2 June

Various Layer-2 Scaling Solutions Deploy on Ethereum

See Also: Can Fancy New Cryptography Scale DeFi? (Good read)
See Also: The Matic Network Mainnet is Now Live!

“For three years we’ve been engineering a Layer-2 scaling solution for Ethereum called Plasma. Today’s the day we ship it!

OMG Network, a subsidiary of SYNQA, Southeast Asia’s leading payment business, scales Ethereum to thousands of transaction per second while simultaneously reducing transaction fee to 1/3rd with its release of OMG Network V1 Mainnet Beta.

The OMG Network has released two additional products to accompany its mainnet deployment. The first is a demo web wallet. The second is the OMG Network Block Explorer. Future releases include faster exits, scalable exits, and OMG staking.”

See Also: OMG Network Interview (Video)

“The integration marks the first time that Tether [has been issued on] an Ethereum sidechain to boost its performance. The OMG-based Tether network will be accessible through Bitfinex and ‘allow traders to react faster to trading opportunities.’

By migrating USDT value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network.

Tether is by far the largest “gas guzzler” on the Ethereum network at 8,900 ETH (about $1.84 million) in fees spent last month. This is more than the next five protocols combined.”

SocGen Issues €40M AAA-rated Bonds on Ethereum

“Private Swiss bank Maerki Baumann’s new crypto trading service shows there’s a growing market for providing premium execution for an institutional or wealthy clientele.

See Also: Custodian With 100K Users Plans to Tokenize $13 Billion in Assets
See Also: Swiss Regulators Green Light Crypto Transactions for Local Bank

“0x upgraded its protocol in December of last year to aggregate liquidity from on-chain sources like Uniswap, Oasis and Kyber. Delphi noted that the protocol had seen steady trade-volume growth since the upgrade took effect, mostly driven by non-fungible tokens.

Basic Attention Token (BAT) had the second-best performance, with an 18% return in May. Bitcoin ranked third with an 11% gain for the month. Among the worst-performing tokens was XRP from Ripple, which slid 5.6% on the month to 20 cents. Bitcoin SV (BSV) lost 7.4%, falling to $192.”

“Alibaba says its “unified domain name scheme” would simplify and improve communication between blockchains. Assigning universally recognizable domain names to blockchains, or parts of a blockchain, could enable better identification and interaction.

Alibaba says, in its simpler system, blockchains only need one domain name – a unified blockchain domain name (UBCDN) – recognizable and valid in any and all communication it has with other chains.

[U]nlike existing cross-chain implementations such as COSMOS … the UBCDN can be used and is recognizable globally by all blockchain instances in the unified blockchain network.”

“Pseudonymous engineer 0xb10c found more than a million of these “timelocked” transactions made between September 2019 and March 2020 were not accurately enforced by the network. This increases the risk of a hypothetical form of attack in which miners could essentially steal bitcoin from other miners.

Currently, not enforcing a timelock to an absolute block height does not have consequences for the majority of transactions. In a few years, when the block reward consists mainly of transaction fees, it might make fee-sniping more profitable.

Hence, the bug could be harmful to the wider network. But right now, it’s most likely a “low-priority” problem to fix for most wallet services because it doesn’t result in users losing money.”

“Wracked by regulation, supplier issues and the volatility of digital assets, crypto debit cards have had a rough start. Nonetheless, crypto debit card use is growing and is considered an important development for the growth in the adoption of crypto around the world.

Cointelegraph examines where crypto debit cards are available and what options they offer as wider adoption starts to take hold.

“Osinachi, a self-taught Nigerian digital and crypto artist, has sold his latest “I Can’t Breathe” digital art piece on May 31 for 7 Etherum (ETH), about $1,703 at press time on blockchain-based art [marketplace] SuperRare.

Each artwork on SuperRare is authentically created by an artist in the network. They are then backed by Ethereum blockchain to verify the origin and trace the entire history of the piece.

The art piece was tokenized as a non-fungible ERC-721 token, a crypto-collectible digital item that can either be traded or held as long term investment.

Decentraland users were able to watch the event in the environment’s virtual auditorium as Elon Musk sent two humans into orbit in the first private, manned spacecraft launch in history.”

“I’ve talked before about the rise of corporations regulating governments but here we have Twitter soft-censoring the U.S. president on the grounds of incitement of violence. This is a major escalation and could be a new chapter in relations between corporations and states. [Buterin]

A better system might include ‘social media designs that naturally create selection pressures that favor positive content, and do so in a way that’s credibly neutral,’ according to Buterin.

Cameron Winklevoss tweeted a statement of opposition. Imagine if a phone company fact-checked your calls or the post office fact checked your mail?