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Redefining DEXes: An Interview with Polkadex CEO Gautham J

The DeFi ecosystem has seen significant growth in the recent scenario and while exchanges in the crypto-sphere had been centralized, the idea had been challenged with the emergence and subsequent grow

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The DeFi ecosystem has seen significant growth in the recent scenario and while exchanges in the crypto-sphere had been centralized, the idea had been challenged with the emergence and subsequent growth of Decentralized Exchanges (DEX). Polkadex aims to combine the benefits of centralized and decentralized exchanges with their technological innovation and provide users with a smooth trading experience.

It is the first project on the Polkadot ecosystem that features an orderbook based exchange. The platform functions through Snowfork with the Ethereum network and Parachain with the Polkadot network.

In conversation with Gautham J, CEO Polkadex we discuss the platform, the vision behind creating the first orderbook based exchange on Polkadot, IDOs, and NFTs on their platform, and much more.

1. How is Polkadex redefining decentralized exchanges?

We approach many things differently and bring some innovative solutions to the market and users to eliminate the existing bottlenecks. 

To begin with, none of the present decentralized exchanges supports a trading engine that is fast enough to run the traditional orderbook. As a consequence, they also lack sufficient liquidity and can not push DeFi forward. 

DEXes have copied the success of Uniswap and moved to the AMM-based model. At Polkadex we think that it is not a real solution but only a halfway compromise. 

Uniswap and other swap protocols that don’t use an orderbook dramatically limit their functionality and bring to life certain platform-specific issues. The pool creates an arbitrage opportunity when the price of the asset fluctuates. Moreover, front-running is imminent on the AMM- based DEXes, while the orderbook DEXes eliminate the issue. 

Polkadex is an orderbook based exchange, but the key difference is that, unlike traditional orderbook exchanges built on multipurpose blockchains, Polkadex is specifically built as a dedicated blockchain that functions as a trading engine.

Current DEX reality is facing a huge technology gap, and we work to fill it using the mix of technologies available through the capabilities of Bitcoin, Ethereum & Polkadot networks. 

Another very important point – we want to bring DeFi to the masses by eliminating the entry barriers. If you can make a traditional exchange run in a decentralized way, you bring power back to users by lowering costs and improving security. Right now DEXes lack popularity because non-crypto native users find the UX and navigation on the existing platforms challenging, making the whole experience stressful and frustrating. We felt a need to try and solve that problem via building an easy, straightforward, and fun to use trading platform.

2. What was the vision behind creating the Polkadex Order Book?

Blockchains have revolutionized the way we think about trust. The world is going to be increasingly tokenized in the nearest future and Polkadex aims to prepare the world for it. 

Bitcoin showed us to transact in a peer-to-peer way without having an intermediary. However, the idea of transferring different types of Blockchain assets in a decentralized manner is still in a rudimentary phase. There were many attempts to solve this problem but none of them managed to take the solution mainstream because of the inherent drawbacks of a blockchain to settle transactions instantaneously and quickly allowing any sort of real-world application. 

Past projects have shown us that running an orderbook-based decentralized exchange on-chain is going to be expensive. Hence, there has been a shift towards creating automated market makers (AMMs) to allow transacting in a decentralized manner. This has given rise to protocols like Uniswap and centrally controlled chains like Binance Smart Chain. However, none of them offer solutions to all the user’s needs. 

Our goal is to make decentralized peer-to-peer transactions between different blockchain assets possible in an orderbook environment, at the same time making sure that the assets are always in the custody of the participating peers only. We are happy to say that we have been able to achieve that in Polkadex.

3. Why was the Polkadot ecosystem picked from all other blockchains?

The idea of Polkadex started back in 2018 when Vivek Prasannan, Deepansh Singh, and I (co-founders of Polkadex) worked on a consensus algorithm to scale transaction throughput on a distributed network. 

We were looking for a scalable use case and tried to apply the technology to a decentralized exchange. Searching for the best ecosystem, we came across the Polkadot network and Substrate framework that allowed building the final version of Polkadex.

