Polygon

Dec 10 2021

DAY LONG NEWS ROUNDUP: LATEST NEWS 10/12/21

Trying to keep you well-informed about the crypto industry is our everyday target. So, here is the daily dose of the top 3 crypto news items that can help you stay right ahead of your competitors. Take a look:

Polygon to support Mir by investing 250M MATIC

Created for designing Ethereum connected blockchain products, Polygon has decided to invest 250M MATIC tokens as part of a deal with Mir, a zero-knowledge cryptography firm. With this deal, Polygon will be putting in a whopping amount of $627.5 million to enhance blockchain scaling capacity through ZK cryptography tools. The partnership is likely to help Polygon in building a powerful ecosystem for blockchain developers looking forward to advanced scaling solutions.

As cryptocurrency and blockchain technology became popular, tech-savvies began experimenting with the existing structures to build something advanced for the future. Ever since the inception of cryptocurrencies, scaling has always been a tough spot for the decentralized industry. The development of Zero-knowledge algorithms by Mir is a powerful remedial solution for scaling problems.

Zero-knowledge protocols allow external validators to verify encrypted information without disclosing the confidential data stored within. This technology is highly useful for various decentralized fields like ride-share apps, insurance, etc. Here the nodes need to verify the personal information of the blockchain parties without compromising with data security. Mir offers tools for creating two subcategories of ZK algorithms namely PLONK and Halo. The cryptography solutions allow quick generation of proofs unlike the previous versions of SNARK and STARK.

Talking about the pact, Sandeep Nailwal, co-founder of Polygon, stated that the team is having high hopes for ZK cryptography techniques. The firm is willing to explore every potential opportunity to improve scalability. The use of ZK technology will help to place Polygon as the leading player across the industry.

The PLONK ZK proof requires a reliable setup for verification purposes whereas Halo does not require any such setup and can achieve the target through its complete decentralized structure. In Zero-knowledge algorithms speed is an important determining factor and Mir aspires to achieve all such quintessential features. The collaboration with Mir forms a part of the $1 billion commitment of Polygon focused on ZK technology.

Ross Ulbricht makes his grand NFT debut, earning $6.2M in an auction

There seems no stopping for the NFT cluster as it continues to set sweeping success records with each passing moment. In the latest development, Ross Ulbricht, the founder of dark web marketspace Silk Road has announced to fetch $6.2M equivalent to 1,446 ETH by selling his first NFT token. The news comes right after the launch of the ‘Genesis Collection’ NFT auction by the Silk Road chief.

According to the report, the auction was organized at Art Basel Miami through the SuperRare portal. The winning bid was placed by FreeRossDAO, the decentralized entity set up to help free Ross from imprisonment. Post winning, the DAO website stated that it aspires to bring a prison reform and put forward the work of Ross while giving every person a fair opportunity to own a share of it in the form of an NFT token.

The first sold NFT was named ‘Perspective’ and was created in the prison using a graphite pencil. It forms a crucial part of the 10-piece collection of unique artworks and writings created by Ross in his life. The collection includes an animated video curated by audiovisual expert Levitate infused with a voiceover by Ross himself. In this video, Ross has shared a chain of the experiences he gathered during his stay inside the prison.

The funds collected from the sale proceeds of the Genesis Collection will be forwarded towards the Art4Giving fund created by the FreeRossDAO. The donor-advised trust fund works as a legal arm for funding new legal obligations and channelizing awareness programs. The team is planning to convert the NFT stock into ROSS governance tokens. These tokens will then be given to people in pro-rata against their donations to the organization. The token holders will get a fair chance to vote and participate in the core working of the FreeRossDAO cluster.

In a $27 million Series B round, Microsoft backs Palm NFT Studio

Hailing as a high-potential crypto startup project, Palm NFT Studio has announced successful completion of a Series B funding event where it pooled $27 million from industrial investors. The funding round witnessed active participation from Microsoft’s venture fund M12 as it evolved as the biggest contributor leading the event. Other firms that supported the raise included Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, Warner Bros., and SK Inc.

