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Optimism successfully completes ‘Bedrock’ hard fork, reducing deposit times, layer-1 fees The Optimism network concluded its “Bedrock” upgrade on June 7, reducing deposit times, lowering layer-1 fees and enacting additional security features, according to an announcement from network developer OP Labs. The upgrade is part of a series of reforms the developer says will help create a “Superchain” of scaleable Web3 networks based on Optimism’s OP Stack software. OP Mainnet’s migration to Bedrock has concluded and the Bedrock sequencer has started up. Key external OP Mainnet infrastructure is starting to come back online. You can track infrastructure status here:https://t.co/XTtaArdI03 — Optimism (_) (@optimismFND) June 6, 2023 In a conversation with Cointelegraph, OP Labs CEO Karl Floersch stated that Bedrock implements multiple gas optimizations the team discovered, reducing the network’s data availability fees on Ethereum by 40%. These reductions are passed on to the user in the form of lower gas fees on Optimism. In addition, the upgrade allows the network to recognize chain reorganizations (reorgs) on Ethereum, reflecting these reorgs in the user’s Optimism balance. This allows deposit times to be reduced to one minute. Previously, deposits from Ethereum to Optimism took an average of 10 minutes due to the need to gain finality on L1. Bedrock also implements a two-step withdrawal process to help prevent bridge exploits. Related: Hundred Finance loses $7 million in Optimism hack In addition to these immediate changes, the new upgrade paves the way for further development of the OP Stack in the future, with the ultimate goal of building a multi-network “Superchain,” Floersch stated. It features “modular proof systems” that allow developers to create and customize their own blockchain networks. And the software’s validator component, called “op-geth,” has less than 1,000 lines of code that differ from Ethereum’s version, potentially making it easy for validators to switch to. On Feb. 23, Coinbase’s Base network announced that it will become part of the Superchain as well. On May 24, it laid out a roadmap detailing its plans for mainnet launch. Source: Cointelegraph.com The post Optimism successfully completes ‘Bedrock’ hard fork, reducing deposit times, layer-1 fees appeared first on Crypto Breaking News.

New Post: Cronos joins the zkSync hyper-chain network on the Ethereum - Crypto.com supports Cronos Chain, and the L1 network is now going live on the zkSync hyperchain network. The development takes the network live on Ethereum to embrace ZK Stack. Cronos zkEVM testnet comes with a DeFi TVL of $350 million. It has been defined as a significant scalability milestone. The overall objective is to boost mass adoption. The association entails a total of three benefits. These include access to the Ethereum ecosystem, free flow of liquidity along with users, and liberty to customize the solution. To begin with, the ecosystem’s free flow, users, and liquidity will be empowered to exchange information and transfer value via Cronos. What facilitates this advantage is the fact that hyperchains are interconnected through hyperbridges. Hence, a free flow of users and liquidity enters into the picture. Ethereum’s ecosystem comprises a wider base of users along with decentralized applications, often denoted by the acronym dApps. With this development, Cronos complements the construction of a hyperchain for speedy, secured, and cost-effective access to the ecosystem of Ethereum. A slight optimism has been fueled within the Ether holders. The price of Ethereum is up 14.67% in the last month to trade at $2,280.84. Based on recent sentiment and Ethereum predictions, ETH is forecasted to skyrocket in the upcoming years.   The customization aspect is rolled out by keeping the code free from rights that would otherwise restrict contributions. The chain can, therefore, be shaped and modified as per the preference. This includes gaining the ability to alter the native gas token – CRO. Every member of the community has started to pitch in their thoughts. Most are bullish about the future, stating that the development is a win for hyperchains. Others have called zkSync a market leader and a significant milestone in defining the possibility of expanding the use of cryptos in the coming days. Cronos has most recently implemented a network update that activates dynamic transaction fees. It changes with the volume of transactions, helping apps perform at their best and serve the community’s interest. Per the last report, all participating dApps function correctly, and the network is stable. Block production is at its best capability, and nearly 25% of them are complete. This means the chain can withstand any sudden surge the network may experience. zkSync recently welcomed Chainlink Price Feeds to the zkSync Era. This gives their developers access to high-quality and reliable data feeds sourced from different points via effective and efficient Oracle services. The integration aligns with the mission of zkSync to become the most economical rollup for Oracle updates. Crono embracing ZK Stack is a move toward achieving mass adoption of crypto. The global market cap of the segment is lagging at $1.62 trillion, with a drop of 0.07% at the time of drafting this arti

