Blockchain Consultants

Blockchain Transformations Done Here

developers

Ethereum fees are skyrocketing — But traders have alternatives

by Leave a Comment

With the rapid growth of decentralized finance, upcoming scaling developments on Ethereum 2.0, and increased crypto allocation in the portfolios of institutions, the price of Ether (ETH) is rapidly ascending. In fact, we’ve already seen ETH break the $2,000 barrier for the first time, marking a brand-new all-time high. All this action may be bullish for ETH holders and DeFi investors, but for smaller DApp developers and other users on the network — such as traders using ERC-20-based stablecoins — it’s quickly pricing them out.

That’s because the cost of using any stablecoin depends on the blockchain network on which it functions. And, once again, the Ethereum blockchain is finding itself plagued with network congestion and rising fees. On Feb. 23, the average transaction fee on Ethereum soared past $39 for the first time, making transacting with ERC-20 tokens like the Ethereum-based versions of Tether (USDT) and USD Coin (USDC) expensive and even prohibitive.

While Eth2 with its transition to proof-of-stake may hold the answers in the long term, traders are currently left frustrated. The good news is that there are alternatives to allow them to avoid price volatility by holding their value in stablecoins — without paying hefty network fees.

Related: DeFi users shouldn’t wait idly for Eth2 to hit its stride

USDT and USDC on the Algorand blockchain

As a public and open-source smart contract blockchain using a PoS consensus algorithm, Algorand provides the scalability and speed that Ethereum is currently lacking. By running USDT and USDC on Algorand, users can transact in their preferred U.S. dollar-backed stablecoin at a fraction of the cost and time.

The technology behind the Algorand blockchain allows for high throughput, meaning more transactions can be processed per second than on other comparable blockchains, such as Ethereum. In fact, Algorand can process more than 1,000 transactions per second, compared to Ethereum’s TPS of fewer than 15.

This means that transactions on Algorand are settled almost instantly — in less than five seconds. And, rather than having to endure a hefty $39 average, fees can be as low as $0.001 per transaction — regardless of the transaction size.

Using the Algorand Standard Asset protocol for creating new tokens, developers can launch new ASA tokens to be used in a decentralized application — or use it as a way of transferring existing assets to a faster alternative blockchain.

With a market cap now comfortably above $35 billion, Tether’s USDT is the most popular stablecoin in existence and the third-largest cryptocurrency by market cap. USDT is currently issued on a number of blockchains, including Bitcoin (Omni protocol), Ethereum (ERC-20 protocol), Tron (TRC-20 protocol) and Algorand (ASA protocol).

Currently, if a trader wants to transfer 100 USDT (ERC-20), it would cost them approximately $3.43 in Ethereum network gas fees. The same transaction using ASA would be 100 times cheaper, making it extremely appealing, especially to high-frequency, high-volume traders.

The continued development of the crypto space

Ethereum, with the largest developer community in the crypto space and by far the highest number of DApps running on it, understands this better than anyone. However, the arrival of Ethereum 2.0 could still be some time away. However, the arrival of Ethereum 2.0 could still be some time away, and we need alternatives to Ethereum and its rising gas fees and network congestion.

Algorand is a technically sound protocol that provides the scalability essential for further crypto adoption and the continued growth of the space. And it’s a major step in the right direction as cryptocurrency gets closer to mainstream adoption.

Healthy competition such as this incentivizes layer-one protocols like Ethereum to intensify the moats around their products and to solve issues related to their scalability, transaction costs and interoperability. And this can only be a good thing for all participants in the network.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Jay Hao is a tech veteran and seasoned industry leader. Prior to OKEx, he focused on blockchain-driven applications for live video streaming and mobile gaming. Before tapping into the blockchain industry, he had already had 21 years of solid experience in the semiconductor industry. He is also a recognized leader with successful experience in product management. As the CEO of OKEx and a firm believer in blockchain technology, Jay foresees that the technology will eliminate transaction barriers, elevate efficiency and eventually make a substantial impact on the global economy.

Ethereum fees are skyrocketing — But traders have alternatives

Source

‘Better as friends’: DeFi protocols Yearn and Cover announce cessation of merger

by

Decentralized finance (DeFi) protocols Yearn Finance and Cover have announced today the end of a protocol merger process initiated in November last year. 