Polkadot stood out among other blockchains because it offered us an opportunity to create a highly scalable and fully decentralized platform for a peer-to-peer and trustless token exchange. 

From the initial stage of Polkadex’s development, we set high standards as the platform had to answer multiple requirements: provide high-frequency trading, high liquidity, and ultra-fast transaction speed to support DeFi applications, have an easy UX to make DeFi usable for people with any level of technological knowledge.

As you can imagine, finding everything in a single network was a tough task. We went through researching Ethereum, NEO, TomoChain, Cardano, and other solutions, but found the right capabilities only in the Polkadot network. 

Transactions on Polkadot are processed in a parallelized way, so the network is considerably faster than rivals. Moreover, Polkadot is interoperable and brings various tokens and blockchains together in a vibrant ecosystem. 

We are building Polkadex in Polkadot’s Substrate framework that allows us to add new features, easily develop the platform without hard forks and focus all our attention on optimizing the network to reach unmatched performance.

We also use the Polkadot ecosystem to bring more liquidity to the platform through parachains without compromising on security.

4. How is the Polkadex Orderbook going to be advantageous for the traders?

Simply put, we will gather all the best features of centralized and decentralized exchanges in one platform, so the traders accustomed to both will hugely benefit from Polkadex.

We combine ease of using the platform with the highest level of security, fast feeless transactions, and advanced features for high-frequency trading. 

Professional traders know a great difference between trading on an orderbook and an AMM-based exchange. An orderbook gives higher flexibility and more profit-making opportunities for a seasoned trader simply because of the fact that it has more controls and advanced trading possibilities. Even the opportunity to place market orders makes a big difference in the trading experience.

Plus traders have a whole range of tools to trade in a more efficient and professional manner. Many of the advanced trading tools that have been developed over the years were focused on orderbook based exchanges and applied on centralized exchanges only. Therefore, we believe that a decentralized orderbook exchange will be a huge value addition for the trading community in the cryptosphere.

5. What is Decentralized KYC and how would it protect the privacy of users?

Decentralized KYC is an innovative mechanism for verifying the users. Unlike the usual KYC process the user data is stored only in the user’s wallet and Polkadex, as a trading platform, never has access to it, hence there is no possibility of data leaks and security is very high in general. There is no sharing of sensitive user’s information to a third-party application. 

We see decentralized KYC as a stepping stone to making DeFi a solid competitor to the traditional financial sector in the next few years due to attracting new players and new money with them.

By decentralizing KYC Polkadex can bring in institutional money to the exchange even though it is decentralized. This is possible because the liquidity available in the orderbook is traced back to an identified user allowing regulated entities to interact with and submit trades with Polkadex blockchain without violating their regulatory requirements.

6. DEXes usually shy away from offering fiat support to their users, how does the Polkadex fiat aim to change this?

This is another, and arguably the biggest, advantage of adding decentralized KYC to the platform – Polkadex can interact with regular banking channels and bridge fiat currencies to the Polkadex orderbook for extra liquidity and convenience for users. 

Here we tackle another mission of DeFi in general that is making it easy for newbies. Mainstream users new to the crypto world can trade fiat for crypto as easily as clicking the button. 

We are very proud of this particular feature, as it makes Polkadex one of the first decentralized exchanges with fiat support while still keeping custody of assets with the user. We sincerely believe that it is the way to trigger mainstream adoption of decentralized finance.

7. How are retail investors going to benefit from the IDOs launched on the Polkadex platform?

The success of IDOs made them a battlefield where only crypto-native and tech-savvy investors win nowadays. Retail investors are left out because they cannot invest a lot of funds to hold enough of launchpad’s native tokens or simply can not work their way through the manual process of whitelisting and participating in the IDO pool due to tricky UX. 

Hence, IDOs are prohibitive to normal users and limit their access to some of the best projects in the crypto space. 

Having to stake a large number of tokens to qualify for bidding means that opportunity is only given to a privileged few. 

We believe that it is against the ethos of proper decentralization and the vision of open protocols. Polkadex aims to create an IDO platform on Substrate that will give an equal opportunity to participate to all retail traders. Each step of the process will be on the blockchain, thus benefiting from on-chain randomness, fairness, and transparency. We also want to give as much power to users as we can, so governance will also decide if they want the token to be listed on the Polkadex Orderbook exchange after the IDO.

