BITMAIN IPO MAKES CRYPTO INDUSTRY UNEASY 6650

Cryptocurrency mining giant Bitmain continues to gain attention over its initial public offering (IPO) as critics raise the alarm over its financial outlook. As Dut.Biz reported at the end of July, the manufacturer announced its plans to hold a $14 billion IPO before the end of 2018, having achieved Q1 profits of over $1 billion.

Since then, data about the offering to pre-IPO investors have raised suspicions over Bitmain’s prospects, doubts specifically focusing over its huge reserves of altcoin Bitcoin Cash (BCH), which would remain illiquid unless markets transformed prior to the IPO date.

“According to the Bitmain pre-IPO investor deck, they sold most of their [Bitcoin] for [Bitcoin Cash],” Blockstream CSO Samson Mow wrote on Twitter August 11.

The pre-ICO figures the company released last week saw many sources conclude its degree of investment in BCH could ultimately spook investors who understand the state of the altcoin’s liquidity and Bitmain’s role in preserving it.

Beyond BCH, Bitmain’s undisclosed but likely underwhelming Q2 performance, lack of competitiveness, unsuccessful recent product launch and the cryptocurrency bear market are all factors stacked against it.

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Polkadot reveals future-proof scaling updates at sub0 developer conference 4328

Developers of Polkadot, the blockspace ecosystem for boundless innovation, will start testing a new process that will provide radical scaling solutions for the network within a matter of weeks.

The plans were unveiled at sub0, the Polkadot Developer Conference, by Sophia Gold, Engineering Lead at Parity Technologies, a leading contributor to Polkadot.

She said asynchronous backing would enable Polkadot to more than triple its number of validators by the end of 2024 to around 1,000, describing this as “the most significant evolution of parachain consensus since we launched parachains almost two years ago.”

She added: “What’s unique about backing in Polkadot is that it’s enshrined – it’s implemented natively on the protocol level and not on the smart contract level, which gives us capital efficiency and censorship resistance. Asynchronous backing enables flexible scheduling for our future scaling work through elastic scaling and instantaneous coretime. We have a credible roadmap to get Polkadot to support 1,000 parachains and 1m+ transactions per second. The design is there – we know how to scale Polkadot for the indefinite future.”

A release of asynchronous backing is due to be deployed to Polkadot’s Rococo testnet in about two weeks.

Habermeier expands blockspace narrative

Sophia Gold was followed on-stage by Polkadot cofounder Robert Habermeier, who unveiled new concepts and architectural components that would enable roadmap features first outlined at Polkadot Decoded in June.

These features, including those known as ‘agile coretime’ and ‘elastic scaling’, would enable more flexible and efficient use of Polkadot’s blockspace and computing power, better serving innovators at all stages of growth, and taking the network beyond the existing parachain model.

He outlined a proposal for a new process of submitting work to Polkadot that would enable the network to process a much wider range of activity than parachains alone, including the ability to deploy smart contracts directly to a Polkadot core.

He explained: “This is how you would get to the point of cores being used by different parachains or bundled in all these different ways without having to enshrine that directly into Polkadot’s protocol. Rather, we make it possible through experimentation at higher levels.”

This new model would also enable a much anticipated feature known as atomic composability, enabling simultaneous execution of operations from multiple parachains at a time for more complex cross-chain transactions.

Accelerating smart contract delivery

The second day provided some important updates on the work carried out by OpenZeppelin on the OpenBrush contract library, intended to ease the development of Polkadot’s native ink! smart contracts. This includes the creation of easily implementable and extensible smart contract standards and translating Solidity contracts into ink!.

Felix Wegener, Security Services Manager of OpenZeppelin, said: “We made suggestions on how to change design choices, tooling, upgradeability and macros, and moving forward we see great promise in the ongoing developments of the Polkadot ecosystem.”

João Santos, Project Manager of OpenZeppelin, said his team had proposed open-source parachain runtimes and underlying FRAME pallets to accelerate the development and deployment of new and secure parachains.

He added: “We believe the initial step here is a generic runtime to allow projects to have a common base and start building immediately. Then we can start taking the learning we had developing this runtime, take the community feedback and then think about what’s next.”

