Autor Cointelegraph By Zhiyuan Sun

Polkadot hits all-time high in development activity

Polkadot hits all-time high in development activity

Uverejnil používateľ | okt 17, 2022 |

According to data from programming repository GitHub, Polkadot recognized more than 500 contributions each day in September — an all-time high for the multichain protocol. Simultaneously, data from Polkadot’s cross-consensus interoperability standard XCM show that a record 26,258 messages were sent between its parachains. In total, 14,930 developers’ contributions were recorded on Polkadot’s GitHub in the month of August.As told by project developers, 66 blockchains are now live on Polkadot and its parachain startup network Kusama. Since its inception, over 140,000 messages have been exchanged between chains via 135 messaging channels. Together, the Polkadot and Kusama Treasuries have cumulatively paid out 9.6 million DOT and 346,700 KSM ($72.8 million total) to fund spending proposals in the ecosystem.Parachains are individual layer-1 blockchains that run in parallel on Polkadot and are first tested on Kusama. Auctions for parachain slots are held in the form of crowdloans, with the position going to the highest bidding project. The first of its kind took place last November. Moving forward, Polkadot founder Rob Habermeier has recently published a roadmap on enhancing Polkadot and Kusama’s scalability. Highlights include asynchronous backing, or the de-coupling of the extension of parachains from the extension of the relay-chain, as a potential mechanism for cutting parachain blocktime by 50% while increasing block space give to 10 fold. The upgrade, should it go live, is also estimated to increase network speed to between 100,000 to 1 million transactions per minute.The asynchronous backing upgrade is scheduled for development on Kusama by the end of the year and then on Polkadot. Another network upgrade due next introducing ‘pay-as-you-go’ parachains would theoretically combine launching a blockchain on Kusama with simultaneously launching smart contracts. The move would shorten the development process for building on Polkadot.

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Cosmos co-founder says a major security vulnerability has been uncovered on IBC

Cosmos co-founder says a major security vulnerability has been uncovered on IBC

Uverejnil používateľ | okt 13, 2022 |

On Thursday, Ethan Buchman, co-founder of interblockchain communication (IBC) ecosystem Cosmos, said that a ‘critical security vulnerability’ had been discovered that ‘impacts all IBC-enabled Cosmos chains, for all versions of IBC.’ Buchman assured that steps have already been taken to ensure that all major public IBC-enabled chains have been patched, stating: “A chain is safe from the critical vulnerability as soon as ⅓ of its voting power has applied the patch. Chains should still seek to patch to ⅔ as quickly as possible once the official patch is released.”A public version of the patch will be released in the CosmosSDK (software development kit) v0.45.9 and v0.46.3 tomorrow at 14:00 UTC. Buchman recommends that all chains and validators apply it immediately upon release, and that chain-halting is not required for it to take effect.The issue appears to have come to light after core developers of Cosmos and Osmosis (the leading decentralized exchange on Cosmos) ramped up security audits in light of a $100 million cross-chain bridge exploit on BNB Chain on October 6. Cross-chain bridges solve a variety of problems in decentralized finance by allowing users to port digital assets across multiple protocols. However, they tend to be more complex than regular decentralized applications, and if the source code is copy-and-pasted across protocols, the vulnerability can be amplified dramatically.Nevertheless, the vast majority of cross-chain bridge hacks this year, such as the Ronin and Nomad bridge exploits, have occurred on Ethereum Virtual Machine blockchains. On the contrary, security breaches on chains in the Cosmos’ IBC ecosystem have been far and few in between. There are currently about 45 blockchains built using the Cosmos SDK. 

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Axie Infinity player count falls back to Jan 2021 levels

