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Polygon proposes implementing EIP-1559 on its network; so what changes?

Polygon (MATIC) a coin that saw an almost 6962% growth since the beginning of 2021, still continues to be one of the top 20 coins. It is making new implementations that can drastically improve the net

The post Polygon proposes implementing EIP-1559 on its network; so what changes? appeared first on AMBCrypto.

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Polygon (MATIC) a coin that saw an almost 6962% growth since the beginning of 2021, still continues to be one of the top 20 coins. It is making new implementations that can drastically improve the network. 

The development team behind Polygon (MATIC) recently laid out a proposal for the implementation of EIP-1559 on its network, as soon as it is implemented on the Ethereum blockchain with the London Network Upgrade.

At the time of writing, MATIC was trading at $1.12 and saw a considerable price drop after the June 21 dip. However, it was quick to recover and maintained its stature as the Top coin of the week, preceded only by Bitcoin, in the US, as per CoinGecko.

What entails the EIP-1559 implementation?

Polygon’s development team recently announced implementing a revised version of an Ethereum Improvement Plan (EIP-1559) on its network, once the proposal is implemented in the next London upgrade. 

In general, EIP-1559 on Ethereum introduces a base fee that would be burnt with each transaction, alongside a priority fee that incentivizes miners to process each transaction. However, there won’t be any burning of base fees for the implementation of the EIP 1559 on the Polygon network since MATIC has a fixed supply. 

As underlined by the team, instead of burning the base fee, it will be sent to the core contract account where Polygon’s DAO would let the community decide what to do with it. This process of depositing funds into the new contract as outlined by the Polygon team is similar to the future payment strategy for validators. 

Additionally, any sort of deflationary mechanism would mean realigning payouts, which will allow DAOs to spend money on improving and maintaining the network. According to the Polygon team that will bring long-term benefits to all validators.

EIP-1559 intends to improve Ethereum’s transaction fees with the current auction method to be changed from the standardized fee for the entire network to the method set by the algorithm.

As of now, Ethereum has a no-issuance limit, whereas, the issuance limit on Polygon’s MATIC token is set at 10 billion MATIC. The fixed supply of MATIC which allows burning for each transaction will theoretically be zero. Hence, it’s necessary to restructure the method of paying compensation. 

Will Ethereum 2.0 render MATIC useless? 

While this question about Polygon’s popularity and need has surfaced a lot lately, MATIC’s founders have a different notion on the same. In a recent discussion,  Jaynti Kanani, co-founder, and CEO of Polygon acknowledged this much-debated question. Even though Ethereum 2.0 will become 64 times more scalable than ETH is now, the real issue will be demand. To this, Kanani said:

“The demand is 1,000 X than where we are. You will need L2 scalability. I’m 100% sure ETH 2.0 will get jammed in a few weeks with the demand.”

That being said, there are no doubts about MATIC’s success, the currency has depicted a massive growth in the last year. Following MATIC’s 9000% price hike, Mark Cuban had invested a significant undisclosed amount in the coin. Polygon’s founders and development team are optimistic about its future with zk-rollups, data-availability chains, and other developments in store for the alt.

In hindsight, despite the current drop in the gas fees on Ethereum, users preferred using the Polygon [MATIC] network. According to recent data, in the past week, the top 10 DeFi applications on the Polygon network attracted over 242,000 unique active wallets whereas Ethereum had just 100,000 unique active wallets, in the last week.


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Source: https://ambcrypto.com/polygon-proposes-implementing-eip-1559-on-its-network-so-what-changes

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Nigeria to Launch a Pilot for Its CBDC in October

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Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


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According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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Amazon Wants a Leader For Its Digital Currency and Blockchain Product Unit

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on

Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

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PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

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Source: https://coingenius.news/amazon-wants-a-leader-for-its-digital-currency-and-blockchain-product-unit-38/?utm_source=rss&utm_medium=rss&utm_campaign=amazon-wants-a-leader-for-its-digital-currency-and-blockchain-product-unit-38

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AI

Fintech Giant Zip Co to Provide Cryptocurrency Trading Services

Published

on

Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

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Source: https://coingenius.news/fintech-giant-zip-co-to-provide-cryptocurrency-trading-services-24/?utm_source=rss&utm_medium=rss&utm_campaign=fintech-giant-zip-co-to-provide-cryptocurrency-trading-services-24

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Locked Out of Millions: Couple Can’t Access $5.8M Worth of Ethereum

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Yuki and Art Williams, who purchased 3,000 Ethereum coins back in 2014, can not open their crypto wallet. The family claims that the essential JSON file was never downloaded, and thus they don’t have access to their $5.8 million.

In Search for Help

According to the American media 7news, the Washington DC family Yuki and Art Williams possess 3,000 ETH coins in their crypto wallet. Unfortunately, the wife and husband can only see them and not access the assets. The couple insisted that when they bought the assets in 2014, the JSON file was never downloaded. Art Williams said:

“The instructions were to leave your computer on for an hour and a half and as the progression bar showed it populating the JSON file would appear. Unfortunately for us, it did not appear.”

Calculated in today’s prices, the wallet contains $5.8 million. Mr. Williams told 7news that the Ethereum Foundation promised him to solve the issue and send him a backup JSON file. However, the family is still waiting.

In another attempt to access their funds, the couple e-mailed the Foundation based in Switzerland and showed them proof of purchase and screenshots of the problem. 7news also tried to reach out to the Ethereum Foundation but received no comment.

The last move that the family is yet to make is to hire a law firm that would open a case in court in Switzerland. The attorneys would demand that the Ethereum Foundation grant a JSON file to the desperate couple during the process.


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“Devastating, to say the least. Obviously, that’s life-changing money,” added Mr. Williams.

The Man Who Lost Access to 7,002 BTC

Investing in cryptocurrencies is not risky only because of the volatile nature of the assets. Apart from that, investors need to save and protect their private keys. In case someone loses their private keys, that could lead to an irreversible disaster. Such is the case with Stefan Thomas and his bitcoins worth more than $223 million.

As CryptoPotato reported earlier in the year, the resident of San Francisco produced an educational video called “What is Bitcoin?” for another crypto fan and received 7,002 bitcoins for his services.

However, Thomas didn’t pay much attention to his new holdings as they had a little-to-no value at the time, and he lost the digital keys to the wallet. In the following years, though, BTC’s price exploded, and now the 7,002 coins are worth around $223 million.

The wallet called IronKey allows users ten attempts to guess the password. So far, Thomas has tried eight times to access the funds, but they were all unsuccessful. If he fails ten times, the wallet will be encrypted forever.

“I would just lay in bed and think about it. Then, I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again,” the man revealed.

To avoid any of the above, it’s highly recommended that you take crypto security seriously and make sure to always follow these tips.

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Source: https://coingenius.news/locked-out-of-millions-couple-cant-access-5-8m-worth-of-ethereum-17/?utm_source=rss&utm_medium=rss&utm_campaign=locked-out-of-millions-couple-cant-access-5-8m-worth-of-ethereum-17

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