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Smart Contracts Start Transferring ICP After Upgrade, Allowing Advanced DeFi To Be Developed On The Internet Computer

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Panther and BUMPER Protocol announce partnership to provide seamless DeFi user experience

Zurich, Switzerland, 29th November, 2021, Chainwire

  • Long-awaited upgrade has allowed smart contract code to transfer ICP tokens, after it was adopted by the Internet Computer community’s DAO, the Network Nervous System (NNS).
  • Community voted 309,936,205 (approve) to 20,561 (reject) on Proposal 31471.
  • Stage set for the development of a new generation of web speed and censorship resistant DeFi applications on the Internet Computer blockchain, which run without the need for cloud computing services
  • The Internet Computer is the only blockchain that runs under the complete control of a community DAO, called the Network Nervous System, which is able to continuously upgrade and evolve its protocols.

The DFINITY Foundation is today announcing that a proposed upgrade to expand support for all canister smart contracts to be able to hold and transfer ICP tokens has been adopted and is already live on the network. The community voted 309,936,205 (approve) to 20,561 (reject) on proposal 31471.

This long-awaited feature sets the stage for an explosion of advanced DeFi applications on the Internet Computer blockchain, by expanding support for all canister smart contracts to be able to hold and transfer ICP tokens.

Dominic Williams, Chief Scientist and Founder at DFINITY, says, “The Internet Computer blockchain is the only blockchain that truly scales, runs efficiently at web speed, and where smart contracts can serve web experiences directly to end users without the need for other services, such as cloud computing, which provides much stronger censorship resistance. Now the community has adopted this proposal, and the Network Nervous System DAO has upgraded the network, canister smart contracts on the Internet Computer have become able to hold and transfer ICP tokens for the first time, providing for the development of a new generation of DeFi, and the blending of DeFi with social media and games functionality in the form of SocialFi and GameFi, forging the path towards billions of end users.”

Legacy blockchains perform disruptive, divisive “hard forks” or require centralized coordination by its validators to upgrade their protocols. Due to Chain Key cryptography and breakthroughs in computer science, the Internet Computer is the only public blockchain that allows its community of token holders to vote on governance proposals, and the ICP protocol automatically upgrades itself via the Network Nervous System (NNS), a super-advanced DAO.

The ICP transferability upgrade has been eagerly awaited by Internet Computer developers. At a basic level, a dapp such as OpenChat, a decentralized version of WhatsApp, will soon be able to allow users to send ICP tokens to one another via instant messages. Because smart contracts on the Internet Computer run at web speed and can serve web experiences directly to users, this functionality  also heralds  the advent of decentralized exchanges that run entirely on a blockchain, without the need for cloud nodes to process trades or create the front-end for users. Imagine Uniswap running completely on-chain. A community developer recently unveiled a Uniswap front end on the Internet Computer, showing how conventional DeFi solutions can fully run on blockchain technology.

Mike Schwartz, Co-Founder at ORIGYN Foundation, a digital certification and authentication platform, recently valued at $300m with backers Paris Hilton and Bill Ackman, said, “The Internet Computer is the world’s fastest public blockchain at 250,000 queries per second and 11,500 transactions per second, which is over 11 times faster than Solana. The ICP transferability upgrade has been a high priority feature needed by entrepreneurs and developers to activate DeFi, and after the community adopted the code, the Internet Computer automatically upgraded itself — no hard forks or disruptions to operations. The possibilities are endless when you combine the fastest blockchain with advanced DeFi capabilities. For ORIGYN, the Internet Computer’s advanced technology matches our massive ambitions and AI-based technology to authenticate every luxury good, art, and NFTs on a sovereign blockchain — and in doing so, eliminate counterfeiting as we know it.”

The execution of this feature is also an important step towards the implementation of dapp tokenization on the Internet Computer. An upgrade proposal for the critical Service Nervous System (SNS) feature is already under discussion within the community. DFINITY is also currently working on directly integrating the Internet Computer with the Bitcoin network, which will leverage the combined strength of Bitcoin as the world’s digital gold reserve and the Internet Computer as a platform for securely and efficiently executing smart contracts.

The Internet Computer has attracted thousands of developers, and hundreds of thousands of users of its dapps, within just a few months of its launch in May 2021.

Hundreds of projects are already up and running with users on the Internet Computer, including DeFi, DAOs, SocialFi, GameFi, and NFT projects.