8. What are the Polkadex Fungible Assets and how are they going to be helpful to the developers?

We are creating the product for many types of customers, so as you noticed Fungible assets is one of the features for developers and blockchain teams.

Polkadex Fungible assets have been created for those projects who wish to launch their tokens in a Substrate blockchain easily and inexpensively. The process is similar to creating ERC-20 tokens on the Ethereum network, but the technologies that we use take care of the hassles that we see today in the Ethereum ecosystem. 

We aim to offer an efficient way. Fungible tokens created on Polkadex are also backward compatible with Ethereum and can be managed and later represented there using ERC-20 format. We are working on bridges that allow these changes to be implemented. 

Another benefit-cost efficiency. Many projects face the challenges of finding affordable platforms. We offer a one-stop-shop solution where blockchain teams can raise funds through conducting IDOs, whitelist, create smart contracts, issue tokens, bridge across networks, and list on our Orderbook if they want and are accepted by governance. 

Even though our IDO platform will cater more towards Substrate-based projects, other ecosystem projects will be able to utilize our token minting mechanism to leverage many of the functionalities built in the product.

9. What was the idea behind introducing the Polkadex NFT as a reward mechanism?

Most of our work is focused on making the community happy by giving the answers to the toughest industry questions. Trading is a serious activity, but, hey, why can’t we have fun in the process, too?

NFTs are a great way to reward loyal community members and add a cool gamification element to create more engagement. Keeping the community active and vibrant has a direct effect on the health and well-being of the network in case of an exchange like Polkadex. 

Instead of having regular token rewards like the one for validators, we thought of creating something unique and more meaningful for our users. This was the idea behind using NFTs as a reward mechanism.

10. Could you tell us about the use cases of PDEX, the Polkadex token?

As you know tokenomics is a big part of the health and success of any blockchain project. That is why we created ours with the help of the best minds in crypto-economics and paid great attention to the token utility. 

As Polkadex is a multi-feature project, PDEX was designed to be used for multiple functions.

Polkadex native token will be used for several activities on the platform. Token holders will have exclusive rights to:

  • Pay transaction and trading fees to get discounts on them
  • Participate in Polkadex IDOs
  • Participate in on-chain governance of the network
  • Become a validator of the network by staking
  • Nominate validators and collators of the network

So there are many perks now and we are working on adding others along the way.

11.  What are some of the future projects/partnerships on Polkadex that we should look forward to?

We are very busy developing the product and have a good lineup of future projects. The most significant future releases are:

  • Native interoperability with other chains
  • Blockchain assets and infrastructure for setting transactions of retail payment service providers
  • Blockchain consensus upgrade using new algorithms to improve speed and reliability
  • Margin, lending, derivatives platform

However, we try to stay discreet regarding future partnerships and industry names. We announce all the partnerships when they are secured and in full working mode, but never beforehand as simply bringing the hype is not our way. 

So I can say, it really pays off to follow our social media channels closely for any news. There is lots to come. 

For more information check out the Polkadex website.

Disclaimer: This is a paid post and should not be treated as news/advice. 

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Source: https://ambcrypto.com/redefining-dexes-an-interview-with-polkadex-ceo-gautham-j

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Coinbase Secures Another Millionaire Deal With the US Government to Let Them Use Its Blockchain Analytics Software

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As Bitcoin and Ethereum continue to trade laterally, many altcoins mirrored the same price patterns over the last 24 hours. The likes of TRON, EOS and Bitcoin Cash have all flashed signs of consolidation with minor losses.

TRON lost 1.7% and experienced a sell-off in the market. EOS also recorded a loss of 0.8% and was inching near its immediate support level of $5.20. Bitcoin Cash, on the other hand, recorded no loss but was seen trading sideways with chances of a price reversal, as parameters pointed towards a positive price action. 

