Blockchain Archives - 24hrcryptonews.com https://24hrcryptonews.com/category/blockchain/ Buy and Sell crypto and 24hr Crypto News Thu, 12 Oct 2023 09:15:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 USDT Whale Activity Heating Up As Exchange Deposits Rapidly Accelerate, According to Analytics Firm Santiment https://24hrcryptonews.com/usdt-whale-activity-heating-up-as-exchange-deposits-rapidly-accelerate-according-to-analytics-firm-santiment/ https://24hrcryptonews.com/usdt-whale-activity-heating-up-as-exchange-deposits-rapidly-accelerate-according-to-analytics-firm-santiment/#respond Thu, 12 Oct 2023 09:15:59 +0000 https://dailyhodl.com/?p=262396

Top stablecoin USDT is witnessing a surge in on-chain activity, according to the crypto analytics firm Santiment. Santiment notes that USDT, which is issued by Tether and aims to maintain to maintain a 1:1 peg with the US dollar, recently notched a three-month high in active addresses, in large part due to an increase in […]

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Top stablecoin USDT is witnessing a surge in on-chain activity, according to the crypto analytics firm Santiment.

Santiment notes that USDT, which is issued by Tether and aims to maintain to maintain a 1:1 peg with the US dollar, recently notched a three-month high in active addresses, in large part due to an increase in exchange deposits.

Earlier this week, Santiment noted that the amount of USDT on exchanges had reached a level last seen in March 2023, giving a boost to the “buying power” of crypto investors.

USDT had a peak high of $16.96 billion on exchanges in August 2022, which declined to a low of $7.12 billion in June 2023, a more than 58% decrease, according to a chart provided by the analytics firm.

Additionally, Santiment notes that large wallets holding between $1-10 million worth of USDT have been accumulating the top stablecoin. The firm says that metric also indicates “interest in future buys.”

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Source: Santiment/X

The analytics firm also weighs in on Ethereum (ETH), noting that ETH’s top-10 non-exchange addresses continue to gobble up the second-largest crypto asset by market cap. Those addresses now hold a total of 39.22 million ETH, an all-time high number that is worth more than $61.2 billion at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bank of Ghana Launches Hackathon to Explore Various Use Cases of CBDC https://24hrcryptonews.com/bank-of-ghana-launches-hackathon-to-explore-various-use-cases-of-cbdc/ https://24hrcryptonews.com/bank-of-ghana-launches-hackathon-to-explore-various-use-cases-of-cbdc/#respond Thu, 12 Oct 2023 04:30:55 +0000 https://news.bitcoin.com/?p=611723

The Ghanaian central bank said it will be hosting a 12-week hackathon where participants are expected to explore the e-cedi’s nine different use cases. At the end of the hackathon, the central bank will hold a conference where individuals with outstanding solutions are recognized. Addressing Ghana’s Financial Inclusion Challenges The Ghanaian central bank, also known […]

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Bank of Ghana Launches Hackathon to Explore Various Use Cases of CBDC

The Ghanaian central bank said it will be hosting a 12-week hackathon where participants are expected to explore the e-cedi’s nine different use cases. At the end of the hackathon, the central bank will hold a conference where individuals with outstanding solutions are recognized.

Addressing Ghana’s Financial Inclusion Challenges

The Ghanaian central bank, also known as Bank of Ghana (BOG), recently announced the launch of a central bank digital currency (CBDC) hackathon. According to the bank, this event seeks to avail opportunities to fintech startups, developers and innovators to develop innovative solutions that explore various use cases of CBDC.

In a press release jointly issued with technology partner Emtech, the Ghanaian central bank said the hackathon will run for a period of 12 weeks. During this time, innovators are expected to come up with solutions that address financial inclusion challenges. At the end of the hackathon, a conference where outstanding solutions are recognized will be held.

Real Life Use Cases

Explaining why this method of discovering the best solutions was chosen, the BOG said:

“The project is a part of the e-cedi research project and presents an opportunity for the Bank to explore emerging technologies, foster creativity and contribute to the advancement of the e-cedi development.”

Meanwhile, the Ghanaian central bank stated that individuals and teams with a passion for the technology are eligible to join the hackathon. Among the nine use cases that the BOG wants developers and innovators to focus on is the use of the e-cedi in merchant transactions. Other use cases include using the e-cedi for government payments and inbound remittances.