This upgrade to allow canisters to transfer ICP is significant for the Internet Computer ecosystem because decentralized exchanges on the Internet Computer can now spin up liquidity pools to convert ICP to other Internet Computer-based tokens, and NFT projects can securely launch on their own websites — opposed to NFT marketplaces. The impact of this upgrade is enormous, and with these newfound advanced capabilities for DEXs and NFTs alone, I expect hundreds of new ways to invest ICP over the next few weeks,” said Bob Bodily, Chief Product Officer at Toniq Labs. “For Toniq Labs, the ICP transferability upgrade allows us to (1) perform secure NFT auctions on our Entrepot marketplace, (2) enable bidding on NFTs that aren’t even listed on our marketplace, and (3) release our NFT minting and marketplace APIs to enable developers to use our services in their own decentralized applications.”

This week, the Internet Computer blockchain surpassed 345M blocks, which have been added since mainnet launch less than 7 months ago. It also recently reached a record high of 28.13 blocks per second, by far the highest throughput in blockchain. While this number reflects how the Internet Computer has already scaled to provide vast capacity, throughput is expected to scale beyond 100 blocks per second early in 2022.

About the Internet Computer

The Internet Computer is the world’s most powerful general-purpose blockchain and Web3 platform. Its protocols apply advanced cryptography and computer science to scale smart contract data storage and computation without limit, host web-speed smart contracts that can directly serve web experiences to end users without the cloud, and run smart contracts with breakthrough levels of efficiency. For the first time, developers can create truly decentralized dapps and services that run entirely from the blockchain, and push into emerging areas such as SocialFi and GameFi, which blend social media and game functionality with DeFi, and build out the fully decentralized metaverse. The Internet Computer blockchain acts as a complete alternative technology stack, which has been designed to replace the centralized IT stack that is mostly controlled by Big Tech, and it can even be used to build secure and unstoppable websites and enterprise systems. It was incubated and launched by the DFINITY Foundation

DFINITY: Twitter Reddit YouTube GitHub Developer Center

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Intel To Present Low Voltage, Energy Efficient Bitcoin Mining Chip At Conference

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Intel chip installed

This could be huge. Intel plans to enter the Bitcoin mining space with a cleverly marketed “ultra-low-voltage energy-efficient” ASIC chip. Considering that the chip shortage severely delayed the next generation of ASIC miners, this is tremendous. And, more importantly, it opens up the door for Bitcoin miners manufacturing in the USA. And in the rest of the Western world, even. 

Related Reading | Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories

In December, Raja Koduri hinted at Intel’s intention to get into the Bitcoin mining space. Even though he’s the chief architect and senior vice president of Intel’s architecture, graphics and software division, no one expected Intel to deliver so soon. Details are scarce. There’s nothing on Intel’s official site. A quick search reveals that “Access to additional search results for “bonanza” is restricted.”

However, we have the 411 on the project that goes by the code name “Bonanza Mine.”

What Do We Know About Intel ’s “Bonanza Mine”?

The product will be an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.” According to Tom’s Hardware, the page that broke the news, Intel will reveal their new chip at:

“The ISSCC conference is a yearly gathering of the best and brightest minds in the chip industry. This year, Intel has a presentation scheduled in the ‘Highlighted Chip Releases’ category to outline a new “Bonanza Mine” processor, a new chip described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.”

Apparently, Intel has been developing the product since at least 2018, when they registered “a patent for a specialized processing system that uses an optimized SHA-256 datapath.”According to Tom’s Hardware, “Intel has a wealth of experience in hardware-assisted SHA-256 algorithms due to the use of these instructions in its CPU products.” 

A more recent indication of the company’s intentions came when the already mentioned Intel executive Raja Koduri “appeared on popular streamer Dr. Lupo’s show.” He told him point-blank”

“Being able to do much more efficient blockchain validation at a much lower cost, much lower power, is a pretty solvable problem. And you know, we are working on that, and at some point in time, hopefully not too far into the future, we will kinda share some interesting hardware for that.”

BTC price chart for 01/18/2022 on Bitstamp | Source: BTC/USD on TradingView.com

Why Is This Development Important?

Until now, ASIC Bitcoin miners manufacturing is controlled by Bitmain and Microbt, with Canaan, Strongu, and Ebang handling a minority of the market. All of those companies are Chinese. The chips are all made in Taiwan and South Corea. This poses a centralization problem for the Bitcoin network that seemed unsolvable until Intel’s soft announcement.

Now, the open-source Bitcoin miner that Jack Dorsey’s Block is working on makes a lot more sense. Theoretically, the silicon chip is the only part of an ASIC machine that can’t be bought in a hardware store. With that problem solved, by no less than an industry leader with immense manufacturing power, the sky’s the limit. If this whole thing materializes, expect a huge leap forward in the further decentralization of Bitcoin mining. 