Tron (TRX)

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

TRX/USD, TradingView

TRON was consolidating on its charts after recording minor losses of 1.7% over the last 24 hours. The altcoin was trading at $0.105 and it just broke below its support level of $0.106. At the current price level, TRON was trading closer to its one-week low price level.

The nearest support line for TRON lay at $0.095. The additional support lines stood at $0.088 and $0.081 respectively. On the four-hour chart, the altcoin’s prices stood below its 20-SMA line, suggesting that the price momentum was in the favour of sellers. 

In accordance with the aforementioned statement about selling pressure increasing in the market, the Relative Strength Index was noted below the half-line in the bearish zone. MACD displayed red bars on its histogram. Capital inflows had also declined as the Chaikin Money Flow stood below the midline, a level it last hovered almost 3 weeks back. 

On the upside TRON’s resistance mark awaited at $0.112 and then at its multi-month high of $0.120. In recent news, TRX and BitTorrent have reportedly announced the launch of BitTorrent chain (BTTC). 

EOS

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

EOS/USD, TradingView

EOS lost 0.8% over the past day and was trading at $5.24. At its current price level the altcoin revisited its three-week price level. EOS was inching towards its nearest support level of $5.20. With a further dip, the altcoin might fall and trade near its $4.53 support line.

On the four-hour chart, the price of the token was seen above the 20-SMA line despite recording a minor decline in the last 24 hours. The 20-SMA reading suggested that the momentum  was still inclined to favour the buyers in the market, however if EOS continues to decline, the prices can fall below the 20-SMA line.

MACD flagged a bearish crossover and displayed the onset of a red histogram. The Relative Strength Index was in the bullish zone above the 50-mark, although it threatened to fall below the half-line over the upcoming trading sessions. Similarly Chaikin Money Flow remained in the bullish territory as capital inflows still preceded capital outflows.

In the event of a revival in buying pressure the altcoin might revisit the $5.60 resistance mark and then attempt to retest its multi-month high of $6.35. 

Bitcoin Cash (BCH)

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

BCH/USD, TradingView

Following broader market price sentiments, Bitcoin Cash was also consolidating and was trading at $636.57. Its immediate support line was at $608.74, which also marked the coin’s four-week low price level. If BCH continues to consolidate over the upcoming trading sessions, it may dip below the $608.74 support line and trade near the price mark of $524.73, which the coin last touched almost over a month ago. 

Key technicals however pointed towards the onset of a positive price action in the market. MACD underwent a bullish crossover and demonstrated green bars on its histogram. The Relative Strength Index rose above the 50-mark after the coin had experienced a sell-off suggesting that buying pressure recovered in the market. 

Bollinger Bands was heavily constricted indicating the price volatility would remain extremely low in the future trading sessions. If BCH manages to break on the upside, the first resistance mark lay at its one-week high of $672.68 and then at $705.02 respectively.

On successfully trading above the $705.02 price mark, BCH can revisit its multi-month high of $789.57. In recent developmental news, Bitcoin Cash was announced to be accepted as a payment method by AMC theatres.

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Source: https://ambcrypto.com/tron-eos-bitcoin-cash-price-analysis-19-september

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Source: https://coingenius.news/coinbase-secures-another-millionaire-deal-with-the-us-government-to-let-them-use-its-blockchain-analytics-software-7/?utm_source=rss&utm_medium=rss&utm_campaign=coinbase-secures-another-millionaire-deal-with-the-us-government-to-let-them-use-its-blockchain-analytics-software-7

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Tron, EOS, Bitcoin Cash Price Analysis: 19 September

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As Bitcoin and Ethereum continue to trade laterally, many altcoins mirrored the same price patterns over the last 24 hours. The likes of TRON, EOS and Bitcoin Cash have all flashed signs of consolidation with minor losses.

TRON lost 1.7% and experienced a sell-off in the market. EOS also recorded a loss of 0.8% and was inching near its immediate support level of $5.20. Bitcoin Cash, on the other hand, recorded no loss but was seen trading sideways with chances of a price reversal, as parameters pointed towards a positive price action. 

