Iden3, a company that manages self-sovereign identities on public blockchains, today launched Hermez, a zk-rollup that aims to provide a new method of scaling Ethereum transactions.
The booming decentralized finance industry (DeFi) is giving individuals the chance to buy and sell crypto assets outside of the traditionally centralized financial world. But it continues to put strain on the Ethereum blockchain, causing it to slow down and become more expensive. Hermez provides a potential solution to this growing bottleneck.
Jordi Baylina, co-founder of Iden3, said, “In the end, our goal is that everybody in the world can have a crypto wallet at some point and that is what we’re fighting for.”
Zk-rollups allow the Ethereum blockchain to process more transactions on the network by grouping multiple transactions on a separate chain, and then uploading those as single transactions every so often. They allow more people to use the blockchain, without it getting congested.
Baylina added, “It’s clear that zk-rollups will be the dominant scaling paradigm for at least the next couple of years in our industry,” echoing similar comments by Ethereum co-founder Vitalik Buterin.
Iden3’s Hermez will allow for up to 2,000 transactions per second. This is considerable compared to Ethereum’s current rate of 15 transactions per second. Hermez will also not be dependent on mainnet transaction fees, significantly reducing the cost of sending a transaction.
Reinvesting in the Ethereum community
Today, Iden3 also introduced Proof of Donation, a decentralized bidding system that reinvests earnings back into the Ethereum community.
This self-sustaining decentralized community will not only be “an important project for the blockchain space in general,” as Jordi describes, but it will be the first of its kind, inviting users to compete in an auction where they bid with Hermez tokens (HEZ). The highest bidder would win the right to create the next block and collect transaction fees.
This mechanism will reinvest 40% of its earnings in community protocols, as well as team building projects running on Ethereum.
At first, these funds will be redirected to the Gitcoin Grant’s Quadratic Matching rounds, which are funds allowing people to finance their own open-source projects. Jordi says he hopes to have a future governing decentralized autonomous organization, or DAO, set up within the next year. This would allow the blockchain’s users to run it completely.
Baylina will be speaking on Iden3 and Hermez at EDCON 2020 later today.
Swipe’s SXP Token Jumps Over 25% Ahead of Swipe Governance Mainnet Deployment
The price of Swipe’s SXP token has jumped well over 25%, from $1.29 to $1.65 at press time, after Swipe Governance’s (SG) smart contracts were successfully audited by CertiK and SG’s mainnet deployment started being prepared. According to an announcement posted on Twitter, Swipe Governance’s smart contracts were successfully audited by CertiK, and Swipe Governance’s […]
The price of Swipe’s SXP token has jumped well over 25%, from $1.29 to $1.65 at press time, after Swipe Governance’s (SG) smart contracts were successfully audited by CertiK and SG’s mainnet deployment started being prepared.
According to an announcement posted on Twitter, Swipe Governance’s smart contracts were successfully audited by CertiK, and Swipe Governance’s mainnet is now scheduled to be deployed on Friday, October 2.
The tweet points out that the Swipe Governance protocol will allow SXP token holders to vote and control various paraments of the cryptocurrency’s development via the Swipe network.
Responding to the announcement some users touted their faith was restored in the project and they are now “super bullish” on it. Notably, others pointed out that the news appeared to have been leaked somewhere, as before the official announcement the price of the SXP token started surging.
The code behind the Swipe Token itself had notably already been audited by CertiK. In an announcement published last year, Swipe pointed out the audit was meant to ensure the SXP token would be “secure against some of the most critical vulnerabilities.”
The token, the team wrote, is the “center piece of network fuel and access to receiving the services provided by Swipe.” The announcement details CertiK conducts audits using Formal Verification, which goes beyond checking for bugs and vulnerabilities and “leverages rigorous mathematical theorems to check whether the source code of a program meets its specification.”
The Swipe Governance audit announcement saw SXP’s price jump to over $1.8 before the token’s price started correcting. The token hit an all-time high of $4.3 back in August, one month after leading cryptocurrency exchange Binance acquired Swipe for an undisclosed sum.
Binance acquired Swipe and listed the SXP token back then. The cryptocurrency exchange’s acquisition of the firm appears to be related to its Binance Visa Card, a cryptocurrency debit card that lets users pay with crypto anywhere Visa is accepted.
The Binance Visa Card uses Swipe’s technology and rolled out to users in the European Economic Area earlier this month.
Featured image via Pixabay.