Nunchuck's Collaborative Bitcoin Custody Platform Enters Beta https://ift.tt/3gFc1ZV Bitcoin software wallet maker Nunchuck has introduced Byzantine, their innovative collaborative custody platform tailored specifically for Bitcoin advisors. Byzantine’s unique offering lies in its ability to effortlessly craft multi-user multisig wallets. This feature paves the way for seamless collaboration between advisors and their clients. While the client enjoys complete control over their bitcoin, the advisor holds a backup key, striking a perfect balance between security and autonomy. This harmony between user agency and safety is a testament to Byzantine's value proposition. Byzantine also brings to the table a suite of features for collaboration, optimal wallet, and key management. What's even more noteworthy is the platform's emphasis on long-term inheritance planning, ensuring clients have an edge in future-proofing their assets. "Collaborative custody […] offers education, technical guidance, and long-term security, including solving inheritance challenges. It is our belief that collaborative custody holds the key to unlocking Bitcoin's true potential," said Hugo Nguyen, Nunchuk founder and CEO. "We're thrilled to introduce the Byzantine platform to advisors worldwide, empowering them to bring millions of people into the Bitcoin ecosystem." Security has always been the cornerstone of Bitcoin transactions, and Byzantine embodies this ethos. Prioritizing the utmost safety of digital assets, it uses cold storage exclusively for keys. To enhance this security, the platform is compatible with a broad spectrum of hardware signing devices, from Coldcard and Tapsigner to Jade, Ledger, and Trezor. Nunchuck's decision to write its software natively further optimizes this security, minimizing potential attack avenues and offering both desktop and mobile avenues for access. In our digital age, privacy often finds itself in the crosshairs, making Byzantine's robust commitment to it all the more commendable. By requesting only an email address from its users, it ensures that clients' personal information is safeguarded. For the trailblazers eager to make their mark in Bitcoin advisory, Byzantine’s exclusive Early Access presents a golden opportunity. This initiative allows advisors to be pioneers, staying ahead of the competition and tapping into the platform's offerings even before the masses. Interested individuals can apply directly through the company’s website. via Bitcoin Magazine - Bitcoin News, Articles and Expert Insights https://ift.tt/eqL09iR September 12, 2023 at 08:21PM

Nunchuck's Collaborative Bitcoin Custody Platform Enters Beta https://ift.tt/3gFc1ZV Bitcoin software wallet maker Nunchuck has introduced Byzantine, their innovative collaborative custody platform tailored specifically for Bitcoin advisors. Byzantine’s unique offering lies in its ability to effortlessly craft multi-user multisig wallets. This feature paves the way for seamless collaboration between advisors and their clients. While the client enjoys complete control over their bitcoin, the advisor holds a backup key, striking a perfect balance between security and autonomy. This harmony between user agency and safety is a testament to Byzantine's value proposition. Byzantine also brings to the table a suite of features for collaboration, optimal wallet, and key management. What's even more noteworthy is the platform's emphasis on long-term inheritance planning, ensuring clients have an edge in future-proofing their assets. "Collaborative custody […] offers education, technical guidance, and long-term security, including solving inheritance challenges. It is our belief that collaborative custody holds the key to unlocking Bitcoin's true potential," said Hugo Nguyen, Nunchuk founder and CEO. "We're thrilled to introduce the Byzantine platform to advisors worldwide, empowering them to bring millions of people into the Bitcoin ecosystem." Security has always been the cornerstone of Bitcoin transactions, and Byzantine embodies this ethos. Prioritizing the utmost safety of digital assets, it uses cold storage exclusively for keys. To enhance this security, the platform is compatible with a broad spectrum of hardware signing devices, from Coldcard and Tapsigner to Jade, Ledger, and Trezor. Nunchuck's decision to write its software natively further optimizes this security, minimizing potential attack avenues and offering both desktop and mobile avenues for access. In our digital age, privacy often finds itself in the crosshairs, making Byzantine's robust commitment to it all the more commendable. By requesting only an email address from its users, it ensures that clients' personal information is safeguarded. For the trailblazers eager to make their mark in Bitcoin advisory, Byzantine’s exclusive Early Access presents a golden opportunity. This initiative allows advisors to be pioneers, staying ahead of the competition and tapping into the platform's offerings even before the masses. Interested individuals can apply directly through the company’s website. via Bitcoin Magazine - Bitcoin News, Articles and Expert Insights https://ift.tt/eqL09iR September 12, 2023 at 08:21PM