New Ledger app coming

Juan Leni, CEO of Zondax, a major software developer for the Ledger hardware wallet, explained how his team is developing a new Ledger app for Polkadot that depends on verifiable metadata. He said: “I haven’t seen anything similar in other ecosystems. It will feature very minimal updates to the runtimes and to the wallets, we started research and development back in June.”

The single Ledger app can support any parachain in the Polkadot ecosystem, a boost for user experience of cold wallets on Polkadot, as previously, a separate app was required for each network. The app will feature clear signing of all transactions for maximum security.

His colleague Fernando Theirs said: “The integration for new parachains should be super simple. If you respect the metadata protocol it should be almost out of the box.”

Attendees also heard how Snowbridge, an Ethereum bridge to be built on the Polkadot Bridge Hub, is in position to deploy on the protocol’s canary network before the end of the year.

The plan is for each parachain to have its own dedicated messaging channel to Ethereum, unlocking a high degree of flexibility. Snowbridge is a trustless, decentralized mechanism for linking the Ethereum and Polkadot ecosystems, and is designed for general purpose.

About Polkadot

Polkadot is the blockspace ecosystem for boundless innovation. It enables Web3’s biggest innovators to get their ideas to market fast, with flexible costs and token options. By making blockchain technology secure, composable, flexible, efficient, and cost-effective, Polkadot is powering the movement for a better web.

Moondance Labs Introduces Tanssi ContainerChains: The Next Phase in Appchain Deployment 4682

Moondance Labs, the company developing the Tanssi appchain infrastructure protocol, announced today ContainerChains, a more efficient and developer-friendly solution to deploying application-specific blockchains (appchains).

The rise of appchains is valued for their dedicated blockspace, customizability, and adherence to blockchain’s core tenets: security, governance capabilities, and decentralization. Yet, their intricate deployment demands often complicate projects, leading to higher costs and delays.

Developers need more flexible options. While smart contracts offer speedier launches, they compromise on depth of customization and scalability. On the other hand, rollups, despite their popularity, have decentralization concerns due to their reliance on centralized sequencers and face challenges like data availability and transaction ordering.

To easily overcome these obstacles, Tanssi’s ContainerChains provide immediate access to a wide set of infrastructure resources. By simply connecting an appchain to the Tanssi network, it is transformed into a ContainerChain. This drastically simplifies the deployment process and reduces it from months to just under an hour, delivering the benefits of appchains along with the ease of smart contract deployment.

“Tanssi is the only protocol that allows developers to deploy a secure and decentralized appchain in just hours. While the appchain and rollup sectors have grown considerably, there’s a glaring need for an automated yet uncompromised approach,” said Francisco Agosti, CEO of Moondance Labs and Co-founder of Tanssi. “With the launch of ContainerChains, we aim to fill this gap without sacrificing decentralization, security, or native composability, upholding the fundamental values of web3.”

ContainerChains: Advancing Appchain Capabilities

Tanssi ContainerChains are anchored in the Substrate framework, known for its modular architecture that promotes advanced customization. Substrate’s versatility is a strength, but can also present a steep learning curve. Using pre-built templates with essential components pre-installed for compatibility with Tanssi’s protocol eases developers into the Substrate and Polkadot ecosystem. Developers can deploy these templates directly or modify them to fit their specific needs. For those accustomed to the Ethereum Virtual Machine (EVM), EVM-compatible templates are available.

When an appchain connects to Tanssi and evolves into a ContainerChain, it benefits from the following:

  • Collation-as-a-service: Block-builder assignment to ContainerChains is overseen, with managed incentives to ensure continuous, secure chain activity.
  • Data-retrieval-as-a-service: Equipping developers with the capability to retrieve the complete chain history for ContainerChains.
  • Key integrations: Seamless integration with top wallets, indexers, and explorers, including EVM-compatible platforms like Frontier, is a feature of the nodes.
  • XCM integrations: While mastering XCM for cross-chain communications can be intricate, built-in templates simplify this with pre-configured XCM support and potential predefined connections.
  • Chain-Management tooling: ContainerChain management tools cover initialization, monitoring, easy upgrades, migrations, and maintenance, ensuring performance and efficient troubleshooting.

In addition to these extensive features, Tanssi’s connection with Polkadot’s Relay Chain leverages the advantages of Polkadot’s shared security and inherent interoperability.

