Decentralized Exchange IDEX Launches v2.0 With A Heavy Focus on Enhancing User Experience

IDEX has launched a new update called IDEX 2.O promising to enhance user experience on decentralized exchanges (DEX) amid growing popularity and users. The hype around defi (decentralized finance) in 2020 has propelled DEX’s to the forefront of discussions.

IDEX 2.0 is solely focused on improving the user interface and how consumers interact with DEX’s. While decentralized exchanges have been in the game for quite some time, centralized exchanges (CEX) have garnered all the attention and transaction volume.

IDEX is promising to bridge the gap between centralized and decentralized exchanges for users. Among the prominent changes that come with the version, 2.0 include front-running and failed-transactions. Failed transactions have been the biggest Achilles heel for the DEX. With IDEX 2.0, users won’t have to sacrifice the ease of maintaining and using truly decentralized platforms.

Alex Wearn, the IDEX CEO, addressed the issues which have plagued and limited the reach of decentralized exchanges and said,

“Decentralized exchanges put the users ‘closer’ to the blockchain. This means that they have to deal with some of the shortcomings of blockchains themselves.

In particular, this could include things like long wait times for transaction and trade execution. The open nature also exposes users to issues like front-running and trade failures.”

IDEX 2.0 promises to improve on this concerning issue and offer several improvements over the existing systems. Some of the key features include,

  • Frictionless onboarding, if you’ve traded on any centralized exchange, then you will know how to use IDEX 2.0
  • Instant trade execution
  • Front-running protection
  • Guaranteed trade settlement
  • Private order books
  • Capacity for thousands of users and hundreds of thousands of orders per second

DEX Protocols Have Highest Transaction Failure Rates

Uniswap, one of the most popular DEX’s which has seen a significant bump in the transaction volume; in fact, it has generated more volume than many mainstream centralized exchanges on several occasions. Despite such heightened popularity and user growth, Uniswap has also registered significantly higher translation failure rates.

As per a report published by Dex Tokenlon, Uniswap registered a whopping 22%+ failure rates during the peak trading hours as of the first couple of weeks in September. While the success of defi has been quite unprecedented, so was the transaction failure rate. This could prove to be one of the biggest points of frustration for active users and traders and, in many cases, turn away the new users.

Apart from Uniswap, many other popular Dex has registered similar failure rates, and in many cases, a defer rate of 10%. IDEX, in its report, noted that these DEX are required to “keep order matching and execution off-chain, guaranteeing successful trades all while keeping the user in control of their assets.”

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Author: James W

Zcoin Launches Lelantus Testnet, Leveraging Burn-and-Redeem Model for Enhanced Privacy

Zcoin, the privacy-focused crypto project, has launched Lelantus testnet as it looks to increase the anonymity features within its ecosystem. The testnet launched on October 20 leverages a burn-and-redeem approach to provide higher privacy for its blockchain transactions, coupled with short confirmation times.

This newly adopted model by Zcoin is an alternative to other decoys ‘anonymity functions’ that distort transaction trails. As for the Zcoin Lelantus testnet, users will be able to destroy an arbitrary amount of coins and later redeem new ones from the pool, eliminating the associated transactional history. Reuben Yap, the Zcoin project steward, told Coindesk in an email that,

“At any time in the future, you can submit a cryptographic proof that proves you destroyed/burnt coins without revealing which coin it was … This proof, once accepted, will allow you to redeem coins that do not have any previous transaction history or linkages.”

Lelantus testnet has done away with Zcoin’s initial model where users had to redeem the full amount of the coins burned; instead, they can now redeem partial amounts. Yap gave an example of a user who opts to burn $100; previously, they would have to redeem $100, but they can now take out a smaller amount with no trace it came from the $100.

