Autor Cointelegraph By Zhiyuan Sun

Lido co-founder discusses the future of Ethereum at EthCC

Lido co-founder discusses the future of Ethereum at EthCC

Uverejnil používateľ | júl 20, 2022 |

Crypto enthusiasts are finally getting some respite from the ongoing bear market as the price of Ethereum (ETH) has increased 48% before the looming Merge upgrade that transitions the blockchain into one powered by a proof-of-stake consensus. As a result, the future of Ethereum has become one of the highly discussed topics during the annual Ethereum Community Conference, or EthCC in Paris. On Wednesday, Cointelegraph’s events manager Maria A. spoke to Vasily Shapovalov, co-founder of Ethereum liquid-staking solution Lido Finance.As a co-founder of Lido, Shapovalov has a heavy focus on technical developments, including maki the algorithm and designing the protocol for withdrawals after the Merge. Secondary priorities include updating governance protocols and improving algorithms for the selection of validators.When asked about his view on Ethereum’s position in the crypto ecosystem in the next two years, Shapovalov said that the trend is that of growing consolidation and that the new upgrade, which speeds up on-chain transactions, would make certain layer-2 solutions redundant. For Shapovalov, it’s a mix between anxiety and excitement:“The Merge upgrade is like changing the engine on a plane mid-flight. We are overhauling everything from the consensus algorithm to the execution environment. We know some implications of this change on elements like blockchain security, but it’s not guaranteed.Nevertheless, the Lido co-founder expressed his optimism on the upgrade: “A proof-of-stake economy the size of Ethereum now, with a new level of competitiveness, financialization and new investment potential. It’s gonna be very scary indeed, but let’s see what happens.

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Human protocol introduces new blockchain coordination layer for data contribution

Human protocol introduces new blockchain coordination layer for data contribution

Uverejnil používateľ | júl 20, 2022 |

On Thursday, decentralized infrastructure project Human Protocol said it was launching a new blockchain coordination layer to handle routing functionality among third-party vendors to power data contribution on the network. The feature, known as Routing Protocol, sits atop Human to enable the discovery of network generators, fee agreements, consensus job standards, proof of balance, and governance support for network upgrades.The Human protocol started via an on-chain bot blocker called hCaptcha that would reward users for solving CAPTCHAs and gradually became a broader solution for tokenizing contribution. Human expects the community-developed, open-source Routing Protocol to simplify the steps of operating a network entity such as an Exchange Oracle. This stems from Routing Protocol’s ability to coordinate oracles, job exchanges, layer-one integrations for job listings, and workpool operators.As an end goal, the Human network seeks to leverage the peer-to-peer consensus mechanism inherent in blockchain design to resolve automation tasks that cannot be performed without initial human assistance. One example of such a value proposition is in the realm of AI e-commerce marketing. Without an initial “training” data-set, a machine-learning algorithm cannot effectively suggest ads relevant to their shopping behavior to web users.But by using the Human Protocol, network clients can post smart bounties for such consumer reviews and reward users for their input via the HMT token. The development team’s vision is to create a decentralized platform for rewarding data suppliers to those demanding it. It seeks to meet the objective of facilitating direct, globally-mapped connections at the intersection of workers, companies, and machine learning, all at scale.

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Amazon.eth ENS domain owner disregards 1M USDC buyout offer on Opensea

Amazon.eth ENS domain owner disregards 1M USDC buyout offer on Opensea

Uverejnil používateľ | júl 19, 2022 |

On Tuesday, the Ethereum Name Service, or ENS, domain Amazon.eth received an offer for 1 million USDC (a stablecoin pegged to the U.S. dollar) from an anonymous wallet address on OpenSea. The offer to buy the ENS domain went unanswered however, and no transaction took place. This is despite the last sale of the domain name being five months ago for 33 Ether (worth around $100,000 at that time).The expired million-dollar offer for Amazon.eth on OpenSea | Source: OpenSeaIt is unclear at the time of publication whether the owner simply was not informed of the offer, or did not consider it to be near fair value, or if the bidding and domain owner accounts were linked in an attempt to boost the price of the asset (in what is known as a “wash trade”). According to data from Opense, other bid offers for the ENS domain stand at just around $6,200 USDC. The domain name is verified as official by ENS and is owned by anonymous OpenSea user 4761BF.The expired million-dollar offer for Amazon.eth on OpenSea | Source: OpenSeaENS is a blockchain naming protocol that allows users to store avatars and profile images for use across devices and send or receive crypto and nonfungible tokens. To sell a .eth domain on OpenSea, users would first need to connect their wallet and register an address at manager.ens.domains then list it on their OpenSea account.While many crypto enthusiasts took up interesting or creative names for the ENS service, others have embarked on the practice of domain-flipping. That is, registering ENS domains containing names of prominent entities beforehand and then later demanding a high price for the domain should the said entity wishes to enter the Web 3.0 space later on.Since its inception in 2017, there have been over 1.67 million .eth domain registrations across approximately 482,000 owners. More than 154,100 registrations were made recentl between July 5 to July 18, partly due to lower gas fees and continued interest from entities seeking to enter the Web 3.0 space. To date, the ENS collection on OpenSea has witnessed approximately 46,200 ETH ($71.5 million) in cumulative transaction volume. 

