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How Polygon’s proposal to implement EIP-1559 will affect its network

Polygon (MATIC) is a crypto coin that experienced a rise of nearly 6962% in early 2021. Since then It has marked its name in the list of the top 20 crypto coins in the worldwide spectrum. Now, It is looking forward to implementing EIP-1559, which can significantly improve its network. 

Recently, Polygon’s development team offered a proposal for the enactment of EIP-1559 on Polygon’s network after its implementation on the Ethereum blockchain under the London Network Upgrade.

Initially, Polygon MATIC was being marketed at 1.12 dollars at the time of writing and faced a significant rate dip on June 21. Nonetheless, it recovered quickly and upheld its dignity as the week’s Top crypto coin, preceded merely by Bitcoin.

What will change with the implementation of the EIP-1559?

As the development team of Polygon Matic announced that once their proposal is implemented in the upcoming London upgrade, they will enforce a revised edition of an Ethereum Improvement Plan-1559/(EIP-1559) on their network, the observers have anticipated that this move will greatly improve quality of polygon.

At present, EIP-1559 on the Ethereum platform charges a base fee to be burnt with every transaction and provides a priority fee that offers incentives to miners to carry out each transaction. However, On the polygon network, no burning base fee will be needed to implement the EIP-1559 since MATIC has a limited supply. 

The development team said that rather than burning the base fee, Polygon’s DAO would allow the community to deal with the issue. For this, the core contract account will be in action.

As summarized by the Polygon’s development team, the procedure of laying funds within the new contract is comparable to the future fee strategies for validators. Besides, any kind of deflationary tool would imply realignment of the payouts,  allowing DAOs to use up some money for the improvement and maintenance of the network. The polygon team asserts that the practice will attract benefits for all validators for an extended period in the future.

Another improvement that we’ll see with EIP-1559 on Polygon is in regards to changing the present auction method of Ethreum’s transaction fees. The fee will now be decided using the method established by the algorithm instead of charging the standardized fee for the whole network.

The issuance limit on MATIC tokens is assigned at 10 billion MATIC. Thus, the limited supply of polygon MATIC that allows fee burns for each trade will theoretically be thanks making it is critical to reconsider the procedure of paying compensation. 

Conclusion 

Despite the recent decline in the gas taxes on Ethereum, people prefer to use the Polygon MATIC network. Based on recent data, the top 10 Decentralized Finance apps on the Polygon network enticed more than 242,000 different functional wallets, while Ethereum acquired merely 100,000 distinct active wallets in the past week.

How Polygon’s proposal to implement EIP-1559 will affect its network

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Should you consider EOS for your blockchain development?

Codezeros

The world has witnessed a massive technological advancement. People dealing in digital currencies demand a safe and secure environment. But the traditional forms of blockchain development have some loopholes. And the latest technologies are thus being introduced in the market. One such platform is EOS.

We will discuss everything you must know about EOS in this article so that you can ensure whether to consider EOS for your blockchain development or not.

What is EOS?

In short, EOS is a cryptocurrency. The smart contract platform of EOS blockchain development removes transaction fees and its potential to conduct millions of transactions every second. This particular fact is helping it to earn the blockchain investors’ trust.

Its primary objective was to offer a straightforward interface for facilitating blockchain development. Another attractive feature of EOS was that it eliminates the gas fees for transaction processing.

Should you consider EOS for your blockchain development?

Features of EOS:

The few features that make EOS preferred are given below:

  • Convenience:

EOS offers convenience in several aspects of developing blockchain, including EOS wallet development. The bare-bone interface is useful for developing DApps. It can also be used to deploy private, public, permissionless, and permissioned infrastructures of blockchain. The EOS smart contracts allow you to make custom business logic and programmable governance.

  • Performance:

It offers top-notch TPS rates. Thus, it is the best for developing mission-critical blockchain apps. EOS is also proved to show superior performance and eliminates the latency rate of sub-second block time. It also keeps the accuracy intact.

  • Upgradability:

EOS allows the developers to change and upgrade the code besides improvising it. This feature of EOS contributes to flexibility. The developer-friendly nature of EOS is another side that makes it a blockchain software that is preferred for expanding tools, products, and features.

  • Measurability:

It is proved that EOS can potentially process and measure millions of transactions every second. It is made possible by the incorporation of advanced DPOS technology that further enhanced the efficiency of the framework of EOS. Even with having a massive user base, there are no performance issues.

  • Consensus protocols:

The correct algorithms furnished with EOS give it an upper hand. DPOS mechanism in EOS enhances its functionality.

  • Parallel processing and Multiprocessing:

EOS successfully reduces the excessive load on a program, as there exist multiple processors. Horizontal measurability improves transaction speed. And vertical measurability boosts the processing power. Asynchronous communication fuels time management assets and smoothens communication.

The end-to-end encryption contributes to the security of EOS. All the verification standards and safety norms are used while developing EOS. Trouble-shooting is also added to the blockchain platform.

