Značka: MATIC

Ethereum EIP-1559 upgrade launches on Polygon to burn MATIC

The Ethereum upgrade that introduced a partial network fee burning mechanism in August last year has launched on the layer-two scaling network Polygon. Ethereum’s EIP-1559 upgrade shipped with its London hard fork last summer and has been a success in terms of gas price predictability and network fee burning. The upgrade has now launched on the layer-two scaling network Polygon in an effort to improve “fee visibility”. It went live about an hour ago at block 23850000.The Polygon team announced the upgrade date on Jan. 17, following its successful deployment on the Mumbai testnet. The EIP-1559 upgrade introduces the same fee-burning mechanism to Polygon resulting in the destruction of MATIC tokens. It also removes the first-price auction method for calculating network fees which leads to better cost estimations but goes not reduce gas prices.“The burning is a two-step affair that starts on the Polygon network and completes on the Ethereum network.”The team stated that, just like Ethereum, the supply of MATIC is likely to become deflationary with 0.27% of the total supply being burnt every year according to estimations. There is a fixed supply of 10 billion MATIC tokens with 6.8 billion currently in circulation.“Deflationary pressure will benefit both validators and delegators because their rewards for processing transactions are denominated in MATIC,” it added before stating that the upgrade would also reduce spam and network congestion.Despite being a layer-two network, Polygon has suffered from its own gas crisis recently. Earlier this month, Polygon gas fees skyrocketed according to Dune Analytics resulting in some validators failing to submit blocks. The surge in demand was due to a DeFi yield farming game called Sunflower Land which rewarded early adopters before the degens lost interest. Related: Here’s how Polygon is challenging the limitations of EthereumSince going live on Ethereum around six months ago, the upgrade has resulted in the burning of 1.54 million ETH to date according to the burn tracker. At current ETH prices, this works out at around $5 billion. The tracker also predicts that Ethereum issuance will become deflationary by -2.5% per year once “the merge” happens and proof-of-stake becomes the primary consensus mechanism for the network.MATIC prices have dumped 9% on the day in a fall to $2.22 at the time of writing according to CoinGecko.

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Zero-knowledge scaling tech Plonky goes live on Polygon

On Monday, Polygon (MATIC), a layer two Ethereum (ETH) scaling solution known for its fast transaction times and negligible gas fees, announced the launch of Plonky2, a zero-knowledge scaling technology claimed to be the fastest in the world. Zero-knowledge algorithms ensure everything is correctly computed on layer two and return the succinct proof to Ethereum without sending the entire data. Instead of every miner, or staker, verifying every posted transaction, zero-knowledge allows the verification of simplified rolled-up proofs, thereby significantly speeding up the overall network.1/2 We are proud to announce Plonky2, the world’s fastest ZK scaling tech! Plonky2 is a recursive SNARK that is ~100x faster than existing alternatives! Furthermore, it is Ethereum compatible (it can prove Ethereum transactions and proofs can be verified on Ethereum). https://t.co/al62Wl2xpm— Mihailo Bjelic (@MihailoBjelic) January 11, 2022As told by Polygon, recursive zero-knowledge proofs were largely theoretical in 2014. By 2019, it took about 120 seconds to generate them. In 2020, that number fell to 60 seconds. This year, Plonky2 is set to allow such proofs to be generated in just 0.17 seconds. The network’s developers allege that it is 100x faster than existing alternatives.Such class of algorithms could potentially enable horizontal or linear scaling of blockchains in the future. Nodes do not need to store the history of the blockchain’s transactions to be up and running, thereby increasing the network’s capacity with each one added.Polygon has committed $1 billion to the development of zero-knowledge technologies. In August, Polygon merged with the zero-knowledge blockchain Hermez network for $250 million worth of MATIC tokens. In December, it announced the allocation of up to 250 million MATIC tokens to a deal with cryptography startup Mir. That firm specializes in the PLONK and Halo subcategories of zero-knowledge algorithms, with the latter not needing a trusted setup at all for the verification of proofs.