This testnet also operates in a trustless manner based on the decisional Diffie–Hellman (DDH) assumptions. It means that the Zcoin privacy network will not require a trusted setup, as is the case in most cryptographic innovations. According to Yap, this quite a cutting-edge in preventing coin inflation,

“A compromised trusted setup in zero-knowledge proofs allows someone to forge the proofs, meaning that coins can be created out of thin air leading to hyperinflation … In privacy coins where amounts are obscured, such inflation can also remain undetected.”

With the Lelantus testnet scheduled to last for about one month, Yap hinted that 2.0 is already in progress. This version will offer more advanced features, such as allocating the rights to redeem burnt coins to another party.

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Author: Edwin Munyui

Block.One to Offer Enterprise Blockchain Service Via It’s New ‘EOSIO for Business’ Platform

Block.one, the developer platform behind the EOS network, has launched an Enterprise-grade blockchain solution called EOSIO for Business. The new enterprise platform would allow businesses to leverage their offering on the decentralized tech.

The business platform offers four modes to its clients, which can be utilized to build and maintain blockchain-based infrastructure. The four modes include Blockchain-as-a-Service (BAAS), training businesses on utilizing the platform, technical support, and a certification program.

Ted Cahall, Block.one’s Chief Operating Officer (COO) commented on the launch of the enterprise-grade blockchain solution and said,

“Despite knowing the inherent benefits that blockchain will deliver to their business operations, many in-house product engineering teams are wary of the complexity involved in setting up and administering their blockchain.”

“Our EOSIO for Business customers will be able to work directly with EOSIO experts to ensure that their implementations seamlessly integrate with existing technology, and they will also have exclusive access to the newest EOSIO features and upgrades.”

How EOSIO Promises To Help Enterprises Scale?

The new enterprise-grade blockchain solution from Block.one promises to help businesses grow and scale via its platform without worrying about the technical aspect and maintenance of the services. This part would be taken care of by Block.one itself whose BaaS service would include complete technical support along with maintenance of the EOSIO network

The consulting and certification part of the platform would make it more interactive and help the businesses utilize the decentralized tech as per their business model. The EOS engineers promise to help these enterprises to grow without worrying about maintenance or technical complexities.

Mythical Games is one of the first business rosters for the EOSIO platform. Rudy Koch, co-founder and SVP of Business Development at Mythical Games, said that their association with the EOSIO platform had enabled them to meet their goals. He said,

“At Mythical, we are redefining game economies and creating new revenue opportunities by putting more power and ownership in the hands of players and content creators. EOSIO is an integral part of our efforts.

Leveraging Block.one’s EOSIO BaaS service enables us to continue delivering world-class game technology products to our players and partners.”

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Author: Rebecca Asseh

Stellar to Become The Third Blockchain to Support Stablecoin USDC; Rolling Out in 2021

USDC is being added to the Stellar blockchain. The stablecoin, which was launched on the Ethereum network, was later added to the Algorand blockchain.

The announcement was made on Thursday at the Stellar Development Foundation quarterly review event. The support of USDC, a stablecoin pegged on the US dollar, aims at enhancing Stellar’s position as a prominent international payments network. The support is set to take place during the second quarter of next year.

Denelle Dixon, Stellar Foundation CEO, explained that supporting USDC will help the platform reach a wide array of clients worldwide. Dixon explained:

“We are focused on creating equitable access to the financial system by building a global network that delivers services to users regardless of their geography.”

Dixon also explained that support of USDC would enable Stellar to expand its global reach and, at the same time, provide different chances of growth as well as innovation for developers and enterprises developing different projects within the network.

USDC is managed by CENTRE, which is a consortium that is led by Coinbase and Circle. The consortium states that the amount of USDC in circulation is approximately 2.8 billion. On the other hand, Stellar, mostly utilized by financial enterprises for international payments, boasts about 4.6 million accounts.

USDC was released in 2018 and is currently the second biggest stablecoin with a $2.75 billion market capitalization. USDC trails Tether’s USDT, which has a market capitalization of $16.17 billion.

