18% to trade at $27.5.

Meanwhile, right from the launch of Cream on BSC, the tokens supported are BNB, BUSD, BTC, ETH, XRP, BCH, and LTC.

“The Binance ecosystem and its reach of 400,000+ accounts and fiat gateways covering over 170 countries and regions will help get DeFi into mass adoption,” states Cream’s official announcement.

Since its launch two months back, C.R.E.A.M Finance has amassed $309 million in deposits or total value locked (TVL), $224 million of which were added just this week — making it the 10th largest DeFi project as per DeFi pulse.

This week, the DeFi aggregator also launched an automated market maker (AMM) called ‘Swap,’ a market that is increasingly getting crowded with new projects popping up every other day.

A fork of Balancer, Swap comes with a slightly lower fee structure than the popular Uniswap with support for Yearn, Aave, Compound, Balancer, Uniswap, and TokenSet besides its own tokens.

The governance token of the project is currently trading at $252 in green. In the past seven days, Cream has jumped 170% in value and made its ATH at $289 on Wednesday.

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Author: AnTy

Tech Mahindra Collaborates with Amazon to Build Blockchain Services for Supply Chains

Tech Mahindra has partnered with Amazon to provide blockchain-built supply chain solutions for the telco, healthcare, and aviation industries. This Tech subsidiary of Mahindra Group, a leading Indian Conglomerate, has been pursuing blockchain built innovations for a while. It is set to scale its efforts towards other sectors, including financial services and energy, within the next 12-18 months.

Initially reported by the Economic Times, the firm will leverage Amazon’s managed blockchain to integrate industry-based solutions. Consequently, Tech Mahindra clients with access to Amazon Web Services will be able to use the company’s open-source infrastructure on AWS to track their supply-chains via a blockchain ecosystem.

With COVID-19 taking a toll on supply-chain networks, the initiative by Tech Mahindra and Amazon comes as a relief to most industries whose operations are reliant on procurement processes. Tech Mahindra’s Blockchain and Cybersec Practice lead, Rajesh Dhuddu, was keen to highlight the need to ensure sustainability through tech innovations,

“Global businesses are facing sustained headwinds and struggling to collectively navigate and strategize in this new, unchartered territory and facilitate business continuity in the current COVID world … Organizations are advised to leverage technologies like Blockchain to address the challenges and create a competitive advantage for themselves.”

This development coincides with a spike in blockchain innovations for supply chain processes, according to the latest Forrester report. The analysis notes that despite a drop in progress by most blockchain projects, those whose niche is supply chain have actually accelerated following the COVID-19 threat on global networks. Tech Mahindra, which now seems to pull more weight on this area, will assist the healthcare industry in issues tracking, hence easy identification of counterfeit products.

Notably, this Indian Tech giant has been involved in other blockchain projects before the pandemic. Earlier in the year, the firm collaborated with India’s Telengana state to launch a blockchain accelerator; other initiatives include a partnership with Samsung SDS back in 2019 as both company’s started making significant moves in the blockchain market.

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Author: Edwin Munyui

Binance Smart Chain Partners With BAND Protocol to Bring In Real-World Data to DApps

Binance Smart Chain has partnered with the cross-chain data-oracle platform, Band protocol. Completing its integration with the smart chain, Band protocol is known for aggregating real-world data and connecting with smart contracts via API. The alliance would also help Binance to use Band’s decentralized and customizable oracles to scale the defi applications.

The official announcement listed several advantages that would come to the Binance smart chain with Band protocol integration. The official statement read:

“The integration with Band Protocol offers an efficient oracle request process, low-cost real-time data, high-quality data, end-to-end customizability, and decentralization – opening the gateway for reliable DeFi and blockchain applications to be built on Binance Smart Chain.”

“Binance Smart Chain developers are now equipped to build truly scalable products, including DeFi, programmable payments, betting games, VRF applications, prediction markets, and more!”

The Binance team’s decision to go with Band protocol was because it sought to enter the defi ecosystem. Band Protocols tools and APS can be used by developers to create various new use cases for smart contracts which powers the defi ecosystem. They also listed few features of the BAND protocol that led to select it over other oracle service providers.

Optimized For Scalability & Efficiency:

Band Protocol’s oracle mechanism is based on BandChain, an independent high-performant blockchain, which has been built purely for oracle computations such as data sourcing, aggregating, updates, and settlement.