The two protocols were initially linked during a spree of a half-dozen Yearn acquisitions, mergers, or collaborations, the exact term depending on the project. The split comes as a surprise to many, given that Cover, a protocol that provides coverage or insurance for DeFi deposits, was a natural fit for yield vault provider Yearn. The teams had also collaborated in crisis situations in the past, such as when Cover experienced an “infinite mint” hack in late December 2020.

Following the hack of Yearn’s DAI vault earlier this month the team also announced that coverage from Cover would become standard across all vaults. According to Cover core contributor “DeFi Ted”, Yearn will now be moving forward independently with their own insurance offering. 

Both teams confirmed that users can continue to purchase coverage for Yearn deposits, and that current coverage will be unaffected.

Comments from both teams indicate that the cessation was an emotional, potentially snap decision — one rooted in potential conflicts of interest related to Cover’s new protocol, Ruler.

Emotional responses

In a since-deleted Tweet, Yearn founder Andre Cronje weighed in in the split, portraying it as a breach of trust:

“Personally, this was very sad to see. I had very high regard, trust, and faith in the Cover team. Lesson learned. Wont trust them again.” 

He’s since followed up with another, similarly cryptic Tweet: 

DeFi Ted told Cointelegraph that the two teams had recently met to discuss providing coverage for Yearn’s vaults, and the Yearn representatives reached out shortly after to reveal they would be building their own insurance/coverage offering. 

Ted added he was personally “a bit blind sided” by the decision, which he says was given with four hours notice prior to the Yearn announcement on Twitter. On official social channels Cover team members characterized the split as a “difference of opinion,” and likened it to a romantic relationship in which both parties discover that they’re “better as friends.”

“Honestly feel a little lost right now sir,” said Ted.

A core Yearn operations contributor declined to comment.

Can’t fork and be friends

Some community members have speculated that Yearn’s decision is related to the launch of Ruler Protocol, a lending solution from core Cover contributors that kicked off a liquidity mining program this week. The Yearn ecosystem already includes one lending platform, CREAM Finance, and core contributor “banteg” has hinted on Twitter that the team isn’t appreciative of competitive overlap from collaborating teams:

Ted confirmed to Cointelegraph that the split is related to Ruler, but said that there’s “no conflict” between the various protocols, and instead that there was concern from Yearn about the Cover team “running two projects.” 

“In fact, we have a great relationship with Leo and CREAM, don’t be surprised to see us do something with them,” he said.

The price for Cover’s native governance token, $COVER, has plummeted on the news, down 35% to $605 at the time of publication.

Nonetheless, Ted and other team members say they remain resolute in building, and that the split is just another chapter in what has been a tumultuous history featuring multiple forks and re-launches. 

“The COVER journey has definitely been unique.”

‘Better as friends’: DeFi protocols Yearn and Cover announce cessation of merger

Source

MetaMask’s ConsenSys Reveals New “Custom Networks” Layer 2 Solution

by

At this point, everyone with their ear to the ground knows of Ethereum’s massive problem when it comes to transaction fees on the Layer 1 network, not to mention the overall congestion in the network traffic. As one would imagine, it’s been a race for the crypto community to pile on the new “Layer 2” solutions in order to try and bypass these rampant fees. ConsenSys stands as the latest figure to recognize and respond to this, coming with a new Custom Networks API for the MetaMask wallet.

Layer 2 Networks Brought To MetaMask

With this new service, developers are capable of recommending an array of chains to their respective users, Layer 2 chains included.

The firm started off its announcement by highlighting the rampant success of Ethereum, which is ironically causing all the problems when it comes to network transactions. ConsenSys highlighted that Ethereum’s fundamentals are stronger than ever, showing that $12 billion in transaction volumes occurred every day, spread out by 1.3 million transactions. Now, however, the firm emphasized the need for off-chain Layer 2 processing.

The Latest Innovations

Metamask can now incorporate any chain as a custom network, the only mandate being that it has the Ethereum Virtual Machine (EVM) enabled. This all can be done through the MetaMask API, where networks can then be added to the menus of the users, all through a simple confirmation process. After that, it’s a matter of ease for any user to switch between these networks, using the usual network switching menus

ConsenSys highlighted that sidechains, as well as Layer 2 networks, can be added, so a user can incorporate everything from xDAI to Arbitrum to their menus.