CENTRE has stated that Stellar addition is evidence that its multi-chain approach is on course. Jeremy Allaire, Circle’s CEO, explained that Stellar addition would enhance interoperability. Allaire explained:

“We value the increased interoperability and wide range of developers that the Stellar network brings to the table, and look forward to seeing how adding a strong and stable USD anchor to Stellar grows its ecosystem and its importance as a platform driving global financial inclusion.”

Dixon explained that the partnership between USDC and Stellar is set to open numerous opportunities and corridors.

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Author: Joseph Kibe

Binance Boosts Visa Card Incentives with Auto Top-Up, Daily Cashback & Higher Spending Limits

Binance has added some perks to its recently launched debit card rolled out in the European Economic Area (EEA) one month ago. The crypto exchange is looking to expand its footprint in the retail market as more crypto users opt to have a good part of their portfolio stored in digital assets. Binance’s Visa-branded card is designed to facilitate a seamless conversion to fiat when making payments.

With over 60 million outlets accepting Visa payments, Binance card users can leverage this service to make online payments. The exchange is yet to integrate a prepaid function for PoS payments but is currently in the product pipeline. Notably, the crypto card service by Binance is part of a growing niche as more merchants move to accept crypto payments.

Binance has now increased the incentives for using its crypto card; the exchange introduces a ‘daily cashback’ reward program instead of the ‘one-week’ initial arrangement. This means that users will be getting their rewards daily, making it more attractive to use the Binance card more frequently.

As for cashback reward rates, Binance has bumped the figure to 8% from 7%, which was initially set as the maximum amount. Binance crypto card users whose purchases are eligible for the cashback rewards can expect an 8% cashback that could be cashed out daily. It is quite noteworthy that the cashback reward program favors BNB holders, depending on the amount they hold.

Besides the cashback incentives, Binance raised its crypto card’s spending limit to €870 per day. The crypto exchange anticipates that it will further raise this limit upon scaling the physical card mainstream use in the future. An automatic top-up feature has also been integrated to make daily deposits seamless.

The Binance crypto card touts zero maintenance, subscription, and transaction fees, apart from 3rd party charges where they apply. Users can currently deposit funds into their pre-selected Binance digital wallets to use them via the exchange’s crypto card. However, it remains scanty whether Binance will ultimately feature withdrawals, contactless payments, chip, and PIN tech within the physical card.

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Author: Edwin Munyui

Ripple Launches ‘Line of Credit’ Beta on RippleNet, Allows ODL Customers to Borrow XRP

Ripple is introducing another use case for its digital asset XRP.

The company launched a new beta service on RippleNet called ‘Line of Credit’ to allow its customers to use On-Demand Liquidity (ODL) to borrow from Ripple to initiate cross-border payments using XRP.

“XRP is the key behind what only RippleNet can offer,” said Asheesh Birla, GM of RippleNet.

For now, the price of XRP hasn’t reacted to the news much enthusiastically, currently trading at $0.256, along with the green market.

By removing one of the “biggest” barriers, limited access to working capital, to growth, Ripple intends to help small and medium-sized companies (SMEs) and FinTechs to keep on growing without freeing up already limited capital, which involves additional overhead and is a slow, burdensome, and inefficient process.

This capital can then invest in the business to expand into new markets and reach new customers.

Ripple’s latest solution will be providing its customers with upfront access to capital for every market through one credit arrangement.

With no hidden fees, those customers who use ODL on RippleNet can purchase XRP from Ripple on credit, for which they are charged one fee on the amount borrowed.

As per Ripple, this service has already been piloted by RippleNet 300+ customers, although it didn’t provide any specific names.

“Early customer feedback on the Line of Credit beta shows that the service is helping money transfer service businesses make global transactions even more affordable for their customers,” Birla said.