Also, Intel’s announcement certainly legitimizes Bitcoin mining as a business to watch for the next 100 years. As podcaster Anthony Pompliano said, “Bitcoin is a computer network. Every technology company will eventually plug themselves into it.” With this announcement, Bitcoin not only gets Intel’s seal of approval. The giant company has now skin in the game. 

Related Reading | Intel, Microsoft Took 10+ Years to See Gains, Crypto Investors in Good Position

To close this off, let’s quote Tom’s Hardware one more time:

“For now, it isn’t clear if Intel will release the Bonanza Mine chip as a product for the public or if it remains confined to a research project. However, given that the chip is in the “highlighted Chip Releases: Digital/ML” track and Koduri’s comments, it’s logical to expect that these chips will be offered to customers in the near future.”

So, everything we said is not a done deal just yet. It smells good, though.

Featured Image by Badar ul islam Majid on Unsplash  | Charts by TradingView

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Why Polygon Will Implement Ethereum’s EIP-1559 Update

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Polygon Hermez MATIC

Ethereum’s scalability solution Polygon will implement this network update in its fee model via EIP-1559. According to an official post, this upgrade will introduce a burning mechanism for MATIC and will improve its fee visibility.

Related Reading | Polygon Expands Its Footprint As Evolving NFT And Gaming Ecosystems Seek Ethereum Alternatives

Ethereum introduced EIP-1559 with Hard Fork London back in 2021. The update was highly anticipated as it was supposed to aid mitigate Ethereum’s congestion issues and made fee more predictable. Some users even claimed the update was going to significantly reduce Ethereum fees which has proven to be false.

However, as seen below, data from Messari suggest that fees on Ethereum have actually increased since the implementation of EIP-1559. At least in a one-year period and comparing the period pre-London, and the posterior months.

Source: Messari

According to Polygon, their team is got ready to roll out the update today January 18th. As the post claims, EIP-1559 changed Ethereum’s first-price auction model for fee calculation to establish a fixed fee to include a transaction on a block. This base fee can vary and its burn once the transaction has been validated. The post explained:

The burning is a two-step affair that starts on the Polygon network and completes on the Ethereum network. The Polygon team has created a public interface where users can monitor and become part of the burning process.

The team behind Polygon will publish a link to the monitor at a later time. As seen below, users will be able to see the amount of MATIC that has been burned and watch the burning process live.

Polygon MATIC
Source: Polygon’s blog

Polygon To Improve Fee Mechanism, Will EIP-1559 Deliver On Its Promise?

The team behind Polygon claims users, validators, delegators, and everyone on the MATIC ecosystem will benefit. A burning mechanism will contribute with the token’s appreciation as it creates deflationary pressure on its supply.

Some experts believe EIP-1559 was one of the reason for ETH’s price year of continuous appreciation and its bullish momentum. Others have expressed disappointment; they believe the issues present on Ethereum, allegedly to be fix by this update, persist.

The inventor of Ethereum Vitalik Buterin recently defended EIP-1559. Based on a study conducted by two major academic institutions, Buterin claimed this update has achieved its objective of decreasing average waiting time to process transactions on the network.

In an interview for NewsBTC, the co-founder of the non-profit organization Aleph Zero, Adam Gagol, talked about the MEV problem on Ethereum, its impact on the fee cost for users, and the advantages and tradeoffs of EIP-1559. Gagol told us:

(…) the EIP-1559 implementation in London upgrade made the problem even worse. Although it put mechanisms in place to lower fees and protect them against volatility, it did so at the expense of miners. Block production revenue was cut by something like a third, so MEV is more incentivized than ever.

Related Reading | Polygon ’s Side Of The Story: Hard-Fork Resolved A “Critical Vulnerability”

As of press time, Polygon (MATIC) trades at $2,09 with a correction to the downside in the past 24 hours.

Polygon MATIC MATICUSDT
MATIC trends to the downside in the 4-hour chart. Source: MATICUSDT Tradingview

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The Graph Price Prediction 2022 – Will GRT Hit $2 Soon?

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The Graph Price Prediction — Will GRT Hit $2 Soon?
  • Bullish GRT price prediction is $0.7922 to $1.67.
  • GRT price might also reach $2 soon.
  • GRT bearish market price prediction for 2022 is $0.01.

In The Graph’s (GRT) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about GRT to analyze the future movement of the cryptocurrency. 

The Graph Current Market Status

According to CoinGecko, the price of GRT is $0.517 with a 24-hour trading volume of $98,864,928 at the time of writing. However, GRT has decreased nearly 7.8% in the last 24 hours.