Tron (TRX)

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

TRX/USD, TradingView

TRON was consolidating on its charts after recording minor losses of 1.7% over the last 24 hours. The altcoin was trading at $0.105 and it just broke below its support level of $0.106. At the current price level, TRON was trading closer to its one-week low price level.

The nearest support line for TRON lay at $0.095. The additional support lines stood at $0.088 and $0.081 respectively. On the four-hour chart, the altcoin’s prices stood below its 20-SMA line, suggesting that the price momentum was in the favour of sellers. 

In accordance with the aforementioned statement about selling pressure increasing in the market, the Relative Strength Index was noted below the half-line in the bearish zone. MACD displayed red bars on its histogram. Capital inflows had also declined as the Chaikin Money Flow stood below the midline, a level it last hovered almost 3 weeks back. 

On the upside TRON’s resistance mark awaited at $0.112 and then at its multi-month high of $0.120. In recent news, TRX and BitTorrent have reportedly announced the launch of BitTorrent chain (BTTC). 

EOS

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

EOS/USD, TradingView

EOS lost 0.8% over the past day and was trading at $5.24. At its current price level the altcoin revisited its three-week price level. EOS was inching towards its nearest support level of $5.20. With a further dip, the altcoin might fall and trade near its $4.53 support line.

On the four-hour chart, the price of the token was seen above the 20-SMA line despite recording a minor decline in the last 24 hours. The 20-SMA reading suggested that the momentum  was still inclined to favour the buyers in the market, however if EOS continues to decline, the prices can fall below the 20-SMA line.

MACD flagged a bearish crossover and displayed the onset of a red histogram. The Relative Strength Index was in the bullish zone above the 50-mark, although it threatened to fall below the half-line over the upcoming trading sessions. Similarly Chaikin Money Flow remained in the bullish territory as capital inflows still preceded capital outflows.

In the event of a revival in buying pressure the altcoin might revisit the $5.60 resistance mark and then attempt to retest its multi-month high of $6.35. 

Bitcoin Cash (BCH)

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

BCH/USD, TradingView

Following broader market price sentiments, Bitcoin Cash was also consolidating and was trading at $636.57. Its immediate support line was at $608.74, which also marked the coin’s four-week low price level. If BCH continues to consolidate over the upcoming trading sessions, it may dip below the $608.74 support line and trade near the price mark of $524.73, which the coin last touched almost over a month ago. 

Key technicals however pointed towards the onset of a positive price action in the market. MACD underwent a bullish crossover and demonstrated green bars on its histogram. The Relative Strength Index rose above the 50-mark after the coin had experienced a sell-off suggesting that buying pressure recovered in the market. 

Bollinger Bands was heavily constricted indicating the price volatility would remain extremely low in the future trading sessions. If BCH manages to break on the upside, the first resistance mark lay at its one-week high of $672.68 and then at $705.02 respectively.

On successfully trading above the $705.02 price mark, BCH can revisit its multi-month high of $789.57. In recent developmental news, Bitcoin Cash was announced to be accepted as a payment method by AMC theatres.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/tron-eos-bitcoin-cash-price-analysis-19-september

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coingenius.news/tron-eos-bitcoin-cash-price-analysis-19-september/?utm_source=rss&utm_medium=rss&utm_campaign=tron-eos-bitcoin-cash-price-analysis-19-september

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Smart Contracts Running on Bitcoin? Internet Computer Founder Explains How It’s Possible

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Upon its launch, Internet Computer took the crypto market by storm. It’s an ambitious project, supported by some major names in the industry. Designed and created by the DFINITY Foundation, it aims to give more power to the people over the Internet, and it could potentially take it into a new stage powered by its platform.

Now, the Internet Computer has taken another step into the future. Its community recently voted and approved the “Increased Canister Storage” as Internet Computer continues to integrate more features and upgrade its platform.

Next, the community will use the power provided by the Internet Computer governance model to vote on integration with the Bitcoin blockchain. In practice, this will allow Bitcoin to have smart contract functionality (or Canisters, as they are called on Internet Computer) on the Internet Computer network with low-cost transactions and fast finality. Thus, the decentralized ecosystem on both networks could expand into an unprecedented era.