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Polygon upgrade quietly fixes bug that put $24B of MATIC at risk

Ethereum-based layer two scaling network Polygon has quietly fixed a vulnerability that put almost $24 billion worth of its native token MATIC at risk. According to a Dec. 29 blog post from Polygon, the “critical” vulnerability in the network’s Proof-of-Stake (PoS) Genesis contract was first highlighted by two whitehat hackers on Dec. 3 and Dec. 4 via blockchain security and bug bounty hosting platform Immunefi.All you need to know about the recent Polygon network update.✅A security partner discovered a vulnerability✅Fix was immediately introduced✅Validators upgraded the network✅No material harm to the protocol/end-users✅White hats were paid a bounty https://t.co/oyDkvohg33— Polygon | $MATIC (@0xPolygon) December 29, 2021The vulnerability put more than 9.27 billion MATIC at risk that is valued at around $23.6 billion at the time of writing, with the figure representing the vast majority of the token’s total supply of 10 billion. Polygon noted that the bug was resolved at Block #22156660 via an “Emergency Bor Upgrade” to the Mainnet on Dec. 5 at around 7:27 am UTC. The network noted that a “malicious hacker” managed to steal 801,601 MATIC ($2.04 million) before the bug was resolved. The blog post said:“The Polygon core team engaged with the group and Immunefi’s expert team and immediately introduced a fix. The validator and full node communities were notified, and they rallied behind the core devs to upgrade 80% of the network within 24 hours without stoppage.”Polygon stated that the issue was fixed behind closed doors as it follows the “silent patches” policy introduced by the Go Ethereum (Geth) team in November 2020. Under the guidelines, projects or developers report on key bug fixes 4-8 weeks after they go live to avoid the risk of being exploited at the time of patching. According to Immunefi, Whitehat hacker “Leon Spacewalker” was the first to report on the security hole on Dec. 3 and will be rewarded with $2.2 million worth of stablecoins for their efforts, while the second unnamed hacker, referred to as “Whitehat2” will receive 500,000 MATIC ($1.27 million) from Polygon.Related: Here’s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep NailwalPolygon’s co-founder Jaynti Kanani emphasized the network’s ability to promptly resolve the critical bug, noting in the blog post that: “What’s important is that this was a test of our network’s resilience as well as our ability to act decisively under pressure. Considering how much was at stake, I believe our team has made the best decisions possible given the circumstances.”According to data from Coingecko, MATIC is priced at $2.45 and is up 35.1% over the past 30 days despite the current downturn across major crypto assets this month.

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Here's how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal

