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Emin Gün Sirer’s $42 million blockchain for DeFi scaling has launched



Avalanche, a blockchain offering scalability to the world of decentralized finance took its mainnet live on Sept. 21. 

“From Snowflake to Avalanche, the decentralized platform has come a long way, and its journey has only just begun,” Ava Labs said in a Sept. 21 statement on the mainnet launch.

Ava Labs is the entity responsible for building the Avalanche blockchain and project. Emin Gün Sirer, ranked 52nd on Cointelegraph’s list of the top 100 people in crypto and blockchain, serves as Ava Labs’ CEO. 

Avalanche runs its own consensus protocol, paving the way for the blockchain to facilitate 4,500 transactions per second, or TPS, the statement explained. Current blockchain networks often host far fewer TPS capabilities, resulting in slowed transaction times and higher fees. In recent months, DeFi has put a significant strain on Ethereum’s blockchain, sending fees through the roof. 

Avalanche positions itself as a beneficial solution for all, from big companies to individuals and developers. The statement listed specific use case examples for enterprises, institutions, decentralized organizations, developers, and token participants.  

Notably, Avalanche tallied $42 million in funding from its July 15 public asset offering, selling out in 4.5 hours. Possibly giving the project some level of credibility, Sirer has been quite public on his comments against deception and noise in the crypto and blockchain space. 

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Blockchain identity market to grow $3.58B by 2025, report claims




A new report on the potential for blockchain identity management solutions to become integrated across sectors has forecast strong growth for its global market, at a compound annual rate of close to 71%.

The report grounds its predictions on a study broken down into segments: by sector – e.g., government, healthcare, banking, financial services and insurance (BFSI) – geography, and applications. It was published by the Lyon-headquartered market research solution provider ReportLinker. 

Drawing on an analysis of several existing blockchain identity management market vendors – Accenture, Amazon, Bitfury Group, Civic Technologies, and others – the report expects the total global market to grow by $3.58 billion between 2021 and 2025.

Related: The future of DeFi is spread across multiple blockchains

The study’s baseline assumption is that the market for blockchain identity management will continue to expand as the proliferation of online and cloud services and digitalization more broadly continue apace. As Cointelegraph has previously reported, the demand for more efficient, decentralized and privacy-respecting identity solutions has arisen in a vast array of diverse sectors, from public services to logistical and supply chain networks, and all the way down to consumer wearables and other smart devices.

With increasing digitalization, a form of secure identity verification to access basic services – both public and private – online is quickly becoming an inescapable requirement; some have gone so far as to argue that privacy-preserving digital identity needs to be recognized as a basic right for all.

In tandem, with the global user base of social media networks now exceeding the 3.8 billion mark, some advocates have argued that blockchain offers the only adequate, equitable identity solution that can protect these users from threats such as data theft and privacy abuses. 

Earlier this month, Ethereum co-founder and lead developer Vitalik Buterin pitched his vision of the future of the Ethereum network across a range of non-financial applications, singling out areas that included both decentralized social media and identity verification and attestation.