We sat down with Dominic Williams, the founder and Chief Scientist of the DFINITY Foundation to talk about this proposal, its implications for Bitcoin and Internet Computer, and more. This is what he told us.

Q: It has been around 4 months since Internet Computer was deployed, how would you describe the current state of the project and the role the community is playing?

Dom: Developers and entrepreneurs have recognized its potential. As a result, the Internet Computer is experiencing ferocious growth as measured by the number of canister smart contracts running, the number of developers building, and the number of active users the dapps being built have, and arguably it is the fastest growing blockchain when looking carefully at these metrics. Moreover, developers have proven that the Internet Computer can be used to build things that cannot be built on any other blockchain today. For example, one of the most popular dapps on the Internet Computer is “Open Chat”, which already has several tens of thousands of users even though it is still in alpha. This runs entirely from the blockchain, which means that smart contracts are used to process the chat messages, and smart contracts also securely serve the interactive web content users interact with directly into browsers – which only the Internet Computer blockchain is capable of doing today. Therefore, not only has Web 3.0 become real, but the purposes to which blockchain can be applied have greatly expanded.

Q: Internet Computer is a relatively new project in a relatively new industry, why do you think people are drawn into it, what makes the platform unique?

Dom: I think more and more people are coming to the realization that blockchain is the future internet and has immense potential. For that reason, many, many developers, including those who are early in their careers and trying to decide which tech sector to dedicate their lives to, are magnetized to the blockchain. The Internet Computer is one of the oldest original crypto projects but was one of the last blockchains to launch because of the huge amount of R&D work involved in rethinking blockchain architecture from the ground up and developing the new cryptography frameworks that power it. But now that the Internet Computer is available, it offers capabilities completely unlike those of other blockchains.

It is the first blockchain to scale the seamless environment it provides for smart contracts so that it can host any number of smart contracts, and any volume of smart contract computations, and smart contract data, it is the first blockchain to run at web speed (it can finalize transactions in 2 seconds and can serve “query transactions” that don’t modify state in milliseconds), it is the first blockchain to run smart contracts with efficiency comparable to running software on traditional IT systems, and it is the first blockchain that enables smart contracts to securely serve interactive web content directly to those using dapps (today, dapps on all other blockchains have to host their websites on centralized infrastructures, such as Amazon Web Services, which creates all kinds of security and other issues). These capabilities mean the Internet Computer can even be used to create decentralized versions of mass-market social media services, which run entirely from the chain and can be blended with next-generation DeFi services. If you want, it can even be used to build secure enterprise systems, allowing organizations to migrate away from traditional IT to the blockchain. It has the potential to truly uncork the blockchain genie.

Q: Can you tell us more about the process that will allow Bitcoin to operate smart contracts power by Internet Computer? And how it’ll be different from synthesized versions of BTC already operating on Ethereum?

Dom: Today, the Bitcoin network hosts almost a trillion dollars of value, in the form of divisible bitcoins, which play the role of digital gold. However, the Bitcoin network does not currently host “smart contract” software of the kind introduced by Ethereum six and a half years after the launch of Bitcoin. Smart contracts are a new kind of software that is unstoppable and tamperproof, which is guaranteed to run on the blockchain exactly as written and remain secure without the protection of a firewall, can process value in the form of tokens and can even run autonomously without a human or organization controlling them. They allow blockchains to be applied as a new kind of general-purpose platform and have facilitated the DeFi (decentralized finance) revolution that Ethereum pioneered. If Bitcoin gained smart contracts, developers would become able to build all manner of exciting new systems and services that process bitcoins and run from the blockchain, creating immense new value while also adding value to Bitcoin.

The enormous financial value carried by bitcoins has great utility, and so the current practice is to transport bitcoins onto blockchains supporting smart contracts such as Ethereum by “wrapping” them, which is unfortunately very dangerous. It involves bitcoins being sent to an organization running what is known as a “bridge”, which keeps them in its custody and then issues “wrapped bitcoin” on the destination blockchain, which can then be processed by smart contracts. The drawback of this approach is that the bitcoins are passed into the custody of the bridge operators, which must be trusted to correctly redeem the wrapped bitcoins when required later. This is antithetical to the blockchain mission, which aims to remove the need for trust. The approach is consequently highly risky, as demonstrated by the recent hack of the Poly Network bridge on 10 August 2021. This bridge moved bitcoins and other tokens between the Ethereum, Polygon MATIC and Binance Chain networks, and when it was compromised crypto worth six hundred million dollars was stolen (it was later returned by the hacker).