How does EOS work?

A validator’s coin or EOS token gets locked up as stakes. Then, the validation starts, and the betting system is activated.

The validators now think about the blocks that are possible to add to the chain and put a bet on them. If the block gets added, based on their bets, validators are rewarded.

Role of DPOS in EOS blockchain:

DPOS (delegated proof-of-stake) is a consensus system for seamlessly channelizing cryptocurrency transactions. Additionally, it is backed up with speed and security. In cases of malfunctions, it entertains the longest chain automatically.

DPOS protects blockchain as it depends on the voting process. Being a decentralized framework, it contributes to feasibility both for the business and the user. Besides being usable and reliable, it is faster, cheaper, and more efficient, making it ideal for a decentralized system.

The payment system in EOS:

EOS is a cryptocurrency of EOS.IO. Free transactions, a popular advantage of EOS for being a preferred software.

The holder’s EOS coin owns a network instead of any transaction fees or renting virtual machinery. For instance, if you possess EOS’ 3% of coin stakes, you own 3% of network strength for processing the transaction, thereby allowing free transactions. Just like any other crypto, one can possess, get, or give away funds among digital EOS wallet ledger.

Business application of EOS:

Blockchain can be beneficial to your business. And blockchain technology can be used in different ways in business. Some of the business applications of EOS are described below:

  • Cryptocurrency:

You can use EOS as a tool for investment in a cryptocurrency or crypto space. The proof-of-stake system provides mining power to the blockchain. Because of no transaction fee, it is popular among developers.

  • High-end transactional DApps:

EOS blockchain can be applied in DApps that require a massive capacity of transaction. EOS stabilizes user authentication at different levels. And thereby, it allows anyone to develop a DApp, run it, and authorize it while sharing data among users.

Conclusion:

EOS comes with countless features. And, this makes it one of the most assured blockchain platforms in the world of cryptocurrency. Opt for EOS development services for developing efficient apps.

Moreover, the business applications of EOS have already popularized it across the world. We can expect EOS to expand more in the foreseeable future and will overpower the traditional applications of blockchain.

Should you consider EOS for your blockchain development?

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Perlin (PERL) price gains 100% as the focus on green energy solutions intensifies

Generating momentum and attracting investor attention can be a challenge during the best of times in the cryptocurrency market and it is an even bigger challenge when the markets are choppy like the entire crypto ecosystem has been the past couple of months. 

Despite the recent downturn, Perlin (PERL), which has managed to rally 140% from a low of $0.052 on June 8 to a high of $0.134 on June 18 as its average 24-hour trading volume surged from $3 million to $122 million.

PERL/USDT 4-hour chart. Source: TradingView

Three reasons for the increase in price and demand for PERL include the release of the PERL.eco registration ledger, the launch of PerlinX on the Binance Smart Chain and attractive staking options allowing token holders to earn a yield on various cryptocurrencies.

Tokenizing real-world biological assets

PERL’s rally on June 6 and June 14 came in response to the release of PERL.eco, the “Planetary Ecosystem Registration Ledger” which enables the tokenization of real-world bioecological assets.

According to the project’s blog page, PERL.eco is an “attempt to democratize the biosphere economy through liquidity pools and tokenization of biodiversity and carbon credits to decentralized finance.”

As an added incentive to hold PERL, airdrops of tokenized carbon credits will be distributed to wallets holding PERL which can be used by token holders to “offset their carbon footprint or trade on the liquidity pool when the token is released.”

PERL will also be used as the governance token of the DAO, enabling holders to vote on the distribution and fee model as well as participate in other important decisions that affect the ecosystem.

Binance Smart Chain integration leads to lower fees

A second driver of increased momentum for PERL was the mid-April launch of the protocols DeFi interface platform PerlinX on the Binance Smart Chain (BSC), a move that was done in an effort to help lower transaction fees.

Operating on BSC also allowed PerlinX’s liquidity pools to be listed on PancakeSwap and helped to increase the number of farming opportunities available to the PerlinX community.

As a further bonus for PERL liquidity providers, yields earned on PancakeSwap are paid out in the protocol’s native CAKE token which can then be redeposited in the Perlin pool to earn PERL as a form of compound interest.

For PERL holders who wish to remain on the Ethereum (ETH) network, the PerlinX platform offers several options to earn a yield including simple staking as well as liquidity pools between PERL and Wrapped Ether (WETH), Binance USD (BUSD), Balancer (BAL), Dai (DAI) and USD Coin (USDC).

According to data from Cointelegraph Markets Pro, market conditions for PERL have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. PERL price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for PERL has been in the green for the majority of the past 7 days and registered a score of 67 on June 14, roughly ten hours before the price increased 100% over the next two days.

