Per-asset permissions, capacity upgrading and inline metadata
Today we’re pleased to unveil the second preview release of MultiChain 2.0. This makes substantial progress on the MultiChain 2.0 roadmap, and includes an important extra feature relating to asset permissions.
Let’s start with the surprise. This release adds the ability to separately control the send and receive permissions for each asset issued on the blockchain. This control is important in environments where each asset has different characteristics in terms of regulation, user identification requirements and so on.
At the time a new asset is issued, it can optionally be specified as receive- and/or send-restricted. Receive-restricted assets can only appear in transaction outputs whose address has
receive permissions for that asset. Similarly, send-restricted assets can only be spent in transaction inputs by addresses which have per-asset
send permissions. (Note that in all cases, addresses need global
receive permissions to appear in inputs and outputs respectively.)
receive permissions for an asset can be granted or revoked by any address which has
activate permissions for that asset. By default, these permissions are only assigned to the asset issuer, but the issuer (or any subsequently added asset administrator) can extend them to other addresses as well.
Blockchain parameter upgrades
One of the major features in development for MultiChain 2.0 is blockchain upgrading, to allow many of a chain’s parameters to be changed over time. This is vital because blockchains are designed to run for the long term, and it’s hard to predict how computer systems will be used many years after their creation.
MultiChain 1.0.x already provides a facility for upgrading a single parameter – the chain’s protocol version. This release of MultiChain 2.0 takes a significant step forwards, allowing changes to seven additional parameters related to blockchain performance and scaling. These include the target block time, maximum block size, maximum transaction size and maximum size of metadata.
As with other crucial operations relating to governance, upgrading a chain’s parameters can only be performed by the chain’s administrator(s), subject to a customizable level of consensus. We’re continuing to work on this feature, so look out for more upgradable parameters in future releases of MultiChain 2.0.
MultiChain 1.0.x already supports unformatted (binary) transaction metadata, which can be embedded raw or wrapped in a stream item. The first preview release of MultiChain 2.0 extended this to allow metadata to be optionally represented in text or JSON format. In all of these cases the metadata appears in a separate transaction output containing an
OP_RETURN, which makes the output unspendable by subsequent transactions.
This release of MultiChain 2.0 introduces a new type of metadata which we call “inline”. Inline metadata is stored within a regular spendable transaction output, and so is associated directly with that output’s address and/or assets. As with other forms of metadata, inline metadata can be in binary, text or JSON formats, and is easily writable and readable via a number of different APIs.
The road ahead
With this second preview/alpha release, we’ve completed about half of work scheduled for the open source Community edition of MultiChain 2.0. You can download and try out alpha 2 by visiting the MultiChain 2.0 preview releases page. On this page you’ll also find documentation for the new and enhanced APIs.
We’ve already started working on the next major feature for MultiChain 2.0, which we’re calling off-chain stream items. In an off-chain item, only a hash of the item’s payload is embedded inside the chain, alongside the item’s keys and some other metadata. The payload itself is stored locally by the publisher and propagated to the stream’s subscribers using peer-to-peer file sharing techniques, with the on-chain hash providing verification. The result is a huge improvement in the scalability and performance of blockchains used to record large amounts of information, where some of this information is only of interest to certain participants. While not originally planned for MultiChain 2.0, this feature rose up our list of priorities in response to user demand.
As always, we welcome your feedback on the progress of MultiChain 2.0, and look forward to delivering the next preview release in due course.
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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.
Bitcoin Soon To $11,000? U.S. Market Futures Opened The Week In Green (Market Watch)
Bitcoin has continued to gradually increase in value and even came close to challenging $11,000 earlier today. Adding some impressive gains from altcoins and the total market cap has increased by $10 billion since yesterday’s dip.
Bitcoin Closing Down On $11K?
As reported yesterday, the primary cryptocurrency hovered mostly between $10,650 and $10,750. Shortly after, however, BTC dipped and marked an intraday low of below $10,600.