Polygon (MATIC), a layer-two network designed for scaling and application infrastructure development on Ethereum (ETH), has been making the rounds among blockchain enthusiasts as of late. From its $1 billion investment into zero-knowledge technology to co-launching a $200 million Web 3.0 social media initiative up to integrating with Opera’s web browser to make its decentralized apps accessible to 80 million Android mobile users, the network’s momentum is going strong. But partnerships and business aside, the technological capacities of the network, especially when compared to Ethereum, are also attracting the attention of many blockchain developers. In an exclusive interview with Cointelegraph, Polygon co-founder Sandeep Nailwal talked about the extent of the network’s adoption.Cointelegraph: What are the current gas prices and transaction speeds for Polygon? And how does that compare to Ethereum?Sandeep Nailwal (SN): From the Polygon Scan Explorer, you can see that the average block time is around 2.3 seconds. As for Ethereum, that is 15 seconds. And then the gas fees, you can see 0.001 MATIC tokens; this is a point fraction of a penny.CT: Have there been any notable nonfungible token (NFT) drops on the Polygon network recently?SN: None of them have become like CryptoPunks or anything, but I think Polygon’s biggest kind of support is from the gaming companies […] They all added to NFT. If you go to market, talk to any random 10 different gaming teams, they will tell you six to seven are building on Polygon.But the notable drops on NFT, the biggest, have been Dolce and Gabbana, the brand. They made a $7 million sale recently. There are other big luxury premium watch brands, and these guys are coming in. Apart from that […] Elon Musk minted an NFT. Jack Dorsey minted NFT of his first-ever tweet, and […] Mark Cuban — all those were on Polygon networks only.#NFT sales have seen astronomical growth since 2020.2020 total sales: $340 million2021 total sales: $9 billion (so far)Let’s see what happens in 2022, with NFTs in sports, gaming, and #metaverses now gaining traction. https://t.co/VDD8v2YwVo via @cointelegraph— Waz (@DaveWaslen) November 30, 2021CT: What are some popular decentralized apps built on the Polygon blockchain? And what does their total value locked (TVL) look like?SN: Polygon is now used by all the decentralized finance applications in Ethereum. The only one remaining was Uniswap. And the community signaled a week back that they are also launching on Polygon now. So as for the popular DApps, I would say Uniswap, Aave, Decentraland, etc. I think the TVL across the bridges is around $5 billion or $6 billion.CT: What is your objective for investing in zero-knowledge technology?SN: We had committed $1 billion for zero-knowledge technology, which we believe is the holy grail of blockchain scaling. And privacy is the second element — that’s one thing where everybody gets confused. So you use ZK to verify computations back on Ethereum without sending back the entire data. Instead, you simply provide proof that everything was correctly computed on layer two and put a […] succinct proof back to Ethereum.CT: In your opinion, would further Ethereum upgrades empower the network’s capacity to match that of layer-two solutions?SN: Even if 2.0 comes in here, that will not provide enough scalability. Next year, the proof-of-stake [PoS] upgrade will keep everything the same; like Ethereum has 13 transactions per second [TPS] right now, maybe it will go to 20 TPS [after PoS], but not more than that. So that does not add anything to scalability. And let’s say in three to five years, even if the sharding comes, we’ll have a projection of 64 shards. And with each acting at 20 transactions per second, but that’s still 1,280 transactions per second overall, right? That’s still not enough for the entire world.Related: Uniswap v3 contracts deployment on Polygon approved with 99.3% consensusCT: What does Polygon’s adoption currently look like?SN: There are 3,000 plus active development teams on it. This was posted by Alchemy some time back. It should actually be up to 5,000. The daily active users on Polygon have become 50% more than Ethereum, and with gaming NFTs, we are seeing so much happening on Polygon. 

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Reddit co-founder and Polygon launch $200M Web 3.0 social media initiative

On Friday, Polygon and Alexis Ohanian’s venture capital firm, Seven Seven Six, announced a $200 million initiative backing projects operating at the intersection of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms built on Polygon’s infrastructure. Ohanian co-founded Reddit in 2005, left in 2010 and returned as executive chairman in 2014 to lead a turnaround before resigning in 2020. He has been a seed investor in several prominent tech and blockchain firms such as Coinbase, Instacart, Sky Mavis — the developer of Axie Infinity — and Patreon.As an Ethereum scaling solution, Polygon’s ecosystem has expanded rapidly this year, with over 3,000 decentralized applications built on its network. Earlier this month, Polygon announced it was dedicating up to 250 million MATIC tokens, valued at $627.5 million at the time, to develop zero-knowledge technologies intended for complex decentralized finance applications. Protocol launches and cross-chain migrations have been the biggest drivers of its token price growth for much of this year.Related: Polygon launches a zk-STARK scaling solution for DApp deploymentPolygon co-founder Sandeep Nailwal described social media business models as having a “profound impact on our world,” especially in light of Web 3.0, which is a broad concept that refers to the next generation of the internet. Through Web 3.0, “Users create the value, control the network and reap the rewards,” he said.The Polygon partnership isn’t Ohanian’s first foray into Web 3.0 development. As Cointelegraph reported, the Reddit co-founder teamed up with Solana Ventures in November to raise $100 million for various Web 3.0 initiatives.