Enter the revolutionary “chain key cryptography” that powers the Internet Computer network. This will enable smart contracts hosted by the Internet Computer to directly maintain, send and receive bitcoins, which actually reside and immediately move on the real Bitcoin network, obviating the need for dangerous bridges and token wrapping. This is possible because the Internet Computer protocol can securely and seamlessly generate the private key ECDSA signatures involved in bitcoin transactions on behalf of smart contracts, using chain key cryptography. Meanwhile, Internet Computer nodes will directly communicate with Bitcoin network nodes, ensuring that transactions and balance information is moved back and forth and is always available. Effectively, the scheme will meld the two networks, extending Bitcoin with arguably the world’s most powerful smart contract capabilities.

Q: Once the smart contract capabilities are implemented, what are the potential use cases that will benefit people using these Internet Computer smart contracts with Bitcoin?

Dom: The possibilities are endless. The Internet Computer scales, and can run unbounded volumes of smart contract computation at web speed. Its smart contracts are also the first to be able to securely serve web content directly to end-users without intermediaries, with support for the new Internet Identity anonymizing blockchain authentication system allowing users to sign-on to dapps (decentralized applications) using devices including fingerprint sensors on laptops, and face ID systems,  as well as hardware keys and wallets such as YubiKey and Ledger. This means that in the future, your Bitcoin wallet might be securely served into your web browser and that you will be able to quickly, securely and conveniently authenticate yourself using your fingerprint sensor, before sending bitcoin to any address you like via the user interface. What is more, the Internet Computer is allowing social media services to be built that run from the blockchain, which can then be blended with DeFi. In the future, your Bitcoin wallet might very well be a blockchain chat app, and you might send bitcoin with messages, or atomically transact for an NFT after negotiations. For many, this will begin to realize the vision of bitcoin being applied within internet services that Satoshi originally described.

Q: Can the same process that will enable smart contracts on Internet Computer to be compatible with Bitcoin be implemented into other networks? If so, which could be the next cryptocurrency to be integrated and why?

Dom: It is possible to integrate the Internet Computer blockchain with Bitcoin because of the new “chain key cryptography” framework that powers its protocols. This enables it to create transactions on behalf of smart contracts, such that they do not need to manage private key materials themselves. Once Bitcoin has been integrated, the same work will be leveraged to directly integrate the Internet Computer with Ethereum. This integration will enable two-way calling between smart contracts on the Internet Computer and Ethereum, enabling, for example, Ethereum DeFi dapps to serve their websites from blockchain rather than centralized cloud services such as Amazon Web Services.

Implementing a blockchain that supports chain key cryptography requires a multi-year R&D effort spearheaded by a strong team of specialist cryptographers. For such reasons, it is unlikely that any other blockchain will be able to pull off the same feat in the foreseeable future.

Q: How do you envision the future of the crypto industry, as one where an “Ethereum Killer” has defeated its competition or one where there are multiple blockchains operating to the benefit of their users? Do you think it’s important for Bitcoin, Internet Computer, and others to be interoperable?

We believe in a blockchain trinity consisting of Bitcoin, Ethereum and the Internet Computer. They all clearly satisfy different niches and complement each other. Although both Ethereum and the Internet Computer support smart contracts, the capabilities provided by the Internet Computer environment are vastly different and much broader. Arguably, Ethereum might become the world’s DeFi settlement layer, and will cede the “world computer” vision to the Internet Computer, which was built specifically to realize that vision through many long years of R&D that cannot easily be replicated.