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Sergey Nazarov Says People Will Understand Chainlink (LINK) When ‘We Power Everything’ https://24hrcryptonews.com/sergey-nazarov-says-people-will-understand-chainlink-link-when-we-power-everything/ https://24hrcryptonews.com/sergey-nazarov-says-people-will-understand-chainlink-link-when-we-power-everything/#respond Wed, 11 Oct 2023 11:45:51 +0000 https://dailyhodl.com/?p=262289

Blockchain oracle Chainlink (LINK) co-founder Sergey Nazarov thinks people won’t have any difficulty understanding his decentralized computing platform in the future. In a new interview with Quinten François on Young and Investing, Nazarov says he wants people to realize that his team is working on building a secure, reliable system that will be able to […]

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Blockchain oracle Chainlink (LINK) co-founder Sergey Nazarov thinks people won’t have any difficulty understanding his decentralized computing platform in the future.

In a new interview with Quinten François on Young and Investing, Nazarov says he wants people to realize that his team is working on building a secure, reliable system that will be able to handle “tens of trillions” of dollars in transaction value.

He notes that developing the Chainlink ecosystem is both complex time-consuming as it must be done within certain security and reliability requirements.

“They’ll understand it when we power everything. They’ll definitely understand it then… I think there’s a nuance where blockchains and oracle networks are very different. And this is the thing we’ve tried to make clear, but haven’t made fully clear… but I think as it gets more adopted, everyone will understand what it is.

And then the other thing is blockchains are not oracle networks. Oracle networks don’t have a chain, and I think it’s just a very different way of generating consensus that’s also very necessary.”

Earlier this month, Nazarov outlined a possible crypto adoption scenario whereby an accelerated collapse of the legacy financial system puts millions of people into financial pain and forces them to recognize the benefits of verifiable, cryptographic money systems.

“The fast case is… more Silicon Valley Bank, more Credit Suisse-type failures, more big monumental failures that may not be able to be muted by governmental intervention, and which may lead to significant financial pain for society, significant political tension, significant international problems, because the fundamental promises of the system are not sufficiently backed.

And the realization of those promises not being sufficiently backed is a painful realization that, if it happens, and if it happens in a way that cannot managed by governments, will lead people to realize the fragility of the systems in which their value exists, the systems in which their economic life exists. And at that point, a cryptographically guaranteed world, a verifiable web, will be extremely attractive.

It will be so attractive that anyone who doesn’t cryptographically guarantee your economic relationship with them, anybody who can’t verify for you how you relate to your assets in their system, anyone who isn’t part of the verifiable web, will be at a disadvantage.

It’ll be like not being on the internet. That is the fast case.”

At time of writing, LINK is trading for $7.31.

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Cardano (ADA) Regains Top Spot in Development Activity, According to Crypto Analytics Firm Santiment https://24hrcryptonews.com/cardano-ada-regains-top-spot-in-development-activity-according-to-crypto-analytics-firm-santiment/ https://24hrcryptonews.com/cardano-ada-regains-top-spot-in-development-activity-according-to-crypto-analytics-firm-santiment/#respond Wed, 11 Oct 2023 00:00:47 +0000 https://dailyhodl.com/?p=262172

Blockchain analytics firm Santiment says that Ethereum (ETH) rival Cardano (ADA) just reclaimed the top spot in a ranking of development activity. According to the market intelligence platform, Cardano recorded 611.47 notable GitHub commits in the past 30 days, leading all other crypto projects. Cardano was previously behind Polkadot (DOT) and its canary test network […]

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Blockchain analytics firm Santiment says that Ethereum (ETH) rival Cardano (ADA) just reclaimed the top spot in a ranking of development activity.

According to the market intelligence platform, Cardano recorded 611.47 notable GitHub commits in the past 30 days, leading all other crypto projects.

Cardano was previously behind Polkadot (DOT) and its canary test network Kusama (KSM). Polkadot and KSM currently have 500.67 GitHub commits in the past 30 days, tied for second place in the rankings.

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Source: Santiment/X

The firm says that high levels of development activity can indicate developers have confidence in the blockchain’s longevity and that new features may be coming soon to the project’s ecosystem.

ADA is trading for $0.251 at time of writing, down over 2% in the last 24 hours.

The firm also is keeping a close watch on the supply of Bitcoin (BTC) sitting on crypto exchanges. According to Santiment, the supply of BTC on exchanges is hovering at 5.68%, the lowest level in almost six years.

