Autor Cointelegraph By Ana Paula Pereira

Blockchain interoperability goes beyond moving data from point A to B — Axelar CEO Sergey Gorbunov

Blockchain interoperability goes beyond moving data from point A to B — Axelar CEO Sergey Gorbunov

Uverejnil používateľ | sep 30, 2022 |

Cross-chain communication between blockchains is more than just moving data from point A to B, but how it can connect applications and users for enhanced experiences and fewer gas fees in Web3, outlined Sergey Gorbunov, Axelar Network co-founder and CEO, speaking to Cointelegraph’s business editor Sam Bourgi on Sept. 28 at Converge22 in San Francisco. As the crypto industry has developed over the past few years, blockchain interoperability has seen a surge in demand, attracting venture capital and welcoming players, such as Axelar, which reached unicorn status in February. According to Gorbunov, the company, founded in 2020, started with a premise that cross-chain and multichain capabilities would come to define the crypto space. “The idea is not just to talk about how to connect A to B, but how to connect many to many, right? How to connect everybody with everyone else. And that includes applications and includes users,” he explained. Interoperability is a buzzword in the crypto industry that refers to the ability of many blockchains to communicate, share digital assets and data, and work together, thereby sharing economic activity. As an infrastructure, interoperability is crucial for broader adoption of the technology, as Gorbunov explained:”We need an ability for the user to execute one call on one chain, and that transaction actually taking place on other chains without them having to go and get a native token of that chain, pay gas, execute themselves and move it back and forth.”Axelar’s CEO highlighted that, beyond better experiences for users, interoperability also means higher economic outcomes, as interoperable chains can have unified liquidity and thus spend less on gas fees for transactions. “Our Web2 experience is a lot simpler, and we have to get to the same level in Web3 with simpler experiences, and that is what cross-chain enables us to do, to help build those simple experiences.”Related: Circle Product VP: USDC chain expansion part of ‘multichain’ visionAt Converge22, Axelar was announced as one of the networks set to integrate with Circle, the financial technology company behind the USD Coin (USDC) and Euro Coin (EUROC). Circle is launching a new cross-chain transfer protocol to help developers build frictionless experiences for sending and transacting USDC natively across blockchains. Earlier this week, Axelar disclosed a partnership with Mysten Labs, the infrastructure company behind the Sui blockchain, to deliver cross-chain communication for developers through General Message Passing and advance the prospect of a so-called “super DApp.”Writer and editor Sam Bourgi contributed to this story.

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Why this tiny country is adopting the Bitcoin Lightning Network

Why this tiny country is adopting the Bitcoin Lightning Network

Uverejnil používateľ | sep 29, 2022 |

Cointelegraph reporter Joe Hall visited the country of Gibraltar to explore Bitcoin adoption on The Rock, as the peninsula is known locally, and how the adoption of bitcoin for shopping in the territory is impacting business. The visit was also an opportunity to visit Xapo Bank, the world’s first private financial institution to combine traditional banking with Bitcoin. Coinbase acquired its custody business in 2019, making the American exchange the largest crypto custodian in the world. The British Overseas Territory of Gibraltar is known for its pioneering crypto regulations, support for blockchain development and bitcoin adoption, with many retail businesses using the Lightning Network — a layer two network that enables off-chain transactions — to accept bitcoin as payment around the peninsula. “When you talk about adoption of the use of Bitcoin, is it going to come? Yes, it is as more and more jurisdictions begin to regulate. And what is for me, the ideal is when there are enough countries doing it.”April this year, Gibraltar introduced a new regulatory package for distributed ledger technology (DLT) service providers, providing clarity for crypto businesses in regard to threats of market manipulation and insider trading. 

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Meta introduces NFT crossposting and sharing on Instagram

Meta introduces NFT crossposting and sharing on Instagram

Uverejnil používateľ | sep 29, 2022 |

Meta, Facebook and Instagram’s parent company, announced another development in its digital arts initiative. As of Sept. 29, all users on both platforms can connect wallets and share nonfungible tokens (NFTs) across 100 countries. As part of the feature, which has been in testing since May, users will be able to tag creators and collectors, and cross-post digital collectibles between platforms without paying any fees. Everyone on @instagram and @facebook can now share their digital collectibles in the US, and on Instagram in the previously announced 100+ countries. Creators like artist Lívia Elektra are sharing their #NFTs on our apps. https://t.co/6yV4HgfHSW https://t.co/wa2wkWgfWX pic.twitter.com/fRi0wA7a6l— Meta Newsroom (@MetaNewsroom) September 29, 2022In August, Meta started allowing users to post digital collectibles that they own across Facebook and Instagram and announced an international expansion to countries in Africa, Asia-Pacific, the Middle East and the Americas. The company also added support with third-party wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet, along with support for the Ethereum, Polygon and Flow’ blockchains. Several Twitter users expressed concern regarding the safety and privacy of the data transmitted by connecting digital wallets to Meta’s platform at that time. In April 2021, sensitive personal information for over half a billion Facebook users was leaked on a well-trafficked hacking forum.According to Statista figures, Facebook and Instagram have 2.9 billion and 1.4 billion monthly active users respectively.