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3AC allegedly liable for $2.8B in creditor claims

3AC allegedly liable for $2.8B in creditor claims

Uverejnil používateľ | júl 19, 2022 |

According to Twitter user @DrSoldmanGachs, a self-proclaimed creditor of troubled Singaporean crypto hedge fund Three Arrows Capital (3AC), the now-defunct entity allegedly owes $2.8 billion in claims, as discovered through a recent 3AC creditors meeting. In addition, the claim amount could be understated, as many have either not made their claim or have not disclosed their claim amounts for reasons of confidentiality.As told by DrSoldmanGachs, the meeting voted to elect a creditor committee comprising Digital Currency Group, Voyager Digital, Blockchain Access Matrix Port Technologies and CoinList Lend. These five parties above represent approximately 80% of the current level of claims.3AC assets are believed to be comprised of bank account balances, direct crypto holdings, underlying equity in projects and nonfungible tokens. At the time of publication, it is unclear how much in the fund’s equity remains. Last year, the hedge fund reportedly held $6 billion in assets and $3 billion in liabilities.Via a series of highly-leveraged bullish directional bets with borrowed money from major crypto institutions, 3AC became insolvent amid the ongoing cryptocurrency bear market. Its founders allegedly fled and defaulted on loan payments that were left behind, leading to a major contagion among centralized finance firms tha lent money to 3AC.Both of 3AC’s co-founders, Su Zhu and Kyle Davies, could not be located after the fund’s blowup. Ironically, Su Zhu is allegedly claiming $5 million from 3AC, while Chen Kaili Kelly, wife of Kyle Davies, is allegedly claiming $66 million. However, such claims are reportedly quasi-equity and subordinate to the distribution of leftover assets, if any, to creditors.To get you up to speed:After making a series of large directional trades (GBTC, LUNA, stETH) and borrowing from 20+ large institutions, Three Arrows Capital (3ac) went bust.Then the founders ran, and the loan defaults have lead to mass contagion in crypto.— Jack Niewold (@JackNiewold) July 18, 2022

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More than 2.6 million users signed up for the City of Shenzhen's digital yuan airdrop

More than 2.6 million users signed up for the City of Shenzhen's digital yuan airdrop

Uverejnil používateľ | júl 14, 2022 |

According to data obtained from local news outlet Sohu.com, the Shenzhen Chamber of Commerce has recorded over 2.6 million signups for its latest digital yuan, or e-CNY, airdrop. Two months prior, the City of Shenzhen announced that it would be airdropping 30 million of the e-CNY central bank digital currency, or CBDC, to local residents to stimulate consumer spending as a recovery measure to the country’s strict coronavirus lockdown. Users who received the airdrops through a randomized lottery selection could then spend the e-CNY vouchers at various participating merchants’ terminals on Meituan, one of China’s leading e-commerce platforms. The event, which ran from May 30 to June 19, attracted more than 67,000 merchants.Similarly, on Wednesday, the City of Fuzhou announced that it would be airdropping 20 million e-CNY to local residents. Users who passed through Know Your Customer identification and have a local number could then log in to the “e-Fuzhou” city app and enter a lottery draw for 100 e-CNY per airdrop. The airdropped digital yuan is dispensable at over 9,000 merchants around the city. China’s CBDC efforts have gained momentum since the beginning of the year, with the country’s central bank planning to expand the number of e-CNY test sites to 23, up from 11. In the City of Tianjin, it is now possible to take out a loan denominated in e-CNY as well as pay for metro tickets using digital currency. Between April 2, when the e-CNY was introduced to Tianjin, and Sunday, local residents made approximately 1.86 million e-CNY transactions, amounting to 290 million CNY across close to 39,000 vendors. 

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