The price decrease was shortlived, and BTC started increasing. Firstly, the asset returned to its familiar ground of about $10,750 before exploding to its daily high of $10,950. Since then, Bitcoin has retraced slightly to where it trades as of writing these lines.
Moving on, $11,000 remains as the most critical resistance in BTC’s way up. If conquered successfully, the cryptocurrency could head towards $11,200, $11,360, and $11,530 as possible next resistance levels.
Bitcoin’s increase could be related once again to the events with the US stock futures. The futures contracts on the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average show about 0.3% gains in overnight futures trading.
Chainlink And Cardano On The Move
Ethereum and Ripple have remained relatively stagnant on a 24-hour scale, as both of them are slightly in the red. ETH trades at about $357, while XRP is at $0.243.
By increasing its value with 3.3%, Bitcoin Cash has widened the gap with Binance Coin (-0.3%) for settling in the 5th spot.
The most impressive gains from the top 10 come from Chainlink and Cardano. LINK has increased by 4.5% to nearly $11. ADA has surged by 7% to above $0,10. As a result, Cardano has overtaken Crypto.com Coin (0.7%) for the 9th position.
Double-digit price jumps are evident from a few lower-cap altcoins. Arweave leads with a 33% surge, Swipe SXP (27%), CyberVein (15%), and OMG Network (10%) follow.
In contrast, ABBC Coin has lost the most value (-18%). The Midas Touch Gold (-10%), Yearn.Finance (-9%), and DFI.Money (-9%) are next.
Nevertheless, the cryptocurrency market cap has increased to almost $350 billion after bottoming at $340 billion yesterday.
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Grayscale Buys Another $186 Million in Bitcoin: Approaching $6B Crypto Assets Under Management
Grayscale has enlarged its Bitcoin Trust, as 17,100 BTC were added to Grayscale’s funds at current prices, as the investment is worth approximately $186 million.
Crypto AUM Approaches $6 Billion
The total assets under management (AUM) for all Grayscale Investments crypto funds totaled $5.8 billion according to its last market report for the week ending September 25.
09/25/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) September 25, 2020
The Bitcoin Trust, or GBTC, is by far the largest fund, containing 82.75% of the total investment, or $4.8 billion. Following that is the Ethereum Trust, which has almost $784 million invested, or 13.5% of the total.
The rest is divided into smaller funds for Bitcoin Cash, Ethereum Classic, Litecoin, XRP, Zcash, and a couple more.
Grayscale buys shares for its investors so that they do not have any direct exposure to the underlying asset. Its BTC shares are currently trading at $11.23, and the Bitcoin holdings per share are up almost 46% so far this year.
The move signifies continued institutional interest in Bitcoin and crypto assets despite having corrected almost 20% since its peak this year. Grayscale also stated that there would be a huge wealth transfer over the next quarter-century, and the younger generation is interested in Bitcoin and crypto;
“$68 trillion will be transferred from older generations to younger generations over the next 25 years. It’s time to pay attention to the behaviors of the next generation of investors.”
Bitcoin Closes Bullish on The Weekly Candle
The weekend has seen Bitcoin grind slowly higher again in an attempt to reclaim the psychological $11K price level.
Analyst Josh Rager has observed the weekly candle close, adding that Bitcoin has up-trended for the third week in a row and remains bullish.
Weekly close looks good and don’t know why people continue to be overly bearish
Bitcoin got a short term pullback and -20% is nothing unusual
Bitcoin continues to uptrend and for the third week in a row has closed above the support zone of $9900 to $10,175
$11ks next pic.twitter.com/5YFwtEX4Nd
— Josh Rager 📈 (@Josh_Rager) September 28, 2020
A retest of the monthly high is also a sign that there are more buyers than sellers at the moment though the next level is critical, and BTC must hold the $11k zone to register further gains.
The $150 million KuCoin hack did not cause any significant sell-off over the weekend, which is a testament to how resilient cryptocurrency markets have become to such incidents.
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