Low levels of Bitcoin supply on crypto exchanges could minimize the impact of future sell-off events as it suggests that market participants are keeping their BTC locked up for the long haul.

Says Santiment,

“Bitcoin had its most coins (over 10,000 BTC) moving off exchanges since September 7th, and crypto’s top market cap asset is making a second run at crossing a $28,000 market value. Utility will be important here, as unique addresses have fallen to six-week lows.”

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Source: Santiment/X

Bitcoin is trading for $27,587 at time of writing, down 1.2% in the last 24 hours.

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$77,800,000,000 Asset Manager Warns Future Is Uncertain for Avalanche, Says AVAX Facing Multiple Headwinds https://24hrcryptonews.com/77800000000-asset-manager-warns-future-is-uncertain-for-avalanche-says-avax-facing-multiple-headwinds/ https://24hrcryptonews.com/77800000000-asset-manager-warns-future-is-uncertain-for-avalanche-says-avax-facing-multiple-headwinds/#respond Tue, 10 Oct 2023 00:00:55 +0000 https://dailyhodl.com/?p=262062

Investment giant VanEck is weighing in on Ethereum (ETH) rival Avalanche (AVAX), warning that the project faces numerous serious headwinds. In a new report on the digital asset markets, VanEck analysts say that on-chain activity on Avalanche’s C-Chain has collapsed to critical levels. VanEck notes how Avalanche generated about $11,000 in fees per day in […]

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Investment giant VanEck is weighing in on Ethereum (ETH) rival Avalanche (AVAX), warning that the project faces numerous serious headwinds.

In a new report on the digital asset markets, VanEck analysts say that on-chain activity on Avalanche’s C-Chain has collapsed to critical levels.

VanEck notes how Avalanche generated about $11,000 in fees per day in September, a 98.9% drop from its peak two years ago.

“Avalanche’s blockchain eventually became a financial success in the fall of 2021 on its in-house developed EVM (Ethereum virtual machine) blockchain, called the C-Chain (contract chain). At its peak, the C-Chain held more than $10 billion TVL (total value locked) locked in its smart contracts, boasted $1 million in fees per day, and consistently held over 100,000 DAUs (daily active users).

In September 2023, those figures had dwindled to $500 million in TVL, $11,000 per day in fees, and 34,-000 daily active users.”

VanEck says that while Avalanche has great technology, it doesn’t have the same advantages as Ethereum or other ETH competitors and suffers from a lack of venture capital (VC) backing and a smaller developer community.

“Though we have great confidence in the technical abilities of Avalanche, we are unsure if Avalanche will be able to use its strong marketing talent to bring in the enterprise customers needed to revitalize Avalanche’s chain of chains, additionally, with a rapidly vaporizing developer base and a crop of VC capital migrating away from all but the top projects in crypto, its hard to be bullish on the long-term prospects of Avalanche.

Avalanche does not have the sticky coder base nor the backing of Jump Capital to create a 1 million TPS (transactions per second) chain, and it also lacks the thriving ecosystem of developers and capital that Ethereum retains.

That said, anything could happen in a bull market, and we continue to see Avalanche announce fascinating technical solutions to complex blockchain problems. But until it gets applications that bring in new users, AVAX will suffer accordingly.”

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Social On-Chain App Stars Arena Suffers $2.9 Million Hack; Team Secures Funds to ‘Close the Gap’ https://24hrcryptonews.com/social-on-chain-app-stars-arena-suffers-2-9-million-hack-team-secures-funds-to-close-the-gap/ https://24hrcryptonews.com/social-on-chain-app-stars-arena-suffers-2-9-million-hack-team-secures-funds-to-close-the-gap/#respond Sun, 08 Oct 2023 20:30:36 +0000 https://news.bitcoin.com/?p=610913

Stars Arena, an on-chain social app built on the Avalanche blockchain, suffered a $2.9 million hack Saturday, when hackers took advantage of a vulnerability in its smart contract, draining funds. Stars Arena’s team has already announced that it has secured the funds to close the gap and will complete a full security audit on the […]

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Social Onchain App Stars Arena Suffers $2.9 MIllion Hack; Team Secures Funds to 'Close the Gap'

Stars Arena, an on-chain social app built on the Avalanche blockchain, suffered a $2.9 million hack Saturday, when hackers took advantage of a vulnerability in its smart contract, draining funds. Stars Arena’s team has already announced that it has secured the funds to close the gap and will complete a full security audit on the platform.

