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Everything You Need to Know About the Chainflip Protocol

chainflip

The post Everything You Need to Know About the Chainflip Protocol appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Back in March 2020, Vitalik Buterin notably said – “It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.” He was alluding to swapping between BTC and ETH and how there’s no solution as of yet. Over a year has passed since then, and it seems like very little has …

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Back in March 2020, Vitalik Buterin notably said – “It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.” He was alluding to swapping between BTC and ETH and how there’s no solution as of yet.

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Over a year has passed since then, and it seems like very little has changed. THORChain has broken new ground, but leaves a lot to be desired on the user experience end.

But that doesn’t mean there isn’t hope! Simon Harman from Oxen and Tom Nash from Flex Dapps have collaborated to create what is a very promising take on this ongoing problem. They’re developing a project called Chainflip that aims to put an end to the difficulty of swapping cryptocurrencies across different chains.

Many centralized exchanges are available in the marketplace, but none of them provide the convenient and permissionless solution that’s needed to really make a dent. Uniswap has proven users love decentralised tools that save them time, and back in 2017 Shapeshift offered a great experience for cross chain swaps, but the platform strayed far away from its original idea after their centralised approach forced them to implement KYC.

Chainflip plans on taking over where Shapeshift left off, creating a decentralized exchange between chains that will have a flawless UX to facilitate the swapping experience for any type of user.

The Main Idea Behind Chainflip

Shapeshift gained traction immediately after launching – people loved its simplicity and grew fond of its technology. When they began requiring KYC verification, the essence of this simple and seamless process was thrown out the window. Now, Chainflip is the platform that is set to take it to the next level.

The team at Chainflip is creating software that will be a perfect combination of the Shapeshift UX experience and the decentralization and simplicity of Uniswap. 

As you probably know, Uniswap only offers ERC-20 swaps, and Shapeshift lost almost all its value once it implemented its changes. Chainflip will offer users the ability to swap coins across different chains without them having to worry about what’s happening in the background. 

Everyone wants trading to be simple – to select the coins they want to buy/sell and submit the transaction. No wrapped tokens, synthetic assets, KYC, P2P counterparties, or anything else complex and time consuming.

Chainflip’s solution 

The protocol itself is rather complex, but we can give you a high-level overview of the different components that prevail as the backbone of the platform. The coordination of these actors allows for the creation of joint multisig wallets on each blockchain, managed by a network of decentralized nodes that come to consensus on every transaction made on the Chainflip statechain. 

In short, Chainflip is an AMM like Uniswap, but instead of the funds for the pools being stored in smart contracts, the Chainflip Validator network constructs giant multisignature “vaults” which are secured by Validator collateral. Also unlike Uniswap, all of the swapping and trading logic happens on the specialised Chainflip Statechain, meaning it’s fast, cheap, and dedicated for this purpose. When conducting a swap, the system generates a unique deposit address per swap, and then once a deposit is registered, executes the trade on the state chain. Once it’s been executed, the output assets are sent from a different vault on a different chain to the user’s specified address.

In other words, there’s no set up for users. This extremely simple user experience that only requires that users have a destination address. Chainflip doesn’t care which wallet software you are using. The complexity under the hood to make this happen is impossible to summarise in a few words, but if the Chainflip team can pull it off, it will be an excellent experience that differs from every other product in the cross-chain market.

The team also quietly dropped the fact that Chainflip will be a Uniswap V3 style AMM, which could mean that it can offer far superior pricing for users compared to typical peer-to-pool models.   

The Three-phase Mainnet Launch

The Chainflip mainnet launch is planned in three different phases. The first phase will start  sometime between August and October of this year. This is when the platform will open its validator slots and start gaining collateralization, as well as many other details to ensure the system will function properly. 

It’s a process that takes time – if everything goes as planned, the product launch should occur by the end of 2021, early 2022. The FLIP token, which is planned to be bought and burned with every trade running across the platform, is due to be released to the public sometime in the next few weeks and months. The team has not released much more information on this. 

What’s the TL;DR?