Low-Cost Real-Time Data:

Built on the Cosmos-SDK, BandChain can handle over 1,000 transactions per second and has a short block time of roughly 2 seconds

High-Quality Data With End-to-End Customizability:

Developers can create custom decentralized oracles on BandChain that specify any external data source or API.

Fully Decentralized Oracle Mechanism:

Band Protocol currently has 59+ validator nodes on the BandChain decentralized oracle network, who are required to stake BAND tokens to participate in the data request process as determined by a randomized stake-weighted algorithm.

Binance smart chain aims to use the data oracle and API tools offered by BAND to strengthen its position in the defi space, which has been multiplying and has drawn tremendous interest from various traders and investors.

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Author: Rebecca Asseh

Analytics Firm Elliptic Now Supports Blockchain Monitoring For BNB And Binance Chain

Blockchain and crypto analytics firm Elliptic has announced that Binance Chain as well as its native payment token commonly known as BNB have been added to its monitoring platform.

In a press statement shared with Bitcoin Exchange Guide, from Tuesday, Elliptics automated compliance, transaction tracing tools as well as wallet monitoring will start tapping into the activities of Binance Chain. Elliptics explained:

“Elliptic’s crypto transaction and wallet monitoring solutions, Navigator and Lens, automate compliance monitoring for BNB so that Binance and other exchanges listing this token can scale operations efficiently and improve accuracy in detecting suspicious activity on the blockchain.”

According to top management in Binance, the developments are meant to enhance the adoption of BNB via expansion of the monitoring network for the BNB token. The firm stated that enhanced coverage translates to enhanced transparency leading to regulatory clarity.

Elliptic also clarified that the addition of the support will also allow fresh standard tokens which are hosted on Binance Chain which will also be monitored by Elliptic. This will ensure that firms offering tokens on Binance Chain will now have a chance to acquire compliance monitoring depending on their wishes. Binance Chief Scientist explained further:

“By adding support for the Binance Chain we now have the capability to add BEP2 tokens to our platform, and so BEP2 assets will be prioritized for coverage like any other asset.”

Binance has also partnered with Elliptic to ensure that its exchange platform is secure. The two firms inked a deal in May 2019 to boost the exchange’s compliance as well as security capabilities and ensure the firm is capable to fight money laundering and flag off any suspicious activity.

He new partnership will also make sure that Elliptic is able to compete with their blockchain analytics companies like Ciphertrace. SEC, in July partnered with Ciphertrace to enable it keep track of Binance Chain stating that the firm was the only one with the capacity to keep tabs on Binance network.

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Author: Joseph Kibe

SEC Contracts with DARPA Funded CipherTrace to Track BNB & Binance Chain

The US Securities and Exchange Commission (SEC) is now taking a special interest in Binance Chain and the native token of the leading spot exchange Binance BNB among other tokens on its blockchain.

Binance Chain hosts about 189 tokens along with the 10th largest cryptocurrency by market cap of $3 billion BNB and underlies Binance DEX, a decentralized exchange.

“This is a significant step to have more BinanceChain token listings on fiat exchanges. Working for our ecosystem projects,” said Changpeng Zao, Binance CEO.

As per the public records, SEC has chosen CipherTrace Inc. for this task to which the agency intends to award a fixed-price contract on a single source basis. The contract will be awarded by SEC by today for a period of one year with four options of one year each to extend the contract. It states,

“CipherTrace Inc., is the only source that can reasonably meet the SEC’s requirement in accordance with FAR Part 13.106-1(b).”

Founded in 2015, the blockchain analytics company was initially funded by the US Department of Homeland Security and DARPA, an agency of the US Department of Defense responsible for the development of emerging technologies for the military use.

CipherTrace is the only forensics and risk intelligence tool that can support Binance Coin (BNB) and all other tokens on the Binance network, reads the notice.

CipherTrace partnered with Binance in November 2019 to bring anti-money laundering (AML) tracing tools to Binance Chain.

At the time, Dave Jevans, CipherTrace CEO said, as the crypto ecosystem matures, regulators demand better transparency and compliance.

The technology will enable regulators to browse Binance blockchain and identify high-risk addresses, said Binance adding, CipherTrace will improve its blockchain’s AML controls.

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Author: AnTy