Cofounded by ConsenSys founder and Ethereum co-founder Joseph Lubin, Palm NFT offers strategic and technical tools for developers to create NFT ecosystems. The funds collected by the company will allow it to expand its core technological spectrum. The platform aspires to help the developers willing to introduce NFT across multiple fields like games, music, art, etc. with proper regulatory compliance and a seamless working interface.

The co-founder and CEO of Palm NFT Studio, Dan Heyman advocates that NFTs will be distributed free of cost in the coming three years span. The team aspires to support projects that mint huge volume of NFTs with utility, share the social objective that connects people, encourage engagement, and rewards participants. The collaboration with M12 will help the firm to realize its vision.

Ever since its launch, Palm NFT Studio has partnered with DC Comics to release NFT tokens depicting tokenized comic book covers. The firm worked with Damien Hirst to present The Currency collection. Palm NFT Studio co-developed the Palm Network that works as an ETH sidechain allowing customers to create NFT projects. The NFTs created on the Palm Network or ETH mainnet can be moved easily across each other’s ecosystems.

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Blockchain Weekly Source

Nov 17 2021

DAY LONG NEWS ROUNDUP: LATEST NEWS 17/11/21

We cover the crazy world of blockchain and cryptocurrencies and bring you the latest updates from 17/11/2021 to help you stay informed of the insane things that are shaping the future of finance and business around the world.

AMC Theatres to accept Shiba Inu via Bitpay in the upcoming two to three months

Adam Aron, the CEO of the famed AMC Theatres in the United States, announced on a Twitter post yesterday that the company is willing to incorporate Shiba Inu for their online payment services. It was declared that the feature will be available for use in the upcoming two to three months only.

According to the Twitter post, the integration plan was created when BitPay stated that they are about to provide support for the memecoin on their payment platform. BitPay is a renowned payment service provider in the cryptocurrency domain. They have been operational since 2011 and are quite adept in managing transactions with really high volumes.

The news was previously reported by the VR Soldier but the Tweet coming from the CEO himself has given the news a lot of traction. For those who are wondering why they did not see a major jump in the price of the cryptocurrency today, this is because the news was already out during the previous week itself. The saying in crypto goes that it is always wise to buy the rumour, and sell the news instead. Therefore it is understandable that the Shiba Inu prices may undergo a bearish trend today.

Polygon launches scaling solution for deploying DApps

Polygon is a globally popular layer two scaling solution for blockchains compatible with Ethereum. They have recently launched their own Midden Virtual Machine powered by the zk-STARK for developing DApps or better known as Decentralized Applications.

zk-STARK is basically an abbreviation for zero knowledge Scalable Transparent Argument of Knowledge. In simpler terms, this technology allows an individual to prove that they are capable of storing private data, such as passwords, without making sure that they do not leak anyhow. STARK is one of the methods or ways in which one can prove, obfuscate or even verify this data.The Polygon blockchain has invested over an amount of $1 billion in order to develop the zk technology.

A zk-STAR application is being widely used in complex Decentralized Finance (DeFi), healthcare products and decentralized car insurance services for the purpose of identity verification. This technology can redact critical information from digitized assets and even manipulate their size for quicker verification, for instance passport or driver’s license.

Sandeep Nailwal, the co-founder of the Polygon Blockchain network, stated that this technology would help overcome privacy issues and establish trust in products related to DeFi.

Deloitte and Avalanche Blockchain together forms a strategic alliance

Deloitte is undoubtedly one the biggest accounting firms in the world securing a place among the “big fours”. They are working in collaboration with some of the best companies around the world.

At present Deloitte is working in close association with the Federal Emergency Management Agency which is popularly known as FEMA. They are working on the execution of applications concerning disaster reimbursement for local and state government agencies. In order to carry out this task, they take the help of a tool known as CAYG or Close As You Go.