Nothing’s Pure Good

However, not everything’s all fine and dandy. The firm was quick to issue out a general warning against untrusted networks, advising users to read the documentation regarding setting them up. It’s a sad fact that MetaMask is both one of the most popular user wallets out there and one of the biggest hubs of bad actors and scammers, as well. It’s almost impossible to have the one without the other.

One of the few (immediate) benefits that this recent market crash had enacted, was that the Ethereum network’s gas prices started to settle down. Now, however, with the market in full-scale recovery, it’s clear that these prices are only going to go up. Until ETH 2.0 launches, the only viable option now available is to make use of sidechains.

MetaMask’s ConsenSys Reveals New “Custom Networks” Layer 2 Solution

Source

Wolfram Blockchain Labs Provides New Oracle to Tezos

by

Wolfram Blockchain Labs Provides New Oracle to Tezos

According to the recent announcement, Wolfram Blockchain Labs is adding assistance for Tezos, providing a two-way interface with the Blockchain.


As per the announcement, Tezos gets a new oracle through Wolfram Blockchain Labs integration providing aid for Tezos blockchain data within the Wolfram Language. Wolfram Language is known to allow Blockchain developers to obtain analytical data from the Blockchain. 

The language is developed for sophisticated mathematical queries that evaluate smart contract operation, and the integration aims to make smart contract implementation on Tezos simpler.

Today, Wolfram Blockchain Labs appears to be one of the most dynamic Blockchain tech companies.

Wolfram Blockchain has Developed an Oracle for Tezos

Apart from adding support for Tezos on its platform, Wolfram Blockchain has also developed an oracle that would supply its smart contracts with data available from Wolfram Alpha. This development of oracle would make Wolfram Blockchain the third oracle provider on the network, the first being Chainlink, and the second being Harbinger.

Tezos has made several moves aimed at attracting smart contract developers and DeFi projects.

In November 2020, it was announced that Tezos is implementing a protocol upgrade that reduces smart contract gas fees by approximately 75%.

The report also mentions that Wolfram integration adds a vital component to a smart contract developer’s toolkit; still, the integration remains in its early stages and has a relatively basic set of features. 

The CEO of Wolfram Blockchain, Jon Woodard, expressed his views regarding his extended plans. According to him, he has plans to extend these capabilities in various vital areas such as analytics, computational facts delivery, and blockchain educational information.

In his words, Wolfram Blockchain Labs is also exploring the possibility of becoming a Tezos “Baker,” its term for stakers.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Wolfram Blockchain Labs Provides New Oracle to Tezos

Source

Tezos gets new oracle through Wolfram Blockchain Labs integration

by

Wolfram Blockchain Labs, the cryptocurrency-centric division of popular computing engine provider Wolfram Alpha, is adding support for Tezos on its platform, providing a two-way interface with the blockchain.

Announced on Monday, the integration adds support for Tezos blockchain data within the Wolfram Language, which allows developers to obtain analytical data from the blockchain. The language specializes in advanced statistical queries that analyze smart contract activity, and the integration primarily aims to ease the deployment of smart contracts on Tezos.

In addition, Wolfram Blockchain has developed an oracle for Tezos that would supply its smart contracts with data available from Wolfram Alpha. The data also includes the pricing of assets, one of the primary use cases for oracles today. This would make Wolfram the third oracle provider on the network, following Chainlink and Harbinger, a Tezos-native solution.

Wolfram Blockchain collaborated with TQ Tezos, one of Tezos’ ecosystem development companies, for the integration. The company said that the oracle contracts were formally verified through the Mi-Cho-Coq framework developed by Nomadic Labs. Formal verification allows creating a mathematical proof guaranteeing that a certain program behaves correctly. Tezos is specifically focusing on making this process easier, sharing the focus with Cardano, another project supported by Wolfram Blockchain.

Recently, Tezos has made a number of moves aimed at attracting smart contract developers and decentralized finance projects. In November 2020, a network upgrade reduced transaction fees by 75%.

The Wolfram integration adds an important component to a smart contract developer’s toolkit, simplifying analytics for smart contracts. Still, the integration remains in its early stages and has a relatively basic set of features. The CEO of Wolfram Blockchain, Jon Woodard, said:

“We have plans to extend these capabilities in several key areas within the Tezos ecosystem: analytics, computational facts delivery and blockchain educational information.”

