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Ethereum Gas Fees Drive Gnosis-Powered Prediction Market to xDai’s Layer 2

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This isn’t the CryptoKitties craze of 2017.

“The situation is different now,” Stefan George of Gnosis told CoinDesk. Lots of dapps are clawing for Ethereum’s compute power. If activity calms on one decentralized finance (DeFi) platform, it’s likely to perk up on another.

“Ethereum is on the way to becoming a whale chain,” George lamented, one where only people transferring large values can stomach its steep transaction fees. So now Gnosis is voting with its feet.

The prediction market technology firm is copying all its smart contracts over to Ethereum sidechain xDai. The move will include DXdao’s Omen, an app for prediction markets, and SAFE, Gnosis’ decentralized exchange (DEX) and multisig wallet.

Gnosis is a ConsenSys spoke that has built a number of different applications on the world computer. It’s had time to do so after securing $12 million in an April 2017 initial coin offering (ICO) and then finding itself stymied in deploying its chief product as it attempted to secure regulatory approval for the technology.

Since turning its prediction market application (a way to gamble on the outcomes of future events) over to a decentralized organization, DXDao, and providing tech support for its implementation, Omen, Gnosis found that users balk at making bets with their friends when it costs so much to do so because of gas costs.

Read more: Prediction Markets’ Time Has Come, but They Aren’t Ready for It

“Prediction markets are mostly seen as an entertainment product,” George said. “You just want to have really low costs, ideally no costs.”

Lately, Ethereum has been miserable in that regard.

xDai’s moment

A sister chain of Ethereum in operation for the last two years, xDai is a proof-of-stake chain that enables fast and stable transactions for fractions of a penny each. It’s been used at crypto conferences, for example, as a quick and easy way for attendees to pay for concessions using an Ethereum wallet, for example. 

Since its core currency is dai (DAI), these transactions are made at predictable and understandable values for users.

Read more: Ethereum’s Pending Transactions Jump 30% After Uniswap’s Token Claim Begins

Any crypto asset can be staked on the xDai bridge and used on xDai, though George noted it’s important for users to understand they are entrusting their assets to the xDai bridge, which is controlled by a multi-sig. 

In its roadmap, xDai also plans to get fiat-to-crypto onboarding going in the next quarter, meaning users wouldn’t ever need to touch ether (ETH) itself directly.

“Adoption has really increased with gas prices, which are squeezing so many projects on Ethereum. It’s a very dev-friendly, EVM-compatible chain so few code changes are needed to deploy to xDai,” Andrew Gross of the xDai team told CoinDesk in an email.

While other layer 2 options are under development now (such as Optimism and zk-Rollups), in George’s judgment, xDai is the only one that’s ready to go, with adequate tooling (such as block explorers) for developers to work effectively.

Both George and the xDAI team say it’s also becoming an attractive place for decentralized autonomous organizations (DAOs) because they can run their votes there without incurring much cost.

Preview of Ethereum 2.0

All of Gnosis’ products will remain on Ethereum for anyone that wants to use them there.

George argues that xDai is a good place for smart contracts to experiment with lower stakes. In fact, he contends the whole Ethereum community should use xDai as a place to experiment.

In a lot of ways, he believes xDai could also be a preview of Ethereum after sharding gets deployed and gas fees go down. In that future, dapps will need to create an asynchronous logic in order to communicate with applications on other shards.

Read more: Everything You Need to Know About Ethereum 2.0

Gnosis expects it will operate on the shard favored by DeFi applications, which will probably still have some of the highest gas costs in Ethereum, even after the new version kicks in. Using xDai, it will need to asynchronously communicate with its oracle network, which will remain on Ethereum.

And the risk is low. Gnosis remains long on Ethereum, but the whole point of this move is to make it easier for people to use Ethereum without a lot of money at risk, such as betting 10 DAI with a friend over an election outcome.

“Prediction markets have not gone mainstream yet, many are still focused on topics mostly relevant to an insulated community,” Gross said. “With easier onboarding and lower costs, we can remove a lot of the barriers to entry for these types of applications and open them up to a much broader audience.”