Chainflip is a platform that will provide seamless swaps  between coins sitting on the various blockchains within the crypto ecosystem, opening the door for the possibility of aggregating liquidity from several ecosystems in one place.

The design and architecture of the protocol allow users to have a very similar user experience to what ERC-20 DEXs can offer while staying away from trade-offs like wrapped tokens or special wallets that have prevented mass adoption.

If the Chainflip team can pull it off, this platform could become a cornerstone of infrastructure in the entire crypto space. For more information about Chainflip, you can head to their website at https://chainflip.io

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Source: https://coinpedia.org/news/everything-about-the-chainflip-protocol/

Blockchain

30-Year-Old Entrepreneur Josh Riddett Uses Cow Waste to Mine Bitcoin

The topic of bitcoin mining is a controversial one as of late given the alleged carbon footprint it leaves behind, though one man feels he may have found a probable solution. 30-year-old Josh Riddett – the managing editor at Easy Crypto Hunter in Manchester, England – claims he has found a way to extract crypto

The post 30-Year-Old Entrepreneur Josh Riddett Uses Cow Waste to Mine Bitcoin appeared first on Live Bitcoin News.

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The topic of bitcoin mining is a controversial one as of late given the alleged carbon footprint it leaves behind, though one man feels he may have found a probable solution. 30-year-old Josh Riddett – the managing editor at Easy Crypto Hunter in Manchester, England – claims he has found a way to extract crypto from the blockchain utilizing cow manure.

Josh Riddett Is Finding Greener Ways to Mine Crypto

Bitcoin mining has been a hot topic recently, with many environmentalists saying it does irreversible damage to the Earth’s atmosphere. Reports have been issued claiming bitcoin mining has as big a carbon footprint as the city of Las Vegas, Nevada, while others claim that the process requires more energy than certain countries such as Iceland and Argentina.

Many institutional investors have thus turned away from bitcoin due to questions surrounding the mining process. Tesla CEO Elon Musk, for example, has rescinded his decision to accept BTC payments for any Tesla-based goods and services, while Kevin O’Leary of “Shark Tank” fame says he will no longer buy bitcoin mined in China given that it still utilizes coal and standard fossil fuels to extract new units.

All this does not place bitcoin or BTC mining in the best light, but Riddett is confident his way is greener, fresher, and better for the atmosphere. In a recent interview, he explains:

Years ago, farmers were encouraged to develop green energy solutions, which is one of the reasons why we have seen solar panels appear in fields over the last ten years, and these schemes came with good financial incentives. More recently, those incentives have dwindled to virtually zero, but our machines are now providing those incentives.

Riddett is tasked with operating a large mining system that utilizes methane from cow waste. This methane powers the several “computer graphics cards” that go into the mining machines. In addition, the company also utilizes several wind and solar-based generators to establish the energy needed to mine new units of bitcoin.

Despite the strength of the company, Riddett claims he has very little knowledge regarding how it all works. At the end of the day, he is the business owner, but could not even write “a single line of code” per his own words. He states:

I have always been business minded, but I am not a tech nerd. I just had months and months of studying the market to learn about cryptocurrency and blockchain while having lots of late nights watching YouTube videos about it.

Things Couldn’t Be Cleaner…

In the end, however, he confidently mentioned in his interview that the work he is doing “could not be greener. He says:

When we started this business four years ago, green energy was not on our customers’ radar, but now it is approximately 40 percent of our business, and growing every day.

Tags: Bitcoin Mining, cow manure, Josh Riddett Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/30-year-old-entrepreneur-josh-riddett-uses-cow-waste-to-mine-bitcoins/

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Blockchain

You Already Have More Than Enough Bitcoin: Peter Schiff Tells Michael Saylor

After Michael Saylor said his company would raise another billion to buy more bitcoin, Peter Schiff called him “truly insane.”

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Michael Saylor’s initiative to continue buying more and more bitcoins makes no sense, argued the full-time BTC basher – Peter Schiff. Following the latest development coming from MicroStrategy, in which the company outlined plans to allocate another $1 billion in the asset, the prominent economist called Saylor “truly insane.”