Accessing ContainerChains: Join the Dancebox TestNet

Dancebox, Tanssi’s first public TestNet, paves the way for broader ContainerChains adoption. Over 40 projects, including RMRK (NFT infrastructure), LeverFi (DeFi), and Galaxia Studios (gaming), have joined the Tanssi ecosystem and will be onboarded to Dancebox.

As Tanssi’s early ecosystem grows, the community can expect enhanced cross-chain integration, user-friendly tools, and expanded features.

“Connecting RMRK with Tanssi’s Dancebox highlights our drive for chain-level customizations, a necessity that goes beyond what typical EVM L2 rollups can deliver,” said Bruno Škvorc, RMRK Founder. “Thanks to Tanssi’s pioneering approach to appchain infrastructure, our expansive vision for NFTs is taking shape. We can focus on constructing entire universes of interactive, evolving assets and refining these complex functionalities without infrastructure management distractions.”

In May, Moondance Labs secured a $3M seed round led by Arrington Capital and supported by renowned VCs such as Fenbushi, Borderless Capital, Hashkey Capital, among others.

Developers keen to explore the future of appchain deployment can delve into Tanssi ContainerChains via the Dancebox Testnet. Supported by comprehensive documentation from Moondance Labs, the platform is designed to facilitate a seamless onboarding experience for all.

About the Tanssi Network

Currently under development, Tanssi is an appchain infrastructure protocol designed to simplify and accelerate appchain deployment, making it more secure and efficient. This stands in contrast to the lengthy and complex processes associated with traditional appchain implementations. Through Tanssi’s permissionless and developer-friendly protocol, appchains can be deployed in under an hour — a stark improvement over the usual months-long timelines. Additionally, Tanssi leverages the shared security and native interoperability of the Polkadot relaychain. Learn more at tanssi.network.

Rarimo Foundation Launches MetaMask Snap, RariMe, Enabling Cryptocurrencies and Identity Credentials To Be Stored and Managed From A Single Wallet 5561

Rarimo Foundation has launched RariMe, a MetaMask Snap that enables MetaMask users to store and manage identity credentials through their MetaMask wallet, developed by Consensys.

RariMe is built with MetaMask’s Snaps platform, which launched on 12 September and allows developers to build applications that can bring new functionalities to MetaMask’s users.

RariMe introduces an entirely new social identity function to MetaMask and ends wallet fragmentation; users will no longer have to switch between their identity and digital asset wallets. In a single swoop, MetaMask users will instantly have access to identity storage and privacy-enhancing Zero-Knowledge Proof (ZKPs) generation and management. Given that in 2022, MetaMask surpassed 100 million users, this significantly expands the presence of digital identity.

RariMe also further improves the user experience, by ensuring that all credentials are fully multi-chain. For one of the first times in Web3, users will not have to issue separate proofs for separate chains. Instead, they can issue a proof on the chain of their choice and then use it seamlessly across Ethereum, Polygon, BNB Chain, and Avalanche. This is possible because RariMe was built atop of interoperability protocol, Rarimo, which enables state replication and on-chain verification.

Lasha Antadze, Co-Founder of Rarify Labs, commented, “RariMe snap dramatically improves the user experience around digital identities. Users will no longer have to switch between multiple apps and interfaces and the friction between identities and crypto has been removed. This will fuel the growth of the digital identity space and the many emerging Web3 movements that require identities, including decentralized social media and on-chain gaming.”

“MetaMask is thrilled to welcome Rarimo as one of the trailblazing builders for MetaMask Snaps. We strongly believe that permissionless innovation is fundamental to a decentralized ecosystem. With Snaps, we’re not just expanding features; we’re excited to see Rarimo use Snaps to open the doors to digital identities, credentials management, and decentralized social protocols, ultimately empowering our users like never before,” said Christian Montoya, Product Lead at MetaMask Snaps.

From launch, RariMe will be integrated with Rarimo’s Proof-of-Humanity plug-in which was released last month to enable users to leverage identity credentials from Unstoppable Domains, Civic, and Gitcoin to prove that they are humans and not bots. RariMe will automatically provide users with an end-to-end flow on the reputation-building platforms Galxe, Zeely, and quest focused application QuestN.

About Rarimo

Rarimo is the interoperability protocol for digital social identities. Its distinctive infrastructure enables identity components to be integrated on-chain, and seamlessly ported across ecosystems. This ensures that Web3 can develop without the walled gardens and cumbersome identity practices of Web2.