Bitcoin Closes Above $10,000 for a Record 63 Days Straight
Bitcoin (BTC) continues to break new ground. According to data aggregated by Messari, on Sunday, 27 Sept., it broke another record — closing at $10,793, thus making it 63 consecutive daily closes above the $10,000 handle. The current streak eclipses the previous record of 62 days, which lasted from Dec 1, 2017 – Jan 31, […]
The post Bitcoin Closes Above $10,000 for a Record 63 Days Straight appeared first on BeInCrypto.
Bitcoin (BTC) continues to break new ground. According to data aggregated by Messari, on Sunday, 27 Sept., it broke another record — closing at $10,793, thus making it 63 consecutive daily closes above the $10,000 handle.
The current streak eclipses the previous record of 62 days, which lasted from Dec 1, 2017 – Jan 31, 2018, a period during which bitcoin reached its all-time high of just above $19,900.
Bitcoin’s latest extended consolidation above the five-digit mark, however, is proving different than previous runs. This time around, there is less hype, and in terms of price, things are relatively quiet, mostly fluctuating between $10,000 and $12,500.
During the last three months, any dips under 10k were aggressively bought. And according to The Crypto Lark, this is evidence of “halving effects starting to be felt.” In reaction to the news, the co-founder of Morgan Creek Digital and well-known podcaster Anthony Pompliano, for his part, tweeted:
Striking a slightly different tone, Matt Kaye, the managing partner of Blockhead Capital, commented,
we are essentially at $11k with no euphoria. No derivative long build-up. High stablecoin balances. Shorts are still unwinding. The sentiment is cautious at best (justifiably so with macro backdrop). Appreciate the rarity of this moment.
The broken record occurred around the same time it came to light that investment firm Grayscale was again adding to its Bitcoin Trust. At current prices, the additional investments are said to be about 17,100 BTC, worth approximately $186 million.
Meanwhile, bitcoin’s price is approaching a crucial resistance area, a breakout above which could confirm that the trend is bullish. For more in-depth Bitcoin analysis, click here.
Optimism For Ethereum as Layer 2 Testnet Gets Launched: What Does It Mean?
Layer 2 scaling developers at the Plasma Group have recently announced the launch of their Optimistic Ethereum testnet, which will be deployed on projects to test much needed scaling solutions.
Essentially, Layer 2 scaling involves taking work off the root chain to process data and transactions faster. The team has built a system called OVM, a fully-featured Ethereum Virtual Machine (EVM) compliant execution environment designed for L2 systems.
The OVM was first tested on Uniswap’s Unipig L2 decentralized exchange launched as a demo in late 2019.
At long last – light at the end of the tunnel. Welcome to the first phase of the Optimistic Ethereum Testnet ⛅️. https://t.co/cjfhB0WU98
— Optimism (@optimismPBC) September 25, 2020
Synthetix The First Guinea Pig
The Optimistic Ethereum testnet will be rolled out in several phases bringing early adopters on gradually so that the team can individually support each project.
On-chain synthetic assets DeFi protocol Synthetix will be the first to trial the scaling solutions offering 200,000 SNX in rewards to their users for participating. The team added that the testnet is currently open for public use, but not yet for public contract deployment as there will be bugs that need ironing out first.
Phase A of the testing will involve airdropped tokens that will allow participants to mint and burn sUSD, the Synthetix native stablecoin, and claim staking rewards. This will be done using the Görli Ethereum testnet.
Phase B will enable deposits and include an airdrop of Layer 1 Görli SNX tokens to participants who can increase their stakes if they perform a deposit. Phase C will allow withdrawals, and participants must complete a successful withdrawal to receive their testnet rewards on the mainnet.
Optimistic Ethereum is the only generalized L2 solution for Ethereum, which means that it does not require specific functionality to be built to support existing L1 protocols.
Synthetix posted a guide for users wanting to take part in the tests, stating;
“This is a huge milestone for Synthetix, Optimistic Ethereum, and indeed the entire Ethereum space.”
— Synthetix ⚔️ (@synthetix_io) September 25, 2020
Ethereum Fees Update
A week after the digital dust has settled from the Uniswap airdrop and UNI launch, gas fees have fallen back a little. From a high of almost $12 on September 17, the average transaction fee has fallen back to around $2.75, according to Bitinfocharts.
This is still way too high, though, and it is hoped that many more Layer 2 solutions will be deployed to DeFi protocols over the coming months so that they can remain on Ethereum. The ETH 2.0 scaling upgrade is still at least a year away, so efforts such as Optimistic Ethereum could become its savior until then.
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