Schiff to Saylor: Truly Insane

If you have followed the cryptocurrency markets even vaguely in the past year, two names should be popping out as the most vocal commentators. On the side of the naysayers stands the popular economist and gold bug – Peter Schiff. On the side of the proponents sits the founder and CEO of MicroStrategy – Michael Saylor.

The two have engaged in quite a few verbal confrontations on the difference of opinion on bitcoin. The latest one came out yesterday after Saylor’s software giant revealed plans to initiate a new securities offering to raise $1 billion. The firm intends to allocate this considerable amount into bitcoin, as it has done in the past.

This is where the BTC critique stepped up. In his opinion, such actions have made Saylor “truly insane.” Schiff believes MicroStrategy already has “more than enough” exposure to bitcoin, and if the asset turns out to be as successful as Saylor hopes, he would have made “all your shareholders rich.”

Schiff further alleged Saylor in buying more BTC only to “keep bitcoin from crashing” instead of actually doing something positive for shareholders and investors.


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What Has MicroStrategy Done So Much?

With Schiff claiming that MicroStrategy already has plenty of bitcoins in its stack, it’s worth reviewing how big that stash is and what have the company and its leader done for the community.

Although it became evident to the public that MicroStrategy bought BTC in August 2020, the origin of the story can actually be found a few months earlier. As Saylor revealed during the recent Bitcoin Conference in Miami, he started educating himself on the asset’s qualities after the COVID-19 pandemic infiltrated the Western World in early 2020.

His personal first purchase transpired on June 3rd that year. His firm, though, kept on accumulating after August and currently holds over 90,000 coins. Should the company proceed with raising $1 billion and putting it in BTC again, its stack could go well beyond 100,000.

Separately, the firm held a Bitcoin conference for corporations, became a node on the BTC network, and started paying non-employee directors in the primary cryptocurrency instead of cash.

Saylor also released an educational panel on BTC aimed at retail investors and has openly praised the asset on all traditional media outlets he has attended. And, all of this transpired within a year.

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Source: https://cryptopotato.com/you-already-have-more-than-enough-bitcoin-peter-schiff-tells-michael-saylor/

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Blockchain

PARSIQ Raises $3M in Strategic Venture Round Joined by Solana, and Others

[PRESS RELEASE – Tallinn, Estonia, 15th June 2021] PARSIQ, the blockchain monitoring, and workflow automation platform has raised a $3M Series A round from leading venture investors in the cryptocurrency ecosystem. The round was backed by Solana Foundation, with additional participation from, Mindworks VC, Axia8 Ventures, Krypital Group, CoinUnited, Transfero Swiss, Elevate Ventures, Sanctum Ventures […]

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[PRESS RELEASE – Tallinn, Estonia, 15th June 2021]

PARSIQ, the blockchain monitoring, and workflow automation platform has raised a $3M Series A round from leading venture investors in the cryptocurrency ecosystem.

The round was backed by Solana Foundation, with additional participation from, Mindworks VC, Axia8 Ventures, Krypital Group, CoinUnited, Transfero Swiss, Elevate Ventures, Sanctum Ventures and others. Evan Cheng, Director of Research at Facebook’s Novi Financial (formerly Calibra), has contributed to the round as an individual investor. The venture round marks the first time that PARSIQ collected funds from institutional investors, having been previously entirely funded through a public token sale in 2019.

The venture funding round has been devised to obtain new strategic partners and better position PARSIQ in the cryptocurrency ecosystem, offering major players a stake in the project’s success. PARSIQ will work with the new investors on product development, go-to-market strategies, and marketing, benefiting from the partners’ expertise and position in the market. In particular, PARSIQ will collaborate with the Solana Foundation to bring its Smart-Triggers to Solana ecosystem projects, allowing them to easily read and respond to blockchain data without having to develop custom solutions. PARSIQ currently supports major blockchains like Bitcoin, Ethereum, as well as Solana, Binance Smart Chain, and others.

“We are excited to have received the support of this diverse and highly regarded set of crypto ecosystem participants,” said Tom Tirman, CEO of PARSIQ. “While our runway was more than sufficient from our earlier raise, we felt that to guarantee the success of our project, we needed additional support from major players. With their help, we will be able to mount the strongest marketing and development push for PARSIQ yet.”