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Binance US Pursuing Plans to Go Public, Opts for IPO amidst Regulatory Crackdown

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Binance US will be competing for a public spot proceeding despite facing allegations from global regulators.

Binance US which is a cryptocurrency exchange operating in the American market will opt for an IPO way to go public. The firm is currently in the process of navigating heavy regulatory concerns and crackdowns. Binance CEO Changpeng Zhao has commented on the possibility of the firm listing on an IPO and communicated possible plans of the company concerning regulatory requirements and protocols.

The CEO further highlighted how the company is still embroiled in regulatory trouble with central regulators and had taken accountability for the same. However, Zhao has been confident in making Binance US seek a public spot through the IPO and expressed his decision to accelerate compliance efforts to work in sync with the guidelines to safeguard the company’s interest and stake.

Binance US Opts for a Strategic IPO Listing

Binance US will be competing for a public spot proceeding as a separate company that seeks branding from the global exchange Binance. The company will be taking a fresh initiative to go public in the upcoming months.

It is to be noted that  Binance which is the leading cryptocurrency exchange was facing allegations from global regulators that involve claims such as the company being implicated in illegal trading in the USA. The concerning matter was later investigated by the States Department of Justice and the Internal Revenue Service. Later on, the company was approached by the US Commodity Futures Trading Commission on similar grounds.

Binance CEO Changpeng Zhang has asserted that the company is surely battling regulatory issues and interventions at the moment but is confident enough to accelerate the work operations by shifting the company into the financial domain from a previous tech setup.

The CEO has further admitted that they might encounter troubles with the regulators but this will never disregard the company’s vision to go public one day. Binance US is now pursuing ways to opt for a traditional initial public offering route to seek credible transition.

In a virtual blockchain summit called REDeFINE Tomorrow 2021, Zhao was seen communicating his plans regarding Binance’s prospects and strategies as well the company’s new goal that involves an IPO listing. Zhao later restated that the company will be expediting its compliance efforts that will also include hiring former regulators to speed things up.

In the summit held on Friday, Zhao was seen admitting the fact that the regulatory issue that the firm is currently facing will be mitigated very soon and the compliance efforts will be accelerated to localize communication in a structured manner.

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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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TSLA Stock Up 2% Yesterday, Musk Anounces Opening Tesla Supercharger to All EVs

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Tesla is planning to make Superchargers that are accessible by all vehicles in most of the countries.

The founder and CEO of Tesla Inc (NASDAQ: TSLA) Elon Musk announced that the company’s chain of fast-charging stations for its electric automobiles, aka Tesla’s Supercharger network, will commence serving other brands of electric vehicles from this year.

Meanwhile, Tesla stock went up by 2% yesterday, reaching $660.50. Today in the pre-market, the stock lost 0.23%.

The tweet was posted on Tuesday by the business magnate. This announcement follows years of gossip on the development of Tesla charging stations that are compliant with all electric vehicles.

Despite the tall claims by Musk, there has, as of now, not been any communication on the details about this venture. For starters, where will the DC fast-charging stations be set up still remains a question. However, according to the Billionaire, Tesla is planning to make Superchargers that are accessible by all vehicles in most of the countries.

In recent times, the billionaire has communicated the idea of introducing Superchargers to other EVs and collaborating on the technology together. In an interview in 2014, Musk suggested contributing and curating designs to create a mainstream blueprint that can be exchanged across industries.

In a gathering in 2018, Tesla CEO had, however, answered a query during an earnings call that the Supercharger Network is not anomalous to a ‘walled garden’. By this, the billionaire wanted to suggest that different brands and designs of EVs might have different charging stations that are compatible.

The most critical marketing strategy for Tesla Electric vehicles has been the fact that the company has exclusive charging stations. This herculean advantage set the company apart from its competitors in battery vehicles. The Tesla charging network is accessible to operators of Tesla vehicles without any membership fees. The company keeps a tab of the charging per minute or kilowatt-hour.

The company’s new level 3 Charging Stations have not been opened to the general public, and are available only to the owners. The connectors used in powering the vehicles can be plugged into Tesla vehicles only, enabling less crowd and higher accessibility to the Tesla customers.