It is a cloud oriented tool that serves as a cost efficient, decentralized and transparent solution for the government partners. The Avalanche blockchain will help add efficiency, speed and authentication measures to the system, thereby enhancing it. Deloitte stated that the reason why they chose Avalanche is because of their eco-friendly advantages as a technology.

The Ava Labs will now focus their attention on the CAYG system and enhance it for better document retention, risk mitigation, cost effectiveness, reducing administrative hassles and most importantly, developing a resilient system on the whole.

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Blockchain Weekly Source

Oct 06 2021

Polygon Overtakes Ethereum In Terms OF Active User Base

The popular polygon network has recently observed a massive surge in the number of active users addresses on the blockchain network in the past few months as the network has been becoming incredibly useful for them. In due course of this weekend itself, the network has been able to achieve a new milestone, as the number of active user addresses on the Polygon network has surpassed that of the second most popular blockchain in the world, that of Ethereum.

Till now, Ethereum remains the second-biggest cryptocurrency in the world by market capitalization, and also it is the most popular blockchain in the world with the ability to develop smart contracts. However, according to the data gathered by Polygonscan, it has been observed that the number of active users on the Polygon blockchain has crossed even that of Ethereum and this is a huge thing for the Polygon network.

According to the collected data, it has been analyzed that the number count of unique daily addresses that are active on the Polygon network either as a sender or as a receiver, has reached a record-breaking high of 566,516 just throughout the weekend. This is the very first time the user base has reached such an enormous point on the Polygon network and also this is the first time it has been able to give Ethereum such a competitive edge.

In addition to that, the data has revealed that the number of active users on the network has witnessed an increase of 18 percent only in the last month. When compared to the blockchain of Ethereum, this is an incredible achievement in itself, since the Ethereum Blockchain has grown by only a mere 0.6 percent over the last month.

One of the main reasons for the growing popularity of the Polygon Blockchain is the introduction of Non-Fungible Tokens or NFTs and other games on the platform, much like other programmable blockchains such as Polkadot and Solana. The cryptocurrency market has been recovering in the past few days and it is doing pretty well. The native coin of the Polygon blockchain, also known as MATIC, has been one of the top performers this week. Despite the market retracing quite a bit, the cryptocurrency performed pretty well and the price went up by almost 10 percent in the last seven days, which is quite impressive, to say the least.

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Blockchain Weekly Source

Sep 15 2021

Ernst and Young Wants to Scale Their Enterprise Level Blockchain-Based Products On Ethereum By Using Polygon

The global consultancy giant Ernst and Young, which also happens to be one of the Big Fours, has recently announced that the company wants to integrate their products which are Blockchain-based, with the popular network of Polygon. This would also enable the company to mitigate the congestion and the abnormally high fees which are associated with conducting transactions for their enterprise clients on the Ethereum mainnet.

This Monday, Ernst and Young declared that they are willing to offer their flagship services that are related to Blockchain after integrating them with the Polygon network, which in turn will enable them to conduct the transactions in a way that they are committed to Ethereum through the help of the sidechain.

The company further emphasized that this transition will enable their enterprise clients to enjoy access to an increased amount of throughput in transactions with a lot more predictable settlement times and fees while using the Polygon network for their operations.

The consultancy giant also announced that they are closely working in collaboration with Polygon so as to develop and provide optimistic rollup chains, which will also be private and permissioned at the same time. Rollups are basically a scaling solution belonging to the Layer two category that can provide a much more solid security and efficient working conditions than conducting transactions on the mainnet of Ethereum.

Paul Brody, who is a globally renowned Blockchain ledger working at EY, stated that working with the Polygen network helps in providing the team members working in EY with a set of powerful and necessary tools that in turn helps them to scale up the transactions they are conducting on behalf of their clients, and it also helps to offer a much faster roadmap for facilitating integrations on the public mainnet of Ethereum.