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Author: AnTy

KPMG Reveals Blockchain-Based Climate Accounting Infrastructure for Greenhouse Gas Reporting

KPMG, an international accounting giant, has launched a blockchain-based solution for tracking climate emissions. The new blockchain-based system is called Climate Accounting Infrastructure (CAI), which would enable big organizations and companies to monitor their carbon emission and offset their greenhouse gas emissions.

Climate change has been one of the most critical issues in recent times. Major firms and organizations have come together to monitor and decrease their respective organizations’ carbon footprint.

The CAI blockchain solution would store environmental data in a financial system that could be utilized by the partner firms to meet their Environmental, Social, and Corporate Governance (ESG) targets.

CAI can be integrated with a company’s existing systems with external data sources, which would record its emissions. The data would be recorded on the blockchain system to ensure secure storage.

KPMG partnered with data provenance and tracking providers Context Labs and Prescriptive Data, and the blockchain firm Allinfra, on the product side. Context Labs is responsible for enriching organizations’ emission data, matching it with environmental context, and later recording and certifying the data on the blockchain system.

Arun Ghosh, the head of KPMG’s U.S. blockchain, commented on the launch of their new blockchain-based system and how it would ensure greater transparency. He said,

“As investors broaden their focus beyond financial factors to include ESG practices, organizations are increasing efforts to reducing carbon footprints, alongside transparent disclosure of progress.”

How Would CAI Help Organizations Become More Environment Friendly?

The blockchain-based CAI solution would help organizations comply with the latest environmental regulations and model the impacts and risks based on their business model with real-time data.

Climate change is real, and many big tech firms with large carbon footprints have pledged to bring it down to zero in the near future. With the rising earth’s temperature and melting glaciers, discussions around climate change have become the need of the hour. And Blockchain is definitely going to help in enhancing and furthering that goal with properties such as transparency and accountability.

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Author: Rebecca Asseh

EY Debuts First ERP Solution on Ethereum and Enhances On-Chain Analytics Explorer

Consulting giant Ernest & Young (EY) has launched an enterprise procurement solution based on the Ethereum public blockchain. This initiative will leverage smart contract capabilities to enable participants to design and implement procurement contracts on a public blockchain. Dubbed the EY OpsChain Network, it will oversee a shift of Enterprise Resource Planning (ERP) into decentralized networks instead of the current frameworks, which are fundamentally centralized.

EY announced this development on September 27, noting that it will be the first of its kind to facilitate day-to-day ERP activities while benefiting from Ethereum’s decentralized architecture; interested prospects can try out the beta version for free. The press release further highlights that building on Ethereum’s public blockchain will increase efficiency through the automation of figures in procurement pipelines,

“It has become difficult to manage network-level agreements from inside a single enterprise resource planning (ERP) system. The solution allows buyers and sellers to operate as networks, automatically keeping track of total volumes and spend, and using globally agreed terms and pricing.”

The EY OpsChain Network is built on Baseline protocol, an open-source initiative developed by EY earlier in the year. This protocol is the base of fundamental core features given that it leverages zero-knowledge proofs, distributed identity tech, and off-chain storage. This will allow firms to interact with each other on the EY OpsChain Network without exposing sensitive or private data on the public blockchain.

EY’s global blockchain leader, Paul Brody, has since expressed bullish sentiments on adopting enterprise blockchain solutions. He had previously informed Decrypt that EY believes that more than half of all business contracts will be made on the blockchain by 2030. Brody said,

“Competition is increasing between networks of companies, their partners, and suppliers. The ability to work as a network, above the level of any single ERP system, is crucial. Doing so on a public blockchain means not having to persuade a company or supplier to join a costly, closed proprietary network.”

EY Blockchain Analyzer

Apart from the OpsChain Network, EY also made some new enhancements to its blockchain analyzer and explorer product suite. The newly integrated functions will enable clients to analyze on-chain crypto activity in-depth, an approach that could improve the management of compliance, legal, and fraud risks. Currently, the beta release supports only BTC, although plans are underway to feature Ethereum as well,

“The Explorer & Visualizer solution makes it possible for internal audit teams and forensics accountants to search for specific transactions, addresses, and blocks to gather relevant information.”