Everyday, "scaling" buzzes across my LinkedIn feed and invitations to connect to "scale your team". In the vast world of finance and tech, scaling is often generalized. However, diving deeper into my world of Web3, scaling rudimentarily means pushing throughput into a highly secure and decentralized infrastructure. Many applications in Web3 have yet to see high adoption and product-market fit, the question arises: Are we just expanding, or are we setting the stage for something monumental? A perfect illustration is the much-discussed Ethereum 2.0 upgrade. Transitioning from Proof of Work to Proof of Stake wasn't merely a technical switch; it represented a fundamental shift in how blockchain operates and how users can engage. Now, let's delve into a product-market fit, particularly around financial products. Staking is an example in Ethereum 2.0 that’s a tangible method allowing retail and institutional parties alike to participate in securing a "finance and tech" ecosystem while being rewarded by an inflationary yield. It’s akin to having your money work for you, but in a decentralized, cryptographic environment. To the traditional finance enthusiast, this concept isn’t alien. Remember the allure of fixed-income instruments? Staking in the crypto space can be viewed in a similar light – a method to earn predictable returns, but with another facet around securing a blockchain's immutable nature. Yet, challenges remain. As promising as staking sounds, especially with Ethereum 2.0’s upgrade, how prepared are we for institutional adoption? With giants like Blackrock, Fidelity, and Invesco showing heightened interest with their recent Bitcoin spot ETF application filings, are we ready infrastructure-wise when they press on to open up Ethereum spot ETFs to their clientele?  Can the current system withstand the tidal wave of institutional demands while ensuring security, efficiency, and transparency? To my fellow colleagues, how do you see this unfolding? There’s no denying the momentum building up, but the path to scaling for institutional adoption is uncharted territory. What measures should be in place to ensure the infrastructural fortitude we need? Web3 infrastructure could mean not only cloud infrastructure, but also means infrastructure required to onboard institutions that are highly regulated with corporate and tax compliance in mind, plus local jurisdiction requirements. The dance between Web3 infrastructure scaling and institutional adoption is intricate. When trillions of dollars begin pouring into Web3 via institutions, the promise is vast, and the potential rewards immense in Web3. As we push boundaries, it’s essential to ensure our foundation is robust. As we stand on the cusp of a financial revolution, I invite you all to share your insights, for in collective wisdom, we’ll find the best path forward. Related Article: SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for Review - https://lnkd.in/gU3_tgcB

With history as our guide, crypto (public blockchains and protocols) can be viewed as the latest expression of the open-source technology movement — which began decades ago. A quick overview:   1950s: The transistor — a new open standard — collapsed the production cost of electronics by replacing expensive vacuum tubes with smaller, cheaper, and more reliable switches. As barriers to entry dropped, entrepreneurs rushed in. Computer hardware began to proliferate. The industry eventually consolidated around IBM and mainframe systems.   1970s: The microprocessor — a new open standard — collapsed the production cost of computer hardware by replacing inefficient CPU systems with a general-purpose processor that was easy to mass produce. Entrepreneurs rushed in, and a new era in computer hardware was born, creating economies of scale.    1990s: Cheaper computers attracted more users, creating the demand for software services. The market consolidated around Microsoft and the Windows Operating System.   2000s: The introduction of new open standards for computer software (HTTP, Linux, etc.) in the 90s eventually challenged Microsoft’s incumbent position. With open standards for both computer hardware and software now in place, we saw exponential growth via the democratization of information and an epic boom/bust period in the late 90s/early 2000s as the internet emerged.  2010s: As economic value creation moved away from the software layer, data networks became the next monetization opportunity. Firms such as Google, Facebook, Amazon, Apple, etc. are today’s incumbents controlling a vast majority of economic activity on the internet via closed and proprietary data networks.      2020s: Public blockchains — a new open standard — introduce credibly neutral shared databases & accounting ledgers. Similar to the efficiencies brought forth by open standards for hardware and software, public blockchains are collapsing the production costs of data/compute networks and verifiable trust. In doing so, they introduce the concept of digital property rights and universal accounting systems.   As with past open standards, lower costs remove barriers to entry — and create a frenzy of economic activity. -----   In summary, the cycles tend to cover three distinct stages:   1.    Decentralization (creation and universal acceptance of a new open standard).   2.    Expansion (due to lack of barriers to entry & new business models).   3.    Consolidation (due to consumer preferences & network effects) ---- We covered these topics and much more in The Ethereum Investment Framework (including every key data point from network inception thanks to Token Terminal). If you're interested in downloading a free copy, see the first comment. h/t Placeholder  