With the green energy movement and concerns related to the increasing amount of carbon dioxide in the atmosphere at the forefront of global discussions, blockchain projects that offer working solutions like Perlin and its PERL.eco platform could possibly receive increased attention.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Perlin (PERL) price gains 100% as the focus on green energy solutions intensifies

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RenVM Latest Integration Now Allows Fantom to Empower Users With Faster Bitcoin Transactions and Lowest Fee

RenVM Integration Enables Fantom to Provide Superfast Bitcoin T…est Possible Fees

Here’s the good news for crypto-assets holders on major Blockchain platforms other than Fantom. The latest upgrade of RenVM’s is bringing them under the Fantom’s ecosystem, allowing super-fast and the lowest fee transactions. 

Formerly, users who belonged to other blockchains could not take advantage of  a reduced fee, fewer wait times, and low transaction fees that a Fantom’s user normally enjoys. But, with the recent integration of Fantom’s RenVM, users from different platforms are allowed to directly store their assets to Fantom with the assistance of Redbridge and significantly take up benefits of the Fantom ecosystem.

Not only this, but now users can also perform deposit and withdrawal processes regarding their crypto assets to Fantom blockchain without having to run through numerous exchanges. With the development of RenBridge, DeFi fanatics can now expand and trade practically all their assets across different blockchains to Fantom and carry out whatever exchanges are crucial without relying on a centralized exchange.

The upgrade will aid BTC, BCH, ZEC, and DOGE right from the beginning. However, others will be added shortly as the integration improves and expands. This will open more doors for users to utilize Fantom to carve their crypto portfolio as they want and make it work for them. More significantly, users will find their portfolio comes around to be quicker, more competitive, and more adaptive to shifting circumstances and market conditions.

This also indicates a rise of a completely new phase of growth for Fantom as a whole. With new partnerships and developments, Fantom will come to be an ever more dominant platform in the world of cryptocurrency. As Fantom refines more alliances and increases compatibility with additional categories of assets, its utility, dexterity, and all-around significance will only improve for portfolio holders.

Native REN assets that’ll be accessible from now on at Fantom’s blockchain are:

  • Bitcoin (BTC) -$renBTC 
  • Bitcoin Cash (BCH) – $renBCH
  • DigiByte (DGB) – $renDGB
  • Dogecoin (DOGE) – $renDOGE
  • Filecoin (FIL) – $renFIL
  • Terra (LUNA) – $renLUNA
  • Zcash (ZEC) – $renZEC

To take advantage of this new advancement, users are needed to add the Fantom Network to their MetaMask. Then users will be eligible to link their various currencies and start making moves. As this integration is still in its early phase, new improvements will be coming. You can expect to find Varen be, Curve Finance, and BadgerDAO to be added soon.

Conclusion 

As Fantom proceeds to broaden its toolbox, giving crypto holders from different blockchains the power to make the best possible choices for their portfolio.

This is a shiny new development in the cryptocurrency era, and it’s just the start. Stay tuned for new assets as they become viable with the upcoming integration.

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

RenVM Latest Integration Now Allows Fantom to Empower Users With Faster Bitcoin Transactions and Lowest Fee

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Cointelegraph Consulting: DeFi projects launch on Polygon, usage skyrockets

In the midst of the hectic crypto market, the gas fees in the decentralized finance (DeFi) sector have skyrocketed, once again highlighting the value of layer-two scaling solutions. Cointelegraph Consulting teamed up with Covalent to discover the numbers behind Polygon, the network that is onboarding an increasing number of decentralized applications, from SushiSwap to bZx.

Aave, DeFi’s lending giant, launched on Polygon this April and has already lured away about 66,000 unique users to the layer-two version. Nearly $12 billion has been deposited since the launch, and over $7 billion has been borrowed. Though what is important is that only $158 has been spent on gas across the entire Aave’s Polygon version.

Notably, the major fraction of borrows involves stablecoins, with USD Coin (USDC), Dai and Tether (USDT) making up roughly 60% of borrowings on Aave’s Polygon version. In fact, the breakdown of the borrowings reveals that Aave managed to execute its strategy that prevents users from risky borrowing against volatile assets, which in turn usually leads to liquidations.

Hot off the heels of 1inch Network’s launch on Polygon on May 12, we take a look at its usage as well. 1inch on Polygon has reached almost $18 million in daily swaps by dollar value, with the most swaps denominated in USDT, Wrapped Ether (WETH), USDC or DAI. 

There have been nearly 10,000 swaps facilitated thus far. The platform has already facilitated $43 million in swaps, but only $25 of gas was used to swap this amount.

Amid Ethereum network congestion and rising costs, Polygon is gaining momentum due to its astonishingly low transaction fees. With more DeFi projects pursuing multichain strategies, Polygon could onboard more projects in the near future.

For more charts, market signals and carefully curated news analysis, download the full edition of this issue.

Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Covalent, the newsletter dives into the latest data on social media sentiment, on-chain metrics and derivatives.

We also review the industry’s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.

Cointelegraph Consulting: DeFi projects launch on Polygon, usage skyrockets

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