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Are Bridges Solving the Interoperability Problem?

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Are Bridges Solving the Interoperability Problem?

The blockchain landscape is as vast as it is diverse. Filled with a rapidly growing number of tools, platforms, and protocols, each designed to boost the utility of cryptocurrencies and provide value to users.

But in this complexity, a major obstacle has emerged. Blockchains simply can’t interact with one another. Ethereum, Binance Smart Chain, Solana, Terra, and dozens more blockchains are effectively operating in isolation, due to a lack of in-built interoperability. This has had a knock-on effect of dividing the blockchain community, who often need to pick and choose which platform to get to grips with and support.

As it stands, to interact with services on multiple blockchains, users would need to have at least a basic understanding of how that platform works, hold a wallet, and own at least some of its native assets. Understandably, few individuals and businesses want to go through the hassle of familiarizing themselves with multiple platforms.

Over the years, a range of options has been pushed as potential solutions to this challenge. These include interoperability solutions like Polkadot, which enables interblockchain communication by connecting distinct blockchains through a central relay chain. As well as Cosmos’ interblockchain communication protocol (ICP), which allows homogeneous blockchains to exchange data and value by providing a single standard for communication.

Image credits: Cosmos

But despite this, some of the earliest and least complicated solutions are providing to be the most effective. We’re talking about bridges — deceptively simple platforms that allow users to easily move their assets from one blockchain to another (a process known as bridging).

The way these platforms work is typically relatively simple. Let’s say you want to move 500 USDT from the Ethereum network to Avalanche. You’d select your bridge, choose your input (Ethereum) and output networks (Avalanche), select the asset (USDT) and amount (500, enter your output address (your Avalanche address) and initialize the bridge. The bridge smart contracts would then burn 500 USDT on Ethereum, and mint 500 USDT on Avalanche — effectively moving 500 USDT between chains without running the risk of accidentally doubling the total amount of USDT in circulation.

Other bridges, such as Celer’s cBridge, keep liquidity pools on each chain rather than burning tokens. When a user bridges their assets, their funds on the origin chain are simply added to that chain’s asset pool, while the equivalent amount of funds on the destination chain are released to their address. This effectively accomplishes the same thing, without requiring token burns (a feature not all blockchains support).

The platform is able to support trustless any-to-any liquidity transfers across close to a dozen networks (including Ethereum, Polygon, Binance Smart Chain, Arbitrum, and Avalanche) and has seen its use soar in the last four months, climbing from $10m total volume in its first month to over $10m per day in October — demonstrating the rapidly increasing demand for cross-chain liquidity.

The team behind the platform is now finishing up v2.0 of cBridge — bringing with it increased liquidity, more chains, improved benefits for liquidity providers, and more.

Other platforms, including the PancakeSwap bridge, Terra Bridge, and even Binance’s bridge platform have also seen a dramatic uptick in use over the past several months, as an increasing number of users look to interact with projects and services building on alternate blockchains.

By effectively solving the liquidity issue by allowing users to move their assets from one blockchain to another at low cost, without requiring a steep learning curve or excess capital, cross-chain bridges are quickly becoming the go-to solution for those looking to regularly interact with multiple blockchains.

And given their rapid adoption in recent months, it looks likely that they will continue to gain momentum in the months and years ahead as more people recognize the benefits of utilizing multiple blockchains.

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The Blockchain Company Allowing Fans To Connect with their Favorite Artists

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The Blockchain Company Allowing Fans To Connect with their Favorite Artists

Social media platforms have allowed thousands of artists, creators and celebrities to rise to fame and become household names within every niche imaginable.  The business of sharing the intimate details of one’s life has become a lucrative industry like any other – but it is flawed.

The current social media model completely favors the large social media giants. It is designed to compensate the giants with profits and the artists & creators with awareness (followers).  If artists & creators would like to monetize their followers and actually make money, they have very limited options.  The typical result is paid ad posts that are often inorganic, off-brand and salesy, which damages fan relationships and hurts artist post engagement.  Artists & creators treat content creation as a full-time job and deserve to get paid for that effort without damaging the relationships they spent so much time and effort building.

The Solution

Is it possible for an artist to get paid for giving their fans more of what they want (content focused on THEM – not ads), without asking those fans for money? This is the question the team behind Promify asked themselves, and they believe they have found the solution.

Promify is a new platform that allows artists & creators to issue their own custom “Community Coin”. This coin is available to anyone for purchase and comes with some exciting benefits.

The artist is able to provide their coin-holding community with exclusive access to literally anything – from exclusive content, 1 on 1 live video, NFT drops, merch…. The possibilities are endless.  The artist is then able to identify and segment their coin holders by the amount of coin they own, allowing them to reward their biggest supporters accordingly.  This allows fans to allocate as much or as little of their own capital as they would like, in order to gain their desired level of access.  Fans can hold, buy more or sell their coins easily at any time.

How the Promify Model Works

When an artist creates an intimate and exclusive offering, they create demand for their Community Coin – but how does the artist make money?

When an artist issues their coin, they automatically keep 15% of the coins issued. This means, as demand grows for the coin and the price of the coin goes up, the artist and all of their coin-holding fans benefit from the upside.  Additionally, the artist can create incremental offerings that coin holders can spend their coins to obtain. Promify doesn’t take a cut of any artist profits and only makes money by charging a 1% transaction fee on all purchases and sales of Community Coin.