Anatoly Yakovenko, CEO of Solana Labs. “Having reliable and simple access to blockchain data on Solana means that projects building on our platform will have fewer headaches in building out their stack, allowing them to concentrate on their product, and PARSIQ is positioned to help bridge the off-chain and on-chain world.”

About PARSIQ

PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications. PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an endless stream of data on the blockchain; thus, it’s possible to monitor traders and ordinary users’ wallets.

About Solana

Solana is a high-performance Proof of Stake (PoS) blockchain focused on delivering scalability without sacrificing decentralization or security.

Solana unlocks concurrent GPU-parallelization for the first time, using Proof of History (PoH), a clock before consensus, delivering high speed, low latency, and inexpensive transactions, all at layer 1 without sharding.
Developed by a team of former Qualcomm, Apple, Intel, and Dropbox engineers, Solana is stewarded by The Solana Foundation and is advanced by a loyal community of decentralized developers around the world.

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Source: https://cryptopotato.com/parsiq-raises-3m-in-strategic-venture-round-joined-by-solana-and-others/

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Blockchain

Next-gen DeFi Token Launchpad Lemonade Announces DePo IDO Public Sale

[PRESS RELEASE – Singapore, Singapore, 15th June 2021] After the successful STAK token sale, Lemonade to hold its first IDO launch, DePo on June 17, 2021 Lemonade, a DeFi token launchpad governed by the Jigstack DAO, is excited to announce the IDO of DePo. The DePo whitelist process starts June 17, 2021, whereas the public […]

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[PRESS RELEASE – Singapore, Singapore, 15th June 2021]

After the successful STAK token sale, Lemonade to hold its first IDO launch, DePo on June 17, 2021
Lemonade, a DeFi token launchpad governed by the Jigstack DAO, is excited to announce the IDO of DePo. The DePo whitelist process starts June 17, 2021, whereas the public sale final date will be disclosed in the coming days.

DePo streamlines the crypto experience for users. It aims to be the first multi-market aggregator in the decentralized finance ecosystem.

DePo offers a unified interface where users can easily connect to all crypto exchanges, NFT marketplaces, decentralized protocols, ERC20 wallets, and staking platforms.

Considering there are more than 600 crypto exchanges and 10,000 cryptocurrencies, it has become a time-consuming endeavor to switch between different exchanges and currencies manually.

A unified interface will not only save users time but also make it easier for non-crypto people to join the crypto ecosystem.

Users who own Jigstack’s STAK tokens will be able to participate in DePo’s IDO through a three-tiered system. The more STAK a user holds, the more access he has to participate in the IDO.

On Lemonade, the STAK token holders get access to unique opportunities such as the DePo IDO. They can buy newly issued tokens before their public listing on larger exchanges.

Since the STAK IDO, Jigstack has further refined the Lemonade launchpad and added new functionalities including the ANTI-bot.

The ANTI-bot blacklisting schema attaches directly to the campaign. It gives the token issuer a buffer time between the sale and claim period to block out the bots, suspicious users, and correct any accidental blacklists. The collected ETH will be sent to the IDO owner, but the bot will not be able to claim the tokens.

ABOUT LEMONADE

Lemonade is a DeFi token launchpad that allows token issuers to raise funds without having to deal with complex setups or involve exploitative intermediaries. It offers permissionless, hands-free automation, and a customizable sales structure to ensure a seamless user experience.

Lemonade is governed by the Jigstack DAO. Jigstack is an Ethereum-based DAO that governs a portfolio of high-quality products. STAK is Jigstack’s governance token, which can be used to manage Lemonade and other Jigstack protocols.

Find out more about Lemonade:

Website: https://lemonadefi.com/

Twitter: https://twitter.com/lemonade_defi

Telegram: https://t.me/Lemonade_DeFi

Medium: https://medium.com/@Lemonade_DeFi

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Source: https://cryptopotato.com/next-gen-defi-token-launchpad-lemonade-announces-depo-ido-public-sale/

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