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Author: Edwin Munyui

Ant Group Launches Blockchain-Powered Cross-border Trade Settlement Platform ‘Trusple’

Ant Group, owner of mobile payment app Alipay, launched a blockchain-powered platform for cross-border trade settlements this week. The move came ahead of its IPO, which it plans to list in Hong Kong and on Shanghai’s STAR Market next month simultaneously.

The 16-year old giant, which is backed by e-commerce conglomerate Alibaba Group, is seeking to raise about $35 billion in the dual IPO to become the world’s largest IPO by surpassing oil giant Saudi Aramco’s billion last December.

Previously known as Ant Financial, Ant was rebranded this year as a tech firm due to tighter financial regulations.

Ant is known for submitting the most number of blockchain patent applications globally, over the past two years. The technology saw a surge in interest after President Xi Jinping said last year that the country should accelerate its development.

Its new platform, “Trusple,” is based on Antchain, the company’s blockchain technology.

On this platform, buyers and sellers upload their orders, which automatically generate smart contracts with information like logistics. The banks then process payments using Antchain.

The users of the platform could also include vendors that sell to other businesses through marketplaces like Alibaba’s overseas e-commerce site, AliExpress.

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Author: AnTy

UNI on the Move, Is Uniswap’s Governance Token Outside the Realm of US Securities Law?

Last week, the largest decentralized exchange (DEX) by trading volume, Uniswap, launched UNI as part of Uniswap V3. 400 UNI tokens were airdropped to every customer who used the platform before Sept.1st, 2020.

While some called this a “groundbreaking” token launch where customers were made the investors, some accused the project of catering to whales. Currently, UNI tokens are being held by more than 50,000 Ethereum addresses/wallets.

The token hit the peak above $8 last week only to lose more than 50% of its value during this week’s retracement. Today, UNI is back on the move, up about 25% at $4.81.

The liquidity on the popular DEX has also hit a new record this past weekend and continues to trade around $2 billion, since crashing following its copycat SushiSwap, sucking the liquidity. The volume on the exchange also sees growth, keeping above $400 million for the most part.

The community is now waiting for Uniswap V3, which will improve capital efficiency and tackle slippage. Project creator Hayden Adams has already raised the expectations of the community saying, it will be “sooo much better than all the things people are hoping it will be” and that Uniswap V3 “destroys every other AMM I’ve seen to date and it’s not even close.”

“We’re full steam ahead on V3, which is going to eat V2’s lunch,” said Haydens a few months back.

Meanwhile, what’s the legal nature?

Right at the genesis, 1 billion UNI tokens were minted, 60% of which will go to community members, 15% is already distributed through the airdrop. 21.51% will go to team members with a four-year vesting period the same as 0.69% to advisors, and the 17.80% share that goes to equity investors — Uniswap raised $11 million in June this year.

Being a governance token means, holders have control over company decisions. But with the launch also came the question if it is a security.

“There was no public solicitation for investment; it was a private offering to a few people,” is what Ethereum co-founder Vitalik Buterin has to say about this.

“If one were to also consider that the Uniswap team is well funded, backed by seasoned VCs who have most likely lent their legal, regulatory, technical and other expertise, one might also take a more careful consideration of the facts and circumstances of this particular offering and why Uni tokens may very well be outside the enforcement framework of U.S. securities laws,” wrote Phil Liu, the Chief Legal Officer at Arca.

Liu, who believes UNI tokens isn’t a security, in his argument that UNI tokens fall outside the US Securities Enforcement Framework, said the team didn’t raise money through a token offering and neither it is controlled by a central entity.

As a matter of fact, Uniswap is an open-source and fork-able network that puts the power directly into the holders’ hands.

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Author: AnTy