Stars Arena Suffers $2.9 Million Hack

Stars Arena, a social on-chain platform built on top of Avalanche blockchain, has announced that it suffered a $2.9 million hack that exploited a vulnerability in its smart contracts system Saturday. The Stars Arena team acknowledged a “major security breach” in a series of posts in X (formerly known as Twitter), where it called on users to stop deposits while they “actively” checked the issue.

In a first preliminary review, Peckshield, a blockchain security and data analytics company, indicated that this attack took advantage of a reentrancy exploit on Stars Arena’s shares contract, which allowed attackers to sell assets on the platform at a higher price than established.

Peckshield reported:

The reentrancy is abused to update the weight when the share/ticket is issued so that 1 share can be sold at a much higher price ~274k $AVAX

Before, the platform had announced that it had plugged another exploit, stating that it was being “targeted by malicious actors in the space that want to steal your money.”

Aftermath

Ava Labs founder and CEO Emin Gün Sirer minimized the exploit, explaining that the team behind the platform could recover the funds due to its ties and the platform’s success.

While the issue was developing, Gün Sirer stated:

They have quite a few friends and a fantastic product that has proven its virality in the market. The amount lost is only $3m. I’m confident that the hole will be plugged. Let’s now give the team some time to make the code changes required.

Later, Stars Arena announced that they had secured the funds to make users whole and that the platform had enlisted the help of a white hat development team that would “rapidly review the security of the platform.”

Furthermore, the platform detailed it would open again with funds restored after completing a security audit “very soon.” However, it did not offer any estimations on when this will happen.

What do you think about the $2.9 million reentrancy exploit suffered by Stars Arena? Tell us in the comments section below.

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NFTs Can’t Catch a Break as Protracted Drop in Sales Continues https://24hrcryptonews.com/nfts-cant-catch-a-break-as-protracted-drop-in-sales-continues/ https://24hrcryptonews.com/nfts-cant-catch-a-break-as-protracted-drop-in-sales-continues/#respond Sun, 08 Oct 2023 18:30:32 +0000 https://news.bitcoin.com/?p=611302

For the seventh week straight, non-fungible token (NFT) sales have slipped further. In the last week alone, NFT transactions totaled $66.11 million, marking an 11.65% decline from the previous week. NFT Sales Bleed Out: The Unrelenting Seven-Week Descent Although the broader crypto market experienced some uplift, NFT sales didn’t mirror this positive trend. Week […]

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NFTs Can't Catch a Break: The Protracted Drop in Sales Continues

For the seventh week straight, non-fungible token (NFT) sales have slipped further. In the last week alone, NFT transactions totaled $66.11 million, marking an 11.65% decline from the previous week.

NFT Sales Bleed Out: The Unrelenting Seven-Week Descent


Although the broader crypto market experienced some uplift, NFT sales didn’t mirror this positive trend. Week after week for the past seven weeks, NFT sales volumes have been plunging.



Despite this week’s sales being 11.65% lower than the previous week, there’s a silver lining: the count of NFT purchasers surged by 17.77%, while the tally of sellers jumped by 15.82%. Data sourced from cryptoslam.io reveals that NFT sales on the Ethereum platform took the lion’s share, accounting for $38.10 million of the week’s turnover.

This indicates that 57.63% of all NFTs sold over the week were Ethereum-based. However, sales of ETH-based NFTs dipped slightly by 0.84% this week. In the rankings, Mythos NFT transactions clinched second place, amassing $8.79 million — an uptick of 12.29% from last week.

Solana rounded out the top three, recording sales of $6.86 million, a rise of 8.87% for the week. Topping this week’s NFT sales charts, the Mythos-linked Dmarket collection clinched $8.72 million, marking a 12.32% increase. Hot on its heels was Bored Ape Yacht Club (BAYC) with $4.13 million, rising by 25.18%.



Meanwhile, Polygon’s Draftkings took the third spot, raking in $3.28 million, though it faced a dip of 18.24%. Sorare followed closely, garnering $2.87 million — a 3.87% upswing. Cryptopunks wasn’t far behind, amassing $2.79 million, a staggering hike of 61.41% from the previous week.