Sandeep Nailwal, who is the co-founder of Polygon, also admired the giant consultancy firm for its commitment to the public network of Ethereum and also praised the firm for its open standards in technological aspects.

During the previous year itself, the consultancy firm had launched the Baseline Protocol, which was an open-source project, while at the same time they had been developing the project Nightfall, which is basically a zero-knowledge proof protocol that is based on layer two standards.

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To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

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Blockchain Weekly Source

Aug 16 2021

What Do The Weekend Metrics Suggest of MATIC’s Future

All eyes were on the popular Altcoin MATIC throughout the last week when it successfully breached above its resistance point of $1.20 after clocking in a record 30 percent hike in the course of the week. However, the MATIC token holders were later shocked to find out that the token had dropped suddenly by almost 5 percent at the time of press and later went to trade at $1.4.

Recently, Polygon network has announced the first-ever token merger between the cryptocurrencies MATIC and HEX as Polygon has recently acquired the Hermez Network. It was expected that the news of the merger would eventually bear positive results in the form of greater response from the users, it did not quite work out the way they had expected it to. It is true that the 30 percent increase within a span of one week was really impressive, but the 5 percent drop that happened suddenly was not expected, especially at this point.

The Metrics are pointing towards a slower weekend

The 30 day MVRV for the altcoin had reached its zenith in the past few months on the 13th of August this year and then went for a slight downturn. But even then, the prices were clearly on track of recovering on the one hour chart of MATIC. At the time when this analysis was being reported, MATIC was actually projecting a host of metrics which were really interesting and exciting, to say the least. The slight down trend which was recorded during the analysis of the MVRV of MATIC was accompanied by an astonishing fact, that the social volume level of the crypto was recording at an all time high during the observation. This was perplexing to the experts.

The experts were observing the news regarding the event of the merger of the tokens which were expected to have considerable impact on the user activities. So this hile was more or less expected of the experts but at the same time,it was also noted that even though the hype was catching on with the people, it was not having the impact as it was expected to have on the price.

On top of that, experts could analyze that there were massive amounts of inflow taking place from the altcoin that were indicative of huge amounts of deposits for exchange being made. Through these observations, the analysts have come to an understanding that, in general when there are no recordings of a preceding outflow of a considerably large amount, which was observed in the case of MATIC, large inflow and spikes in that inflow generally refer to or even lead to instances of price corrections.

Experts assumed from the observation that perhaps MATIC is gearing for a similar price correction event, but the slight but sudden price recovery during the press time indicates other possibilities and not in particular any price correction whatsoever. That being said, another really positive and notable thing according to the analysts, is that MATIC at present proudly boasts of a considerable and decent number of addresses which are active and on the use. This is by far, a really good sign. They mentioned that if in case, the active numbers had dropped by any chance, it would have been a clear indication that the altcoin is in for a bearish trend from now on. But luckily enough, that is however, not the case. The initial signs are pretty much positive for now and nobody, including the experts, are not hoping for a bearish or a downward trend for MATIC anytime soon.

In addition to this, the age of the altcoin that was consumed, had witnessed a growing peak as well, as MATIC has surprisingly done pretty well to reach a local top price point of $1.52. Some experts are of the opinion that this could have been an indication of dormant cryptocurrencies that were on the move with the intention of pushing their market prices further upwards. But however, the same tendencies were not noticed once again when the prices started falling down.

The experts do believe that the price trajectory for MATIC has been on the positive side so far, even though the cryptocurrency had gone through a few really minor corrections during the rally in the month of August. While exchange inflows are one of the most notable metrics, and in the case of MATIC, has projected a correction in prices, it cannot be said with certainty yet, that whether this correction, if it takes place, will either be a major one or a minor one. At the time when this was reported, the scales were in favor of corrections that are supposedly going to be minor in nature.

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Blockchain Weekly Source