About Rarimo Foundation

Rarimo Foundation is a not-for-profit company devoted to implementing the decisions of the Rarimo DAO.

About Rarify Labs

Rarify Labs is an ecosystem contributor dedicated to advancing Rarimo.

Solar Dex to relaunch on Quai Network 6163

While many solutions for blockchain scalability have been proposed, they remain unable to crack the blockchain trilemma, sacrificing security and decentralization. Quai is the first blockchain protocol that is simultaneously decentralized, censorship resistant and infinitely scalable. Quai, in contrast to traditional cryptocurrencies, functions as a network of many interoperable blockchains braided together. Due to a breakthrough discovery that occurred during research on proof-of-work, Quai Network utilizes a new consensus mechanism, proof of entropy minima (PoEM), which eliminates all consensus-based forks and enables all Quai nodes to remain in “perpetual consensus.”

Solar Dex began as the first United States-based decentralized exchange on Solana, and will now be pivoting to build on Quai as one of its first DEXs. Due to a loss of TVL on Solana and many Solana-based projects moving strictly to NFTs, the Solar team has decided to get ahead of the DeFi curve and take advantage of Quai’s low-cost, high-speed decentralized network in order to better position Solar Dex for the next bull run. The team at Solar is building on top of Quai Network to “ensure a more sustainable future for Solar Dex.”

Roy Fardin, chief business officer, said: “After talking to the Quai Network team, we have never been more bullish about a layer 1 with scalability and its passion for growth. It was a clear eye-opener that they care about DeFi and want other projects that utilize this network to succeed. The vision behind Quai brings the best of Ethereum and Solana all together into this new network.”

Solar Dex will be reworking the DEX into several components as it builds on Quai. The DEX will not only support traditional swaps, but also add in customizable swap themes. In addition, Solar Dex’s Solar Sentries NFTs will allow staking as a yield opportunity derived by all exchange fees earned from Sentry Mode projects.

Richard, CEO of Solar Dex, said: “On top of traditional DEX swaps, Solar Dex will be adding limit orders on Quai. “We’re doing a total revamp of the website and DEX which should be very aesthetically pleasing and simplistic to onboard new users to DeFi and also Quai.”

With Quai’s Iron Age Testnet beginning in September 2023, Solar Dex will be prioritizing its deployment on Quai for the coming months. There will be incentives to beta-test Solar DEX on Quai and additional generalized rewards will be provided by Quai for participating in the Iron Age Testnet. On top of this, the Solar team will be adding a surprise feature to the DEX to build excitement for Quai’s testnet launch, as well as utilizing its incentive program to reward holders.

With backing from Polychain Capital and an expert team with backgrounds at Apple, GridPlus, Tesla, Consensys, Circle and more, Quai is excited to usher in a new generation of innovative applications that don’t sacrifice decentralization.

Concordium Enables a New Standard of Age Verification Amidst Growing Privacy Concerns 6268

Concordium, the Layer 1, science-backed blockchain creating a safer digital world, proudly unveils Web3 ID: a cutting-edge identification platform offering age-verification capacities designed to prioritize user privacy for both individuals and businesses. Concordium’s age verification tooling works to protect minors online amidst growing global privacy concerns and explicit data-harvesting from technology organisations.

Web3 ID harnesses Concordium’s Zero-Knowledge Proof technology to offer a novel approach to age verification – without ever compromising user data or privacy. By uploading a government-issued form of identification to their wallet, Web3 ID users can drastically reduce the amount of data they disclose during online identity verification, regaining control over any sensitive information.

Mikael Breinholst, Head of Product at Concordium, spoke to the widespread concern surrounding existing online age-verification tools, stating: “Current age verification tools online are a grave area of concern for many. Age-restricted sites have little to no barrier to entry, exposing underage consumers to a universe of adult themed content. Blockchain technology, and Web3 ID specifically, enable businesses to request proof of an individual’s age, without storing their data or selling it to advertisers. With Web3 ID, users maintain autonomy and safety over their personal information while benefiting from blockchain technology’s inherent security.”