The standout sale of the week was Cryptopunk #2367, fetching a cool $143,062 just three days ago. BNB’s Starcraft Planets #1498 was auctioned off at $32,880 merely 24 hours ago, and Bitcoin’s Ordinal Maxibiz commanded a price of $30,646 on Magic Eden three days back.

In a notable and similar trend, today’s blue-chip NFT collectibles experienced a marked drop in floor prices. Cryptopunks are down to 45 ether, and BAYC NFTs plummeted to 26.30 ether, according to nftpricefloor.com. This dip is reflective of a broader downtrend seen across the blue-chip digital collectible market values.

What do you think about the last seven days of NFT sales? Share your thoughts and opinions about this subject in the comments section below.

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On-Chain Activity Hints at Short-Term Rebound Opportunities for Ethereum and Two Altcoins: Santiment https://24hrcryptonews.com/on-chain-activity-hints-at-short-term-rebound-opportunities-for-ethereum-and-two-altcoins-santiment/ https://24hrcryptonews.com/on-chain-activity-hints-at-short-term-rebound-opportunities-for-ethereum-and-two-altcoins-santiment/#respond Sun, 08 Oct 2023 00:00:10 +0000 https://dailyhodl.com/?p=261885

On-chain activity suggests Ethereum (ETH) and two altcoins could be primed for short-term price rallies, according to the crypto analytics firm Santiment. Santiment notes that ETH, Shiba Inu (SHIB) and SushiSwap (SUSHI) traders displayed “mild signs of panic” on Thursday. All three networks displayed some of the highest levels of trader loss-taking (versus profit) in […]

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On-chain activity suggests Ethereum (ETH) and two altcoins could be primed for short-term price rallies, according to the crypto analytics firm Santiment.

Santiment notes that ETH, Shiba Inu (SHIB) and SushiSwap (SUSHI) traders displayed “mild signs of panic” on Thursday.

All three networks displayed some of the highest levels of trader loss-taking (versus profit) in 2023, according to the analytics firm. Santiment notes the loss-taking indicators are big capitulation signals and are “typically signs of a short-term rebound opportunity.”

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Source: Santiment/X

ETH is trading at $1,648 at time of writing. The second-ranked crypto asset is up nearly 2% in the past 24 hours.

SHIB, a Dogecoin (DOGE) rival, is trading at $0.000007 at time of writing. The 19th-ranked asset by market cap is up 0.67% in the past 24 hours.

Sushiswap is a multi-chain decentralized exchange (DEX). The project’s native asset, SUSHI, is trading around $0.578 at time of writing and is up more than 3% in the past 24 hours.

Santiment also notes that traders are bullish on Ethereum rival Avalanche (AVAX) due to the buzz around the recently launched Friend.tech challenger Stars Arena, a decentralized social finance application (SocialFi) on the AVAX blockchain. The analytics firm notes the Stars Arena launch led to an “injection” of new AVAX address activity.

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Source: Santiment/X

AVAX is trading at $10.66 at time of writing. The 21st-ranked crypto asset by market cap is up nearly 5% in the past 24 hours.

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Vitalik Buterin Discusses Ethereum Protocol ‘Enshrining’: ‘Blockchains Are Social Systems’ https://24hrcryptonews.com/vitalik-buterin-discusses-ethereum-protocol-enshrining-blockchains-are-social-systems/ https://24hrcryptonews.com/vitalik-buterin-discusses-ethereum-protocol-enshrining-blockchains-are-social-systems/#respond Sun, 01 Oct 2023 20:30:41 +0000 https://news.bitcoin.com/?p=609906

Vitalik Buterin, the co-creator of Ethereum, has discussed the next steps that the protocol is about to take and how the upcoming decisions should be the result of balancing complexity and functionality. Buterin noted that Ethereum started with a philosophy of striving for simplicity but that blockchains were “social systems” and that there are rationales […]

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Vitalik Buterin Discussses Ethereum Protocol Enshrining: 'Blockchains Are Social Systems'

Vitalik Buterin, the co-creator of Ethereum, has discussed the next steps that the protocol is about to take and how the upcoming decisions should be the result of balancing complexity and functionality. Buterin noted that Ethereum started with a philosophy of striving for simplicity but that blockchains were “social systems” and that there are rationales for adding functionalities directly to the protocol.