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JPMorgan's CEO feels threatened by disruption in payment systems: Kevin O'Leary

JPMorgan's CEO feels threatened by disruption in payment systems: Kevin O'Leary

Uverejnil používateľ | sep 28, 2022 |

JPMorgan Chase’s CEO Jamie Dimon feels threatened by how the crypto space is disrupting the payment systems, stated the Shark Tank host and multi-millionaire venture capitalist Kevin O’Leary speaking at a Converge22 panel on Sept 28. O’Leary made his remarks after Dimon declared himself as a “major skeptic” on “crypto tokens, which you call currency, like Bitcoin,” referring to them as “decentralized Ponzi schemes” in his testimony to the United States Congress last week.Still on the panel, O’Leary explained that friction is one of the major problems in the traditional financial system and, plus, it’s how banks profit on transaction fees, adding that stablecoins could lead to a reduction in fees throughout the world. He stated:”This isn’t about speculation on asset price. This is about reducing the fees of how the world’s economies work, more transparent, more productive, completely auditable, regulated, but less expensive. So, does Jamie Dimon feel threatened? You are damn right, he does. That is a big part of how he makes money.” Regarding the regulatory environment in the US, the venture capitalist explained that sovereign wealth and pension funds are waiting for regulation before adding digital assets to their portfolios, noting that:”If you are a sovereign wealth fund or a country that is oil rich, perhaps you are generating a quarter of $1,000,000 in the 12 hours. The only place on earth you can plot that is in the S&P. The only way you can do that is to be compliant with the SEC rules. They are never going to make a move against the SEC in any way until these rules are determined.”According to O’Leary, a regulatory shift in the US approach to digital assets would lead to a 10% appreciation for all crypto assets overnight. US lawmakers are working on a bill to regulate stablecoins that could be approved by year’s end.Stablecoins are a class of cryptocurrencies that attempt to offer investors price stability, either by being backed by specific assets (such as the US dollar) or using algorithms to adjust their supply based on demand.

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Voyager's auction did not serve depositors' best interests, alleges Wave Financial rep

Voyager's auction did not serve depositors' best interests, alleges Wave Financial rep

Uverejnil používateľ | sep 28, 2022 |

The assets of crypto brokerage firm Voyager Digital would face a drastically different fate if FTX did not win the bid, claimed a spokesperson of Wave Financial while speaking to Cointelegraph. The spokesperson argued that better bids were on the table, but they “were passed over for strictly cash offers.”Wave, an SEC-registered digital asset management company with over $1 billion in assets under management (AUM), participated in the auction process, bidding a slightly lower amount than FTX for the assets. FTX secured the winning bid with an amount of $1.4 billion, which must now be approved by the U.S. Bankruptcy Court.Wave defended its proposal as the only one seeking to maintain the Voyager brand and create a new exchange model that caters to the crypto community, regardless of the financial difference in the bid.Related: FTX US wins auction for Voyager Digital’s assetsIn particular, Wave’s proposal sought to “restore value in the VGX token via new and improved utility, saving $200M worth of funds and redistributing assets back to existing Voyager customers,” and “extend a revenue share program to depositors through the new exchange model, driven by the liquidity and community of leading layer-1 protocols who joined as investors and minority owners.” A Wave’s spokesperson also noted that:”Wave was the only remaining bidder during the blind auction process (held the week of September 12 in NYC) that took a “white knight” approach, prioritizing the depositors’ financial interests by restoring value in the VGX token and creating a long-term revenue sharing model — both of which returned substantial equity directly to depositors.” Following the winning bid, FTX provided limited information regarding how Voyager customers will be able to access their crypto holdings. According to Voyager, information regarding crypto access will be shared as it becomes available.On July 5, Voyager filed for Chapter 11 bankruptcy, a process that allows firms to retain ownership of their assets and continue operating while they restructure or sell the company, following an insolvency worth over $1 billion after crypto hedge fund Three Arrows Capital (3AC) defaulted on a $650 million loan.

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