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5 times quickfire crypto traders bought the news for double (or triple) digit profits

Why do crypto traders “buy the rumor, sell the news”?Simple. Because whispers of exchange listings or big-name partnerships reach very few people… while an article in Cointelegraph can reach hundreds of thousands of crypto enthusiasts in seconds. While insiders are quietly amassing tokens on rumors, the rest of us are completely ignorant of what may be coming.But with rumors, there are no guarantees. Which can lead to disappointment and serious loss of investment for those traders who gamble that they’re true… and end up wrong.So how can you possibly compete with thousands of other market participants when important news actually breaks? You’d have to be one of the very first to know in order to catch the price before it spikes.Look at the examples below — the time between a closely-guarded announcement and a massive price spike of 144% can be just a few minutes!NewsQuakes™ on the Cointelegraph Markets Pro data intelligence platform allow you to completely outsource monitoring the crypto news space to AI. The machine learning algorithm automatically combs through thousands of relevant sources and instantly alerts members via mobile notifications when potential market-moving events are detected.NewsQuake™ announcements are snapped from primary sources such as exchange websites, Medium posts, or projects’ Twitter accounts, meaning that traders don’t have to wait for the media or their favorite influencers to turn raw information into a story.Extensive research has identified three types of news — exchange listings, staking, and partnership announcements — that are most likely to spark strong rallies.Here are  5 stories that alerted traders to massive profit opportunities in 2021… and a few dramatic illustrations of how NewsQuakes™ tipped off Markets Pro members.WAX (WAXP): +144% in 2 hoursWAXP price following Cointelegraph Markets Pro NewsQuake™Exchange listings reliably boost crypto prices, especially when it is a small or medium-cap coin being listed on a major exchange.On Aug. 23, before the news of WAXP’s listing on Binance came in, the token was trading at 18 cents. In two hours from the announcement, WAX’s price soared to reach 44 cents. In this situation, getting the news quickly was key. As can be seen in the chart, the NewsQuake™ alert (red circle) came in just before WAX’s price exploded.Decentraland (MANA): 111% in 96 hoursMANA price following Cointelegraph Markets Pro NewsQuake™It is now hard to believe that in March 2021, long before Facebook’s rebranding into Meta and the associated hype around the group of assets now widely known as metaverse tokens, MANA was trading at just $0.55. On March 12, the announcement of OKEx enabling margin trading for the asset got crypto investors stoked, and sparked a long rally that saw MANA go from $0.55 to $1.16 over the next four days. The earlier traders were in buying the NewsQuake™, the more profit they could have secured for themselves…Polygon (MATIC): +90% in 50 hoursMATIC price following Cointelegraph Markets Pro NewsQuake™On Feb. 23, in the middle of a cool-off that followed the first leg of the week’s big rally, the announcement of MATIC’s debut on Binance Staking gave the asset a powerful second wind. (The red circle indicates the Markets Pro NewsQuake™.) The resulting hike propelled the coin from $0.11 to its then-all-time high at over $0.21, an increase of 90%. Today, this can seem minor in the light of the token’s year-to-year return on investment of more than 11,000%, but on that day, traders were surely content with MATIC’s price “only” nearly doubling.VeChain (VET): +46% in 52 hoursVET price following Cointelegraph Markets Pro NewsQuake™A great example of impactful partnership news is VeChain’s announcement of its collaboration with the accounting firm PricewaterhouseCoopers that came up on Apr. 12. It was not a huge surprise that the news of the enterprise-oriented blockchain project getting access to the client base of one of the Big Four firms pushed the token’s price 46% up over the fours of two days.In this case, the NewsQuake™ from Markets Pro arrived significantly before the major rally.Amp (AMP): +42% in one hourAMP price following Cointelegraph Markets Pro NewsQuake™On Nov. 23, a post on Binance’s Twitter account announced that digital collateral token AMP was slated to be listed on the exchange platform. Markets Pro users received their near-instant NewsQuake™ alerts within seconds. It was a very clean breakout: Apparently, no-one front-ran the news, and the token’s price soared immediately following the public announcement, shooting up almost vertically from $0.050 to $0.071 in just an hour – a gain of 42%.Timing was key here, and those Cointelegraph Markets Pro members who got the news early thanks to the NewsQuake™ alert found themselves ahead of the pack.Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

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