Vitalik Buterin Discusses Ethereum’s ‘Enshrining’ Philosophy

Vitalik Buterin, co-creator of Ethereum, has discussed the future actions in the evolution of Ethereum and how the community is debating between adding functionality directly to the protocol (what he called “enshrining”) and extending it through Layer 2 structures, like rollups. Buterin explained that this discussion not only included the topic of scaling but also touched on other functionalities like digital asset exchange, privacy, usernames, advanced cryptography, account safety, censorship resistance, and frontrunning protection, among others.

Ethereum started with a minimalistic philosophy, Buterin stressed, with the idea of only providing a “clean, simple and beautiful protocol that tried to do as little as possible itself,” leaving to the users “almost everything” to build on top. However, this philosophy has been changing, and Buterin presents different implementations that could bring benefits to the protocol if included, but with caveats, like account abstraction, zero-knowledge Ethereum Virtual Machines (EVMs), private mempools, and liquid staking, among others.

Blockchains Are ‘Social Systems’

Buterin concluded that while the desire to “enshrine” as little as possible is understandable and avoids the curses of software bloat, this approach is not absolute when applied to blockchains due to their specific characteristics.

Buterin stated:

Blockchains are not personal-computing operating systems; they are social systems. This means that there are rationales for enshrining certain features in the protocol that go beyond the rationales that exist in a purely personal-computing context.

Nonetheless, enshrining too much can also bring problems to the protocol in the long run, overcomplicating it and including features that can be deemed not useful or popular in the short term.

Buterin had referred to not overloading the Ethereum protocol in a blog post published last May. In the post, he warned about “application-layer projects taking actions that risk increasing the ‘scope’ of blockchain consensus to anything other than verifying the core Ethereum protocol rules,” instead calling to preserve the chain’s minimalism.

What do you think about Vitalik Buterin’s thoughts on including more functionality in Ethereum’s core? Tell us in the comments section below.

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Chainlink Secures Partnership With $670,000,000,000 Bank, As Sergey Nazarov Says SWIFT Project Going ‘Very Well’ https://24hrcryptonews.com/chainlink-secures-partnership-with-670000000000-bank-as-sergey-nazarov-says-swift-project-going-very-well/ https://24hrcryptonews.com/chainlink-secures-partnership-with-670000000000-bank-as-sergey-nazarov-says-swift-project-going-very-well/#respond Sun, 01 Oct 2023 18:45:31 +0000 https://dailyhodl.com/?p=261189

The decentralized oracle service Chainlink (LINK) is teaming up with lending giant Australia and New Zealand Banking Group (ANZ). According to a press release from Chainlink, ANZ participated in a case study involving the oracle’s new Cross-Chain Interoperability Protocol (CCIP) technology. The case study reportedly demonstrated that ANZ-issued stablecoins could be transferred cross-chain via CCIP […]

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The decentralized oracle service Chainlink (LINK) is teaming up with lending giant Australia and New Zealand Banking Group (ANZ).

According to a press release from Chainlink, ANZ participated in a case study involving the oracle’s new Cross-Chain Interoperability Protocol (CCIP) technology.

The case study reportedly demonstrated that ANZ-issued stablecoins could be transferred cross-chain via CCIP to purchase nature-based assets.

In a paper released by Chainlink Labs in collaboration with ANZ, the authors say that CCIP could be what catalyzes the adoption of tokenized assets by institutions.

“The case study presented in this paper demonstrates that financial institutions can provide clients with secure access to a wide range of tokenized assets and digital asset services, even across different public and private blockchains. This can vastly simplify the user experience of interacting with digital assets while
providing financial institutions with a way to serve client demand without substantial modifications to their existing infrastructure… 

Similar to how interoperability standards transformed the Internet and global banking, a cross-chain interoperability standard could accelerate the adoption of tokenized assets amongst financial institutions.”

In June, SWIFT announced it was testing blockchain interoperability with over a dozen financial institutions on the Chainlink network.

In a new interview on CNBC, Chainlink creator Sergey Nazarov says that the collaboration with SWIFT was going “very well.”

“All the key goals we wanted to achieve were achieved. We were able to use SWIFT messages, a widely used existing banking standard for initiating blockchain events through CCIP, the cross-chain interoperability protocol made by the Chainlink network.

We were also able to connect multiple private bank chains so that different banks on their respective chains could transact with each other from their chains. And we were able to connect those private bank chains to public chains so that those private banks could also transact with public chain contracts like DeFi (decentralized finance). And so all three of those goals were successfully proven.”

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