New Post: The great renaming: what happened to Eth2? - Ethereum is a protocol undergoing significant changes. Client teams are upgrading the protocol to scale to meet global demand while improving security and decentralization. Beyond protocol development, a critical shift in Ethereum has been the movement away from ‘Eth1’ and ‘Eth2’ terminology. As of late 2021, core developers stopped using the terminology, preferring ‘execution layer’ and ‘consensus layer’, respectively. Today, as highlighted in our Q1 roadmap, ethereum.org makes the same shift. Eth1 → execution layerEth2 → consensus layerExecution layer + consensus layer = Ethereum Let’s explore why. Tl;dr; The terms Eth1 and Eth2 (Ethereum 2.0) are being phased outExecution layer (Eth1) and consensus layer (Eth2) are the new terminologiesThe roadmap to scale Ethereum in a decentralized way remains the sameYou don’t need to do anything Where did Ethereum 2.0 come from? Ethereum always had, as part of its roadmap, plans to scale the network in a decentralized way and to transition to proof-of-stake. Early on, researchers worked on these efforts separately, but around 2018 they were combined into a single roadmap under the “Ethereum 2.0” umbrella. As part of that roadmap, the existing proof-of-work chain (Eth1) would eventually be deprecated via the difficulty bomb. Users & applications would migrate to a new, proof-of-stake Ethereum chain, known as Eth2. The article The Roadmap to Serenity by ConsenSys explains how things stood as of early 2019. What changed? As work began on the Beacon Chain, it became clear that the phased Ethereum 2.0 roadmap would take several years to deliver fully. This led to a revival of research initiatives on the proof-of-work chain such as Stateless Ethereum, a paradigm that would remove the untouched state from the network to bound its growth rate. The increased focus on making the proof-of-work chain long-term sustainable paired with the realization that the Beacon Chain would be ready much earlier than other components of the Ethereum 2.0 roadmap led to an "Early Merge" proposal. This proposal would launch the existing EVM chain as "Shard 0" of the Ethereum 2.0 system. Not only would this expedite the move to proof-of-stake, but it would also make for a much smoother transition for applications, as the move to proof-of-stake could happen without any migration on their end. Shortly after this proposal, Danny Ryan explored how we could accomplish this by leveraging the existing Eth1 clients in his Eth1+Eth2 client relationship post. This would massively reduce the development work required to deliver a post-merge system and leverage existing clients, which had been battle-tested for years on Mainnet. Around the same time, research on rollups as a viable and secure way to scale Ethereum proved promising. Instead of waiting on a complex, uncertain scaling solution years away, we could shift the focus towards scali

WEBFI: Security Concerns Prompt Bitcoin Core Developer to Leave Lightning Network - Source: AdobeStock / 24K-ProductionAntoine Riard, a security researcher and developer, has announced his departure from the Lightning Network's development team, citing security issues and challenges that pose a threat to the Bitcoin \(BTC\) ecosystem. In a discussion on the Linux Foundation's public mailing list, Riard expressed concerns about a new class of replacement cycling attacks, which have put the Lightning Network in a dangerous position.The Lightning Network is a second-layer solution built on top of the Bitcoin blockchain, intended to enhance scalability and transaction efficiency. It enables off-chain, peer-to-peer transactions by allowing users to open payment channels, conduct multiple transactions off-chain, and settle the final result on the Bitcoin blockchain. However, the replacement cycling attack specifically targets these payment channels, exploiting inconsistencies between individual mempools to steal funds from participants."I think this new class of replacement cycling attacks puts lightning in a very perilous position, where only a sustainable fix can happen at the base-layer, e.g adding a memory-intensive history of all-seen transactions or some consensus upgrade," he wrote. "Deployed mitigations are worth something in face of simple attacks, though I don’t think they’re stopping advanced attackers as said in the first full disclosure mail."Riard Asks For Urgent FixRiard emphasized the urgent need for a sustainable fix, possibly at the base-layer, such as adding a memory-intensive transaction history or implementing a consensus upgrade. He acknowledged that addressing this issue might require changes to the underlying Bitcoin network, which would necessitate transparency and the support of the entire community. This implies alterations to the processing requirements of full-nodes or the security architecture of the decentralized Bitcoin ecosystem as a whole.Developers of the Lightning Network have been grappling with various challenges, including criticisms regarding the network's complexity and its impact on user experience. Despite gaining popularity since its launch in 2018, with a total value locked of $159.5 million at the time of writing, according to DefiLlama, the Lightning Network's adoption remains modest compared to Bitcoin's substantial $587 billion market capitalization.Riard said he aims to shift his focus towards Bitcoin core development, but he cautioned about the forthcoming challenges faced by the broader cryptocurrency ecosystem. "On the other hand fully explaining why such changes would be warranted for the sake of lightning and for designing them well, we might need to lay out in complete state practical and critical attacks on a ~5 355 public BTC ecosystem."He added that this poses a difficult dilemma that highli