Wolfram Blockchain Labs is also exploring the possibility of becoming a Tezos “Baker,” its term for stakers. The blockchain is one of the largest by amount of capital locked in staking.

Tezos gets new oracle through Wolfram Blockchain Labs integration

Source

How is the Blockchain and Fashion Industry a Perfect Fit?

by

If you are wondering what are the use-cases of Blockchain in the fashion industry and what its advantages are, you have landed on the right page. This article talks about the role of Blockchain in the fashion industry, also answering what the future holds for Blockchain professionals? 

Let’s delve deeper to explore. 

Table of Contents 

  • What is Blockchain Technology?
  • Ways Blockchain can Transform the Fashion Industry 
  • Wrapping Up: The Future of Blockchain

What is Blockchain Technology?

Blockchain is a peer-to-peer(P2P), decentralized distributed ledger technology that ensures that records stored cannot be forged or destroyed. The idea behind this is to provide transparency, immutability, data security, and proof that the data is secured and not altered.

Although this technology is most famous for facilitating the rise of digital currencies, there are several other non-crypto currency uses. Technocrats and Blockchain Experts believe that the technology could considerably outpace cryptocurrencies themselves in terms of its overall impact.  

Today, this distributed ledger technology is starting to be adopted by multiple industries that are keen to promote transparency, security, and ethical supply chains. One such industry is fashion. 

Are you looking for Blockchain certifications? Want to get started as a Blockchain Expert or a Blockchain Developer? Your search ends here with Blockchain Council. 

Ways Blockchain can Transform Fashion Industry

In this section, let’s explore some of the ways by which Blockchain can provide a new definition to the fashion industry.

Provide Transparency in Supply Chains 

At present majority of the supply chains are opaque. Also, the supply chain for a simple clothing item involves multiple manufacturing stages across multiple countries. 

When it comes to the fashion industry, it means it becomes difficult for brands to monitor what materials are being used while making their finished products. Here comes the role of Blockchain in tracking and maintaining a complete record of products’ journey. 

This technology can help the fashion industry to track clothes production from the raw materials to the finished product by offering complete transparency. This transparency tracking process offers producers insights into their value chain, ensuring proper third-party goods handoff and final product labeling. 

Create Solid Proofs of Use for Trademarks

Apart from the use-cases mentioned above, technology can also help in creating solid evidence of use for trademarks. Such trademarks will help in saving time as well as money in all processes that are associated with renewing and securing a trademark in case of disputes and invalidity actions.

Helps in Anti-counterfeiting

Blockchain can be helpful in combating counterfeiting through authentication of a product along with its personal history. With the help of a Blockchain-supported certification process, each new product is provided with a digital authentication certificate. In addition, it keeps track of all the individuals involved in the process where details of a particular individual item can be verified to confirm its authenticity and its location, authenticating whether the product is genuine or not.

For example, Vacheron Constantin offers a validation mechanism backed by Blockchain whereby a digital identification certificate is issued to each new watch. And every time the watch is serviced or transferred, the records are stored on a public ledger. 

Apart from this, Hugo Boss, LVMH, and many others are utilizing Blockchain technology to ensure the authenticity and traceability of luxury products and track their goods in the supply chain. 

Want to become a Certified Blockchain and Supply Chain Professional? Get started today!

Improve Efficiency and Reduces Operational Costs 

Blockchain improves efficiency by removing intermediaries from the processes due to its decentralized nature. 

By automating the entire processes for fields such as payments, real estate, etc., Blockchain saves the weeks, unlike the traditional process that would take weeks and even months to identify the material origin and supply line. 

Moreover, Blockchain can be considered a way to reduce operating costs by offering improved data processing, supply chain transformation, and decreased counterfeiting risk.

Wrapping Up: The Future of Blockchain

The future of Blockchain is as bright as its fan thinks. Starting from Crypto-enthusiasts to ending with business minds, this technology can be seen as a one-stop solution to many problems. Surveys and headline also reveal that Blockchain developers salaries will go off the charts in the years to come. 

And this is definitely good news for all Blockchain enthusiasts. 

If you are planning to start your Blockchain career, this is the best time to invest your time and upskill. Blockchain certifications offered by Blockchain Council are specially crafted by experts in Blockchain and cover topics from basic concepts to the very core. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

How is the Blockchain and Fashion Industry a Perfect Fit?

Source