Moreover, GRT has a circulating supply of 5,253,842,029 GRT. Currently, GRT trades in cryptocurrency exchanges such as Binance, OKX, CoinTiger, Bitget, and FTX.

What is The Graph (GRT)?

GRT is a global API and indexing protocol designed to organize blockchain data and make it easily accessible via GraphQL. Developers can use Graph Explorer to find, search, and publish any public data needed to build decentralized applications. For developers, they create serverless dApps that run entirely on public infrastructure.

The Graph (GRT) Price Prediction 2022

The Graph holds the 56th position on CoinGecko right now. GRT price prediction 2022 is explained below with a daily time frame.

GRT/USDT Horizontal Channel Trend Pattern (Source: Tradingview)

The horizontal channel trend has the appearance of a rectangle pattern. It consists of at least four contact points. This is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal and the prevailing direction of price action is sideways.

Currently, GRT is in the range of $0.517. If the pattern continues, the price of GRT might reach the resistance level of $1.18. If the trend reverses, then the price of GRT may fall to $0.5208.

The Graph (GRT) Support and Resistance Level

The below chart shows the support and resistance level of GRT.

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GRT/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of GRT.

  • Resistance Level 1 – $0.7922
  • Resistance Level 2 – $1.06
  • Resistance Level 3 – $1.32
  • Resistance Level 4 – $1.67
  • Support Level 1 – $0.44
  • Support Level 2 – $0.013

The charts show that GRT has performed a bullish trend over the past month. If this trend continues, GRT might run along with the bulls overtaking its resistance level at $1.67.

Accordingly, if the investors turn against the crypto, the price of the GRT might plummet to almost $0.013, a bearish signal.

The Graph Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of GRT is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of GRT lies below the cutoff line, indicating weaker participants in the current trend.

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GRT/USDT RVOL, MA, RSI (Source: TradingView)

More so, the GRT’s Moving Average (MA) is shown in the chart above. Currently, GRT is in a bearish state. Notably, the GRT price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of GRT at any time.

Meanwhile, the relative strength index (RSI) of the GRT is at level 36.42. This means that GRT is in a nearly oversold state. However, this means a major price reversal of GRT may occur in the upcoming days. So, traders need to trade carefully. 

The Graph Price Prediction 2022 — ADX, RVI

Let us now look at The Graph’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

The above chart represents the ADX of The Graphs. Currently, GRT lies in the range of 22.92, so it indicates a weak trend. 

From the above chart, the Relative Volatility Index (RVI) of GRT. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of GRT lies below the 50 levels, indicating that the direction of volatility is low. In fact, GRT’s RSI is at 36.42 level thus confirming a potential sell signal.

Comparison of GRT with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum, and The Graph.

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BTC Vs ETH Vs GRT Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH is moving at the upward trend. But, the recent trend of BTC and GRT moves in a downward direction.

Conclusion

With continuous improvements in the The Graph network, we can say that 2022 is a good year for GRT. For this reason, the bullish price prediction of The Graph in 2022 is $1.67. On the other hand,  the bearish GRT price prediction for 2022 is $0.01.

Furthermore, with the advancements and upgrades on the GRT ecosystem, the performance of GRT would help to reach above its current all-time high (ATH) $1.3 very soon. But, it might also reach $2 if the investors believe that GRT is a good investment in 2022.

FAQ

1. What is The Graph?

GRT is an indexing protocol for querying data for networks such as Ethereum and IPFS, which enables multiple applications in both DeFi and the broader Web3 ecosystem.

2. Where can you purchase GRT?

GRT has listed on many crypto exchanges which include Binance, OKX, CoinTiger, Bitget, and FTX.

3. Will GRT reach a new ATH soon?

With the ongoing developments and upgrades within the GRT platform, it has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of The Graph?

On Feb 12, 2021, GRT reached its new all-time high (ATH) of  $2.84 .

5. Is GRT a good investment in 2022?

The Graph (GRT) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of GRT in the past few months, GRT is considered a good investment in 2022.

6. Can The Graph (GRT) reach $2?

The Graph (GRT) is one of the active cryptos that continues to maintain its Bullish state. Eventually, if this bullish trend continues then The Graph (GRT) will hit $2 soon.

7. What will be the GRT price by 2023?

The Graph (GRT) price is expected to reach $5 by 2023.

8. What will be the GRT price by 2024?

The Graph (GRT) price is expected to reach $11 by 2024.

9. What will be the GRT price by 2025?

The Graph (GRT) price is expected to reach $18 by 2025.

10. What will be the GRT price by 2026?

The Graph (GRT) price is expected to reach $25 by 2026.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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