Several US companies have discussed and struggled to provide charging stations that cater to battery vehicles from different brands. The companies include ChargePoint, Electrify America, Sema, and many others. Tesla’s website claims that the company currently manages more than 25,00 charging stations across the globe.

In December 2020, Musk mentioned his company’s plan to create Supercharging stations for all electric automobiles. In a conversation with YouTuber MKBHD, Marques Brownlee, the billionaire said that other Brands of EVs were “low-key” on the lookout for access to Tesla’s Superchargers and that the apparatus was already being made available to other electric cars.

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Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.





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OpenSea Becomes Crypto Unicorn after Raising $100M in Its Series B Funding Round

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One of the key changes that OpenSea will work towards is to enable cross-blockchain operations on its platform.

NFT marketplace OpenSea is now valued at a total of $1.5 billion post its Series B Funding round where it raised $100 million. Crypto is still a developing industry however some entrepreneurs have already made a place for themselves in the future crypto world. OpenSea is one such entity that allows traders, owners, and developers to create, trade, and develop non-fungible tokens on its wide digital market platform. NFTs hit the popular culture early this year and became a part of the regular conversation since the artist Beeple made headlines post selling his NFT, a digital art for $69.3 million.

OpenSea has only benefitted from this explosion though it had carved a niche place for itself in the industry before that. It was in March 2021 that the company had raised $23 million as part of its Series A funding. Now months later, in their Series B funding, OpenSea has raised an impressive sum of $100 million. Both the rounds were led by Silicon Valley-based Venture Capital firm, Andreessen Horowitz. Some of the other players in the recent funding comprise Coatue, Michael Ovitz, CAA, Kevin Durant, Kevin Hartz, and famous actor Ashton Kutcher. It is now officially a crypto unicorn and one of the largest NFT marketplaces in the world.

OpenSea and Its Plan of Action amid Successful Funding

The new funds will target the infrastructure issues concerning the Ethereum blockchain. Besides, some of it would be used to attract new and competent engineers, in the international expansion to capture new developing markets and in the overall development of the marketplace, platform to make the NFT transactions seamless and secure.

As mentioned earlier, one of the key changes that OpenSea will work towards is to enable cross-blockchain operations on its platform. The company’s large carbon footprint is a result of the high amounts of computing power and energy used in the NFT creation. The high gas fee due to minting NFTs on the blockchain has been a constant roadblock for OpenSea. To make the transactions more energy-efficient for long-term stability and feasible for customers, OpenSea has already moved transactions on the Polygon platform, which is a popular Layer 2 Ethereum blockchain.

Apart from Polygon, the marketplace will also integrate its platform with Dapper Labs’ Flow and Tezos in the future. These scalable blockchains would ensure the company stays relevant and ahead of its competitors while at the same time opening up to a diverse customer pool and not just the high-value artwork market ruled by the ultra-rich.

About the Company

This Ethereum blockchain-based platform for trading NFTs i.e. non-fungible tokens was born in 2017. They brand themselves as the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs) where users can buy, sell, and discover exclusive digital assets. It allows users to conduct transactions through any crypto wallet they have.

OpenSea wishes to lower transaction costs across platforms while also enabling people to choose from a plethora of payment methods available. They want to become NFT educators in the market and be known as the brand synonymous with NFTs. Digital art ranging from art, music, domain names to virtual worlds, sports, and trading cards, OpenSea displays a large set of NFTs on its platform. Its recent revenue numbers are a key witness to its unstoppable growth. June 2021 saw OpenSea selling digital assets worth $160 million. This translates to a 45 times increase in growth since its $8 million sales in the first month of 2021.

“We’re excited about NFT’s representing a paradigm shift in technology where most of the consumer tech has been dominated by a few large companies,” Finzer said. “We think NFTs are bringing back a Renaissance, where creators, collectors, developers, and all sorts of projects will emerge, very analogous to the paradigm shift where the birth of the internet brought thousands of new early applications and ultimately, billions of people, changing their lives in a big way,” said CEO Devin Finzer.

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Content specialist with interest across sectors like Finance, Politics, Environment, Technology & Education. Loves Fiction! A reader, dreamer & blogger. When not writing, you will find her enjoying solitude like her cats



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