Axie Infinity player count falls back to Jan 2021 levels

Uverejnil používateľ | okt 12, 2022 |

According to the game statistics site Activeplayer, the average monthly number of users playing the monster-battle nonfungible tokens (NFT) game Axie Infinity has fallen to 701,447, representing levels not seen since January 2021. At its peak, monthly Axie Infinity players hit 2.78 million in January of this year before the advent of the crypto winter. The popular play-to-earn NFT game lost 1.2 million players alone in June.Bear market aside, game mechanics also partly contributed to the decrease in player count. At around the same time last year, players in developing nations reported higher earnings from playing Axie Infinity than some countries’ minimum wages.However, since that time, the price of Smooth Love Potion (SLP), Axie Infinity’s in-game rewards token, has fallen by more than 95%. Its circulating supply has also increased from about 2.4 billion to around 40 billion in the same period due to the high volume of new players rushing in and earning tokens in-game. November 2021 was also the month when the Axie Infinity NFT marketplace saw 2 million Axies bought and sold, amounting to 140,956.7 Ether (ETH), or $639.5 million at that time. But, the numbers have since fallen sharply, with about 311,300 Axies sold, valuing at 4,143.3 ETH, or $5.37 million at the time of writing, in the past 30 days.The drop is largely consistent with an intense bear market in the NFTs realm, where trading volumes across digital collectibles have dropped 98% since January.Other developments this year, such as Axie Infinity’s Ronin Bridge being exploited for $600 million, also appear to have dampened confidence in its GameFi ecosystem. Although developers have since worked diligently to try and recover users’ funds. 

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SWIFT says it has reached a 'breakthrough' in recent CBDC experiments

SWIFT says it has reached a 'breakthrough' in recent CBDC experiments

Uverejnil používateľ | okt 5, 2022 |

On Wednesday, the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, announced that it has successfully moved central bank digital currencies (CBDCs) and tokenized assets on existing financial infrastructure through two separate experiments. According to SWIFT, the results demonstrated that “CBDCs can be rapidly deployed at scale to facilitate trade and investment between more than 200 countries and territories around the world.”SWIFT is a Belgian messaging system that connects over 11,500 financial institutions worldwide and plays a paramount role in facilitating international transactions. Globally, nine out of 10 central banks are actively exploring digital currencies. Via its collaboration with Capgemini, SWIFT managed to settle transactions using CBDCs based on different distributed ledger technologies, as well as using a fiat-to-CBDC payment network.Fourteen central and commercial banks, including Banque de France, the Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS and Wells Fargo, are now collaborating in a testing environment to accelerate the path to full-scale CBDC deployment.In the second experiment, SWIFT demonstrated that its infrastructure could integrate tokenization platforms with different types of cash payments. Working in collaboration with Citi, Clearstream, Northern Trust and SETL, SWIFT explored 70 scenarios simulating the market issuance and secondary market transfers of tokenized bonds, equities and cash. The World Economic Forum estimates the tokenization market could reach $24 trillion by 2027. Regarding the developments, Tom Zschach, chief innovation fficer at SWIFT, said:”Digital currencies and tokens have huge potential to shape how we will pay and invest in the future. But that potential can only be unleashed if the different approaches that are being explored have the ability to connect and work together. We see inclusivity and interoperability as central pillars of the financial ecosystem, and our innovation is a significant step towards unlocking the potential of the digital future.”

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Basel Committee: Banks worldwide reportedly own €9.4 billion in crypto assets

Basel Committee: Banks worldwide reportedly own €9.4 billion in crypto assets

Uverejnil používateľ | okt 4, 2022 |

According to a new study published by the Basel Committee on Banking Supervision, a supranational organization responsible for setting the standards on bank capital, liquidity and funding, 19 out of 182 global banks supervised by the committee reported that theyowned digital assets. Combined, their total exposure to crypto is estimated to be €9.4 billion ($9.38 billion). In context, this represents 0.14% of the total risk-weighted asset composition of the 19 crypto-owning banks surveyed. When taken into account overall, cryptocurrencies only comprise about 0.01% of the total risk-weighted assets of all 182 banks under the Basel Committee’s supervision. Two banks made up more than half of the overall crypto-asset exposures, while four more comprised approximately 40% of the remaining exposures. Out of the 19 banks that submitted crypto data, 10 were from the Americas, seven were from Europe and two were from the rest of the world.Reported digital exposures primarily consisted of Bitcoin (BTC) (31%), Ether (ETH) (22%) and Bitcoin or Ether-related derivates (35%). Other notable mentions were Polkadot (DOT) (2%), XRP (2%), Cardano (ADA) (1%), Solana (SOL) (1%), Litecoin (LTC) (0.4%) and Stellar (XLM) (0.4%). Of digital assets held by banks, 50.2% were for custody, wallet or insurance performance. Another 45.7% were held for clearing and market-making. Finally, an estimated 4.2% of crypto in this category was used for borrowing and lending.The Basel Committee says that the findings should be “interpreted with a degree of caution” due to the difficulty of ascertaining whether some banks have under or over-reported their exposures to crypto assets. Previously, the Basel Committee has recommended that banks limit their exposure to volatile cryptocurrencies to just 1% of their Tier 1 Capital with a 1,250% risk premium. 

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