Concordium´s built-in ID layer and Zero-Knowledge-Proof technology ensures a user’s online identity is verified in a secure and decentralized manner, all while maintaining privacy. Only strictly relevant information is requested of users when transacting on the Web3 ID platform, while unrelated details are held on a decentralized wallet. Web3 ID users are also granted an increase in transactional security through Concordium’s compliance-friendly technology. In result, individuals and businesses are empowered with complete control over their information, effectively countering the data ownership issues associated with centralized legacy systems.

Kåre Kjelstrøm, CTO & CPO at Concordium, commented: “Concordium’s Web3 ID is intuitive and easy to build upon, offering seamless usability while being cost-effective, shrinking online identification processes. Further to preventing children from accessing age-restricted sites, Web3 ID is capable of sharing specific medical information without the recipient having access to the entirety of an individual’s medical history, proving a user’s driving credentials, or simply ensuring user data is genuine and not the result of bots. This model addresses many of the shortcomings surrounding ID safety caused by big tech’s data monopoly.”

The creation of a new standard of age verification promotes Concordium’s mission of supporting a regulated future for new and existing organisations building on blockchain technology. This achievement follows recent partnerships such as AI service provider 2021.ai, and carbon offset management platform Aqualibre.

For more information on Concordium’s Web3 ID platform, please visit: Concordium.com

About Concordium

Concordium is a permissionless green layer 1, a science-backed blockchain that balances privacy with accountability through its ID layer and Zero-Knowledge-Proofs. Creating trust with ID is key to scaling businesses. Concordium provides a fast, secure, and high-scale blockchain platform that makes building use cases and using dApps easy. Concordium differs by having verified ID and instant finality with high throughput and low transaction fees pegged to FIAT. With leadership from Fortune 500 companies, Volvo, IKEA, Credit Suisse, Uber, and successful Fintech platforms, the team is scaling the chain to its extensive network of the world’s biggest enterprises. For more information: concordium.com

Web3 Social Platform “Cardano Spot” Unveils New Features to Empower Cardano Enthusiasts 6404

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First all-in-one social media platform for everything Cardano, Cardano Spot, has unveiled a series of innovative features. The platform, founded and developed with direct input from the Cardano community, aims to address fragmentation within the Cardano ecosystem, provide a 360-view, and foster enhanced community interaction.

Desktop Project Library

Latest Enhancements for a More Robust Experience

Cardano Spot has launched its latest features to facilitate the expansion of native Cardano projects and their communities.

Open Access. In its upgraded version you can now access both News Feed and Project Library without being required to sign in.

Multilingual News Feed. Additionally, Cardano Spot provides access to a diverse multilingual News Feed, featuring content from Portuguese, Vietnamese, and Indian community members.

Desktop News List

Simplified Registration. The platform now also provides a number of alternative ways for registration, including Twitter, TikTok, and GitHub accounts.

Explore Page. Offers a better user experience through a simple curated view on the latest information about the Cardano ecosystem.

Refer-a-Friend. The newly launched “Refer a Friend” feature enables users to invite friends through a personalized referral link.

A peek into other features:

  • Community Hub: A customized homepage tailored to individual user interests, empowering content creation, user connections, and discovering like-minded communities.
  • News Feed: A source for the latest Cardano ecosystem news, offering educational content, articles, and videos to expand knowledge horizons.
  • Project Library: A comprehensive repository spotlighting projects built on the Cardano Blockchain, complete with explanations, whitepapers, introductory videos, and essential links for personal research.
  • Events Calendar: A consolidated calendar showcasing Cardano-related events, including webinars, discussions, product launches, and more.
  • Market Status: Real-time insights into native token prices, market trends, and tokenomics.

Desktop Events

Sebastian Zilliacus, Managing Director at EMURGO, explained, “Cardano Spot aims to provide trust, transparency, and accurate information about the Cardano ecosystem. We partner with native Cardano projects to achieve this objective.”

About Cardano Spot

Cardano Spot is the first product from EMURGO Media. This Cardano enthusiasts-focused social network serves end-to-end information for the Cardano community. It provides a user-generated interactive platform specifically designed for investment in, distribution, consumption, and monetization of Cardano content. Cardano Spot solves the issue of fragmented content in the Cardano ecosystem by aggregating valuable, quality content from reliable sources in the Cardano ecosystem to give up-to-date developments in the Cardano ecosystem.

For more information, please visit: https://bit.ly/CardanoSpotWeb3Platform.