Navigating through the fast-paced world of technology and finance is challenging. Here to make it easier with key developments from the past week that I believe are worth noting. Weekly Recap: Highlights at a Glance 🔗Mastercard Launches Crypto Transaction Service Mastercard has officially launched its Crypto Credential service, allowing users to send and receive cryptocurrency using simplified aliases instead of complex blockchain addresses 💸Gemini Creditors Being Paid Back in Full Gemini creditors are being paid back in full, allowing all Earn users to receive 100% of their digital assets back. This settlement amounts to over $1.8 billion in value 🏢 Semler Scientific Adopts Bitcoin Treasury Strategy Semler Scientific has adopted the Bitcoin treasury strategy, purchasing 581 bitcoins for approximately $40 million. This strategic move underscores the growing acceptance of Bitcoin as a valuable asset 📈 Nvidia 10:1 Stock Split Nvidia has announced a 10:1 stock split, effective June 7, 2024. This move aims to make Nvidia's stock more accessible to a broader range of investors. The announcement followed a stellar first-quarter earnings report, where Nvidia's revenue surged 262% year-over-year, driven by strong demand for its AI-enabled GPU chips 📄 BlackRock Submits ETH ETF Application BlackRock has submitted an application for a spot Ethereum ETF, aiming to provide investors with direct exposure to Ethereum, ticker symbol "ETHA" 🌊 Ocean Mining Moves Global HQ to El Salvador Ocean Mining, a Bitcoin mining pool backed by Jack Dorsey, has relocated its global HQ to El Salvador, aligning with the country's supportive stance on cryptocurrency 💵 PayPal Launches Stablecoin (PYUSD) on Solana PayPal launched its stablecoin, PYUSD, on the Solana blockchain, which is now available through platforms like Crypto.com, Phantom, and Paxos 🎖 Palantir Awarded $450 Million Deal with the US Military Palantir secured a $450 million contract with the US military as part of the Army's modernization initiatives, highlighting its role in providing advanced data analytics and decision-making AI tools 🌍 El Salvadorian President Nayib Bukele Visits Argentine President Javier Milei El Salvador's President Nayib Bukele met with Argentina's President Javier Milei to discuss adopting a Bitcoin strategy amidst Argentina's severe economic challenges including inflation and currency issues 🚫Biden Vetoes Crypto Bills President Biden vetoed a bipartisan resolution to overturn the SEC's Staff Accounting Bulletin 121, which requires firms that custody crypto to record these holdings as liabilities. He emphasized the need for consumer and investor protection #Blockchain #Crypto #DigitalAssets #Web3 #Tech #Technology #AI #Investing

Starknet network downs due to airdrops distribution Starknet, a Layer 2 scaling solution for Ethereum, has experienced a decline in user count due to dissatisfaction with the eligibility criteria for the airdrop and concerns over the token distribution. The controversy has led to a 90% drop in user engagement.  The dissatisfaction within the Starknet community, leading to the decline in active addresses, can be partly attributed to specific instances where active members were excluded from the airdrop due to not meeting the eligibility criteria.  The backlash was further fueled by the distribution of a large portion of the STRK tokens to Ethereum solo stakers, a decision that some community members regarded as favoring wealthier and more technically capable individuals.  However, following the Starknet airdrop announcement, active addresses on the network have settled back to their normal levels. The reduction in active addresses could be attributed to the departure of airdrop hunters, who are often viewed as parasitic users within the crypto community. Starknet responded to the user drop Starknet has responded to the user drop by acknowledging the grievances and committing to addressing the concerns raised regarding the airdrop criteria.  The project team has taken to social media platforms to reassure users that it is actively working to find a resolution. However, implementing a solution would require time for thorough research, design, and testing. The team has also reported that some users were “left behind due to certain criteria” and that they were working to resolve these issues.  The team has emphasized its commitment to finding a “meaningful resolution” and has made some important updates thanks to community participation. Despite these assurances, many users remain skeptical and are calling for swift action to rectify the situation. Read more... https://lnkd.in/djaw6r2w