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Source: https://www.newsbtc.com/interview/smart-contracts-running-on-bitcoin-internet-computer-founder-explains-how-its-possible/

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Source: https://coingenius.news/smart-contracts-running-on-bitcoin-internet-computer-founder-explains-how-its-possible/?utm_source=rss&utm_medium=rss&utm_campaign=smart-contracts-running-on-bitcoin-internet-computer-founder-explains-how-its-possible

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Fantasy Sports And NFT Gaming Platform – DeFi 11 – Announces Public Launch

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As Bitcoin and Ethereum continue to trade laterally, many altcoins mirrored the same price patterns over the last 24 hours. The likes of TRON, EOS and Bitcoin Cash have all flashed signs of consolidation with minor losses.

TRON lost 1.7% and experienced a sell-off in the market. EOS also recorded a loss of 0.8% and was inching near its immediate support level of $5.20. Bitcoin Cash, on the other hand, recorded no loss but was seen trading sideways with chances of a price reversal, as parameters pointed towards a positive price action. 

Tron (TRX)

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

TRX/USD, TradingView

TRON was consolidating on its charts after recording minor losses of 1.7% over the last 24 hours. The altcoin was trading at $0.105 and it just broke below its support level of $0.106. At the current price level, TRON was trading closer to its one-week low price level.

The nearest support line for TRON lay at $0.095. The additional support lines stood at $0.088 and $0.081 respectively. On the four-hour chart, the altcoin’s prices stood below its 20-SMA line, suggesting that the price momentum was in the favour of sellers. 

In accordance with the aforementioned statement about selling pressure increasing in the market, the Relative Strength Index was noted below the half-line in the bearish zone. MACD displayed red bars on its histogram. Capital inflows had also declined as the Chaikin Money Flow stood below the midline, a level it last hovered almost 3 weeks back. 

On the upside TRON’s resistance mark awaited at $0.112 and then at its multi-month high of $0.120. In recent news, TRX and BitTorrent have reportedly announced the launch of BitTorrent chain (BTTC). 

EOS

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

EOS/USD, TradingView

EOS lost 0.8% over the past day and was trading at $5.24. At its current price level the altcoin revisited its three-week price level. EOS was inching towards its nearest support level of $5.20. With a further dip, the altcoin might fall and trade near its $4.53 support line.

On the four-hour chart, the price of the token was seen above the 20-SMA line despite recording a minor decline in the last 24 hours. The 20-SMA reading suggested that the momentum  was still inclined to favour the buyers in the market, however if EOS continues to decline, the prices can fall below the 20-SMA line.

MACD flagged a bearish crossover and displayed the onset of a red histogram. The Relative Strength Index was in the bullish zone above the 50-mark, although it threatened to fall below the half-line over the upcoming trading sessions. Similarly Chaikin Money Flow remained in the bullish territory as capital inflows still preceded capital outflows.

In the event of a revival in buying pressure the altcoin might revisit the $5.60 resistance mark and then attempt to retest its multi-month high of $6.35. 

Bitcoin Cash (BCH)

Tron, EOS and Bitcoin Cash Price Analysis: 19 September

BCH/USD, TradingView

Following broader market price sentiments, Bitcoin Cash was also consolidating and was trading at $636.57. Its immediate support line was at $608.74, which also marked the coin’s four-week low price level. If BCH continues to consolidate over the upcoming trading sessions, it may dip below the $608.74 support line and trade near the price mark of $524.73, which the coin last touched almost over a month ago. 

Key technicals however pointed towards the onset of a positive price action in the market. MACD underwent a bullish crossover and demonstrated green bars on its histogram. The Relative Strength Index rose above the 50-mark after the coin had experienced a sell-off suggesting that buying pressure recovered in the market. 

Bollinger Bands was heavily constricted indicating the price volatility would remain extremely low in the future trading sessions. If BCH manages to break on the upside, the first resistance mark lay at its one-week high of $672.68 and then at $705.02 respectively.

On successfully trading above the $705.02 price mark, BCH can revisit its multi-month high of $789.57. In recent developmental news, Bitcoin Cash was announced to be accepted as a payment method by AMC theatres.

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Source: https://ambcrypto.com/tron-eos-bitcoin-cash-price-analysis-19-september

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