Blogs
Vitalik Buterin and Joseph Lubin’s New Ideas for Ethereum
Vitalik Buterin, the founder of Ethereum has recently announced (9th March 2018) in the conference EthCC, held in Paris that he had presented a scaling solution for Plasma. Plasma is a system of smart contracts that can raise the computational potential of the Ethereum blockchain. Plasma was created by Buterin and Joseph Poon (co-creator of Bitcoin Lightening Network) in 2017 to solve the scalability issues of Ethereum by producing a layer of smart contracts that will be in contact with the main blockchain.
In the present scenario, the users have to download and confirm each smart contract in the Plasma system. Vitalik Buterin says that he has found a way that will reduce this to a handful of data points. He goes on to say that the principal benefit, in this case, is the reduction in the amount of data that the clients had to process.
The users will now be able to generate “Plasma coins” without downloading the whole Plasma history. The users will simply have to send a deposit to the contract in order to produce “Plasma coins”. This also means that the users can now track the coins ‘they care about’ (as said by Buterin) within the system instead of downloading and verifying everything.
However, this idea of Buterin and developers Karl Floersch and Dan Robinson has not yet undergone testing. The promises as stated by the proposers of the idea can have a number of vital use cases, for instance securing cryptocurrency exchanges from the hackers. Implementation of this theory will enable the cryptocurrency exchanges to provide order book functionality that will save the user funds in case there is an attack.
Vitalik Buterin said, “Hopefully when the next multi-billion dollar exchange written by a totally incompetent developer gets hacked, no one will lose any money.”
Ethereum can Disrupt Tech Companies of High-Reputation
On 9th March 2018, Joseph Lubin (co-founder of Ethereum) gave a speech regarding this at the South by Southwest Interactive conference. Investors in the blockchain technology and the connoisseurs have often hailed blockchain as the “next internet”. Joseph Lubin, in the conference, had emphasized on the Ethereum’s promise of decentralized applications. According to him, personal data can be easily extracted from Google and Facebook when compared to the Ethereum blockchain.
“On the web right now, I would argue that identity is broken. We spray aspects of our identity around the web, it’s stored on corporate servers and is monetized by corporations, and often aspects of your identity aren’t well secured by those organizations.”
He continued to say that giants like Apple, Facebook, Amazon, Google, and Netflix have had faced glitches when it comes to data breaches and loss of user trust. He says that the flaws lie in security protocols as well as in fiat currencies.
Web 3.0, Ethereum’s approach has “reinvented” data collection, storage, and control. The users do not have to transact on the web with faceless corporations that may lose or even resell the user’s personal data. Web 3.0 as explained by Lubin, “Instead of the client-server architecture where you’ve got one company, say Google or Facebook, that has a bunch of servers and we’re interacting with them as a counter-party, this new kind of application paradigm has all the different nodes on the network and they are all effectively the back end of the application. So nobody is in control of it, and you can build these platforms where no one’s overly monetizing it.”
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Image courtesy of Duncan Rawlinson via Flickr
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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