This business model is the first of its kind and wouldn’t be possible without the blockchain allowing fans to openly buy & sell Community Coins and Artists to easily track ownership.  Promify is leading the way in the emerging area of social tokens and disrupting the artist/fan ecosystem.

 

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Mafia Metaverse SYN CITY Unveils Initial Game Offering on Binance NFT

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Gold Fever $NGL is coming to the Kucoin exchange

Singapore, Singapore, 6th December, 2021,

Play-to-earn blockchain game SYN CITY will be launching its Binance mafia metaverse via the Binance Initial Game Offering (IGO) on December 9th at 4 pm UTC. As part of this launch, the SYN CITY team will offer a list of limited-edition NFTs and other in-game assets specifically designed exclusively for Binance.

The concept of Initial Game Offerings (IGO) has been gaining significant traction in recent months. All IGOs are exclusive to Binance, where top-tier blockchain games drop their NFT collections on the Binance NFT platform. These collections may list via auctions, fixed-price sales, mystery boxes, and more. Binance allows game developers to install several rounds of IGOs for their upcoming games. This helps creators offer unlimited assets in each round via flexible pricing structures.

IGOs are limited to gaming so all dropped content on the Binance NFT platform must only include in-game assets. These may include assets such as experience points, access passes, legendary weapons, skins, and exclusive in-game items for the Binance community.

SYN CITY, a free-to-play game founded by Tron’s former Head of Business Roy Liu, is the first-of-its-kind syndicate and mafia-themed blockchain game. The proposed “mafia metaverse” will introduce a unique governance system called Mafia-as-a-DAO (MaaD). MaaD incentivizes every player and allows them to join or create their own syndicates. SYN CITY’s developers are gaming veterans from Disney, Ubisoft, Roblox, EA, and Gameloft.

SYN CITY is historic and unique with its approach as a completely free-to-play and play-to-earn game. Thus, SYN CITY has received the backing of several prominent investors and VC firms. Days before SYN CITY’s genesis launch, Twitch co-founder Justin Kan and Robin Chan’s Goat Capital led an $8 million funding round, with additional financial backing from Spartan Group, Hack VC, A&T Capital, Animoca Brands, and more.

About SYN CITY

SYN CITY is the first-of-its-kind “mafia metaverse” game built for the blockchain. Constructed by a team of experienced game developers, SYN CITY brings the mafia and syndicate-style gameplay on-chain while introducing a unique in-game governance feature called Mafia-as-a-DAO (MaaD). The platform’s native token, SYN, offers players access to several earning opportunities like events and governance rewards. Gamers can take part in daily events, including PvP, PvE, and Syndicate-based contests like cross-chain tournaments. 

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Could Syscoin’s Smart-Contract Chain Launch Mark a Turning Point for Ethereum?

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Could Syscoin’s Smart-Contract Chain Launch Mark a Turning Point for Ethereum?

Upon reaching its 1,317,500 block, Syscoin has announced that Phase 1 has officially completed, making the launch of their smart-contract chain. 

”Syscoin will utilize the best features of the top two cryptocurrencies, namely Bitcoin and Ethereum. Hence, Syscoin will provide the security offered by Bitcoin while maintaining the programmability of Ethereum,” stated lead core developer Jagdeep Sidhu. 

While crypto users are looking for alternative solutions to the problems such as the ecological destruction of proof-of-work (PoW) on Bitcoin and Ethereum’s high gas fees, Syscoin is here to save the day. 

What Makes Syscoin’s Smart Contracts Special?

What started out as a blockchain that offered the benefits from the Bitcoin and Ethereum networks turned into a viable plan with a clear-cut future of innovative technology. 

Syscoin, from the start in 2014, has been looking to change the game in terms of blockchain scalability, innovation and security. Since the platform offers a myriad of benefits such as Metaverse access, virtual spaces and even smart cities, it’s no question that the use of smart contracts has found its place on the platform. These smart contracts on Syscoin are affordable, scalable and, most importantly, decentralized. 

The smart-contract chain further allows users to fully onboard their projects onto Syscoin, as it is completely Ethereum Virtual Machine (EVM) accessible. No more worrying about gas fees draining the amount of the smart contract. 

Moreover, users will no longer have to worry about the lack of security that comes with proof-of-stake (PoS) protocols, because via merged-mining, users can feel secure knowing that Bitcoin-backed technology will be implemented — all without the ecological footprint that could follow. 

What are the Future Plans of Syscoin?

With this first successful Phase 1, Syscoin is looking into the future, giving users the opportunity to see what is ahead of the already innovative smart-contract chain. 

After a successful Phase-1 onboarding, Syscoin hopes to implement Phase 2, which is planning to bring zk-Rollups onto the network by Q1 2022, increasing the speeds by 210k TPS.

Furthermore, Phase 3 looks to increase its long-term viability by using Validium technology in order to obtain a TPS speed of 4 million. 
With all this planned, it’s no wonder that Syscoin looks to be the answer that frustrated Ethereum users have. Plus all, giving those curious the chance to effortlessly change over to a platform that offers it all. 

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